Table of Contents
As filed with the Securities and Exchange Commission on September 11, 2014
Registration No. 333-                

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM S-4
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
(Exact name of registrant issuers as specified in their respective charters)
SEE TABLE OF REGISTRANT GUARANTORS

 
					
Delaware	 	7011	 	27-4384691	
Delaware	 	7011	 	46-3492566	
(State or other jurisdiction of
incorporation or organization)	 	(Primary Standard Industrial
Classification Code Number)	 	(I.R.S. Employer
Identification Number)	

7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000
(Address, including zip code, and telephone number, including area code, of registrants’ principal executive offices)
Kristin A. Campbell
Executive Vice President and General Counsel
Hilton Worldwide Holdings Inc.
7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000
(Name, address, including zip code, and telephone number, including area code, of agent for service)

With copies to:
Edward P. Tolley III
Edgar J. Lewandowski
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
(212) 455-2000

Approximate date of commencement of proposed exchange offer: As soon as practicable after this Registration Statement is declared effective.
If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box.   ¨
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.   ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.   ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	 	¨	  	Accelerated filer	 	¨	
				
Non-accelerated filer	 	x   (Do not check if a smaller reporting company)	  	Smaller reporting company	 	¨	
If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:
Exchange Act Rule 13e-4(i) (Cross Border Issuer Tender Offer)   ¨
Exchange Act Rule 14d-1(d) (Cross Border Third Party Tender Offer)   ¨

CALCULATION OF REGISTRATION FEE

 	
Title of Each Class of
Securities to be Registered	 	Amount
to be
Registered	 	Proposed
Maximum
Offering Price
Per Note	 	Proposed
Maximum
Aggregate
Offering Price(1)	 	Amount of
Registration Fee	
5.625% Senior Notes due 2021	 	$1,500,000,000	 	100%	 	$1,500,000,000	 	$193,200	
Guarantees of the 5.625% Senior Notes due 2021(2)	 	N/A(3)	 	(3)	 	(3)	 	(3)	

(1)	Estimated solely for the purpose of calculating the registration fee under Rule 457(f) of the Securities Act of 1933, as amended (the “Securities Act”).	
(2)	See inside facing page for table of registrant guarantors.	
(3)	Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees.	

The Registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

 

Table of Contents
TABLE OF REGISTRANT GUARANTORS

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
Destination Resorts LLC	 	Arizona	 	26-1284226	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree Hotel Systems LLC	 	Arizona	 	26-1284504	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree Hotels LLC	 	Arizona	 	26-1284359	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DT Management LLC	 	Arizona	 	26-1284112	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DT Real Estate, Inc.	 	Arizona	 	86-0594278	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Atlanta/Legacy, Inc.	 	Arizona	 	86-0803816	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Coconut Grove, Inc.	 	Arizona	 	86-0582711	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Largo, Inc.	 	Arizona	 	86-0522306	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Maryland, Inc.	 	Arizona	 	86-0636941	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Santa Clara LLC	 	Arizona	 	26-1287115	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Walnut Creek, Inc.	 	Arizona	 	86-0653973	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTR FCH Holdings, Inc.	 	Arizona	 	86-0506692	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTR PAH Holding, Inc.	 	Arizona	 	86-0843169	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTR San Antonio, Inc.	 	Arizona	 	86-0803669	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTR TM Holdings, Inc.	 	Arizona	 	86-0358342	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC Gaming California, Inc.	 	California	 	93-1167073	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC San Pablo Limited, Inc.	 	California	 	93-1167074	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC San Pablo, L.P.	 	California	 	93-1167075	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton San Diego Corporation	 	California	 	95-2395937	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
90210 Biltmore Management, LLC	 	Delaware	 	34-1984747	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
90210 Desert Resorts Management Co., LLC	 	Delaware	 	34-1984753	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
90210 Grand Wailea Management Co., LLC	 	Delaware	 	34-1984759	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
90210 LLC	 	Delaware	 	95-4747695	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
90210 Management Company, LLC	 	Delaware	 	20-4146308	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Andiamo’s O’Hare, LLC	 	Delaware	 	58-2669081	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Blue Bonnet Security, LLC	 	Delaware	 	20-5118750	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Compris Hotel LLC	 	Delaware	 	86-0471065	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad Franchise LLC	 	Delaware	 	26-1094269	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad International Manage (CIS) LLC	 	Delaware	 	26-1687344	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad Management LLC	 	Delaware	 	26-1101184	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree DTWC LLC	 	Delaware	 	95-4887049	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree Franchise LLC	 	Delaware	 	26-1094339	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree LLC	 	Delaware	 	86-0762415	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Doubletree Management LLC	 	Delaware	 	26-1101270	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTWC Spokane City Center SPE, LLC	 	Delaware	 	38-3657837	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
EJP LLC	 	Delaware	 	62-1489071	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Development LLC	 	Delaware	 	74-2479161	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Equity Development LLC	 	Delaware	 	74-2479160	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Suites (Isla Verde), Inc.	 	Delaware	 	62-1555786	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Suites Franchise LLC	 	Delaware	 	26-1094388	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Syracuse Development LLC	 	Delaware	 	62-1469277	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
EPAM Corporation	 	Delaware	 	62-1401630	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Grand Vacations Realty, LLC	 	Delaware	 	45-3639356	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
Grand Vacations Services LLC	 	Delaware	 	27-5173651	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
Grand Vacations Title, LLC	 	Delaware	 	45-3641303	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
Hampton Inns Franchise LLC	 	Delaware	 	26-1094464	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hampton Inns LLC	 	Delaware	 	62-1194362	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hampton Inns Management LLC	 	Delaware	 	26-1101242	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HHC BC Orlando, LLC	 	Delaware	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HHC One Park Boulevard, LLC	 	Delaware	 	56-2543378	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC First Corporation	 	Delaware	 	13-3210063	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC Holdings Corporation	 	Delaware	 	13-3111964	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC Hotels U.S.A. Corporation	 	Delaware	 	13-3435886	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC Racing Corporation	 	Delaware	 	38-2697494	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HIC Second Corporation	 	Delaware	 	13-3153590	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Beverage LLC	 	Delaware	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Chicago Beverage I LLC	 	Delaware	 	30-0800929	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Chicago Beverage II LLC	 	Delaware	 	32-0422233	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Chicago Beverage III LLC	 	Delaware	 	61-1724781	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Chicago Beverage IV LLC	 	Delaware	 	90-1028957	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Corporate Director LLC	 	Delaware	 	26-3551072	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton El Con Management LLC	 	Delaware	 	26-3845802	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton El Con Operator LLC	 	Delaware	 	26-3845852	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Electronic Distribution Systems, LLC	 	Delaware	 	47-0849436	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Energy Investments, LLC	 	Delaware	 	20-1412970	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
Hilton Franchise Holding LLC	 	Delaware	 	26-1094575	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Franchise LLC	 	Delaware	 	26-1094534	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Garden Inns Franchise LLC	 	Delaware	 	26-1094420	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Garden Inns Management LLC	 	Delaware	 	26-1126091	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Grand Vacations Club, LLC	 	Delaware	 	59-3482975	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
Hilton Grand Vacations Company, LLC	 	Delaware	 	59-3482978	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
Hilton Grand Vacations Financing, LLC	 	Delaware	 	03-0398105	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
Hilton Hawaii Corporation	 	Delaware	 	99-6011945	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton HHonors Worldwide, L.L.C.	 	Delaware	 	95-4635505	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Illinois Holdings LLC	 	Delaware	 	13-0980760	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Inns LLC	 	Delaware	 	36-6114932	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton International Holding Corporation	 	Delaware	 	47-1062743	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Kingsland 1, LLC	 	Delaware	 	20-2729807	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Management LLC	 	Delaware	 	26-1101130	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton New Jersey Service Corp.	 	Delaware	 	95-4761288	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton OPB, LLC	 	Delaware	 	83-0440703	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Orlando Partners II, LLC	 	Delaware	 	20-0133281	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Orlando Partners III, LLC	 	Delaware	 	20-1274261	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Recreation LLC	 	Delaware	 	95-4439247	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Resorts Corporation	 	Delaware	 	95-4349751	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: 407-722-3100	
Hilton Resorts Marketing Corp.	 	Delaware	 	20-0061226	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Spring Corporation	 	Delaware	 	95-4818997	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
Hilton Supply Management LLC	 	Delaware	 	95-2502058	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Systems Solutions, LLC	 	Delaware	 	71-0907647	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Systems, LLC	 	Delaware	 	20-3659071	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Worldwide Holdings Inc.	 	Delaware	 	27-4384691	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Worldwide, Inc.	 	Delaware	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Audubon LLC	 	Delaware	 	26-1292055	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT CA Hilton LLC	 	Delaware	 	26-1246396	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Conrad Domestic LLC	 	Delaware	 	26-1211490	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Conrad GP LLC	 	Delaware	 	26-1251719	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Domestic JV Holdings LLC	 	Delaware	 	26-1262961	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Domestic Owner LLC	 	Delaware	 	26-1125973	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP Franchise LLC	 	Delaware	 	26-3750690	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP International Franchise LLC	 	Delaware	 	26-3750733	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP International Franchisor Corporation	 	Delaware	 	26-3750889	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP International Manage LLC	 	Delaware	 	26-3750974	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP International Management Corporation	 	Delaware	 	26-3751149	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT ESP Manage LLC	 	Delaware	 	26-3750936	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Franchise II Borrower LLC	 	Delaware	 	26-1291125	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT HQ SPE LLC	 	Delaware	 	26-1211665	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT HSM Holding LLC	 	Delaware	 	26-1274784	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT HSS Holding LLC	 	Delaware	 	26-1274883	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT JV Acquisition LLC	 	Delaware	 	26-1276349	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
HLT JV I Borrower LLC	 	Delaware	 	26-1263164	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle Franchise LLC	 	Delaware	 	26-3748252	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle International Franchise LLC	 	Delaware	 	26-3748344	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle International Franchisor Corporation	 	Delaware	 	26-3748409	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle International Manage LLC	 	Delaware	 	26-3748516	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle International Management Corporation	 	Delaware	 	26-3750638	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Lifestyle Manage LLC	 	Delaware	 	26-3748470	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Memphis Data LLC	 	Delaware	 	26-1339888	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT O’Hare LLC	 	Delaware	 	26-1125227	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Operate DTWC LLC	 	Delaware	 	26-1201440	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Owned II Holding LLC	 	Delaware	 	26-1254836	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Owned II-A Borrower LLC	 	Delaware	 	26-1336277	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Palmer LLC	 	Delaware	 	26-1211589	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Timeshare Borrower I LLC	 	Delaware	 	26-1270279	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HLT Timeshare Borrower II LLC	 	Delaware	 	26-1274283	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Homewood Suites Franchise LLC	 	Delaware	 	26-1094183	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Homewood Suites Management LLC	 	Delaware	 	26-1101306	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hotels Statler Company, Inc.	 	Delaware	 	36-2550119	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HPP Hotels USA, Inc.	 	Delaware	 	95-4214076	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HRC Islander LLC	 	Delaware	 	61-1647041	 	7011	 	6355 Metrowest Blvd., Suite 180
Orlando, FL 32835
Telephone: (407) 722-3100	
HTGV, LLC	 	Delaware	 	75-2970804	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Innvision, LLC	 	Delaware	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
Lockwood Palmer House, LLC	 	Delaware	 	58-2669075	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
MeriTex, LLC	 	Delaware	 	13-3977538	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Potter’s Bar Palmer House, LLC	 	Delaware	 	58-2669080	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Hotel Services, Inc.	 	Delaware	 	62-1602738	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Hotels Florida LLC	 	Delaware	 	62-1602737	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Hotels LLC	 	Delaware	 	62-1602678	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Hotels Minneapolis, Inc.	 	Delaware	 	62-1619978	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Hotels Parent LLC	 	Delaware	 	95-4766449	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus Operating LLC	 	Delaware	 	62-1596939	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Promus/Kingston Development Corporation	 	Delaware	 	62-1763505	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Samantha Hotel LLC	 	Delaware	 	04-3070970	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Suite Life LLC	 	Delaware	 	75-2123392	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Tex Holdings, Inc.	 	Delaware	 	94-3400909	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
WA Collection International, LLC	 	Delaware	 	95-4198421	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Waldorf Astoria Franchise LLC	 	Delaware	 	26-1093977	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Waldorf=Astoria Management LLC	 	Delaware	 	26-1101088	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Florida Conrad International Corp.	 	Florida	 	20-1145249	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton-OCCC Hotel, LLC	 	Florida	 	01-0697005	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton-OCCC Mezz Lender, LLC	 	Florida	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Suites Club No. 1, Inc.	 	Kansas	 	75-1947366	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hotel Clubs of Corporate Woods, Inc.	 	Kansas	 	48-0930357	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Suites Club No. Three, Inc.	 	Louisiana	 	62-1584888	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents

Exact Name of Registrant Guarantor
as Specified in its Charter (or Other
Organizational Document)	 	State or Other
Jurisdiction of
Incorporation or
Organization	 	I.R.S.
Employer
Identification
Number	 	Primary
Standard
Industrial
Classification
Code Number	 	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Guarantor’s
Principal Executive Offices	
International Rivercenter Lessee, L.L.C.	 	Louisiana	 	20-0384946	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
DTM Cambridge, Inc.	 	Massachusetts	 	86-0678310	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Chesterfield Village Hotel, LLC	 	Missouri	 	36-4207568	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Bally’s Grand Property Sub I, LLC	 	Nevada	 	88-0312339	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad International (Belgium) LLC	 	Nevada	 	91-1930238	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad International (Egypt) Resorts Corporation	 	Nevada	 	46-0468464	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad International (Indonesia) Corporation	 	Nevada	 	95-4347974	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Conrad International Investment (Jakarta) Corporation	 	Nevada	 	93-1221397	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Grand Vacations Management, LLC	 	Nevada	 	58-2361323	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Holdings, LLC	 	Nevada	 	88-0096156	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Hospitality, LLC	 	Nevada	 	93-1218323	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Hilton Illinois, LLC	 	Nevada	 	88-0345656	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
HPP International Corporation	 	Nevada	 	95-4198421	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Peacock Alley Service Company, LLC	 	New York	 	20-3470602	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Washington Hilton, L.L.C.	 	New York	 	36-2058176	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Memphis Corporation	 	Tennessee	 	62-1523545	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
Embassy Suites Club No. Two, Inc.	 	Texas	 	75-1946866	 	7011	 	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Table of Contents
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
 
SUBJECT TO COMPLETION, DATED SEPTEMBER 11, 2014
PRELIMINARY PROSPECTUS

HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
Offer to Exchange (the “exchange offer”)

$1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021 (the “exchange notes”), which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for any and all outstanding unregistered 5.625% Senior Notes due 2021 (the “outstanding notes” and, together with the exchange notes, the “notes”).
The exchange notes will be joint and several obligations of Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. fully and unconditionally guaranteed on a joint and several senior unsecured basis by our immediate parent company, Hilton Worldwide Holdings Inc., and each of our wholly owned domestic restricted subsidiaries that guarantee any of our indebtedness under our senior secured credit facilities and the outstanding notes.

We are conducting the exchange offer in order to provide you with an opportunity to exchange your unregistered outstanding notes for freely tradable exchange notes that have been registered under the Securities Act.
The Exchange Offer
 
•	 	We will exchange all outstanding notes that are validly tendered and not validly withdrawn for an equal principal amount of exchange notes that are freely tradable.	
 
•	 	You may withdraw tenders of outstanding notes at any time prior to the expiration date of the exchange offer.	
 
•	 	The exchange offer expires at 5:00 p.m., New York City time, on                     , 2014, which is the 21st business day after the date of this prospectus, unless extended. We do not currently intend to extend the expiration date.	
 
•	 	The exchange of the outstanding notes for the exchange notes in the exchange offer will not constitute a taxable event for U.S. federal income tax purposes.	
 
•	 	The terms of the exchange notes to be issued in the exchange offer are substantially identical to the outstanding notes, except that the exchange notes will be freely tradable.	
Results of the Exchange Offer
 
•	 	The exchange notes may be sold in the over-the-counter market, in negotiated transactions or through a combination of such methods. We do not plan to list the exchange notes on a national market.	
All untendered outstanding notes will continue to be subject to the restrictions on transfer set forth in the outstanding notes and in the indenture. In general, the outstanding notes may not be offered or sold, unless registered under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the Securities Act and applicable state securities laws. Other than in connection with the exchange offer, we do not currently anticipate that we will register the outstanding notes under the Securities Act.

You should carefully consider the “ Risk Factors ” beginning on page 23 of this prospectus before participating in the exchange offer.
Each broker dealer that receives exchange notes for its own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such exchange notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker dealer in connection with resales of exchange notes received in exchange for outstanding notes where such outstanding notes were acquired as a result of market making activities or other trading activities.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the exchange notes to be distributed in the exchange offer or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is                     , 2014.

Table of Contents
You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with different information. This prospectus may be used only for the purposes for which it has been published and no person has been authorized to give any information not contained herein. If you receive any other information, you should not rely on it. We are not making an offer of these securities in any state where the offer is not permitted.
 TABLE OF CONTENTS

					
 	  	Page	 	
FORWARD-LOOKING STATEMENTS	  	 	i	  	
TRADEMARKS AND SERVICE MARKS	  	 	i	  	
INDUSTRY AND MARKET DATA	  	 	ii	  	
BASIS OF PRESENTATION	  	 	ii	  	
PROSPECTUS SUMMARY	  	 	1	  	
RISK FACTORS	  	 	23	  	
USE OF PROCEEDS	  	 	53	  	
CAPITALIZATION	  	 	54	  	
SELECTED FINANCIAL DATA	  	 	55	  	
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	  	 	57	  	
BUSINESS	  	 	96	  	
MANAGEMENT	  	 	115	  	
EXECUTIVE AND DIRECTOR COMPENSATION	  	 	122	  	

 	  	Page	 	
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT	  	 	150	  	
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	  	 	152	  	
DESCRIPTION OF OTHER INDEBTEDNESS	  	 	156	  	
DESCRIPTION OF THE NOTES	  	 	164	  	
THE EXCHANGE OFFER	  	 	237	  	
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS	  	 	247	  	
CERTAIN ERISA CONSIDERATIONS	  	 	248	  	
PLAN OF DISTRIBUTION	  	 	250	  	
LEGAL MATTERS	  	 	251	  	
EXPERTS	  	 	251	  	
WHERE YOU CAN FIND MORE INFORMATION	  	 	251	  	
INDEX TO FINANCIAL STATEMENTS	  	 	F-1	  	

 FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under “Risk Factors.” These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
 TRADEMARKS AND SERVICE MARKS
Hilton Hotels & Resorts ™ , Waldorf Astoria Hotels & Resorts ™ , Conrad Hotels & Resorts ® , Curio-A Collection by Hilton ™ , DoubleTree by Hilton ® , Embassy Suites Hotels ® , Hilton Garden Inn ® , Hampton Inn ® , Homewood Suites by Hilton ® , Home2 Suites by Hilton ® , Hilton Grand Vacations ® , Hilton Grand Vacations
 
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Table of Contents
Club ® , The Hilton Club ® , Hilton HHonors ® , eforea ® , OnQ ® , LightStay ® , the Hilton Hawaiian Village ® , Requests Upon Arrival ™ and other trademarks, trade names and service marks of Hilton and our brands appearing in this prospectus are the property of Hilton and our affiliates.
Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus are without the ® and ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. All trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners.
 INDUSTRY AND MARKET DATA
Within this prospectus, we reference information and statistics regarding various industries and sectors. We have obtained this information and statistics from various independent third-party sources, including independent industry publications, reports by market research firms and other independent sources. Smith Travel Research (“STR”) and PKF Hospitality Research, LLC (“PKF-HR”) are the primary sources for third-party market data and industry statistics and forecasts, respectively, included in this prospectus. STR does not guarantee the performance of any company about which it collects and provides data. Nothing in the STR or PKF-HR data should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of internal surveys and independent sources. We believe that these external sources and estimates are reliable, but have not independently verified them.
 BASIS OF PRESENTATION
Except where otherwise indicated, financial information included in this prospectus is of Hilton Worldwide Holdings Inc. (“Holdings”) and its subsidiaries on a consolidated basis. Holdings has no independent operations and has no assets other than its ownership of 100 percent of the equity interests in Hilton Worldwide Finance LLC, one of the Issuers of the notes. As a result, the financial information included in this prospectus with respect to Holdings is substantially the same as the financial information of the Issuers. Most of our owned U.S. hotels are operated through subsidiaries of the Issuers that are designated as “unrestricted subsidiaries” of the Issuers pursuant to the indenture governing the notes. We have provided certain financial data that distinguishes between the operations of the issuer and its restricted subsidiaries, which we sometimes refer to as our “restricted group” and the operations of these unrestricted subsidiaries.
“Holdings” refers to Hilton Worldwide Holdings Inc., a Delaware corporation that is the parent entity of the Issuers and the parent guarantor of the notes. “Issuer” refers to Hilton Worldwide Finance LLC, exclusive of its subsidiaries. “Issuers” refers to Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp., the issuers of the notes, and not Holdings or any of their respective subsidiaries. Except where the context requires otherwise, references in this prospectus to “Hilton,” “Hilton Worldwide,” “the Company,” “we,” “us,” and “our” refer to Holdings, together with its consolidated subsidiaries, including the Issuers.
“PropCo” or “Unrestricted U.S. Real Estate Subsidiaries” refers to the entity or entities which, as of June 30, 2014, held the following owned hotels in the U.S. (or holding the capital stock of entities owning such hotels): (i) Pointe Hilton Squaw Peak Resort (Phoenix, AZ); (ii) DoubleTree Hotel San Jose (San Jose, CA); (iii) Hilton Garden Inn LAX/El Segundo (El Segundo, CA); (iv) Hilton San Francisco Union Square (San Francisco, CA); (v) Embassy Suites Washington D.C. (Washington, D.C.); (vi) Hilton Miami Airport (Miami, FL); (vii) Hilton Orlando Lake Buena Vista (Orlando, FL); (viii) Hilton Atlanta Airport (Atlanta, GA); (ix) Hilton Hawaiian Village Beach Resort & Spa (Honolulu, HI); (x) Hilton Waikoloa Village (Waikoloa, HI); (xi) Hilton Chicago (Chicago, IL); (xii) Hilton Garden Inn Chicago/Oak Brook (Oakbrook Terrace, IL); (xiii) Hilton Suites Chicago/Oak Brook (Oakbrook Terrace, IL); (xiv) Hilton New Orleans Airport (Kenner, LA); (xv) Hilton New Orleans
 
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Riverside (New Orleans, LA); (xvi) Hilton Boston Logan Airport (Boston, MA); (xvii) Hilton Short Hills (Short Hills, NJ); (xviii) Hilton New York (New York, NY); (xix) The Waldorf Astoria New York (New York, NY); (xx) Caribe Hilton (San Juan, PR); (xxi) Hampton Inn & Suites Memphis—Shady Grove (Memphis, TN); (xxii) DoubleTree Hotel Crystal City—National Airport (Arlington, VA); (xxiii) Hilton McLean Tysons Corner (McLean, VA); and (xxiv) Hilton Seattle Airport & Conference Center (Seattle, WA).
“Timeshare Entities” refers to our wholly owned U.S. restricted subsidiaries that are prohibited from providing guarantees of the notes as a result of the agreements governing our revolving non-recourse timeshare notes credit facility and/or our notes backed by timeshare financing receivables.
Except where the context requires otherwise, references to our “properties,” “hotels” and “rooms” refer to the hotels, resorts and timeshare properties managed, franchised, owned or leased by us. Of these hotels, resorts and rooms, a portion are directly owned or leased by us or joint ventures in which we have an interest and the remaining hotels, resorts and rooms are owned by our third-party owners.
Investment funds associated with or designated by The Blackstone Group L.P. and their affiliates, our current majority owners, are referred to herein as “Blackstone” or “our Sponsor” and Blackstone, together with the other owners of Hilton Worldwide Holdings Inc. prior to our December 2013 initial public offering (“IPO”), are collectively referred to as our “pre-IPO owners.”
Reference to “ADR” or “Average Daily Rate” means hotel room revenue divided by total number of rooms sold in a given period and “RevPAR” or “Revenue per Available Room” represents hotel room revenue divided by room nights available to guests for a given period. References to “RevPAR index” measure a hotel’s relative share of its segment’s Revenue per Available Room. For example, if a subject hotel’s RevPAR is $50 and the RevPAR of its competitive set is $50, the subject hotel would have no RevPAR index premium. If the subject hotel’s RevPAR totaled $60, its RevPAR index premium would be 20 percent, which indicates that the subject hotel has outperformed other hotels in its competitive set. References to “global RevPAR index premium” means the average RevPAR index premium of our comparable hotels (as defined in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Business and Financial Metrics Used by Management—Comparable Hotels” on page 63, but excluding hotels that do not receive competitive set information from STR, or do not participate with STR). The owner or manager of each Hilton comparable hotel exercises its discretion in identifying the competitive set of properties for such hotel, considering factors such as physical proximity, competition for similar customers, product features, services and amenities, quality and average daily rate, as well as STR rules regarding competitive set makeup. Accordingly, while the hotel brands included in the competitive set for any given Hilton comparable hotel depend heavily on market-specific conditions, the competitive sets for Hilton comparable hotels frequently include properties branded with the competing brands identified for the relevant Hilton comparable hotel listed under “Selected Competitors” on page 101. STR provides us with the relevant data for competitive sets that we submit for each of our comparable hotels, which we utilize to compute the RevPAR index for our comparable hotels.
 
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 PROSPECTUS SUMMARY
This summary highlights information appearing elsewhere in this prospectus and may not contain all of the information that may be important to you. You should read this entire prospectus carefully, including the information set forth under the heading “Risk Factors” and our consolidated financial statements before participating in the exchange offer.
Hilton Worldwide
Hilton Worldwide is one of the largest and fastest growing hospitality companies in the world, with 4,202 hotels, resorts and timeshare properties comprising 693,980 rooms in 93 countries and territories. In the nearly 100 years since our founding, we have defined the hospitality industry and established a portfolio of 11 world-class brands. Our flagship full-service Hilton Hotels & Resorts brand is the most recognized hotel brand in the world. Our premier brand portfolio also includes our luxury hotel brands, Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts, our full-service hotel brands, Curio—A Collection by Hilton, DoubleTree by Hilton and Embassy Suites Hotels, our focused-service hotel brands, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton and Home2 Suites by Hilton and our timeshare brand, Hilton Grand Vacations. We own or lease interests in 152 hotels, many of which are located in global gateway cities, including iconic properties such as The Waldorf Astoria New York, the Hilton Hawaiian Village and the London Hilton on Park Lane. More than 155,000 employees proudly serve in our properties and corporate offices around the world, and we have approximately 42 million members in our award-winning customer loyalty program, Hilton HHonors.
We operate our business through three segments: (1) management and franchise; (2) ownership; and (3) timeshare. These complementary business segments enable us to capitalize on our strong brands, global market presence and significant operational scale. Through our management and franchise segment, which consists of 4,050 properties with 633,150 rooms, we manage hotels, resorts and timeshare properties owned by third parties and we license our brands to franchisees. Our ownership segment consists of 152 hotels with 60,830 rooms that we own or lease. Through our timeshare segment, which consists of 44 properties comprising 6,758 units, we market and sell timeshare intervals, operate timeshare resorts and a timeshare membership club and provide consumer financing.
Our competitive strengths, together with execution of our strategies and strong fundamentals in the global lodging industry, have contributed to our strong top- and bottom-line operating performance in recent periods and continued industry-leading unit growth.
 
 	•	 	Our system-wide comparable RevPAR increased 5.2 percent on a currency neutral basis for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased 6.6 percent on a currency neutral basis for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Adjusted EBITDA increased 13 percent for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased 15 percent for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Net income attributable to Hilton stockholders and earnings per share each increased 18 percent for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased 76 percent and 70 percent, respectively, for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Our capital light management and franchise segment experienced increases in Adjusted EBITDA of eight percent and 15 percent, respectively, for the year ended December 31, 2013 and the six months ended June 30, 2014 compared to the prior periods; and our capital light timeshare segment	

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 	experienced increases in Adjusted EBITDA of 18 percent and 29 percent, respectively, for the year ended December 31, 2013 and the six months ended June 30, 2014 compared to the prior periods.	
 
 	•	 	We have reduced our long-term debt by $2.1 billion through voluntary prepayments from December 12, 2013, the date of our IPO, through September 10, 2014.	
 
 	•	 	We opened 34,000 new rooms during the year ended December 31, 2013, and increased the number of rooms in our system by over 25,000 rooms on a net basis, growing the number of rooms in our management and franchise segment in excess of four percent. During the six months ended June 30, 2014, we opened an additional 17,000 rooms and achieved net unit growth of over 15,000 rooms.	
 
 	•	 	We approved 72,000 new rooms for development during the year ended December 31, 2013 and another 36,000 new rooms during the six months ended June 30, 2014.	
 
 	•	 	Our industry-leading pipeline has grown at an average of 12 percent for each of the last three years and includes 1,230 hotels, consisting of approximately 210,000 rooms as of June 30, 2014, of which more than half, or 117,000 rooms, were located outside of the United States. All of the rooms in our pipeline are within our capital light management and franchise segment.	
 
 	•	 	As of June 30, 2014, we had over 106,000 rooms under construction, representing the largest number of rooms under construction in the industry in every major region of the world based on STR data, as illustrated by the table below:	

 	  	Hilton Worldwide Rooms
Under Construction	 	
Market	  	% of Total	 	 	Industry Rank	 	
Americas	  	 	20.4	% 	 	 	#1	  	
Europe	  	 	19.7	% 	 	 	#1	  	
Middle East and Africa	  	 	21.6	% 	 	 	#1	  	
Asia Pacific	  	 	15.0	% 	 	 	#1	  	
Global	  	 	17.9	% 	 	 	#1	  	
 
Source: STR Global New Development Pipeline (June 2014).
We expect that our #1 share of worldwide rooms under construction will allow us to continue to expand our share of worldwide rooms supply and build on our leading market position.
See “—Summary Historical Financial Data” for the definition of Adjusted EBITDA and a reconciliation of net income attributable to Hilton stockholders to Adjusted EBITDA.
Our Competitive Strengths
We believe the following competitive strengths provide the foundation for our position as a leading global hospitality company.
 
 	•	 	World-Class Hospitality Brands. Our globally recognized, world-class brands have defined the hospitality industry. Our flagship Hilton Hotels & Resorts brand often serves as an introduction to our wider range of brands, including those in the luxury segment, upper midscale segment and everything in between, that are designed to accommodate any customer’s needs anywhere in the world. Our brands have achieved an average global RevPAR index premium of 15 percent for the twelve months ended June 30, 2014, based on STR data. This means that our brands achieve on average 15 percent more revenue per room than competitive properties in similar markets. The demonstrated strength of our brands makes us a preferred partner for hotel owners.	

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 	•	 	Leading Global Presence and Scale . We are one of the largest hospitality companies in the world with 4,202 properties and 693,980 rooms in 93 countries and territories. We have hotels in key gateway cities such as New York City, London, Dubai, Johannesburg, Tokyo, Shanghai and Sydney and 360 hotels located at or near airports around the world. Our global presence allows us to serve our loyal customers throughout the world and to introduce our award-winning brands to customers in new markets. These world-class brands facilitate system growth by providing hotel owners with a variety of options to address each market’s specific needs. In addition, the diversity of our operations reduces our exposure to business cycles, individual market disruptions and other risks. Our robust commercial services platform allows us to take advantage of our scale to more effectively deliver products and services that drive customer preference and enhance commercial performance on a global basis.	
 
 	•	 	Large and Growing Loyal Customer Base . Serving our customers is our first priority. By continually adapting to customer preferences and providing our customers with superior experiences, we have improved our overall customer satisfaction ratings since 2007. We earned 34 first place awards in the J.D. Power North America Guest Satisfaction rankings since 1999, more than any multi-brand lodging company. Our hotels accommodated more than 133 million customer visits during the twelve months ended June 30, 2014, with members of our Hilton HHonors loyalty program contributing approximately 50 percent of the 175 million resulting room nights. Hilton HHonors unites all our brands, encourages customer loyalty and allows us to provide tailored promotions, messaging and customer experiences. Membership in our Hilton HHonors program continues to increase, and as of June 30, 2014, there were approximately 42 million Hilton HHonors members, an 11 percent increase from June 30, 2013.	
 
 	•	 	Significant Embedded Growth . All of our segments are expected to grow through improvement in same-store performance driven by strong anticipated industry fundamentals. PKF-HR predicts that lodging industry RevPAR in the U.S., where 76 percent of our system rooms are located, will grow 8.2 percent in 2014 and 6.7 percent in 2015. Our management and franchise segment also is expected to grow through new room additions, as upon completion, our industry-leading development pipeline would result in a 30 percent increase in our room count with minimal capital investment from us. In addition, our franchise revenues should grow over time as franchise agreements renew at our published license rates, which are higher than our current effective rates. For the six months ended June 30, 2014, our weighted average effective license rate across our brands was 4.6 percent of room revenue and our weighted average published license rate was 5.4 percent as of June 30, 2014. We also expect our incentive management fees, which are linked to hotel profitability measures, to increase as a result of the expected improvements in industry fundamentals and new unit growth. In our ownership segment, we believe we will benefit from strong growth in bottom-line earnings as industry fundamentals continue to improve as a result of this segment’s operating leverage, and our large hotels with significant meeting space should benefit from recent improvements in group demand, which we expect will exhibit strong growth as the current stage of the lodging cycle advances. Finally, our timeshare business has nearly five years of projected interval supply at our current sales pace in the form of existing owned inventory and executed capital light projects, which should enable us to continue to grow our earnings from the segment with lower levels of capital investment from us.	
 
 	•	 	Strong Cash Flow Generation. We generate significant cash flow from operating activities with an increasing percentage from our growing capital light management and franchise and timeshare segments. During the three-year period ended December 31, 2013, we generated an aggregate of $4.4 billion in cash flow from operating activities. Over this same period, we reduced our total indebtedness by $4.8 billion and during the six months ended June 30, 2014, we further reduced our long-term debt by $450 million through voluntary prepayments. Additionally, in July 2014, we made a $150 million voluntary prepayment to further reduce our long-term debt. We believe that our focus on cash flow generation, the relatively low investment required to grow our management and franchise and timeshare segments, and our disciplined approach to capital allocation position us to maximize opportunities for profitability and growth while continuing to reduce our indebtedness over time.	

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 	•	 	Iconic Hotels with Significant Underlying Real Estate Value. Our diverse global portfolio of owned and leased hotels includes a number of renowned properties in key gateway cities such as New York City, London, San Francisco, Chicago, São Paolo, Sydney and Tokyo. The portfolio also includes iconic hotels with significant embedded asset value, including: The Waldorf Astoria New York, a landmark luxury hotel with 1,413 rooms encompassing an entire city block in the heart of midtown Manhattan near Grand Central Terminal; the Hilton Hawaiian Village, a full-service beach resort with 2,860 rooms that sits on approximately 22 oceanfront acres along Waikiki Beach on the island of Oahu; and the London Hilton on Park Lane, a 453-room hotel overlooking Hyde Park in the exclusive Mayfair district of London. Our ten owned hotels with the highest Adjusted EBITDA contributed 56 percent of our ownership segment’s Adjusted EBITDA during the year ended December 31, 2013, which highlights the quality of our key flagship properties. In addition, we believe the iconic nature of many of these properties creates significant value for our entire system of properties by reinforcing the world-class nature of our brands. We continually focus on increasing the value and enhancing the market position of our owned and leased hotels and, over time, we believe we can unlock significant incremental value through opportunistically exiting assets or executing on adaptive reuse plans for all or a portion of certain hotels as retail, residential or timeshare uses. An example of this is the recent sale of a previously non-income producing parcel of land at the Hilton Hawaiian Village that had previously been used as a loading dock, along with corresponding entitlements, to a third party in connection with a planned timeshare development project that will not require any capital investment by us. Further, we have plans at the Hilton New York to redevelop the hotel’s retail platform to include over 10,000 square feet of street-level retail space, as well as to convert certain floors to timeshare units, which we expect will increase the value of the property.	
 
 	•	 	Market-Leading and Innovative Timeshare Platform. Our timeshare business complements our other segments and provides an alternative hospitality product that serves an attractive customer base. Our timeshare customers are among our most loyal hotel customers, with estimated spend in our hotel system increasing approximately 40 percent after the purchase of their timeshare interests. Historically, we have concentrated our timeshare efforts in four key markets: Florida, Hawaii, New York City and Las Vegas, which has helped us to increase annual sales of timeshare intervals while yielding strong profit margins during a time when our competitors generally experienced declines in both sales and profit margins. As a result of this strong operating performance and the returns we were able to drive on our own timeshare developments, we began a transformation of our timeshare business to a capital light model in which third-party timeshare owners and developers provide capital for development while we act as sales and marketing agent and property manager. Through these transactions, we receive a sales and marketing commission and branding fees on sales of timeshare intervals, recurring fees to operate the homeowners’ associations and revenues from resort operations. We also earn recurring fees in connection with the points-based membership programs we operate that provide for exclusive exchange, leisure travel and reservation services, and through fees related to the servicing of consumer loans. We have increased the sales of intervals developed by third parties from zero in 2009 to 60 percent for the twelve months ended June 30, 2014, which has dramatically reduced the capital requirements of our timeshare segment while continuing to drive strong earnings and cash flows.	
 
 	•	 	Performance-Driven Culture. We are an organization of people serving people, thus it is imperative that we attract and retain best-in-class talent to serve our various stakeholders. We have a performance-driven culture that begins with an intense alignment around our mission, vision, values and key strategic priorities. Our President and Chief Executive Officer, Christopher J. Nassetta, has nearly 30 years of experience in the hotel industry, previously serving as President and Chief Executive Officer of Host Hotels & Resorts, Inc., where he was named Institutional Investor’s 2007 REIT CEO of the Year. He and the balance of our executive management team have been instrumental in transforming our organization and installing a culture that develops leaders at all levels of the organization that are	

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 	focused on delivering exceptional service to our customers every day. We rely on our over 155,000 employees to execute our strategy and continue to enhance our products and services to ensure that we remain at the forefront of performance and innovation in the lodging industry.	
Our Business and Growth Strategy
The following are key elements of our strategy to become the preeminent global hospitality company—the first choice of guests, employees and owners alike:
 
 	•	 	Expand our Global Footprint . We intend to build on our leading position in the U.S. and expand our global footprint. In February 2006, we reacquired Hilton International Co., which had operated as a separate company since 1964, and in so doing, reacquired the international Hilton branding rights. Reuniting Hilton’s U.S. and international operations has provided us with the platform to grow our business and brands globally. As a result of the reacquisition and focus on global expansion, we currently rank number one in every major region of the world by rooms under construction, based on STR data. We aim to increase the relative contribution of our international operations by increasing the number of rooms in our system that are located outside of the U.S. As of June 30, 2014, 71 percent of our new rooms under construction are located outside of the U.S. We plan to continue to expand our global footprint by introducing the right brands with the right product positioning in targeted markets and allocating business development resources effectively to drive new unit growth in every region of the world.	
 
 	•	 	Grow our Fee-Based Businesses. We intend to grow our higher margin, fee-based businesses. We expect to increase the contribution of our management and franchise segment, which already accounts for more than half of our aggregate segment Adjusted EBITDA, through new third-party hotel development and the conversion of existing hotels to our brands. Our industry-leading pipeline consisted of approximately 210,000 rooms as of June 30, 2014, all within our capital light management and franchise segment. Upon completion, this pipeline of new, third-party owned hotels would result in a 33 percent increase in our management and franchise segment’s room count with minimal capital investment from us. In addition, we aim to increase the average effective franchise fees we receive over time by renewing and entering into new franchise agreements at our current published franchise fee rates.	
 
 	•	 	Continue to Increase the Capital Efficiency of our Timeshare Business. Traditionally, timeshare operators have funded 100 percent of the investment necessary to acquire land and construct timeshare properties. In 2010, we began sourcing timeshare intervals through sales and marketing agreements with third-party developers. These agreements enable us to generate fees from the sales and marketing of the timeshare intervals and club memberships and from the management of the timeshare properties without requiring us to fund acquisition and construction costs. Our supply of third-party developed timeshare intervals has increased to 88,000, or 82 percent of our total supply, as of June 30, 2014 and the percentage of sales of timeshare intervals developed by third parties has increased to 60 percent for the twelve months ended June 30, 2014. We continue to expand our capital light timeshare business through fee-for-service arrangements with third-party timeshare developers, including the sales and marketing and other timeshare related services agreement we announced in June 2014 for the development of a 37-story, 418-unit timeshare tower adjacent to the Hilton Hawaiian Village. We will continue to seek opportunities to grow our timeshare business through this capital light model.	
 
 	•	 	Optimize the Performance of our Owned and Leased Hotels. In addition to utilizing our commercial services platform to enhance the revenue performance of our owned and leased assets, we have focused on maximizing the cost efficiency of the portfolio by implementing labor management practices and systems and reducing fixed costs to drive profitability. Through our disciplined approach to asset	

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 	management, we have developed and executed on strategic plans for each of our hotels to enhance the market position of each property. We expect to continue to enhance the performance of our hotels by improving operating efficiencies, and believe there is an opportunity to drive further improvements in operating margins and Adjusted EBITDA. Further, at certain of our hotels, we are developing plans for the adaptive reuse of all or a portion of the property to residential, retail or timeshare uses similar to our plans for the Hilton New York. Finally, we believe we can create value over time by opportunistically exiting assets and restructuring or exiting leases.	
 
 	•	 	Strengthen and Enhance our Brands and Commercial Services Platform. We intend to enhance our world-class brands through superior brand management by continuing to develop products and services that drive increased RevPAR premiums. We will continue to refine our luxury brands to deliver modern products and service standards that are relevant to today’s luxury traveler. We will continue to position our full-service operating model and product standards to meet evolving customer needs and drive financial results that support incremental owner investment in our hotels. In our focused-service brands, we will continue to position for growth in the U.S., and tailor our products as appropriate to meet the needs of customers and developers outside the U.S. We will continue to innovate and enhance our commercial services platform to ensure we have the most formidable sales, pricing, marketing and distribution platform in the industry to drive premium commercial performance to our entire system of hotels. We also will continue to invest in our Hilton HHonors customer loyalty program to ensure it remains relevant to our customers and drives customer loyalty and value to our hotel owners.	
Refinancing Transactions and Initial Public Offering
On October 25, 2013, we repaid in full all $13.4 billion in borrowings outstanding on such date under our senior mortgage loans and secured mezzanine loans with proceeds from: (1) our October 4, 2013 offering of the outstanding notes, the proceeds of which were released from escrow on October 25, 2013; (2) borrowings under our new senior secured credit facilities (the “Senior Secured Credit Facilities”), which initially consisted of a $7.6 billion term loan facility (the “Term Loans”) and an undrawn $1.0 billion revolving credit facility (the “Revolving Credit Facility”); (3) a $3.5 billion commercial mortgage-backed securities loan secured by 23 of our U.S. owned real estate assets (the “CMBS Loan”); and (4) a $525 million mortgage loan secured by our Waldorf Astoria New York property (the “Waldorf Astoria Loan”), together with additional borrowings under our non-recourse timeshare financing receivables credit facility (the “Timeshare Facility”) and cash on hand. For more information, see “Description of Certain Other Indebtedness.” In addition, on October 25, 2013, Hilton Worldwide, Inc., our wholly owned subsidiary, issued a notice of redemption to holders of all of the outstanding $96 million aggregate principal amount of its 8 percent quarterly interest bonds due 2031 on November 25, 2013. The bonds were redeemed in full at a redemption price equal to 100 percent of the principal amount thereof and interest accrued and unpaid thereon, to, but not including November 25, 2013. We refer to the transactions discussed above as the “Debt Refinancing.”
On December 17, 2013, we completed our IPO in which Holdings sold 64,102,564 shares of its common stock and a selling stockholder sold 71,184,153 shares of common stock at an initial public offering price of $20.00 per share. The shares offered and sold in the offering were registered under the Securities Act pursuant to our Registration Statement on Form S-1, which was declared effective by the SEC on December 11, 2013. The common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “HLT” and began trading publicly on December 12, 2013. The offering generated net proceeds of approximately $1,243 million to us after underwriting discounts, expenses and transaction costs. We used the offering proceeds along with available cash to repay approximately $1,250 million of borrowings under the Term Loans.

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Our Structure
The following diagram illustrates our simplified organizational structure as of the date of this prospectus. This diagram is provided for illustrative purposes only and does not show all legal entities or obligations of such entities:

 

(1)  	Our Senior Secured Credit Facilities initially consisted of the $7.6 billion Term Loans and the $1.0 billion Revolving Credit Facility. On December 17, 2013 we repaid approximately $1.25 billion of borrowings under the Term Loans using proceeds from our IPO and available cash. Our Senior Secured Credit Facilities are secured by first priority liens on substantially all of the assets of the Issuers and guarantors of the notes, subject to certain exceptions and permitted liens. For a description of our Senior Secured Credit Facilities, see “Description of Certain Other Indebtedness—Senior Secured Credit Facilities.”	
(2)  	The notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by Holdings and each of our existing wholly owned U.S. restricted subsidiaries that guarantee indebtedness under our Senior Secured Credit Facilities and any future wholly owned U.S. restricted subsidiaries that guarantee indebtedness under our Senior Secured Credit Facilities or other capital markets debt securities of the Issuers or any subsidiary guarantor. These guarantees are subject to release under specified circumstances. See “Description of the Notes.”	
(3)  	As of the date of this prospectus, our only unrestricted subsidiaries are our subsidiaries that constitute PropCo. For the year ended December 31, 2013, our Unrestricted U.S. Real Estate Subsidiaries represented $1,880 million or 19.3 percent of our total revenues, $186 million or 44.8 percent of net income attributable to Hilton stockholders and $560 million or 25.3 percent of our Adjusted EBITDA, and as of December 31, 2013, represented $8,649 million or 32.6 percent of our total assets and $6,496 million or 29.1 percent of our total liabilities. For the six months ended June 30, 2014, our Unrestricted U.S. Real Estate Subsidiaries represented $984 million or 19.6 percent of our total revenues, $64 million or 19.3 percent of net income attributable to Hilton stockholders and $294 million or 24.6 percent of our Adjusted EBITDA, and as of June 30, 2014, represented $8,640 million or 32.6 percent of our total assets and $6,499 million or 29.9 percent of our total liabilities.	

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(4)  	The notes are not guaranteed by certain of our wholly owned domestic special purpose restricted subsidiaries or our non-wholly owned domestic restricted subsidiaries.	
Our wholly owned U.S. restricted subsidiaries that are Timeshare Entities are prohibited from being guarantors under our non-recourse Timeshare Facility and the agreements governing our non-recourse notes backed by timeshare receivables, including our $304 million in aggregate principal amount of non-recourse 1.77 percent notes, $46 million in aggregate principal amount of non-recourse 2.07 percent notes and our $250 million in aggregate principal amount of non-recourse 2.28 percent notes (“Securitized Timeshare Debt”). For the year ended December 31, 2013, these entities represented $51 million of our total revenues and $46 million of our Adjusted EBITDA. Two of the Timeshare Entities were formed after June 30, 2013. Adjusted EBITDA of the Timeshare Entities generally represents the amount of interest which we receive on the timeshare receivables placed in such entities. As of December 31, 2013, these entities had restricted and unrestricted cash and cash equivalents of $20 million, financing receivables of $726 million and long-term debt of $672 million. For the six months ended June 30, 2014, these entities represented $45 million of our total revenues and $40 million of our Adjusted EBITDA. As of June 30, 2014, these entities had restricted and unrestricted cash and cash equivalents of $27 million, gross financing receivables of $729 million and long-term debt of $698 million.
In addition, we have one non-wholly owned domestic subsidiary that is a restricted subsidiary. For the year ended December 31, 2013, the non-wholly owned domestic subsidiary represented $22 million or 0.2 percent of our total revenues and $6 million or 0.3 percent of our Adjusted EBITDA. As of December 31, 2013, this subsidiary had restricted and unrestricted cash and cash equivalents of $2 million, property and equipment, net of $63 million and long-term debt including current maturities of $30 million. For the six months ended June 30, 2014, the non-wholly owned domestic subsidiary represented $12 million or 0.2 percent of our total revenues and $3 million or 0.3 percent of our Adjusted EBITDA. As of June 30, 2014, this subsidiary had restricted and unrestricted cash and cash equivalents of $3 million, property and equipment, net of $62 million and long-term debt including current maturities of $29 million.
The notes are also not guaranteed by any of our wholly owned domestic restricted subsidiaries (a) substantially all of the assets of which consist of equity interests in one or more foreign subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Internal Revenue Code, or (b) that are directly or indirectly owned by any of our foreign subsidiaries. Such entities are included in the further description of our international operations in footnote (5) below.
 
(5)  	As of the date of this prospectus, none of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations guarantee the notes, and no foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations (existing or formed in the future) are expected to guarantee the notes in the future. Our non-U.S. operations are generally conducted by our foreign subsidiaries and our foreign assets are generally owned by our foreign subsidiaries. For the year ended December 31, 2013, our foreign operations represented $2,409 million or 24.7 percent of our total revenues and $466 million or 21.1 percent of our Adjusted EBITDA. For the six months ended June 30, 2014, our foreign operations represented $1,141 million or 22.7 percent of our total revenues and $181 million or 15.1 percent of our Adjusted EBITDA.	
(6)  	Certain of our unrestricted PropCo entities entered into the $3.5 billion CMBS Loan secured by 23 of our U.S. owned real estate assets. See “Description of Certain Other Indebtedness—CMBS Loan.”	
(7)  	One of our unrestricted PropCo entities entered into the $525 million Waldorf Astoria Loan secured by the Waldorf Astoria New York property. See “Description of Certain Other Indebtedness—Waldorf Astoria Loan.”	
(8)  	Certain of our restricted subsidiaries entered into the Timeshare Facility, and other restricted subsidiaries issued $600 million aggregate principal amount of Securitized Timeshare Debt. As of June 30, 2014, we had $150 million and $548 million of indebtedness outstanding under the Timeshare Facility and the Securitized Timeshare Debt, respectively. The Timeshare Facility and Securitized Timeshare Debt are non-recourse to the Issuers and the guarantors. See “Description of Certain Other Indebtedness—Timeshare Facility” and “—Securitized Timeshare Debt.”	

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Relationship with PropCo Entities
Entities comprising PropCo are unrestricted subsidiaries for purposes of the indenture governing the notes and, as such, are not subject to any of the restrictive covenants in the indenture and do not guarantee the notes or provide any other credit or collateral support for the notes. The PropCo entities owned 24 of our U.S. owned hotels as of June 30, 2014. The properties held by our PropCo entities secure our $3.5 billion CMBS Loan and $0.525 billion Waldorf Astoria Loan and are not included in the collateral securing our Senior Secured Credit Facilities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Financial Data for Unrestricted U.S. Real Estate Subsidiaries.”
Because our PropCo entities are not subject to the restrictive covenants under the indenture, they are not limited by the indenture in their ability to incur indebtedness or make payments of dividends or to make other distributions, loans or restricted payments. The Issuers and the guarantors of the notes are restricted under the terms of the indenture governing the notes from making investments in, or loans to, PropCo entities. See “Description of the Notes.”
We operate hotels under management agreements for the benefit of PropCo entities. Our fees consist of a base management fee equal to a percentage of each hotel’s gross revenue, and an incentive fee based on profits in excess of a return threshold established for each hotel. PropCo pays all operating and other expenses and reimburses our out-of-pocket expenses. In turn, our managerial discretion is subject to approval by PropCo in certain major areas, including the approval of annual operating and capital expenditure budgets. The term of each of our management agreements with PropCo is 30 years, subject to extension at our option for up to three periods of 10 years each. The PropCo management agreements contain early termination rights in favor of PropCo only upon an event of default by us. We have certain intercompany loans and cash pooling arrangements between us and PropCo to facilitate the efficient operation of the PropCo hotels. As of June 30, 2014, we managed 24 hotels with approximately 20,046 rooms pursuant to management agreements with PropCo, and for the year ended December 31, 2013 and the six months ended June 30, 2014, revenues derived under PropCo management agreements totaled $49 million and $33 million, respectively.
Corporate Information
Hilton Worldwide Finance LLC, a Delaware limited liability company was formed under the laws of the State of Delaware in August 2013. Hilton Worldwide Finance Corp., a corporate co-issuer of the notes, was incorporated under the laws of the State of Delaware in August 2013. Our principal executive offices are located at 7930 Jones Branch Drive, Suite 1100, McLean, Virginia 22102 and our telephone number is (703) 883-1000.

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The Exchange Offer
The following summary is provided solely for your convenience and is not intended to be complete. You should read the full text and more specific details contained elsewhere in this prospectus for a more detailed description of the notes.
 
General	On October 4, 2013, the Issuers issued an aggregate of $1,500,000,000 principal amount of 5.625% Senior Notes due 2021 in a private offering. In connection with the private offering of the outstanding notes, the Issuers and the guarantors entered into a registration rights agreement with the initial purchasers in which they agreed, among other things, to deliver this prospectus to you and to complete the exchange offer within 450 days after the date of issuance and sale of the outstanding notes. You are entitled to exchange in the exchange offer your outstanding notes for the exchange notes which are identical in all material respects to the outstanding notes except:	
 
 	•	 	the exchange notes have been registered under the Securities Act;	
 
 	•	 	the exchange notes are not entitled to any registration rights which are applicable to the outstanding notes under the registration rights agreement; and	
 
 	•	 	the escrow, special mandatory redemption and additional interest provisions of the registration rights agreement are no longer applicable.	
 
The Exchange Offer	The Issuers are offering to exchange up to $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021, which have been registered under the Securities Act, for a like amount of outstanding notes.	
 
 	You may only exchange outstanding notes in denominations of $2,000 and integral multiples of $1,000, in excess thereof.	
 
Resale	Based on an interpretation by the staff of the SEC set forth in no-action letters issued to third parties, the Issuers believe that the exchange notes issued pursuant to the exchange offer in exchange for outstanding notes may be offered for resale, resold and otherwise transferred by you (unless you are our “affiliate” within the meaning of Rule 405 under the Securities Act) without compliance with the registration and prospectus delivery provisions of the Securities Act, provided that:	
 
 	•	 	you are acquiring the exchange notes in the ordinary course of your business; and	
 
 	•	 	you have not engaged in, do not intend to engage in, and have no arrangement or understanding with any person to participate in, a distribution of the exchange notes.	

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 	If you are a broker-dealer and receive exchange notes for your own account in exchange for outstanding notes that you acquired as a result of market making activities or other trading activities, you must acknowledge that you will deliver this prospectus in connection with any resale of the exchange notes. See “Plan of Distribution.”	
 
 	Any holder of outstanding notes who:	
 
 	•	 	is our affiliate;	
 
 	•	 	does not acquire exchange notes in the ordinary course of its business; or	
 
 	•	 	tenders its outstanding notes in the exchange offer with the intention to participate, or for the purpose of participating, in a distribution of exchange notes;	
 
 	cannot rely on the position of the staff of the SEC enunciated in Morgan Stanley & Co. Inc . (available June 5, 1991) and Exxon Capital Holdings Corp . (available May 13, 1988), as interpreted in the SEC’s letter to Shearman & Sterling (available July 2, 1993), or similar no-action letters and, in the absence of an exemption therefrom, must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the exchange notes.	
 
Expiration Date	The exchange offer will expire at 5:00 p.m., New York City time, on                     , 2014, which is the 21st business day after the date of this prospectus, unless extended by the Issuers. The Issuers do not currently intend to extend the expiration date.	
 
Withdrawal	You may withdraw the tender of your outstanding notes at any time prior to the expiration of the exchange offer. The Issuers will return to you any of your outstanding notes that are not accepted for any reason for exchange, without expense to you, promptly after the expiration or termination of the exchange offer.	
 
Interest on the Exchange Notes and the Outstanding Notes	
The exchange notes will bear interest at the rate per annum set forth on the cover page of this prospectus from the most recent date to which interest has been paid on the outstanding notes. The interest will be payable semi-annually on April 15 and October 15. No interest will be paid on outstanding notes following their acceptance for exchange.	
 
Conditions to the Exchange Offer	The exchange offer is subject to customary conditions, which the Issuers may waive. See “The Exchange Offer—Conditions to the Exchange Offer.”	
 
Procedures for Tendering Outstanding Notes	If you wish to participate in the exchange offer, you must complete, sign and date the accompanying letter of transmittal, or a facsimile of	

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 	such letter of transmittal, according to the instructions contained in this prospectus and the letter of transmittal. You must then mail or otherwise deliver the letter of transmittal, or a facsimile of such letter of transmittal, together with the outstanding notes and any other required documents, to the exchange agent at the address set forth on the cover page of the letter of transmittal.	
 
 	If you hold outstanding notes through The Depository Trust Company (“DTC”) and wish to participate in the exchange offer, you must comply with the Automated Tender Offer Program procedures of DTC by which you will agree to be bound by the letter of transmittal. By signing, or agreeing to be bound by, the letter of transmittal, you will represent to us that, among other things:	
 
 	•	 	you are not our “affiliate” within the meaning of Rule 405 under the Securities Act;	
 
 	•	 	you do not have an arrangement or understanding with any person or entity to participate in the distribution of the exchange notes;	
 
 	•	 	you are acquiring the exchange notes in the ordinary course of your business; and	
 
 	•	 	if you are a broker-dealer that will receive exchange notes for your own account in exchange for outstanding notes that were acquired as a result of market making activities, that you will deliver a prospectus, as required by law, in connection with any resale of such exchange notes.	
 
Special Procedures for Beneficial Owners	If you are a beneficial owner of outstanding notes that are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, and you wish to tender those outstanding notes in the exchange offer, you should contact the registered holder promptly and instruct the registered holder to tender those outstanding notes on your behalf. If you wish to tender on your own behalf, you must, prior to completing and executing the letter of transmittal and delivering your outstanding notes, either make appropriate arrangements to register ownership of the outstanding notes in your name or obtain a properly completed bond power from the registered holder. The transfer of registered ownership may take considerable time and may not be able to be completed prior to the expiration date.	
 
Guaranteed Delivery Procedures	If you wish to tender your outstanding notes and your outstanding notes are not immediately available or you cannot deliver your outstanding notes, the letter of transmittal or any other required documents, or you cannot comply with the procedures under DTC’s Automated Tender Offer Program for transfer of book-entry interests, prior to the expiration date, you must tender your outstanding notes according to the guaranteed delivery procedures set forth in this prospectus under “The Exchange Offer—Guaranteed Delivery Procedures.”	

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Effect on Holders of Outstanding Notes	As a result of the making of, and upon acceptance for exchange of, all validly tendered outstanding notes pursuant to the terms of the exchange offer, the Issuers and the guarantors will have fulfilled a covenant under the registration rights agreement. Accordingly, there will be no increase in the interest rate on the outstanding notes under the circumstances described in the registration rights agreement. If you do not tender your outstanding notes in the exchange offer, you will continue to be entitled to all the rights and limitations applicable to the outstanding notes as set forth in the indenture; however, as a result of the making of, and upon acceptance for exchange of, all validly tendered outstanding notes pursuant to the terms of the exchange offer, the Issuers will not have any further obligation to you to provide for the exchange and registration of the outstanding notes under the registration rights agreement. To the extent that the outstanding notes are tendered and accepted in the exchange offer, the trading market for the remaining outstanding notes that are not so tendered and exchanged could be adversely affected.	
 
Consequences of Failure to Exchange	All untendered outstanding notes will continue to be subject to the restrictions on transfer set forth in the outstanding notes and in the indenture. In general, the outstanding notes may not be offered or sold, unless registered under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the Securities Act and applicable state securities laws. Other than in connection with the exchange offer, the Issuers do not currently anticipate that they will register the outstanding notes under the Securities Act.	
 
Certain U.S. Federal Income Tax Considerations	The exchange of outstanding notes for exchange notes in the exchange offer will not constitute a taxable event to holders for U.S. federal income tax purposes. See “Certain U.S. Federal Income Tax Considerations.”	
 
Use of Proceeds	The Issuers will not receive any cash proceeds from the issuance of the exchange notes in the exchange offer. See “Use of Proceeds.”	
 
Exchange Agent	Wilmington Trust, National Association is the exchange agent for the exchange offer. The addresses and telephone numbers of the exchange agent are set forth in the section captioned “The Exchange Offer—Exchange Agent” of this prospectus.	

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Summary Historical Financial Data
We derived the summary statement of operations data and the summary statement of cash flows data for the years ended December 31, 2013, 2012 and 2011 and the summary balance sheet data as of December 31, 2013 and 2012 from our audited consolidated financial statements included elsewhere in this prospectus. We derived the summary balance sheet data as of December 31, 2011 from our audited consolidated financial statements that are not included in this prospectus. We derived the summary statement of operations data and the summary statement of cash flows data for the six months ended June 30, 2014 and 2013 and the summary balance sheet data as of June 30, 2014 from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. We derived the summary balance sheet data as of June 30, 2013 from our unaudited condensed consolidated financial statements that are not included in this prospectus. Our historical results are not necessarily indicative of the results expected for any future period.
We have prepared our unaudited condensed consolidated financial statements on the same basis as our audited consolidated financial statements and, in our opinion, have included all adjustments, which include only normal recurring adjustments, necessary to present fairly in all material respects our financial position and results of operations. The results for any interim period are not necessarily indicative of the results that may be expected for the full year. Additionally, our historical results are not necessarily indicative of the results expected for any future period.
You should read the summary historical financial data below, together with the consolidated financial statements and related notes thereto appearing elsewhere in this prospectus, as well as “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Certain Other Indebtedness,” and the other financial information included elsewhere in this prospectus.
The historical financial information included in the prospectus includes results of the PropCo entities for the periods presented. The PropCo entities and their subsidiaries do not provide any credit or collateral support for any indebtedness of the Issuer, including the notes.

 	 	Six Months
Ended June 30,	 	 	Year Ended
December 31,	 	
	 	      2014      	 	 	      2013      	 	 	      2013      	 	 	      2012      	 	 	      2011      	 	
 	 	(dollars in millions, except per share data)	 	
Summary Statement of Operations Data:	 				 				 				 				 				
Revenues	 				 				 				 				 				
Owned and leased hotels	 	$	 2,062	  	 	$	 1,984	  	 	$	 4,046	  	 	$	 3,979	  	 	$	 3,898	  	
Management and franchise fees and other	 	 	666	  	 	 	561	  	 	 	1,175	  	 	 	1,088	  	 	 	1,014	  	
Timeshare	 	 	555	  	 	 	507	  	 	 	1,109	  	 	 	1,085	  	 	 	944	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	3,283	  	 	 	3,052	  	 	 	6,330	  	 	 	6,152	  	 	 	5,856	  	
						
Other revenues from managed and franchised properties	 	 	1,747	  	 	 	1,591	  	 	 	3,405	  	 	 	3,124	  	 	 	2,927	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	5,030	  	 	 	4,643	  	 	 	9,735	  	 	 	9,276	  	 	 	8,783	  	
						
Expenses	 				 				 				 				 				
Owned and leased hotels	 	 	1,604	  	 	 	1,547	  	 	 	3,147	  	 	 	3,230	  	 	 	3,213	  	
Timeshare	 	 	365	  	 	 	351	  	 	 	730	  	 	 	758	  	 	 	668	  	
Depreciation and amortization	 	 	311	  	 	 	309	  	 	 	603	  	 	 	550	  	 	 	564	  	
Impairment losses	 	 	—	  	 	 	—	  	 	 	—	  	 	 	54	  	 	 	20	  	
General, administrative and other	 	 	230	  	 	 	189	  	 	 	748	  	 	 	460	  	 	 	416	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	2,510	  	 	 	2,396	  	 	 	5,228	  	 	 	5,052	  	 	 	4,881	  	
						
Other expenses from managed and franchised properties	 	 	1,747	  	 	 	1,591	  	 	 	3,405	  	 	 	3,124	  	 	 	2,927	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	 	 	4,257	  	 	 	3,987	  	 	 	8,633	  	 	 	8,176	  	 	 	7,808	  	

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 	 	Six Months
Ended June 30,	 	 	Year Ended
December 31,	 	
	 	      2014      	 	 	      2013      	 	 	      2013      	 	 	      2012      	 	 	      2011      	 	
 	 	(dollars in millions, except per share data)	 	
						
Operating income	 	 	773	  	 	 	656	  	 	 	1,102	  	 	 	1,100	  	 	 	975	  	
Net income attributable to Hilton stockholders	 	 	332	  	 	 	189	  	 	 	415	  	 	 	352	  	 	 	253	  	
Earnings per share (basic and diluted)	 	$	0.34	  	 	$	0.20	  	 	$	0.45	  	 	$	0.38	  	 	$	0.27	  	

 	  	As of and for the
Six Months
Ended June 30,	 	  	As of and for the
Year Ended December 31,	 	
	  	2014	 	  	2013	 	  	2013	 	  	2012	 	  	2011	 	
 	  	(dollars in millions, except Hotel RevPAR and ADR)	 	
Summary Balance Sheet Data:	  				  				  				  				  				
Cash and cash equivalents	  	$	545 	  	  	$	661 	  	  	$	594 	  	  	$	755 	  	  	$	781 	  	
Restricted cash and cash equivalents	  	 	284 	  	  	 	625 	  	  	 	266 	  	  	 	550 	  	  	 	658 	  	
Total assets	  	 	26,497 	  	  	 	26,785 	  	  	 	26,562 	  	  	 	27,066 	  	  	 	27,312 	  	
Long-term debt (1)	  	 	11,317 	  	  	 	14,668 	  	  	 	11,755 	  	  	 	15,575 	  	  	 	16,311 	  	
Non-recourse timeshare debt (1)(2)	  	 	698 	  	  	 	400 	  	  	 	672 	  	  	 	— 	  	  	 	— 	  	
Non-recourse debt and capital lease obligations of consolidated variable interest entities (1)	  	 	299 	  	  	 	319 	  	  	 	296 	  	  	 	420 	  	  	 	481 	  	
Total equity	  	 	4,747 	  	  	 	2,178 	  	  	 	4,276 	  	  	 	2,155 	  	  	 	1,702 	  	
						
Summary Statement of Cash Flows Data:	  				  				  				  				  				
Capital expenditures for property and equipment	  	$	110 	 	  	$	121 	  	  	$	254 	  	  	$	433 	  	  	$	389 	  	
Cash flow from operating activities	  	 	512 	  	  	 	638 	  	  	 	2,101 	  	  	 	1,110 	  	  	 	1,167 	  	
Cash flow from investing activities	  	 	(121)	  	  	 	(183)	  	  	 	(382)	  	  	 	(558)	  	  	 	(463)	  	
Cash flow from financing activities	  	 	(441)	  	  	 	(534)	  	  	 	(1,863)	  	  	 	(576)	  	  	 	(714)	  	
						
Operational and Other Data:	  				  				  				  				  				
Number of hotels and timeshare properties	  	 	4,202 	  	  	 	4,041 	  	  	 	4,115 	  	  	 	3,966 	  	  	 	3,843 	  	
Number of rooms and units	  	 	693,980 	  	  	 	665,667 	  	  	 	678,630 	  	  	 	652,957 	  	  	 	633,238 	  	
Hotel RevPAR (3)	  	$	104.79 	  	  	$	98.69 	  	  	$	98.65 	  	  	$	93.38 	 	  	$	90.70 	  	
Hotel occupancy (3)	  	 	74.2%	  	  	 	72.3%	  	  	 	72.3%	  	  	 	71.1%	  	  	 	69.7%	  	
Hotel ADR (3)	  	$	141.31 	  	  	$	136.43 	  	  	$	136.49 	  	  	$	131.35 	  	  	$	130.15 	  	
Ratio of earnings to fixed charges	  	 	2.4x 	  	  	 	1.9x 	  	  	 	1.9x 	  	  	 	1.8x 	  	  	 	1.4x 	  	
Adjusted EBITDA:	  				  				  				  				  				
Management and franchise	  	$	702 	  	  	$	608 	  	  	$	1,271 	  	  	$	1,180 	  	  	$	1,095 	  	
Ownership	  	 	470 	  	  	 	445 	  	  	 	926 	  	  	 	793 	  	  	 	725 	  	
Timeshare	  	 	154 	  	  	 	119 	  	  	 	297 	  	  	 	252 	  	  	 	207 	  	
Corporate and other	  	 	(131)	  	  	 	(135)	  	  	 	(284)	  	  	 	(269)	  	  	 	(274)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA (4)	  	$	     1,195 	  	  	$	     1,037 	 	  	$	     2,210 	 	  	$	     1,956 	  	  	$	     1,753 	 	

Restricted Group Financial Data (5) :	  				  				  				  				  				
Owned and leased hotels revenue (6)	  	$	1,078 	  	  	$	1,050 	 	  	$	2,166 	  	  	$	2,225 	 	  	$	2,232 	 	
Total revenues	  	 	4,046 	  	  	 	3,709 	 	  	 	7,855 	  	  	 	7,522 	 	  	 	7,117 	 	
Ownership Adjusted EBITDA (7)	  	 	176 	  	  	 	168 	 	  	 	366 	  	  	 	329 	 	  	 	316 	 	
Adjusted EBITDA (8)	  	 	901 	  	  	 	760 	 	  	 	1,650 	  	  	 	1,492 	 	  	 	1,344 	 	
Cash and cash equivalents	  	 	490 	  	  	 	627 	 	  	 	552 	  	  	 	740 	 	  	 	781 	 	
Restricted cash and cash equivalents	  	 	231 	  	  	 	625 	 	  	 	225 	  	  	 	550 	 	  	 	658 	 	
Capital expenditures	  	 	48 	  	  	 	57 	 	  	 	120 	  	  	 	169 	 	  	 	138 	 	
Net secured debt, as adjusted (9)	  	 	5,606 	  	  				  				  				  				
Net total debt, as adjusted (9)	  	 	7,160 	  	  				  				  				  				
Ratio of net secured debt, as adjusted, to Adjusted EBITDA (10)	  	 	3.1x 	  	  				  				  				  				
Ratio of net total debt, as adjusted, to Adjusted EBITDA (10)	  	 	4.0x 	  	  				  				  				  				

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(1)	Includes current maturities.	
(2)  	Includes Timeshare Facility and Securitized Timeshare Debt.	
(3)  	Operating statistics are for comparable hotels as of each period end. See the definition of comparable hotels in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Business and Financial Metrics Used by Management—Comparable Hotels.”	
(4)  	EBITDA is defined by us as net income attributable to Hilton stockholders, excluding interest expense, the provision for income taxes and depreciation and amortization. We evaluate our operating performance using a metric we refer to as “Adjusted EBITDA” which is defined as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) furniture, fixtures and equipment (“FF&E”) replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based and certain other compensation expenses prior to and in connection with our IPO; (viii) severance, relocation and other expenses; and (ix) other items.	
EBITDA and Adjusted EBITDA are not recognized terms under generally accepted accounting principles in the United States of America (“U.S. GAAP”) and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
We believe that EBITDA and Adjusted EBITDA provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) EBITDA and Adjusted EBITDA are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions; and (ii) EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry.
EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing our results as reported under U.S. GAAP. Some of these limitations are:
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the effect on earnings or changes resulting from matters that we consider not to be indicative of our future operations;	
 
 	•	 	although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; and	
 
 	•	 	other companies in our industry may calculate EBITDA and Adjusted EBITDA differently, limiting their usefulness as comparative measures.	
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

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The following table provides a reconciliation of net income attributable to Hilton stockholders, which we believe is the most closely comparable U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA:

 	 	Six Months
Ended June 30,	 	 	Year Ended December 31,	 	
 	 	2014	 	 	2013	 	 	2013	 	 	2012	 	 	2011	 	
 	 	(dollars in millions)	 	
Net income attributable to Hilton stockholders	 	$	332 	  	 	$	189 	 	 	$	415 	 	 	$	352 	 	 	$	253 	 	
Interest expense	 	 	311 	  	 	 	274 	 	 	 	620 	 	 	 	569 	 	 	 	643 	 	
Interest expense included in equity in earnings (losses) from unconsolidated affiliates	 	 	6 	  	 	 	6 	 	 	 	13 	 	 	 	13 	 	 	 	12 	 	
Income tax expense (benefit)	 	 	204 	  	 	 	122 	 	 	 	238 	 	 	 	214 	 	 	 	(59)	  	
Depreciation and amortization	 	 	311 	  	 	 	309 	 	 	 	603 	 	 	 	550 	 	 	 	564 	 	
Depreciation and amortization included in equity in earnings (losses) from unconsolidated affiliates	 	 	15 	  	 	 	15 	 	 	 	32 	 	 	 	34 	 	 	 	48 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	 	 	1,179 	  	 	 	915 	 	 	 	1,921 	 	 	 	1,732 	 	 	 	1,461 	 	
						
Net income attributable to noncontrolling interest	 	 	4 	  	 	 	6 	 	 	 	45 	 	 	 	7 	 	 	 	2 	 	
Loss (gain) on foreign currency transactions	 	 	(46)	  	 	 	82 	 	 	 	45 	 	 	 	(23)	  	 	 	21 	 	
FF&E replacement reserve (a)	 	 	23 	  	 	 	17 	 	 	 	46 	 	 	 	68 	 	 	 	57 	 	
Share-based compensation expense	 	 	19 	  	 	 	3 	 	 	 	313 	 	 	 	50 	 	 	 	19 	 	
Impairment losses	 	 	— 	  	 	 	— 	 	 	 	— 	 	 	 	54 	 	 	 	20 	 	
Impairment loss included in equity in earnings (losses) from unconsolidated affiliates	 	 	— 	  	 	 	— 	 	 	 	— 	 	 	 	19 	 	 	 	141 	 	
Gain on debt extinguishment (b)	 	 	— 	  	 	 	— 	 	 	 	(229)	  	 	 	— 	 	 	 	— 	 	
Other gain, net (c)	 	 	(14)	  	 	 	(6)	  	 	 	(7)	  	 	 	(15)	  	 	 	(19)	  	
Other adjustment items (d)	 	 	30 	  	 	 	20 	 	 	 	76 	 	 	 	64 	 	 	 	51 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	        1,195 	  	 	$	           1,037 	  	 	$	      2,210 	  	 	$	      1,956 	 	 	$	      1,753 	 	

 	(a)  	Represents FF&E replacement reserves established for the benefit of lessors for requisition of capital assets under certain lease agreements.	
 	(b)  	Represents the gain recognized in our consolidated statement of operations as a result of the debt refinancing which occurred in 2013. See Note 13: “Debt” to our audited consolidated financial statements included elsewhere in this prospectus for additional information.	
 	(c)  	Other gain, net includes gains and losses on the dispositions of property and equipment and investments in affiliates, as well as a gain related to the restructuring of a capital lease in 2011.	
 	(d)  	Represents adjustments for reorganization costs, severance and other items.	
 
(5)  	Restricted group information excludes PropCo information, but includes entities that hold two hotels in which we own interests of 50 percent or less that collectively represented $20 million and $10 million of Adjusted EBITDA, $8 million and $4 million of interest expense and $3 million and $2 million of depreciation and amortization expense for the year ended December 31, 2013 and the six months ended June 30, 2014, respectively. These entities also had property and equipment, net, of $154 million, total debt of $103 million, and non-recourse debt and capital lease obligations of consolidated variable interest entities, including current maturities, of $12 million as of June 30, 2014. These entities are not “subsidiaries” for purposes of the indenture that will govern the notes and, accordingly, are not subject to the covenants under the indenture.	
(6)  	Reflects revenues from our owned and leased hotels that are not held by PropCo, which consist of all of our foreign owned and leased hotels, our U.S. leased hotels and certain of our U.S. owned hotels. See “Business—Properties—Owned or Controlled Hotels.”	
(7)  	Reflects Adjusted EBITDA from our owned and leased hotels that are not held by PropCo, which consist of all of our foreign owned and leased hotels, our U.S. leased hotels and certain of our U.S. owned hotels. See “Business—Properties—Owned or Controlled Hotels.”	
(8)  	Restricted group EBITDA and restricted group Adjusted EBITDA are substantially as defined above with respect to consolidated EBITDA and consolidated Adjusted EBITDA, other than the fact that the amounts are limited to those relating to our restricted group.	

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The following table provides a reconciliation of restricted group net income attributable to Hilton stockholders, which we believe is the most closely comparable U.S. GAAP financial measure, to restricted group EBITDA and Adjusted EBITDA:

 	 	Six Months
Ended June 30,	 	 	Year Ended December 31,	 	
 	 	2014	 	 	2013	 	 	2013	 	 	2012	 	 	2011	 	
 	 	(in millions)	 	
Net income attributable to Hilton stockholders	 	$	268 	  	 	$	88 	 	 	$	229 	  	 	$	193 	 	 	$	127 	 	
Interest expense	 	 	228 	  	 	 	274 	 	 	 	589 	  	 	 	569 	 	 	 	643 	 	
Interest expense included in equity in earnings (losses) from unconsolidated affiliates	 	 	6 	  	 	 	6 	 	 	 	13 	  	 	 	13 	 	 	 	12 	 	
Income tax expense (benefit)	 	 	158 	  	 	 	50 	 	 	 	106 	  	 	 	100 	 	 	 	(149)	  	
Depreciation and amortization	 	 	210 	  	 	 	208 	 	 	 	405 	  	 	 	366 	 	 	 	379 	 	
Depreciation and amortization included in equity in earnings (losses) from unconsolidated affiliates	 	 	15 	  	 	 	15 	 	 	 	32 	  	 	 	34 	 	 	 	47 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	 	 	885 	  	 	 	641 	 	 	 	1,374 	  	 	 	1,275 	 	 	 	1,059 	 	
						
Net income attributable to noncontrolling interests	 	 	4 	  	 	 	6 	 	 	 	45 	  	 	 	7 	 	 	 	2 	 	
Loss (gain) on foreign currency transactions	 	 	(46)	  	 	 	82 	 	 	 	45 	  	 	 	(23)	  	 	 	21 	 	
Gain on debt restructuring	 	 	— 	  	 	 	— 	 	 	 	(229)	  	 	 	— 	 	 	 	— 	 	
FF&E replacement reserve	 	 	23 	  	 	 	17 	 	 	 	46 	  	 	 	68 	 	 	 	57 	 	
Share-based compensation expense	 	 	19 	  	 	 	3 	 	 	 	313 	  	 	 	50 	 	 	 	19 	 	
Impairment losses	 	 	— 	  	 	 	— 	 	 	 	— 	  	 	 	54 	 	 	 	20 	 	
Impairment losses included in equity in earnings (losses) from unconsolidated affiliates	 	 	— 	  	 	 	— 	 	 	 	— 	  	 	 	19 	 	 	 	134 	 	
Other gain, net	 	 	(14)	  	 	 	(6)	  	 	 	(7)	  	 	 	(15)	  	 	 	(19)	  	
Other adjustment items	 	 	30 	  	 	 	17 	 	 	 	63 	  	 	 	57 	 	 	 	51 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	 	$	        901 	  	 	$	           760 	 	 	$	      1,650 	  	 	$	      1,492 	  	 	$	      1,344	  	

(9)  	Restricted group net total debt is calculated as total debt of the restricted group, as set forth under “Capitalization” adjusted to (i) exclude non-recourse debt of our Timeshare Entities, (ii) include our pro rata share of debt of our unconsolidated joint ventures ($264 million as of June 30, 2014) and (iii) net out $721 million of cash and cash equivalents and restricted cash and cash equivalents, which is the total amount of cash that we have in the restricted group. Net secured debt is defined as net debt, excluding all unsecured debt, of the restricted group. Restricted group net total debt and net secured debt are non-GAAP financial measures that we use to evaluate our financial leverage. We believe restricted group net total debt and net secured debt provide useful information about our indebtedness to investors as they are used by lenders under our Senior Secured Credit Facilities to evaluate our financial leverage and liquidity. Restricted group net total debt and net secured debt should not be considered as a substitutes to debt presented in accordance with U.S. GAAP. Restricted group net total debt and net secured debt may not be comparable to a similarly titled measure of other companies.	
 
(10)  	Restricted group ratio of net secured debt, as adjusted, to Adjusted EBITDA is calculated as restricted group net secured debt, as adjusted, divided by restricted group Adjusted EBITDA for the twelve months ended June 30, 2014. Restricted group ratio of net total debt, as adjusted, to Adjusted EBITDA is calculated as restricted group net total debt, as adjusted, divided by restricted group Adjusted EBITDA for the twelve months ended June 30, 2014. Restricted group Adjusted EBITDA for the twelve months ended June 30, 2014 is calculated by adding restricted group Adjusted EBITDA for the six months ended June 30, 2014 to restricted group Adjusted EBITDA for the year ended December 31, 2013 and subtracting restricted group Adjusted EBITDA for the six months ended June 30, 2013. These are non-GAAP financial measures that we use to evaluate our financial leverage and we believe provide useful information about our indebtedness to investors as they are used by lenders under our Senior Secured Credit Facilities to evaluate our financial leverage and liquidity.	

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The Exchange Notes
The terms of the exchange notes are identical in all material respects to the terms of the outstanding notes, except that the exchange notes will not contain terms with respect to transfer restrictions or additional interest upon a failure to fulfill certain of our obligations under the registration rights agreement. The exchange notes will evidence the same debt as the outstanding notes. The exchange notes will be governed by the same indenture under which the outstanding notes were issued. The following summary is not intended to be a complete description of the terms of the exchange notes. For a more detailed description of the exchange notes, see “Description of the Notes” in this prospectus.
 
Issuers	Hilton Worldwide Finance LLC, a Delaware limited liability company, and Hilton Worldwide Finance Corp., a Delaware corporation.	
 
Notes Offered	Up to $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021.	
 
Maturity Dates	The exchange notes will mature on October 15, 2021, unless earlier redeemed or repurchased.	
 
Interest	Interest on the exchange notes will accrue at a rate of 5.625% per annum, payable semi-annually in arrears on April 15 and October 15. Interest on each exchange note will accrue from the last interest payment date on which interest was paid on the outstanding note surrendered in exchange.	
 
Guarantees	The exchange notes will be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by Holdings and each of our existing wholly owned U.S. restricted subsidiaries that guarantee indebtedness under our Senior Secured Credit Facilities and any future wholly owned U.S. restricted subsidiaries that guarantee indebtedness under our Senior Secured Credit Facilities or other capital markets debt securities of the Issuers or any subsidiary guarantor. As of the date of this prospectus, none of our foreign subsidiaries or U.S. restricted subsidiaries owned by foreign subsidiaries or conducting foreign operations, our non-wholly owned domestic restricted subsidiaries, our unrestricted subsidiaries or certain of our special purpose restricted subsidiaries guarantee the exchange notes, and no foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations (existing or formed in the future) are expected to guarantee the exchange notes in the future. The guarantees are subject to release under specified circumstances. See “Description of the Notes.”	
 
Ranking	The exchange notes and the guarantees thereof will be our and our guarantors’ senior unsecured obligations and will rank:	
 
 	•	 	equally in right of payment with all of our and the guarantors’ existing and future senior obligations;	
 
 	•	 	senior in right of payment to any of our and our guarantors’ subordinated indebtedness; and	

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 	•	 	structurally subordinated to all existing and future liabilities (including trade payables) of our subsidiaries that do not guarantee the exchange notes.	
 
 	The exchange notes and the guarantees thereof will be effectively subordinated in right of payment to our and the guarantors’ secured indebtedness, including indebtedness under our Senior Secured Credit Facilities, to the extent of the value of the collateral securing such indebtedness. As of June 30, 2014:	
 
 	•	 	the Issuers and the guarantors had $7,078 million of total indebtedness outstanding, none of which would be subordinated;	
 
 	•	 	the Issuers and the guarantors had $5,550 million of senior secured indebtedness outstanding, consisting of borrowings under our Senior Secured Credit Facilities;	
 
 	•	 	the Issuers and the guarantors had $952 million of availability to incur secured indebtedness under our Revolving Credit Facility (after giving effect to $48 million of outstanding letters of credit); and	
 
 	•	 	our non-guarantor subsidiaries and entities in which we own interests of 50 percent or less had $115 million of total indebtedness outstanding.	
 
 	As of the date of this prospectus, none of our foreign subsidiaries or non-wholly owned domestic restricted subsidiaries guarantee the exchange notes. In addition, the PropCo entities and their subsidiaries which hold most of our U.S. owned real estate (which consisted of 24 owned properties, including The Waldorf Astoria in New York, as of June 30, 2014), are unrestricted subsidiaries and will not guarantee the exchange notes.	
 
 	As of the date of this prospectus, our only restricted subsidiaries that are not guarantors consist of our foreign subsidiaries, non-wholly owned U.S. subsidiaries, U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, and restricted subsidiaries that are prohibited from being guarantors under our Timeshare Facility or the agreements governing our Securitized Timeshare Debt. Such subsidiaries represented 25.5 percent of our total revenues and 23.4 percent of our Adjusted EBITDA for the year ended December 31, 2013. For the six months ended June 30, 2014, such subsidiaries represented 23.8 percent of our total revenues and 18.7 percent of our Adjusted EBITDA.	
 
 	As of the date of this prospectus, our only unrestricted subsidiaries are our Unrestricted U.S. Real Estate Subsidiaries which constitute PropCo. For the year ended December 31, 2013, our Unrestricted U.S. Real Estate Subsidiaries represented $1,880 million or 19.3 percent of our total revenues, $186 million or 44.8 percent of net income attributable to Hilton stockholders and $560 million or 25.3 percent of our Adjusted EBITDA, and as of December 31, 2013, represented $8,649 million or 32.6 percent of our total assets and $6,496 million or 29.1 percent of our total liabilities. For the six	

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 	months ended June 30, 2014, our Unrestricted U.S. Real Estate Subsidiaries represented $984 million or 19.6 percent of our total revenues, $64 million or 19.3 percent of net income attributable to Hilton stockholders and $294 million or 24.6 percent of our Adjusted EBITDA, and as of June 30, 2014, represented $8,640 million or 32.6 percent of our total assets and $6,499 million or 29.9 percent of our total liabilities.	
 
Optional Redemption	We may, at our option, redeem the exchange notes, in whole or in part, at any time prior to October 15, 2016, at a price equal to 100 percent of the principal amount of the exchange notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date plus the applicable “make-whole premium” described under “Description of the Notes—Optional Redemption.”	
 
 	From and after October 15, 2016, we may, at our option, redeem at any time and from time to time some or all of the exchange notes at the applicable redemption prices set forth in this prospectus.	
 
 	In addition, on or prior to October 15, 2016, we may, at our option, redeem up to 40 percent of the aggregate principal amount of the exchange notes with the net cash proceeds from certain equity offerings at the redemption price of 105.625 percent of the principal amount of the exchange notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.	
 
 	In connection with any tender offer for the exchange notes, if holders of not less than 90 percent in aggregate principal amount of the exchange notes validly tender and do not withdraw such exchange notes in such tender offer and we purchase all of the exchange notes validly tendered and not withdrawn by such holders, we may, at our option, redeem all the exchange notes that remain outstanding following such purchase at a price equal to the price offered to each other holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest to, but excluding, the redemption date.	
 
Change of Control Offers	Upon the occurrence of a change of control triggering event, if we do not redeem the exchange notes, you will have the right, as holders of the exchange notes, to require us to repurchase some or all of your exchange notes at 101 percent of their principal amount, plus accrued and unpaid interest to the repurchase date. See “Description of the Notes—Repurchase at the Option of Holders—Change of Control Triggering Event.”	
 
Asset Sale Proceeds	If the Issuer or its restricted subsidiaries engage in asset sales, the Issuer generally must either invest the net proceeds from such asset sales in its business within a specific period of time, prepay certain of its or its subsidiary guarantors’ debt or make an offer to purchase a principal amount of the exchange notes with the specified excess net proceeds, subject to certain exceptions. The purchase price of the exchange notes will be 100 percent of their principal amount plus	

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 	accrued and unpaid interest, if any, to, but not including, the repurchase date. For more information, see “Description of the Notes—Repurchase at the Option of Holders—Asset Sales.”	
 
Certain Covenants	The exchange notes will be governed by the same indenture under which the outstanding notes were issued. The indenture governing the exchange notes contains covenants that, among other things, limit the Issuer’s ability and the ability of its restricted subsidiaries to:	
 
 	•	 	incur or guarantee additional debt or issue disqualified stock or certain preferred stock;	
 
 	•	 	pay dividends and make other distributions on, or redeem or repurchase, capital stock;	
 
 	•	 	make certain investments;	
 
 	•	 	incur certain liens;	
 
 	•	 	enter into certain transactions with affiliates;	
 
 	•	 	merge or consolidate;	
 
 	•	 	enter into agreements that restrict the ability of certain restricted subsidiaries to make dividends or other payments to the Issuers;	
 
 	•	 	designate restricted subsidiaries as unrestricted subsidiaries; and	
 
 	•	 	transfer or sell certain assets.	
 
 	These covenants are subject to a number of important limitations and exceptions. See “Description of the Notes—Certain Covenants.” In addition, most of such covenants will be terminated if the exchange notes are rated investment grade by either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Ratings Services (“S&P”).	
 
No Prior Market	The exchange notes will generally be freely transferable but will be new securities for which there will not initially be a market. Accordingly, there can be no assurance as to the development or liquidity of any market for the exchange notes. We do not intend to apply for a listing of the exchange notes on any securities exchange or an automated dealer quotation system. See “Risk Factors—Risks Related to the Exchange Notes—Your ability to transfer the exchange notes may be limited by the absence of an active trading market, and an active trading market may not develop for the exchange notes.”	
 
Trustee	Wilmington Trust, National Association.	
 
Use of Proceeds	We will not receive any proceeds from the exchange offer. See “Use of Proceeds.”	
 
Governing Law	The exchange notes will be governed by the laws of the State of New York.	
 
Risk Factors	You should carefully consider all information in this prospectus prior to exchanging your outstanding notes. In particular, you should evaluate the specific risks described in the section entitled “Risk Factors” in this prospectus before participating in the exchange offer.	

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 RISK FACTORS
You should carefully consider the following risk factors and all other information contained in this prospectus before participating in the exchange offer. The risks and uncertainties described below are not the only risks facing us and your investment in the exchange notes. Additional risks and uncertainties that we are unaware of, or those we currently deem less significant, also may become important factors that affect us. The following risks could materially and adversely affect our business, financial condition, results of operations or liquidity.
Risks Related to the Exchange Offer
If you choose not to exchange your outstanding notes in the exchange offer, the transfer restrictions currently applicable to your outstanding notes will remain in force and the market price of your outstanding notes could decline.
If you do not exchange your outstanding notes for exchange notes in the exchange offer, then you will continue to be subject to the transfer restrictions on the outstanding notes as set forth in the offering memorandum distributed in connection with the private offering of the outstanding notes. In general, the outstanding notes may not be offered or sold unless they are registered or exempt from registration under the Securities Act and applicable state securities laws. Except as required by the registration rights agreement, we do not intend to register resales of the outstanding notes under the Securities Act. You should refer to “Prospectus Summary—The Exchange Offer” and “The Exchange Offer” for information about how to tender your outstanding notes.
The tender of outstanding notes under the exchange offer will reduce the remaining principal amount of the outstanding notes, which may have an adverse effect upon, and increase the volatility of, the market price of the outstanding notes not exchanged in the exchange offer due to a reduction in liquidity.
Your ability to transfer the exchange notes may be limited by the absence of an active trading market, and an active trading market may not develop for the exchange notes.
The exchange notes are a new issue of securities for which there is no established trading market. We do not intend to have the exchange notes listed on a national securities exchange or to arrange for quotation on any automated quotation system. The initial purchasers have advised us that they intend to make a market in the exchange notes, as permitted by applicable laws and regulations; however, the initial purchasers are not obligated to make a market in the exchange notes, and they may discontinue their market-making activities at any time without notice. Therefore, we cannot assure you as to the development or liquidity of any trading market for the exchange notes. The liquidity of any market for the exchange notes will depend on a number of factors, including:
 
 	•	 	changes in the overall market for securities similar to the exchange notes;	
 
 	•	 	changes in our financial performance or prospects;	
 
 	•	 	the prospects for companies in our industry generally;	
 
 	•	 	the number of holders of the exchange notes;	
 
 	•	 	the interest of securities dealers in making a market for the exchange notes;	
 
 	•	 	the conditions of the financial markets; and	
 
 	•	 	prevailing interest rates.	
Historically, the market for non-investment grade debt has been subject to disruptions that have caused substantial volatility in the prices of securities similar to the exchange notes. The market, if any, for the exchange
 
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notes may face similar disruptions that may adversely affect the prices at which you may sell your exchange notes. Therefore, you may not be able to sell your exchange notes at a particular time and the price that you receive when you sell may not be favorable.
Certain persons who participate in the exchange offer must deliver a prospectus in connection with resales of the exchange notes.
Based on interpretations of the staff of the SEC contained in Exxon Capital Holdings Corp. , SEC no-action letter (available May 13, 1988), Morgan Stanley & Co. Inc. , SEC no-action letter (available June 5, 1991) and Shearman & Sterling , SEC no-action letter (available July 2, 1993), we believe that you may offer for resale, resell or otherwise transfer the exchange notes without compliance with the registration and prospectus delivery requirements of the Securities Act. However, in some instances described in this prospectus under “Plan of Distribution,” certain holders of exchange notes will remain obligated to comply with the registration and prospectus delivery requirements of the Securities Act to transfer the exchange notes. If such a holder transfers any exchange notes without delivering a prospectus meeting the requirements of the Securities Act or without an applicable exemption from registration under the Securities Act, such a holder may incur liability under the Securities Act. We do not and will not assume, or indemnify such a holder against, this liability.
Risks Related to Our Indebtedness and the Exchange Notes
Our substantial indebtedness and other contractual obligations could adversely affect our financial condition, our ability to pay our debts, including our exchange notes , our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry and could divert our cash flow from operations for debt payments.
We have a significant amount of indebtedness. As of June 30, 2014, our total indebtedness was approximately $12.3 billion, including $997 million of non-recourse debt, and our contractual debt maturities of our long-term debt and non-recourse debt for the years ending December 31, 2014, 2015 and 2016, respectively, were $61 million, $109 million and $363 million. Our substantial debt and other contractual obligations could have important consequences, including:
 
 	•	 	making it more difficult for us to satisfy our obligations with respect to the exchange notes and our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants, could result in an event of default that accelerates our obligation to repay indebtedness;	
 
 	•	 	requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund our operations, capital expenditures and pursue future business opportunities;	
 
 	•	 	increasing our vulnerability to adverse economic, industry or competitive developments;	
 
 	•	 	exposing us to increased interest expense, as our degree of leverage may cause the interest rates of any future indebtedness (whether fixed or floating rate interest) to be higher than they would be otherwise;	
 
 	•	 	exposing us to the risk of increased interest rates because certain of our indebtedness is at variable rates of interest;	
 
 	•	 	restricting us from making strategic acquisitions or causing us to make non-strategic divestitures;	
 
 	•	 	limiting our ability to obtain additional financing for working capital, capital expenditures, product development, satisfaction of debt service requirements, acquisitions and general corporate or other purposes; and	
 
 	•	 	limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage compared to our competitors who may be better positioned to take advantage of opportunities that our leverage prevents us from exploiting.	
 
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Despite our current level of indebtedness, we may be able to incur substantially more debt and enter into other transactions which could further exacerbate the risks to our financial condition described above.
We may be able to incur significant additional indebtedness in the future. Although the credit agreements and the indentures that govern substantially all of our indebtedness contain restrictions on the incurrence of additional indebtedness and entering into certain types of other transactions, these restrictions are subject to a number of qualifications and exceptions. Additional indebtedness incurred in compliance with these restrictions could be substantial. These restrictions also do not prevent us from incurring obligations, such as trade payables, that do not constitute indebtedness as defined under our debt instruments. To the extent new debt is added to our current debt levels, the substantial leverage risks described in the immediately preceding risk factor would increase.
Our variable rate indebtedness subjects us to interest rate risk, which could cause our indebtedness service obligations to increase significantly.
Interest rates may increase in the future. As a result, interest rates on our Revolving Credit Facility or other variable rate debt offerings could be higher or lower than current levels. As of June 30, 2014, we had approximately $7.1 billion, or 57 percent, of our outstanding debt at variable interest rates. If interest rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, would correspondingly decrease.
We may be unable to service our indebtedness, including the exchange notes.
Our ability to make scheduled payments on and to refinance our indebtedness, including the exchange notes, depends on and is subject to our financial and operating performance, which in turn is affected by general and regional economic, financial, competitive, business and other factors beyond our control, including the availability of financing in the international banking and capital markets. We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our debt, including the exchange notes, to refinance our debt or to fund our other liquidity needs. Substantially all of our other debt, including the secured credit facilities and our CMBS Loan, will mature before the maturity date of the exchange notes.
If we are unable to meet our debt service obligations or to fund our other liquidity needs, we will need to restructure or refinance all or a portion of our debt, including the exchange notes, which could cause us to default on our debt obligations and impair our liquidity. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants that could further restrict our business operations.
Moreover, in the event of a default, the holders of our indebtedness, including the exchange notes, could elect to declare all the funds borrowed to be due and payable, together with accrued and unpaid interest. The lenders under our Revolving Credit Facility could also elect to terminate their commitments thereunder, cease making further loans, and institute foreclosure proceedings against their collateral, and we could be forced into bankruptcy or liquidation. If we breach our covenants under our Senior Secured Credit Facilities, we would be in default thereunder. The lenders could exercise their rights, as described above, and we could be forced into bankruptcy or liquidation.
Certain of our debt agreements impose significant operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities.
The indenture that governs the exchange notes, the credit agreement that governs our Senior Secured Credit Facilities and the agreements that govern our CMBS Loan and Waldorf Astoria Loan, impose significant
 
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operating and financial restrictions on us. These restrictions limit the Issuer’s ability and/or the ability of its restricted subsidiaries to, among other things:
 
 	•	 	incur or guarantee additional debt or issue disqualified stock or preferred stock;	
 
 	•	 	pay dividends (including to us) and make other distributions on, or redeem or repurchase, capital stock;	
 
 	•	 	make certain investments;	
 
 	•	 	incur certain liens;	
 
 	•	 	enter into transactions with affiliates;	
 
 	•	 	merge or consolidate;	
 
 	•	 	enter into agreements that restrict the ability of restricted subsidiaries to make dividends or other payments to the Issuers;	
 
 	•	 	designate restricted subsidiaries as unrestricted subsidiaries; and	
 
 	•	 	transfer or sell assets.	
In addition, if, on the last day of any period of four consecutive quarters on or after June 30, 2014, the aggregate principal amount of revolving credit loans, swing line loans and/or letters of credit (excluding up to $50.0 million of letters of credit and certain other letters of credit that have been cash collateralized or back-stopped) that are issued and/or outstanding is greater than 25 percent of the Revolving Credit Facility, the credit agreement that governs our Senior Secured Credit Facilities will require us to maintain a consolidated first lien net leverage ratio not to exceed 7.9 to 1.0. Our subsidiaries’ mortgage-backed loans also require them to maintain certain debt service coverage ratios and minimum net worth requirements.
As a result of these restrictions, we are limited as to how we conduct our business and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities. The terms of any future indebtedness we may incur could include more restrictive covenants. We may not be able to maintain compliance with these covenants in the future and, if we fail to do so, we may not be able to obtain waivers from the lenders and/or amend the covenants.
Our failure to comply with the restrictive covenants described above, as well as other terms of our other indebtedness and/or the terms of any future indebtedness from time to time, could result in an event of default, which, if not cured or waived, could result in our being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable terms or are unable to refinance these borrowings, our results of operations and financial condition could be adversely affected.
Our failure to comply with the agreements relating to our outstanding indebtedness, including as a result of events beyond our control, could result in an event of default that could materially and adversely affect our results of operations and our financial condition.
If there were an event of default under any of the agreements relating to our outstanding indebtedness, the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to be due and payable immediately. We cannot assure you that our assets or cash flows would be sufficient to fully repay borrowings under our outstanding debt instruments if accelerated upon an event of default. Further, if we are unable to repay, refinance or restructure our indebtedness under our secured debt, the holders of such debt could proceed against the collateral securing that indebtedness. In addition, any event of default or declaration of acceleration under one debt instrument could also result in an event of default under one or more of our other debt instruments.
Repayment of our debt, including required principal and interest payments on the exchange notes, is dependent on cash flow generated by our subsidiaries, which may be subject to limitations beyond our control.
Our subsidiaries own a significant portion of our assets and conduct a significant portion of our operations. Accordingly, repayment of our indebtedness, including the exchange notes, is dependent, to a significant extent,
 
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on the generation of cash flow by our subsidiaries and (if they are not guarantors of the exchange notes) their ability to make such cash available to us, by dividend, debt repayment or otherwise.
Unless they are guarantors of the exchange notes, our subsidiaries do not have any obligation to pay amounts due on the exchange notes or to make funds available to the Issuer for that purpose. Our non-guarantor subsidiaries may not be able to, or may not be permitted to, make distributions to enable us to make payments in respect of our indebtedness, including the exchange notes. Each non-guarantor subsidiary is a distinct legal entity and, under certain circumstances, legal and contractual restrictions may limit our ability to obtain cash from our non-guarantor subsidiaries. While limitations on our subsidiaries restrict their ability to pay dividends or make other intercompany payments to us, these limitations are subject to certain qualifications and exceptions. In particular, certain of our non-guarantor unrestricted subsidiaries are parties to the CMBS Loan and Waldorf Astoria Loan that contain restrictions on their ability to pay dividends or make other intercompany payments to us, and the indenture governing the exchange notes does not limit the ability of our non-guarantor unrestricted subsidiaries to incur any additional consensual restrictions on their ability to make any such payments to us.
In the event that we are unable to receive distributions from subsidiaries, we may be unable to make required principal and interest payments on our indebtedness, including the exchange notes.
Because the guarantee of the exchange notes by Holdings is being provided solely for the purpose of allowing the Issuers to satisfy their reporting obligations under the indenture governing the exchange notes, you should not assign any value to the guarantee of the exchange notes by Holdings.
The guarantee of the exchange notes by Holdings is being provided solely for the purpose of allowing the Issuers to satisfy their reporting obligations under the indenture governing the exchange notes by furnishing financial information relating to Holdings instead of the Issuers and, accordingly, you should not assign any value to the guarantee by Holdings. Moreover, the covenants in the indenture governing the exchange notes apply only to the Issuer and its restricted subsidiaries and do not apply to Holdings.
Because the co-issuer does not conduct any operations and has only nominal assets, you should not assign any value to the obligations of the co-issuer under the exchange notes.
We believe that some prospective purchasers of the exchange notes may be restricted in their ability to purchase debt securities of partnerships or limited liability companies, such as the Issuer, unless the securities are jointly issued by a corporation. Accordingly, the co-issuer of the exchange notes, Hilton Worldwide Finance Corp., a wholly owned subsidiary of the Issuer incorporated in Delaware as a special purpose finance vehicle, has been formed solely to facilitate the offering of the notes and other debt securities of the Issuer. It does not currently conduct any of our operations, have any substantial operations or assets or have any revenues. Accordingly, you should not assign any value to obligations of the co-issuer under the exchange notes.
Claims of holders of the exchange notes will be structurally subordinated to claims of creditors of certain of our subsidiaries that will not guarantee the exchange notes.
The exchange notes will not be guaranteed by certain of our existing and future subsidiaries. Only our existing wholly owned domestic restricted subsidiaries that guarantee indebtedness under our Senior Secured Credit Facilities will initially guarantee the exchange notes. As of the date of this prospectus, none of our foreign subsidiaries, our non-wholly owned domestic subsidiaries that are restricted subsidiaries, our ABS subsidiaries, or our unrestricted subsidiaries (which consist of our Unrestricted U.S. Real Estate Subsidiaries that are included in PropCo) guarantee the exchange notes, and no foreign subsidiaries are expected to guarantee the exchange notes in the future. Claims of holders of the exchange notes will be structurally subordinated to the claims of creditors of these non-guarantor subsidiaries, including trade creditors, and will not be satisfied from the assets of these non-guarantor subsidiaries until their creditors are paid in full.
 
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As of the date of this prospectus, our only restricted subsidiaries that are not guarantors consist of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, and restricted subsidiaries that are prohibited from being guarantors under our Timeshare Facility or the agreements governing our Securitized Timeshare Debt. Such subsidiaries represented 25.5 percent of our total revenues, and 23.4 percent of our Adjusted EBITDA for the year ended December 31, 2013. For the six months ended June 30, 2014, the such subsidiaries represented 23.8 percent of our total revenues, and 18.7 percent of our Adjusted EBITDA.
As of the date of this prospectus, our only unrestricted subsidiaries are our Unrestricted U.S. Real Estate Subsidiaries which constitute PropCo. For the year ended December 31, 2013, our Unrestricted U.S. Real Estate Subsidiaries represented $1,880 million or 19.3 percent of our total revenues, $186 million or 44.8 percent of net income attributable to Hilton stockholders and $560 million or 25.3 percent of our Adjusted EBITDA, and as of December 31, 2013, represented $8,649 million or 32.6 percent of our total assets and $6,496 million or 29.1 percent of our total liabilities. For the six months ended June 30, 2014, our Unrestricted U.S. Real Estate Subsidiaries represented $984 million or 19.6 percent of our total revenues, $64 million or 19.3 percent of net income attributable to Hilton stockholders and $294 million or 24.6 percent of our Adjusted EBITDA, and as of June 30, 2014, represented $8,640 million or 32.6 percent of our total assets and $6,499 million or 29.9 percent of our total liabilities.
In addition, the guarantee of a subsidiary guarantor will be released in connection with a transfer of such subsidiary guarantor in a transaction not prohibited by the indenture governing the exchange notes or upon certain other events described in “Description of the Notes—Guarantees.”
The indenture that governs the exchange notes permits these subsidiaries to incur certain additional debt and will not limit their ability to incur other liabilities that are not considered indebtedness under the indenture.
Certain of our subsidiaries are not subject to the restrictive covenants under the indenture and will not provide any credit or collateral support for the exchange notes.
Certain of our subsidiaries are unrestricted subsidiaries or are variable interest entities that, even though consolidated, are not “subsidiaries” under the indenture and, as such, are not subject to the restrictive covenants under the indenture and will not guarantee the exchange notes or provide any other credit or collateral support for the exchange notes. Because our unrestricted subsidiaries and variable interest entities are not subject to the restrictive covenants under the indenture governing the exchange notes, they are not limited by the indenture in their ability to incur indebtedness or make payments of dividends or to make other distributions, loans or restricted payments to persons that are not restricted subsidiaries or guarantors of the exchange notes. In addition, the indenture governing the exchange notes generally permits us to dispose of our interests in those subsidiaries, or any dividends we receive from them, including as dividends to our parent.
As of the date of this prospectus, our only unrestricted subsidiaries are our Unrestricted U.S. Real Estate Subsidiaries which constitute PropCo. In addition, we consolidated entities that hold two hotels in which we own interests of 50 percent or less that collectively represented $20 million and $10 million of Adjusted EBITDA for the year ended December 31, 2013 and the six months ended June 30, 2014, respectively, $8 million and $4 million of interest expense and $3 million and $2 million of depreciation and amortization expense for the year December 31, 2013 and the six months ended June 30, 2014, respectively. These entities also had $103 million of total debt, non-recourse debt and capital lease obligations of consolidated variable interest entities, including current maturities, of $12 million, and property and equipment, net of $154 million as of June 30, 2014. These entities are not subject to the covenants under the indenture that governs the exchange notes and are not part of the restricted group.
 
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Federal and state statutes may allow courts, under specific circumstances, to void the exchange notes and the guarantees, subordinate claims in respect of the exchange notes and the guarantees and/or require holders of the exchange notes to return payments received from us.
Under federal bankruptcy laws and comparable provisions of state fraudulent transfer laws, the exchange notes and the guarantees could be voided, or claims in respect of the exchange notes and the guarantees could be subordinated to all of our other debt, if the issuance of the exchange notes or a guarantee was found to have been made for less than reasonable equivalent value and we, at the time we incurred the indebtedness evidenced by the exchange notes:
 
 	•	 	were insolvent or rendered insolvent by reason of such indebtedness;	
 
 	•	 	were engaged in, or about to engage in, a business or transaction for which our remaining assets constituted unreasonably small capital; or	
 
 	•	 	intended to incur, or believed that we would incur, debts beyond our ability to repay such debts as they mature.	
A court might also void the issuance of the exchange notes or a guarantee without regard to the above factors, if the court found that we issued the exchange notes or the guarantors entered into the applicable guaranty with actual intent to hinder, delay or defraud our or their respective creditors.
A court would likely find that we or a guarantor did not receive reasonably equivalent value or fair consideration for the exchange notes or the guarantees, respectively, if we or a guarantor did not substantially benefit directly or indirectly from the issuance of the exchange notes. If a court were to void the issuance of the exchange notes or the guarantees, you would no longer have a claim against us or the guarantors. Sufficient funds to repay the exchange notes may not be available from other sources, including the remaining guarantors, if any. In addition, the court might direct you to repay any amounts that you already received from us or the guarantors.
In addition, any payment by us pursuant to the exchange notes made at a time when we were subsequently found to be insolvent could be voided and required to be returned to us or to a fund for the benefit of our creditors if such payment is made to an insider within a one-year period prior to a bankruptcy filing or within 90 days for any outside party and such payment would give the creditors more than such creditors would have received in a liquidation under Title 11 of the United States Code, as amended (the “Bankruptcy Code”).
The measures of insolvency for purposes of these fraudulent and preferential transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent or preferential transfer has occurred. Generally, however, we would be considered insolvent if:
 
 	•	 	the sum of our debts, including contingent liabilities, were greater than the fair saleable value of all our assets;	
 
 	•	 	the present fair saleable value of our assets were less than the amount that would be required to pay our probable liability on existing debts, including contingent liabilities, as they become absolute and mature; or	
 
 	•	 	we could not pay our debts as they become due.	
On the basis of historical financial information, recent operating history and other factors, after giving effect to the indebtedness incurred in the offering of the notes and the application of the proceeds therefrom, we are not insolvent, do not have unreasonably small capital for the business in which we are engaged and have not incurred debts beyond our ability to pay such debts as they mature. There can be no assurance, however, as to what standard a court would apply in making such determinations or that a court would agree with our conclusions in this regard. The indenture that governs the exchange notes contains a “savings clause,” which limits the liability of each guarantor on its guarantee to the maximum amount that such guarantor can incur without risk that its guarantee will be subject to avoidance as a fraudulent transfer. We cannot assure you that this limitation will protect such guarantees from fraudulent transfer challenges or, if it does, that the remaining amount due and
 
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collectible under the guarantees would suffice, if necessary, to pay the exchange notes in full when due. Furthermore, in a recent case, Official Committee of Unsecured Creditors of TOUSA, Inc. v Citicorp North America, Inc. , the U.S. Bankruptcy Court in the Southern District of Florida held that a savings clause similar to the savings clause that will be included in the indenture governing the exchange notes was unenforceable. As a result, the subsidiary guarantees were found to be fraudulent conveyances. The United States Court of Appeals for the Eleventh Circuit recently affirmed the liability findings of the Bankruptcy Court without ruling directly on the enforceability of savings clauses generally. If the TOUSA decision were followed by other courts, the risk that the guarantees would be deemed fraudulent conveyances would be significantly increased.
In addition, although each guarantee will contain a provision intended to limit that guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent transfer, this provision may not be effective to protect those guarantees from being voided under fraudulent transfer law, or may reduce that guarantor’s obligation to an amount that effectively makes its guarantee worthless.
Finally, as a court of equity, the bankruptcy court may subordinate the claims in respect of the exchange notes to other claims against us under the principle of equitable subordination, if the court determines that: (i) the holders of the exchange notes engaged in some type of inequitable conduct; (ii) such inequitable conduct resulted in injury to our other creditors or conferred an unfair advantage upon the holder of the exchange notes; and (iii) equitable subordination is not inconsistent with the provisions of the Bankruptcy Code.
Because each guarantor’s liability under its guarantees may be reduced to zero, voided or released under certain circumstances, holders of exchange notes may not receive any payments from some or all of the guarantors.
Holders of exchange notes have the benefit of the guarantees of the guarantors. However, the guarantees by the guarantors are limited to the maximum amount that the guarantors are permitted to guarantee under applicable law. As a result, a guarantor’s liability under its guarantee could be reduced to zero, depending upon the amount of other obligations of such guarantor. Further, under the circumstances discussed more fully above, a court under federal and state fraudulent conveyance and transfer statutes could void the obligations under a guarantee or further subordinate it to all other obligations of the guarantor. See “—Federal and state statutes may allow courts, under specific circumstances, to void the exchange notes and the guarantees, subordinate claims in respect of the exchange notes and the guarantees and/or require holders of the exchange notes to return payments received from us.” In addition, you will lose the benefit of a particular guarantee if it is released under certain circumstances described under “Description of the Notes—Guarantees.”
We may not be able to finance a change of control offer required by the indenture.
Upon a change of control triggering event, as defined under the indenture governing the exchange notes, you will have the right to require us to offer to purchase all of the exchange notes then outstanding at a price equal to 101 percent of the principal amount of the exchange notes, plus accrued interest. In order to obtain sufficient funds to pay the purchase price of the outstanding exchange notes, we expect that we would have to refinance the exchange notes. We cannot assure you that we would be able to refinance the exchange notes on reasonable terms, if at all. Our failure to offer to purchase all outstanding exchange notes or to purchase all validly tendered exchange notes would be an event of default under the indenture. Such an event of default may cause the acceleration of our other debt, including debt under our Senior Secured Credit Facilities. Our future debt also may contain restrictions on repayment requirements with respect to specified events or transactions that constitute a change of control under the indenture.
We can enter into transactions like recapitalizations, reorganizations and other highly leveraged transactions that do not constitute a change of control but that could adversely affect the holders of the exchange notes.
Certain important corporate events, such as leveraged recapitalizations, may not, under the indenture governing the exchange notes, constitute a “change of control” triggering event that would require us to
 
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repurchase the exchange notes, notwithstanding the fact that such corporate events could increase the level of our indebtedness or otherwise adversely affect our capital structure, credit ratings or the value of the exchange notes. Therefore, we could, in the future, enter into certain transactions, including acquisitions, reorganizations, refinancings or other recapitalizations, which would not constitute a change of control under the indenture governing the exchange notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect our capital structure or credit ratings.
Holders of exchange notes may not be able to determine when a change of control triggering event giving rise to their right to have the exchange notes repurchased has occurred following a sale of “substantially all” of our assets.
The definition of change of control in the indenture governing the exchange notes includes a phrase relating to the sale of “all or substantially all” of our assets. There is no precise established definition of the phrase “substantially all” under applicable law. Accordingly, the ability of a holder of exchange notes to require us to repurchase its exchange notes as a result of a sale of less than all our assets to another person may be uncertain. See “Description of the Notes—Repurchase at the Option of Holders—Change of Control.”
A lowering or withdrawal of the ratings assigned to our debt securities by rating agencies may adversely affect the market price or liquidity of the exchange notes.
The exchange notes will have a non-investment grade rating. There can be no assurances that such rating will remain for any given period of time or that such rating will not be lowered or withdrawn entirely by a rating agency if, in that rating agency’s judgment, future circumstances relating to the basis of the rating, such as adverse changes, so warrant. Credit ratings are not recommendations to purchase, hold or sell the notes, and may be revised or withdrawn at any time. Additionally, credit ratings may not reflect the potential effect of risks relating to the structure or marketing of the exchange notes. If the credit rating of the exchange notes is subsequently lowered or withdrawn for any reason, you may not be able to resell your exchange notes without a substantial discount.
If the exchange notes are rated investment grade by either Moody’s or S&P, certain covenants contained in the indenture will be terminated, and holders of the exchange notes will lose the protection of these covenants even if the exchange notes subsequently fall back below investment grade.
The indenture contains certain covenants that will be terminated if the exchange notes are rated investment grade by either Moody’s or S&P. These covenants restrict the Issuer’s ability and the ability of its restricted subsidiaries to, among other things:
 
 	•	 	incur additional indebtedness or issue preferred stock;	
 
 	•	 	make distributions or other restricted payments;	
 
 	•	 	sell capital stock or other assets; and	
 
 	•	 	engage in transactions with affiliates.	
Because these restrictions will not apply once the exchange notes are rated investment grade, we will be able to incur additional debt and consummate transactions that may impair our ability to satisfy our obligations with respect to the exchange notes.
The exchange notes are unsecured and effectively junior to our secured indebtedness, including borrowings under our Senior Secured Credit Facilities, to the extent of the value of the collateral securing such secured indebtedness.
Our obligations under the exchange notes will be unsecured and will be effectively junior to our secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. Borrowings under
 
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our Senior Secured Credit Facilities are secured by substantially all of the assets of Holdings, the Issuers and any existing and future subsidiary guarantors, including all of the capital stock of the Issuers and each restricted subsidiary (which, in the case of foreign subsidiaries, is limited to 65 percent of the capital stock of each first-tier foreign subsidiary), but excluding all of the assets of PropCo. In addition, borrowings under the CMBS Loan and the Waldorf Astoria Loan entered into by certain unrestricted subsidiaries of PropCo are secured by substantially all of the assets of the PropCo entities.
The exchange notes are effectively subordinated to all such secured indebtedness to the extent of the value of that collateral. If an event of default occurs under the Senior Secured Credit Facilities, the holders of such senior secured indebtedness will have a prior right to our assets, to the exclusion of the holders of the exchange notes, even if we are in default with respect to the exchange notes. In that event, our assets would first be used to repay in full all indebtedness and other obligations secured by them (including all amounts outstanding under our Senior Secured Credit Facilities), resulting in all or a portion of our assets being unavailable to satisfy the claims of the holders of the exchange notes and other unsecured indebtedness. Therefore, in the event of any distribution or payment of our assets in any foreclosure, dissolution, winding-up, liquidation, reorganization, or other bankruptcy proceeding, holders of the exchange notes will participate in our remaining assets ratably with each other and with all holders of our unsecured indebtedness that is deemed to be of the same class as such exchange notes, and potentially with all of our other general creditors, based upon the respective amounts owed to each holder or creditor. In any of the foregoing events, we cannot assure you that there will be sufficient assets to pay amounts due on the exchange notes. As a result, holders of such exchange notes may receive less, ratably, than holders of secured indebtedness.
As of June 30, 2014, the Issuers and the guarantors had approximately $5,550 million of senior secured indebtedness outstanding, and had an additional $952 million (after giving effect to $48 million of outstanding letters of credit) of unutilized capacity under the Revolving Credit Facility of our Senior Secured Credit Facilities. The exchange notes and the related guarantees would have ranked effectively junior to such outstanding indebtedness. We are permitted to add, in addition to the Revolving Credit Facility, incremental facilities, subject to certain conditions being satisfied. The indenture governing the exchange notes also permits us to incur additional secured indebtedness, which could be substantial.
Risks Related to Our Business and Industry
We are subject to the business, financial and operating risks inherent to the hospitality industry, any of which could reduce our revenues and limit opportunities for growth.
Our business is subject to a number of business, financial and operating risks inherent to the hospitality industry, including:
 
 	•	 	significant competition from multiple hospitality providers in all parts of the world;	
 
 	•	 	changes in operating costs, including energy, food, compensation, benefits and insurance;	
 
 	•	 	increases in costs due to inflation that may not be fully offset by price and fee increases in our business;	
 
 	•	 	changes in tax and governmental regulations that influence or set wages, prices, interest rates or construction and maintenance procedures and costs;	
 
 	•	 	the costs and administrative burdens associated with complying with applicable laws and regulations;	
 
 	•	 	the costs or desirability of complying with local practices and customs;	
 
 	•	 	significant increases in cost for health care coverage for employees and potential government regulation with respect to health care coverage;	
 
 	•	 	shortages of labor or labor disruptions;	
 
 	•	 	the availability and cost of capital necessary for us and third-party hotel owners to fund investments, capital expenditures and service debt obligations;	
 
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 	•	 	delays in or cancellations of planned or future development or refurbishment projects, which in the case of our managed and franchised hotels and timeshare properties controlled by homeowner associations are generally not within our control;	
 
 	•	 	the quality of services provided by franchisees;	
 
 	•	 	the financial condition of third-party property owners, developers and joint venture partners;	
 
 	•	 	relationships with third-party property owners, developers and joint venture partners, including the risk that owners may terminate our management, franchise or joint venture agreements;	
 
 	•	 	changes in desirability of geographic regions of the hotels or timeshare resorts in our business, geographic concentration of our operations and customers and shortages of desirable locations for development;	
 
 	•	 	changes in the supply and demand for hotel services (including rooms, food and beverage and other products and services) and vacation ownership services and products;	
 
 	•	 	the ability of third-party internet and other travel intermediaries to attract and retain customers; and	
 
 	•	 	decreases in the frequency of business travel that may result from alternatives to in-person meetings, including virtual meetings hosted online or over private teleconferencing networks.	
Any of these factors could increase our costs or limit or reduce the prices we are able to charge for hospitality services and timeshare products, or otherwise affect our ability to maintain existing properties or develop new properties. As a result, any of these factors can reduce our revenues and limit opportunities for growth.
Macroeconomic and other factors beyond our control can adversely affect and reduce demand for our products and services.
Macroeconomic and other factors beyond our control can reduce demand for hospitality products and services, including demand for rooms at properties that we manage, franchise, own, lease or develop, as well as demand for timeshare properties. These factors include, but are not limited to:
 
 	•	 	changes in general economic conditions, including low consumer confidence, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy;	
 
 	•	 	war, political conditions or civil unrest, terrorist activities or threats and heightened travel security measures instituted in response to these events;	
 
 	•	 	decreased corporate or government travel-related budgets and spending, as well as cancellations, deferrals or renegotiations of group business such as industry conventions;	
 
 	•	 	statements, actions, or interventions by governmental officials related to travel and corporate travel-related activities and the resulting negative public perception of such travel and activities;	
 
 	•	 	the financial and general business condition of the airline, automotive and other transportation-related industries and its effect on travel, including decreased airline capacity and routes;	
 
 	•	 	conditions which negatively shape public perception of travel, including travel-related accidents and outbreaks of pandemic or contagious diseases, such as avian flu, severe acute respiratory syndrome (SARS) and H1N1 (swine flu);	
 
 	•	 	cyber-attacks;	
 
 	•	 	climate change or availability of natural resources;	
 
 	•	 	natural or man-made disasters, such as earthquakes, tsunamis, tornadoes, hurricanes, typhoons, floods, volcanic eruptions, oil spills and nuclear incidents;	
 
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 	•	 	changes in the desirability of particular locations or travel patterns of customers;	
 
 	•	 	cyclical over-building in the hotel and timeshare industries; and	
 
 	•	 	organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of business for our hotels generally as a result of certain labor tactics.	
Any one or more of these factors could limit or reduce overall demand for our products and services or could negatively affect our revenue sources, which could adversely affect our business, financial condition and results of operations.
Contraction in the global economy or low levels of economic growth could adversely affect our revenues and profitability as well as limit or slow our future growth.
Consumer demand for our services is closely linked to the performance of the general economy and is sensitive to business and personal discretionary spending levels. Decreased global or regional demand for hospitality products and services can be especially pronounced during periods of economic contraction or low levels of economic growth, and the recovery period in our industry may lag overall economic improvement. Declines in demand for our products and services due to general economic conditions could negatively affect our business by decreasing the revenues and profitability of our owned properties, limiting the amount of fee revenues we are able to generate from our managed and franchised properties, and reducing overall demand for timeshare intervals. In addition, many of the expenses associated with our business, including personnel costs, interest, rent, property taxes, insurance and utilities, are relatively fixed. During a period of overall economic weakness, if we are unable to meaningfully decrease these costs as demand for our hotels and timeshare properties decreases, our business operations and financial performance may be adversely affected.
The hospitality industry is subject to seasonal and cyclical volatility, which may contribute to fluctuations in our results of operations and financial condition.
The hospitality industry is seasonal in nature. The periods during which our lodging properties experience higher revenues vary from property to property, depending principally upon location and the customer base served. We generally expect our revenues to be lower in the first quarter of each year than in each of the three subsequent quarters with the fourth quarter generally being the highest. In addition, the hospitality industry is cyclical and demand generally follows, on a lagged basis, the general economy. The seasonality and cyclicality of our industry may contribute to fluctuations in our results of operations and financial condition.
Because we operate in a highly competitive industry, our revenues or profits could be harmed if we are unable to compete effectively.
The segments of the hospitality industry in which we operate are subject to intense competition. Our principal competitors are other operators of luxury, full-service and focused-service and timeshare properties, including other major hospitality chains with well-established and recognized brands. We also compete against smaller hotel chains, independent and local hotel owners and operators and independent timeshare operators. If we are unable to compete successfully, our revenues or profits may decline.
Competition for hotel guests
We face competition for individual guests, group reservations and conference business. We compete for these customers based primarily on brand name recognition and reputation, as well as location, room rates, property size and availability of rooms and conference space, quality of the accommodations, customer satisfaction, amenities and the ability to earn and redeem loyalty program points. Our competitors may have greater financial and marketing resources and more efficient technology platforms, which could allow them to improve their properties and expand and improve their marketing efforts in ways that could affect our ability to compete for guests effectively.
 
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Competition for management and franchise agreements
We compete to enter into management and franchise agreements. Our ability to compete effectively is based primarily on the value and quality of our management services, brand name recognition and reputation, our ability and willingness to invest capital, availability of suitable properties in certain geographic areas, and the overall economic terms of our agreements and the economic advantages to the property owner of retaining our management services and using our brands. If the properties that we manage or franchise perform less successfully than those of our competitors, if we are unable to offer terms as favorable as those offered by our competitors, or if the availability of suitable properties is limited, our ability to compete effectively for new management or franchise agreements could be reduced.
Competition for sales of timeshare properties
We compete with other timeshare operators for sales of timeshare intervals based principally on location, quality of accommodations, price, financing terms, quality of service, terms of property use, opportunity for timeshare owners to exchange into time at other timeshare properties or other travel rewards as well as brand name recognition and reputation. Our ability to attract and retain purchasers of timeshare intervals depends on our success in distinguishing the quality and value of our timeshare offerings from those offered by others. If we are unable to do so, our ability to compete effectively for sales of timeshare intervals could be adversely affected.
Any deterioration in the quality or reputation of our brands could have an adverse effect on our reputation, business, financial condition or results of operations.
Our brands and our reputation are among our most important assets. Our ability to attract and retain guests depends, in part, on the public recognition of our brands and their associated reputation. In addition, the success of our hotel owners’ businesses and their ability to make payments to us may indirectly depend on the strength and reputation of our brands. Such dependence makes our business susceptible to risks regarding brand obsolescence and to reputational damage. If our brands become obsolete or are viewed as unfashionable or lacking in consistency and quality, we may be unable to attract guests to our hotels, and further we may be unable to attract or retain our hotel owners.
In addition, many factors can negatively affect the reputation of any individual brand, or the overall brand of our company. Changes in ownership or management practices, the occurrence of accidents or injuries, natural disasters, crime, individual guest notoriety or similar events can have a substantial negative effect on our reputation, create adverse publicity and cause a loss of consumer confidence in our business. Because of the global nature of our brands and the broad expanse of our business and hotel locations, events occurring in one location could have a resulting negative effect on the reputation and operations of otherwise successful individual locations. In addition, the considerable expansion in the use of social media over recent years has compounded the potential scope of the negative publicity that could be generated by such incidents. We could also face legal claims related to these events, along with adverse publicity resulting from such litigation. If the perceived quality of our brands declines, or if our reputation is damaged, our business, financial condition or results of operations could be adversely affected.
If we are unable to maintain good relationships with third-party hotel owners and renew or enter into new management and franchise agreements, we may be unable to expand our presence and our business, financial condition and results of operations may suffer.
Our management and franchise business depends on our ability to establish and maintain long-term, positive relationships with third-party property owners and on our ability to renew existing, and enter into new, management and franchise agreements. The management and franchise contracts we enter into with third-party owners are typically long-term arrangements, but may allow the hotel owner to terminate the agreement under certain circumstances, including in certain cases, the failure to meet certain financial or performance criteria. Our ability to meet these financial and performance criteria is subject to, among other things, risks common to the
 
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overall hotel industry, including factors outside of our control. In addition, any negative management and franchise pricing trends could adversely affect our ability to negotiate with hotel owners. If we fail to maintain and renew existing management and franchise agreements, and enter into new agreements on favorable terms, we may be unable to expand our presence and our business, financial condition and results of operations may suffer.
Our management and franchise business is subject to real estate investment risks for third-party owners that could adversely affect our operational results and our prospects for growth.
The ability to grow our management and franchise business is subject to the range of risks associated with real estate investments. Our ability to sustain continued growth through management and franchise agreements for new hotels and the conversion of existing facilities to managed or franchised branded hotels is affected, and may potentially be limited, by a variety of factors influencing real estate development generally. These include site availability, the availability of financing, planning, zoning and other local approvals. Other limitations that may be imposed by market factors include projected room occupancy, changes in growth in demand compared to projected supply, geographic area restrictions in management and franchise agreements, costs of construction and anticipated room rate structure. Any inability by us or our third-party owners to manage these factors effectively could adversely affect our operational results and our prospects for growth.
If our third-party property owners are unable to repay or refinance loans secured by the mortgaged properties, or to obtain financing adequate to fund current operations or growth plans, our revenues, profits and capital resources could be reduced and our business could be harmed.
Many of the properties owned by our third-party property owners are pledged as collateral for mortgage loans entered into when such properties were purchased or refinanced by them. If our third-party property owners are unable to repay or refinance maturing indebtedness on favorable terms or at all, their lenders could declare a default, accelerate the related debt and repossess the property. Any such repossessions could result in the termination of our management and franchise agreements or eliminate revenues and cash flows from such property, which could negatively affect our business and results of operations. In addition, the owners of managed and franchised hotels depend on financing to buy, develop and improve hotels and in some cases, fund operations during down cycles. Our hotel owners’ inability to obtain adequate funding could materially adversely affect the maintenance and improvement plans with respect to existing hotels, as well as result in the delay or stoppage of the development of our existing pipeline.
If third-party property owners fail to make investments necessary to maintain or improve their properties, guest preference for Hilton brands and reputation and performance results could suffer.
Substantially all of our management and franchise agreements require third-party property owners to comply with standards that are essential to maintaining the quality and reputation of our branded hotel properties. This includes requirements related to the physical condition, safety standards and appearance of the properties as well as the service levels provided by employees. These standards may evolve with customer preference, or we may introduce new requirements over time. If our property owners fail to make investments necessary to maintain or improve the properties in accordance with such standards, guest preference for our brands could diminish, and this could result in an adverse effect on our results of operations. In addition, if third-party property owners fail to observe standards and meet their contractual requirements, we may elect to exercise our termination rights, which would eliminate revenues from these properties and cause us to incur expenses related to terminating these relationships. We may be unable to find suitable or offsetting replacements for any terminated relationships.
Contractual and other disagreements with third-party property owners could make us liable to them or result in litigation costs or other expenses.
Our management and franchise agreements require us and our hotel owners to comply with operational and performance conditions that are subject to interpretation and could result in disagreements. At any given time, we
 
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may be in disputes with one or more of our hotel owners. Any such dispute could be very expensive for us, even if the outcome is ultimately in our favor. We cannot predict the outcome of any arbitration or litigation, the effect of any negative judgment against us or the amount of any settlement that we may enter into with any third-party. An adverse result in any of these proceedings could materially adversely affect our results of operations. Furthermore, specific to our industry, some courts have applied principles of agency law and related fiduciary standards to managers of third-party hotel properties, which means that property owners may assert the right to terminate agreements even where the agreements do not expressly provide for termination. In the event of any such termination, our fees from such properties would be eliminated, and accordingly may negatively affect our results of operations.
We are exposed to the risks resulting from significant investments in owned and leased real estate, which could increase our costs, reduce our profits and limit our ability to respond to market conditions.
We own or lease a substantial amount of real property as one of our three business segments. Real estate ownership and leasing is subject to various risks that may or may not be applicable to managed or franchised properties, including:
 
 	•	 	governmental regulations relating to real estate ownership or operations, including tax, environmental, zoning and eminent domain laws;	
 
 	•	 	changes in market conditions or the area in which real estate is located losing value;	
 
 	•	 	differences in potential civil liability between owners and operators for accidents or other occurrences on owned or leased properties;	
 
 	•	 	the ongoing need for owner-funded capital improvements and expenditures to maintain or upgrade properties;	
 
 	•	 	periodic total or partial closures due to renovations and facility improvements;	
 
 	•	 	risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels and uncertainties in the availability of replacement financing;	
 
 	•	 	fluctuations in real estate values or potential impairments in the value of our assets; and	
 
 	•	 	the relative illiquidity of real estate compared to some other assets.	
The negative effect on profitability and cash flow from declines in revenues is more pronounced in owned properties because we, as the owner, bear the risk of their high fixed-cost structure. Further, during times of economic distress, declining demand and declining earnings often result in declining asset values, and we may not be able to sell properties on favorable terms or at all. Accordingly, we may not be able to adjust our owned property portfolio promptly in response to changes in economic or other conditions.
Our efforts to develop, redevelop or renovate our owned and leased properties could be delayed or become more expensive, which could reduce revenues or impair our ability to compete effectively.
Certain of our owned and leased properties were constructed more than a century ago. The condition of aging properties could negatively affect our ability to attract guests or result in higher operating and capital costs, either of which could reduce revenues or profits from these properties. While we have budgeted for replacements and repairs to furniture, fixtures and hotel equipment at our properties there can be no assurance that these replacements and repairs will occur, or even if completed, will result in improved performance. In addition, these efforts are subject to a number of risks, including:
 
 	•	 	construction delays or cost overruns (including labor and materials) that may increase project costs;	
 
 	•	 	obtaining zoning, occupancy and other required permits or authorizations;	
 
 	•	 	changes in economic conditions that may result in weakened or lack of demand or negative project returns;	
 
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 	•	 	governmental restrictions on the size or kind of development;	
 
 	•	 	volatility in the debt and capital markets that may limit our ability to raise capital for projects or improvements;	
 
 	•	 	lack of availability of rooms or meeting spaces for revenue-generating activities during construction, modernization or renovation projects;	
 
 	•	 	force majeure events, including earthquakes, tornadoes, hurricanes, floods or tsunamis; and	
 
 	•	 	design defects that could increase costs.	
If our properties are not updated to meet guest preferences, if properties under development or renovation are delayed in opening as scheduled, or if renovation investments adversely affect or fail to improve performance, our operations and financial results could be negatively affected.
Our properties may not be permitted to be rebuilt if destroyed.
Certain of our properties may qualify as legally-permissible nonconforming uses and improvements, including certain of our iconic and most profitable properties. If a substantial portion of any such properties were to be destroyed by fire or other casualty, we might not be permitted to rebuild that property as it now exists, regardless of the availability of insurance proceeds. Any loss of this nature, whether insured or not, could materially adversely affect our results of operations and prospects.
We share control in joint venture projects, which limits our ability to manage third-party risks associated with these projects.
Joint venturers often have shared control over the operation of our joint venture assets. In most cases, we are minority participants and do not control the decisions of the ventures. Therefore, joint venture investments may involve risks such as the possibility that a co-venturer in an investment might become bankrupt, be unable to meet its capital contribution obligations, have economic or business interests or goals that are inconsistent with our business interests or goals, or take actions that are contrary to our instructions or to applicable laws and regulations. In addition, we may be unable to take action without the approval of our joint venture partners, or our joint venture partners could take actions binding on the joint venture without our consent. Consequently, actions by a co-venturer or other third-party could expose us to claims for damages, financial penalties and reputational harm, any of which could have an adverse effect on our business and operations. In addition, we may agree to guarantee indebtedness incurred by a joint venture or co-venturer or provide standard indemnifications to lenders for loss liability or damage occurring as a result of our actions or actions of the joint venture or other co-venturers. Such a guarantee or indemnity may be on a joint and several basis with a co-venturer, in which case we may be liable in the event such co-venturer defaults on its guarantee obligation. The non-performance of such obligations may cause losses to us in excess of the capital we initially may have invested or committed under such obligations.
Preparing our financial statements requires us to have access to information regarding the results of operations, financial position and cash flows of our joint ventures. Any deficiencies in our joint ventures’ internal controls over financial reporting may affect our ability to report our financial results accurately or prevent or detect fraud. Such deficiencies also could result in restatements of, or other adjustments to, our previously reported or announced operating results, which could diminish investor confidence and reduce the market price for our shares. Additionally, if our joint ventures are unable to provide this information for any meaningful period or fail to meet expected deadlines, we may be unable to satisfy our financial reporting obligations or timely file our periodic reports.
Although our joint ventures may generate positive cash flow, in some cases they may be unable to distribute that cash to the joint venture partners. Additionally, in some cases our joint venture partners control distributions
 
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and may choose to leave capital in the joint venture rather than distribute it. Because our ability to generate liquidity from our joint ventures depends in part on their ability to distribute capital to us, our failure to receive distributions from our joint venture partners could reduce our return on these investments.
The timeshare business is subject to extensive regulation and failure to comply with such regulation may have an adverse effect on our business.
We develop, manage, market and sell timeshare intervals. Certain of these activities are subject to extensive state regulation in both the state in which the timeshare property is located and the states in which the timeshare property is marketed and sold. Federal regulation of certain marketing practices also applies. In addition, we provide financing to some purchasers of timeshare intervals and we also service the resulting loans. This practice subjects us to various federal and state regulations, including those which require disclosure to borrowers regarding the terms of their loans as well as settlement, servicing and collection of loans. If we fail to comply with applicable federal, state, and local laws in connection with our timeshare business, we may not be able to offer timeshare intervals or associated financing in certain areas, and as a result, the timeshare business could suffer a decline in revenues.
A decline in timeshare interval inventory or our failure to enter into and maintain timeshare management agreements may have an adverse effect on our business or results of operations.
In addition to timeshare interval inventory from our owned timeshare properties, we source inventory through sales and marketing agreements with third-party developers. If we fail to develop timeshare properties or are unsuccessful in entering into new agreements with third-party developers, we may experience a decline in timeshare interval inventory available to be sold by us, which could result in a decrease in our revenues. In addition, a decline in timeshare interval inventory could result in both a decrease of financing revenues that are generated from purchasers of timeshare intervals and fee revenues that are generated by providing management services to the timeshare properties.
If purchasers default on the loans that we provide to finance their purchases of timeshare intervals, the revenues and profits that we derive from the timeshare business could be reduced.
Providing secured financing to some purchasers of timeshare intervals subjects us to the risk of purchaser default. As of June 30, 2014, we had approximately $988 million of timeshare financing receivables outstanding. If a purchaser defaults under the financing that we provide, we could be forced to write off the loan and reclaim ownership of the timeshare interval through foreclosure or deed in lieu of foreclosure. If the timeshare interval has declined in value, we may incur impairment losses that reduce our profits. In addition, we may be unable to resell the property in a timely manner or at the same price, or at all. Also, if a purchaser of a timeshare interval defaults on the related loan during the early part of the amortization period, we may not have recovered the marketing, selling and general and administrative costs associated with the sale of that timeshare interval. If we are unable to recover any of the principal amount of the loan from a defaulting purchaser, or if the allowances for losses from such defaults are inadequate, the revenues and profits that we derive from the timeshare business could be reduced.
Some of our existing development pipeline may not be developed into new hotels, which could materially adversely affect our growth prospects.
As of June 30, 2014, we had a total of 1,230 hotels in our development pipeline, which we define as hotels under construction or approved for development under one of our brands. The commitments of owners and developers with whom we have agreements are subject to numerous conditions, and the eventual development and construction of our pipeline not currently under construction is subject to numerous risks, including, in certain cases, obtaining governmental and regulatory approvals and adequate financing. As a result, our entire development pipeline may not develop into new hotels.
 
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New hotel brands or non-hotel branded concepts that we launch in the future may not be as successful as we anticipate, which could have a material adverse effect on our business, financial condition or results of operations.
We have launched several new brand concepts over the last few years. We opened our first Home2 Suites by Hilton hotel in 2011, launched the eforea spa at Hilton brand in 2010, opened the first Herb N’ Kitchen Restaurant in 2013 and introduced our newest brand, Curio—A Collection by Hilton, in June 2014. We may continue to build our portfolio of branded hotel products and non-hotel branded concepts by launching new hotel and non-hotel brands in the future. In addition, the Hilton Garden Inn, DoubleTree by Hilton and Hampton by Hilton brands have been expanding into new jurisdictions outside the United States in recent years. We may continue to expand existing brands into new international markets. New hotel products or concepts or brand expansions may not be accepted by hotel owners, franchisees or customers and we cannot guarantee the level of acceptance any new brands will have in the development and consumer marketplaces. If new branded hotel products, non-hotel branded concepts or brand expansions are not as successful as we anticipate, we may not recover the costs we incurred in developing or expanding such brands and this could have a material adverse effect on our business, financial condition or results of operations.
Failures in, material damage to, or interruptions in our information technology systems, software or websites and difficulties in updating our existing software or developing or implementing new software could have a material adverse effect on our business or results of operations.
We depend heavily upon our information technology systems in the conduct of our business. We own and license or otherwise contract for sophisticated technology and systems for property management, procurement, reservations and the operation of the Hilton HHonors customer loyalty program. Such systems are subject to, among other things, damage or interruption from power outages, computer and telecommunications failures, computer viruses and natural and man-made disasters. In addition, substantially all of our data center operations are currently located in a single facility, and any loss or damage to the facility could result in operational disruption and data loss. Damage or interruption to our information systems may require a significant investment to update, remediate or replace with alternate systems, and we may suffer interruptions in our operations as a result. In addition, costs and potential problems and interruptions associated with the implementation of new or upgraded systems and technology or with maintenance or adequate support of existing systems could also disrupt or reduce the efficiency of our operations. Any material interruptions or failures in our systems, including those that may result from our failure to adequately develop, implement and maintain a robust disaster recovery plan and backup systems could severely affect our ability to conduct normal business operations and, as a result, have a material adverse effect on our business operations and financial performance.
We rely on third parties for the performance of a significant portion of our information technology functions worldwide and the provision of information technology and business process services. In particular, our reservation system relies on data communications networks operated by unaffiliated third parties. The success of our business depends in part on maintaining our relationships with these third parties and their continuing ability to perform these functions and services in a timely and satisfactory manner. If we experience a loss or disruption in the provision of any of these functions or services, or they are not performed in a satisfactory manner, we may have difficulty in finding alternate providers on terms favorable to us, in a timely manner or at all, and our business could be adversely affected.
We rely on certain software vendors to maintain and periodically upgrade many of these systems so that they can continue to support our business. The software programs supporting many of our systems were licensed to us by independent software developers. The inability of these developers or us to continue to maintain and upgrade these information systems and software programs would disrupt or reduce the efficiency of our operations if we were unable to convert to alternate systems in an efficient and timely manner.
We are vulnerable to various risks and uncertainties associated with our websites and mobile applications, including changes in required technology interfaces, website and mobile application downtime and other technical failures, costs and issues as we upgrade our website software and mobile applications. Additional risks
 
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include computer viruses, changes in applicable federal and state regulation, security breaches, legal claims related to our website operations and e-commerce fulfillment and other consumer privacy concerns. Our failure to successfully respond to these risks and uncertainties could reduce website and mobile application sales and have a material adverse effect on our business or results of operations.
Cyber-attacks could have a disruptive effect on our business.
From time to time we and third parties who serve us experience cyber-attacks, attempted breaches of our or their information technology systems and networks or similar events, which could result in a loss of sensitive business or customer information, systems interruption or the disruption of our operations. For example, in 2011 we were notified by Epsilon, our database marketing vendor, that we were among a group of companies served by Epsilon that were affected by a data breach that resulted in an unauthorized third party gaining access to Epsilon’s files that included names and e-mails of certain of our customers.
Even if we are fully compliant with legal standards and contractual requirements, we still may not be able to prevent security breaches involving sensitive data. The sophistication of efforts by hackers to gain unauthorized access to information systems has increased in recent years. Any breach, theft, loss, or fraudulent use of customer, employee or company data could cause consumers to lose confidence in the security of our websites, mobile applications and other information technology systems and choose not to purchase from us. Any such security breach could expose us to risks of data loss, business disruption, litigation and other liability, any of which could adversely affect our business.
We may be exposed to risks and costs associated with protecting the integrity and security of our guests’ personal information.
We are subject to various risks associated with the collection, handling, storage and transmission of sensitive information, including risks related to compliance with U.S. and foreign data collection and privacy laws and other contractual obligations, as well as the risk that our systems collecting such information could be compromised. In the course of doing business, we collect large volumes of internal and customer data, including credit card numbers and other personally identifiable information for various business purposes, including managing our workforce, providing requested products and services, and maintaining guest preferences to enhance customer service and for marketing and promotion purposes. Our various information technology systems enter, process, summarize and report such data. If we fail to maintain compliance with the various U.S. and foreign data collection and privacy laws or with credit card industry standards or other applicable data security standards, we could be exposed to fines, penalties, restrictions, litigation or other expenses, and our business could be adversely affected.
In addition, states and the federal government have recently enacted additional laws and regulations to protect consumers against identity theft. These laws and similar laws in other jurisdictions have increased the costs of doing business and, if we fail to implement appropriate safeguards or we fail to detect and provide prompt notice of unauthorized access as required by some of these laws, we could be subject to potential claims for damages and other remedies. If we were required to pay any significant amounts in satisfaction of claims under these laws, or if we were forced to cease our business operations for any length of time as a result of our inability to comply fully with any such law, our business, operating results and financial condition could be adversely affected.
We may seek to expand through acquisitions of and investments in other businesses and properties, or through alliances, and we may also seek to divest some of our properties and other assets. These acquisition and disposition activities may be unsuccessful or divert management’s attention.
We may consider strategic and complementary acquisitions of and investments in other hotel or hospitality brands, businesses, properties or other assets. Furthermore, we may pursue these opportunities in alliance with
 
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existing or prospective owners of managed or franchised properties. In many cases, we will be competing for these opportunities with third parties that may have substantially greater financial resources than us. Acquisitions or investments in brands, businesses, properties or assets as well as these alliances are subject to risks that could affect our business, including risks related to:
 
 	•	 	issuing shares of stock that could dilute the interests of our existing stockholders;	
 
 	•	 	spending cash and incurring debt;	
 
 	•	 	assuming contingent liabilities; or	
 
 	•	 	creating additional expenses.	
We may not be able to identify opportunities or complete transactions on commercially reasonable terms or at all or we may not actually realize any anticipated benefits from such acquisitions, investments or alliances. Similarly, we may not be able to obtain financing for acquisitions or investments on attractive terms or at all, or the ability to obtain financing may not be restricted by the terms of our indebtedness. In addition, the success of any acquisitions or investments also will depend, in part, on our ability to integrate the acquisition or investment with our existing operations.
We may also divest certain properties or assets, and any such divestments may yield lower than expected returns. In some circumstances, sales of properties or other assets may result in losses. Upon a sale of properties or assets, we may become subject to contractual indemnity obligations, incur material tax liabilities or, as a result of required debt repayment, face a shortage of liquidity. Finally, any acquisitions, investments or dispositions could demand significant attention from management that would otherwise be available for business operations, which could harm our business.
Failure to keep pace with developments in technology could adversely affect our operations or competitive position.
The hospitality industry demands the use of sophisticated technology and systems for property management, brand assurance and compliance, procurement, reservation systems, operation of our customer loyalty programs, distribution of hotel resources to current and future customers and guest amenities. These technologies may require refinements and upgrades. The development and maintenance of these technologies may require significant investment by us. As various systems and technologies become outdated or new technology is required, we may not be able to replace or introduce them as quickly as needed or in a cost-effective and timely manner. We may not achieve the benefits we may have been anticipating from any new technology or system.
Failure to comply with marketing and advertising laws, including with regard to direct marketing, could result in fines or place restrictions on our business.
We rely on a variety of direct marketing techniques, including telemarketing, email marketing and postal mailings, and we are subject to various laws and regulations in the U.S. and internationally which govern marketing and advertising practices. Any further restrictions in laws, such as the Telephone Consumer Protection Act of 1991, the Telemarketing Sales Rule, CAN-SPAM Act of 2003, and various U.S. state laws, new laws, or international data protection laws, such as the EU member states’ implementation of proposed privacy regulation, that govern these activities could adversely affect current or planned marketing activities and cause us to change our marketing strategy. If this occurs, we may not be able to develop adequate alternative marketing strategies, which could affect our ability to maintain relationships with our customers and acquire new customers. We also obtain access to names of potential customers from travel service providers or other companies and we market to some individuals on these lists directly or through other companies’ marketing materials. If access to these lists was prohibited or otherwise restricted, our ability to develop new customers and introduce them to products could be impaired.
 
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The growth of internet reservation channels could adversely affect our business and profitability.
A significant percentage of hotel rooms for individual guests is booked through internet travel intermediaries. We contract with such intermediaries and pay them various commissions and transaction fees for sales of our rooms through their systems. If such bookings increase, these intermediaries may be able to obtain higher commissions, reduced room rates or other significant concessions from us or our franchisees. Although we have established agreements with many of these intermediaries that limit transaction fees for hotels, there can be no assurance that we will be able to renegotiate these agreements upon their expiration with terms as favorable as the provisions that existed before the expiration, replacement or renegotiation. Moreover, hospitality intermediaries generally employ aggressive marketing strategies, including expending significant resources for online and television advertising campaigns to drive consumers to their websites. As a result, consumers may develop brand loyalties to the intermediaries’ offered brands, websites and reservations systems rather than to the Hilton brands and systems. If this happens, our business and profitability may be significantly affected as shifting customer loyalties divert bookings away from our websites.
In addition, in general, internet travel intermediaries have traditionally competed to attract individual consumers or “transient” business rather than group and convention business. However, hospitality intermediaries have recently grown their business to include marketing to large group and convention business. If that growth continues, it could both divert group and convention business away from our hotels, and it could also increase our cost of sales for group and convention business.
Our reservation system is an important component of our business operations and a disruption to its functioning could have an adverse effect on our performance and results.
We manage a global reservation system that communicates reservations to our branded hotels when made by individuals directly, either online or by telephone to our call centers, or through intermediaries like travel agents, internet travel web sites and other distribution channels. The cost, speed, efficacy and efficiency of the reservation system are important aspects of our business and are important considerations of hotel owners in choosing to affiliate with our brands. Any failure to maintain or upgrade, and any other disruption to our reservation system may adversely affect our business.
The cessation, reduction or taxation of program benefits of our Hilton HHonors loyalty program could adversely affect the Hilton brands and guest loyalty.
We manage the Hilton HHonors guest loyalty and rewards program for the Hilton brands. Program members accumulate points based on eligible stays and hotel charges and redeem the points for a range of benefits including free rooms and other items of value. The program is an important aspect of our business and of the affiliation value for hotel owners under management and franchise agreements. System hotels (including, without limitation, third-party hotels under management and franchise arrangements) contribute a percentage of the guest’s charges to the program for each stay of a program member. In addition to the accumulation of points for future hotels stays at our brands, Hilton HHonors arranges with third-party service providers such as airlines and rail companies to exchange monetary value represented by points for program awards. Currently, the program benefits are not taxed as income to members. If the program awards and benefits are materially altered, curtailed or taxed such that a material number of HHonors members choose to no longer participate in the program, this could adversely affect our business.
Because we derive a portion of our revenues from operations outside the United States, the risks of doing business internationally could lower our revenues, increase our costs, reduce our profits or disrupt our business.
We currently manage, franchise, own or lease hotels and resorts in 93 countries and territories around the world. Our operations outside the United States represented approximately 25 percent and 27 percent of our
 
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revenues for the years ended December 31, 2013 and 2012, respectively. We expect that revenues from our international operations will continue to account for an increasing portion of our total revenues. As a result, we are subject to the risks of doing business outside the United States, including:
 
 	•	 	rapid changes in governmental, economic and political policy, political or civil unrest, acts of terrorism or the threat of international boycotts or U.S. anti-boycott legislation;	
 
 	•	 	increases in anti-American sentiment and the identification of the licensed brands as an American brand;	
 
 	•	 	recessionary trends or economic instability in international markets;	
 
 	•	 	changes in foreign currency exchange rates or currency restructurings and hyperinflation or deflation in the countries in which we operate;	
 
 	•	 	the effect of disruptions caused by severe weather, natural disasters, outbreak of disease or other events that make travel to a particular region less attractive or more difficult;	
 
 	•	 	the presence and acceptance of varying levels of business corruption in international markets and the effect of various anti-corruption and other laws;	
 
 	•	 	the imposition of restrictions on currency conversion or the transfer of funds or limitations on our ability to repatriate non-U.S. earnings in a tax-efficient manner;	
 
 	•	 	the ability to comply with or effect of complying with complex and changing laws, regulations and policies of foreign governments that may affect investments or operations, including foreign ownership restrictions, import and export controls, tariffs, embargoes, increases in taxes paid and other changes in applicable tax laws;	
 
 	•	 	uncertainties as to local laws and enforcement of contract and intellectual property rights;	
 
 	•	 	forced nationalization of our properties by local, state or national governments; and	
 
 	•	 	the difficulties involved in managing an organization doing business in many different countries.	
These factors may adversely affect the revenues from and the market value of our properties located in international markets. While these factors and the effect of these factors are difficult to predict, any one or more of them could lower our revenues, increase our costs, reduce our profits or disrupt our business operations.
Failure to comply with laws and regulations applicable to our international operations may increase costs, reduce profits, limit growth or subject us to broader liability.
Our business operations in countries outside the U.S. are subject to a number of laws and regulations, including restrictions imposed by the Foreign Corrupt Practices Act (“FCPA”), as well as trade sanctions administered by the Office of Foreign Assets Control (“OFAC”). The FCPA is intended to prohibit bribery of foreign officials and requires companies whose securities are listed in the U.S. to keep books and records that accurately and fairly reflect those companies’ transactions and to devise and maintain an adequate system of internal accounting controls. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign states, organizations and individuals. We have policies in place designed to comply with applicable sanctions, rules and regulations. Given the nature of our business, it is possible that hotels we own or manage in the countries and territories in which we operate may provide services to persons subject to sanctions. Where we have identified potential violations in the past, we have taken appropriate remedial action including filing voluntary disclosures to OFAC. In addition, some of our operations may be subject to the laws and regulations of non-U.S. jurisdictions, including the U.K.’s Bribery Act 2010, which contains significant prohibitions on bribery and other corrupt business activities, and other local anti-corruption laws in the countries in which we conduct operations.
If we fail to comply with these laws and regulations, we could be exposed to claims for damages, financial penalties, reputational harm, and incarceration of employees or restrictions on our operation or ownership of
 
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hotels and other properties, including the termination of management, franchising and ownership rights. In addition, in certain circumstances, the actions of parties affiliated with us (including our owners, joint venture partners, employees and agents) may expose us to liability under the FCPA, U.S. sanctions or other laws. These restrictions could increase costs of operations, reduce profits or cause us to forgo development opportunities that would otherwise support growth.
In August 2012, Congress enacted the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRSHRA”), which expands the scope of U.S. sanctions against Iran and Syria. In particular, Section 219 of the ITRSHRA amended the Securities Exchange Act of 1934 (the “Exchange Act”) to require companies subject to SEC reporting obligations under Section 13 of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or other individuals and entities targeted by certain OFAC sanctions engaged in by the reporting company or any of its affiliates during the period covered by the relevant periodic report. In some cases, ITRSHRA requires companies to disclose these types of transactions even if they would otherwise be permissible under U.S. law. These companies are required to separately file with the SEC a notice that such activities have been disclosed in the relevant periodic report, and the SEC is required to post this notice of disclosure on its website and send the report to the U.S. President and certain U.S. Congressional committees. The U.S. President thereafter is required to initiate an investigation and, within 180 days of initiating such an investigation with respect to certain disclosed activities, to determine whether sanctions should be imposed.
Under ITRSHRA, we are required to report if we or any of our “affiliates” knowingly engaged in certain specified activities during a period covered by one of our Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q. We have engaged in, and may in the future engage in, activities that would require disclosure pursuant to Section 219 of ITRSHRA. In addition, because the SEC defines the term “affiliate” broadly, it includes any entity controlled by us as well as any person or entity that controls us or is under common control with us. Because we may be deemed to be a controlled affiliate of Blackstone, affiliates of Blackstone may also be considered our affiliates. Other affiliates of Blackstone have in the past and may in the future be required to make disclosures pursuant to ITRSHRA. Disclosure of such activities, even if such activities are permissible under applicable law, and any sanctions imposed on us or our affiliates as a result of these activities could harm our reputation and brands and have a negative impact on our results of operations.
The loss of senior executives or key field personnel, such as general managers, could significantly harm our business.
Our ability to maintain our competitive position depends somewhat on the efforts and abilities of our senior executives. Finding suitable replacements for senior executives could be difficult. Losing the services of one or more of these senior executives could adversely affect strategic relationships, including relationships with third-party property owners, joint venture partners and vendors, and limit our ability to execute our business strategies.
We also rely on the general managers at each of our managed, owned, leased and joint venture hotels to manage daily operations and oversee the efforts of employees. These general managers are trained professionals in the hospitality industry and have extensive experience in many markets worldwide. The failure to retain, train or successfully manage general managers for our managed, owned, leased and joint venture hotels could negatively affect our operations.
Collective bargaining activity could disrupt our operations, increase our labor costs or interfere with the ability of our management to focus on executing our business strategies.
A significant number of our employees (approximately 26 percent) and employees of our hotel owners are covered by collective bargaining agreements and similar agreements. If relationships with our employees or employees of our hotel owners or the unions that represent them become adverse, the properties we manage, franchise, own or lease could experience labor disruptions such as strikes, lockouts, boycotts and public demonstrations. A number of our collective bargaining agreements, representing approximately 10 percent of our organized employees, have expired and are in the process of being renegotiated, and we may be required to
 
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negotiate additional collective bargaining agreements in the future if more employees become unionized. Labor disputes, which may be more likely when collective bargaining agreements are being negotiated, could harm our relationship with our employees or employees of our hotel owners, result in increased regulatory inquiries and enforcement by governmental authorities and deter guests. Further, adverse publicity related to a labor dispute could harm our reputation and reduce customer demand for our services. Labor regulation and the negotiation of new or existing collective bargaining agreements could lead to higher wage and benefit costs, changes in work rules that raise operating expenses, legal costs and limitations on our ability or the ability of our third-party property owners to take cost saving measures during economic downturns. We do not have the ability to control the negotiations of collective bargaining agreements covering unionized labor employed by many third-party property owners. Increased unionization of our workforce, new labor legislation or changes in regulations could disrupt our operations, reduce our profitability, or interfere with the ability of our management to focus on executing our business strategies.
Labor shortages could restrict our ability to operate our properties or grow our business or result in increased labor costs that could adversely affect our results of operations.
Our success depends in large part on our ability to attract, retain, train, manage, and engage employees. Our managed, owned, leased and joint venture hotels and corporate offices are staffed by approximately 155,000 employees around the world. If we are unable to attract, retain, train, manage and engage skilled employees, our ability to manage and staff the managed, owned, leased and joint venture hotels could be impaired, which could reduce customer satisfaction. In addition, the inability of our franchisees to attract, retain, train, manage and engage skilled employees for the franchised hotels could adversely affect the reputation of our brands. Staffing shortages in various parts of the world also could hinder our ability to grow and expand our businesses. Because payroll costs are a major component of the operating expenses at our hotels and our franchised hotels, a shortage of skilled labor could also require higher wages that would increase labor costs, which could adversely affect our results of operations. Additionally, increases in minimum wage rates could increase costs and reduce profits for us and our franchisees.
Any failure to protect our trademarks and other intellectual property could reduce the value of the Hilton brands and harm our business.
The recognition and reputation of our brands are important to our success. We have over 4,700 trademark registrations in jurisdictions around the world for use in connection with our services. At any given time, we also have a number of pending applications to register trademarks and other intellectual property in the U.S. and other jurisdictions. However, those trademark or other intellectual property registrations may not be granted or that the steps we take to use, control or protect our trademarks or other intellectual property in the U.S. and other jurisdictions may not always be adequate to prevent third parties from copying or using the trademarks or other intellectual property without authorization. We may also fail to obtain and maintain trademark protection for all of our brands in all jurisdictions. For example, in certain jurisdictions, third parties have registered or otherwise have the right to use certain trademarks that are the same as or similar to our trademarks, which could prevent us from registering trademarks and opening hotels in that jurisdiction. Third parties may also challenge our rights to certain trademarks or oppose our trademark applications. Defending against any such proceedings may be costly, and if unsuccessful, could result in the loss of important intellectual property rights. Obtaining and maintaining trademark protection for multiple brands in multiple jurisdictions is also expensive, and we may therefore elect not to apply for or to maintain certain trademarks.
Our intellectual property is also vulnerable to unauthorized copying or use in some jurisdictions outside the U.S., where local law, or lax enforcement of law, may not provide adequate protection. If our trademarks or other intellectual property are improperly used, the value and reputation of the Hilton brands could be harmed. There are times where we may need to resort to litigation to enforce our intellectual property rights. Litigation of this type could be costly, force us to divert our resources, lead to counterclaims or other claims against us or otherwise harm our business or reputation. In addition, we license certain of our trademarks to third parties. For example, we grant our franchisees a right to use certain of our trademarks in connection with their operation of
 
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the applicable property. If a franchisee or other licensee fails to maintain the quality of the goods and services used in connection with the licensed trademarks, our rights to, and the value of, our trademarks could potentially be harmed. Failure to maintain, control and protect our trademarks and other intellectual property could likely adversely affect our ability to attract guests or third-party owners, and could adversely affect our results.
In addition, we license the right to use certain intellectual property from unaffiliated third parties. Such rights include the right to grant sublicenses to franchisees. If we are unable to use such intellectual property, our ability to generate revenue from such properties may be diminished.
Third-party claims that we infringe intellectual property rights of others could subject us to damages and other costs and expenses.
Third parties may make claims against us for infringing their patent, trademark, copyright or other intellectual property rights or for misappropriating their trade secrets. We have been and are currently party to a number of such claims and may receive additional claims in the future. Any such claims, even those without merit, could:
 
 	•	 	be expensive and time consuming to defend, and result in significant damages;	
 
 	•	 	force us to stop using the intellectual property that is being challenged or to stop providing products or services that use the challenged intellectual property;	
 
 	•	 	force us to redesign or rebrand our products or services;	
 
 	•	 	require us to enter into royalty, licensing, co-existence or other agreements to obtain the right to use a third party’s intellectual property;	
 
 	•	 	divert management’s attention and resources; and	
 
 	•	 	limit the use or the scope of our intellectual property or other rights.	
In addition, we may be required to indemnify third-party owners of the hotels that we manage for any losses they incur as a result of any infringement claims against them. All necessary royalty, licensing or other agreements may not be available to us on acceptable terms. Any adverse results associated with third-party intellectual property claims could negatively affect our business.
Exchange rate fluctuations and foreign exchange hedging arrangements could result in significant foreign currency gains and losses and affect our business results.
Conducting business in currencies other than the U.S. dollar subjects us to fluctuations in currency exchange rates that could have a negative effect on financial results. We earn revenues and incur expenses in foreign currencies as part of our operations outside of the U.S. As a result, fluctuations in currency exchange rates may significantly increase the amount of U.S. dollars required for foreign currency expenses or significantly decrease the U.S. dollars received from foreign currency revenues. We also have exposure to currency translation risk because, generally, the results of our business outside of the U.S. are reported in local currency and then translated to U.S. dollars for inclusion in our consolidated financial statements. As a result, changes between the foreign exchange rates and the U.S. dollar will affect the recorded amounts of our foreign assets, liabilities, revenues and expenses and could have a negative effect on financial results. Our exposure to foreign currency exchange rate fluctuations will grow if the relative contribution of our operations outside the U.S. increases.
To attempt to mitigate foreign currency exposure, we may enter into foreign exchange hedging agreements with financial institutions to reduce certain of our exposures to fluctuations in currency exchange rates. However, these hedging agreements may not eliminate foreign currency risk entirely and involve costs and risks of their own in the form of transaction costs, credit requirements and counterparty risk.
 
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If the insurance that we or our owners carry does not sufficiently cover damage or other potential losses or liabilities to third parties involving properties that we manage, franchise or own, our profits could be reduced.
We operate in certain areas where the risk of natural disaster or other catastrophic losses vary, and the occasional incidence of such an event could cause substantial damage to us, our owners or the surrounding area. We carry, and we require our owners to carry, insurance from solvent insurance carriers that we believe is adequate for foreseeable first- and third-party losses and with terms and conditions that are reasonable and customary. Nevertheless, market forces beyond our control could limit the scope of the insurance coverage that we and our owners can obtain or which may otherwise restrict our or our owners’ ability to buy insurance coverage at reasonable rates. In the event of a substantial loss, the insurance coverage that we and/or our owners carry may not be sufficient to pay the full value of our financial obligations, our liabilities or the replacement cost of any lost investment or property. Because certain types of losses are uncertain, they can be uninsurable or prohibitively expensive. In addition, there are other risks that may fall outside the general coverage terms and limits of our policies.
In some cases, these factors could result in certain losses being completely uninsured. As a result, we could lose some or all of the capital we have invested in a property, as well as the anticipated future revenues, profits, management fees or franchise fees from the property.
Terrorism insurance may not be available at commercially reasonable rates or at all.
Following the September 11, 2001 terrorist attacks in New York City and the Washington, D.C. area, Congress passed the Terrorism Risk Insurance Act of 2002, which established the Terrorism Insurance Program to provide insurance capacity for terrorist acts. On December 26, 2007, the Terrorism Insurance Program was extended by the Terrorism Risk Insurance Program Reauthorization Act of 2007 through December 31, 2014 (“TRIPRA”). We carry, and we require our owners and our franchisees to carry, insurance from solvent insurance carriers to respond to both first-party and third-party liability losses related to terrorism. We purchase our first-party property damage and business interruption insurance from a stand-alone market in place of and to supplement insurance from government run pools. If TRIPRA is not extended or renewed upon its expiration in 2014, premiums for terrorism insurance coverage will likely increase and/or the terms of such insurance may be materially amended to increase stated exclusions or to otherwise effectively decrease the scope of coverage available, perhaps to the point where it is effectively unavailable.
Terrorist attacks and military conflicts may adversely affect the hospitality industry.
The terrorist attacks on the World Trade Center and the Pentagon on September 11, 2001 underscore the possibility that large public facilities or economically important assets could become the target of terrorist attacks in the future. In particular, properties that are well-known or are located in concentrated business sectors in major cities may be subject to the risk of terrorist attacks.
The occurrence or the possibility of terrorist attacks or military conflicts could:
 
 	•	 	cause damage to one or more of our properties that may not be fully covered by insurance to the value of the damages;	
 
 	•	 	cause all or portions of affected properties to be shut down for prolonged periods, resulting in a loss of income;	
 
 	•	 	generally reduce travel to affected areas for tourism and business or adversely affect the willingness of customers to stay in or avail themselves of the services of the affected properties;	
 
 	•	 	expose us to a risk of monetary claims arising out of death, injury or damage to property caused by any such attacks; and	
 
 	•	 	result in higher costs for security and insurance premiums or diminish the availability of insurance coverage for losses related to terrorist attacks, particularly for properties in target areas, all of which could adversely affect our results.	
 
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Certain of our buildings are also highly profitable properties to our business. In addition to the effects noted above, the occurrence of a terrorist attack with respect to one of these properties could directly and materially adversely affect our results of operations. Furthermore, the loss of any of our well-known buildings could indirectly affect the value of our brands, which would in turn adversely affect our business prospects.
Changes in U.S. federal, state and local or foreign tax law, interpretations of existing tax law, or adverse determinations by tax authorities, could increase our tax burden or otherwise adversely affect our financial condition or results of operations.
We are subject to taxation at the federal, state or provincial and local levels in the U.S. and various other countries and jurisdictions. Our future effective tax rate could be affected by changes in the composition of earnings in jurisdictions with differing tax rates, changes in statutory rates and other legislative changes, changes in the valuation of our deferred tax assets and liabilities, or changes in determinations regarding the jurisdictions in which we are subject to tax. From time to time, the U.S. federal, state and local and foreign governments make substantive changes to tax rules and their application, which could result in materially higher corporate taxes than would be incurred under existing tax law and could adversely affect our financial condition or results of operations.
We record tax expense based in part on our estimates of expected future tax rates, reserves for uncertain tax positions in multiple tax jurisdictions and valuation allowances related to certain net deferred tax assets, including net operating loss carryforwards.
We are subject to ongoing and periodic tax audits and disputes in U.S. federal and various state, local and foreign jurisdictions. In particular, our consolidated U.S. federal income tax returns for the fiscal years ended December 31, 2006 and October 24, 2007 are under audit by the Internal Revenue Service (“IRS”), and the IRS has proposed adjustments to increase our taxable income based on several assertions involving intercompany loans, our Hilton HHonors guest loyalty and reward program and our foreign-currency denominated loans issued by one of our subsidiaries. In total, the proposed adjustments sought by the IRS would result in U.S. federal tax owed of approximately $696 million, excluding interest and penalties and potential state income taxes. We disagree with the IRS’s position on each of the assertions and intend to vigorously contest them. See Note 19: “Income Taxes” in our audited consolidated financial statements included elsewhere in this prospectus for additional information. An unfavorable outcome from any tax audit could result in higher tax costs, penalties and interest, thereby adversely affecting our financial condition or results of operations.
Changes to accounting rules or regulations may adversely affect our financial condition and results of operations.
New accounting rules or regulations and varying interpretations of existing accounting rules or regulations have occurred and may occur in the future. A change in accounting rules or regulations may even affect our reporting of transactions completed before the change is effective, and future changes to accounting rules or regulations or the questioning of current accounting practices may adversely affect our financial condition and results of operations. For example, in 2013, the Financial Accounting Standards Board (“FASB”), issued a revised exposure draft outlining proposed changes to current lease accounting in FASB Accounting Standards Codification Topic 840, Leases . The proposed accounting standards update, if ultimately adopted in its current form, could result in significant changes to current accounting, including the capitalization of leases on the balance sheet that currently are recorded off-balance sheet as operating leases. While this change would not affect the cash flow related to our leased hotels and other leased assets, it could adversely affect our balance sheet and could therefore affect our ability to raise financing from banks or other sources.
Changes to estimates or projections used to assess the fair value of our assets, or operating results that are lower than our current estimates at certain locations, may cause us to incur impairment charges that could adversely affect our results of operations.
Our total assets include goodwill, intangible assets with indefinite lives, other intangible assets with finite useful lives and substantial amounts of long-lived assets, principally property and equipment, including hotel
 
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properties. We evaluate our goodwill and intangible assets with indefinite lives for impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value is below the carrying value. We evaluate intangible assets with finite useful lives and long-lived assets for impairment when circumstances indicate that the carrying amount may not be recoverable. Our evaluation of impairment requires us to make certain estimates and assumptions including projections of future results. After performing our evaluation for impairment, including an analysis to determine the recoverability of long-lived assets, we will record an impairment loss when the carrying value of the underlying asset, asset group or reporting unit exceeds its fair value. If the estimates or assumptions used in our evaluation of impairment change, we may be required to record additional impairment losses on certain of these assets. If these impairment losses are significant, our results of operations would be adversely affected.
Governmental regulation may adversely affect the operation of our properties.
In many jurisdictions, the hotel industry is subject to extensive foreign or U.S. federal, state and local governmental regulations, including those relating to the service of alcoholic beverages, the preparation and sale of food and those relating to building and zoning requirements. We are also subject to licensing and regulation by foreign or U.S. state and local departments relating to health, sanitation, fire and safety standards, and to laws governing their relationships with employees, including minimum wage requirements, overtime, working conditions and citizenship requirements. We or our third-party owners may be required to expend funds to meet foreign or U.S. federal, state and local regulations in connection with the continued operation or remodeling of certain of our properties. The failure to meet the requirements of applicable regulations and licensing requirements, or publicity resulting from actual or alleged failures, could have an adverse effect on our results of operations.
Foreign or U.S. environmental laws and regulations may cause us to incur substantial costs or subject us to potential liabilities.
We are subject to certain compliance costs and potential liabilities under various foreign and U.S. federal, state and local environmental, health and safety laws and regulations. These laws and regulations govern actions including air emissions, the use, storage and disposal of hazardous and toxic substances, and wastewater disposal. Our failure to comply with such laws, including any required permits or licenses, could result in substantial fines or possible revocation of our authority to conduct some of our operations. We could also be liable under such laws for the costs of investigation, removal or remediation of hazardous or toxic substances at our currently or formerly owned, leased or operated real property (including managed and franchised properties) or at third-party locations in connection with our waste disposal operations, regardless of whether or not we knew of, or caused, the presence or release of such substances. From time to time, we may be required to remediate such substances or remove, abate or manage asbestos, mold, radon gas, lead or other hazardous conditions at our properties. The presence or release of such toxic or hazardous substances could result in third-party claims for personal injury, property or natural resource damages, business interruption or other losses. Such claims and the need to investigate, remediate, or otherwise address hazardous, toxic or unsafe conditions could adversely affect our operations, the value of any affected real property, or our ability to sell, lease or assign our rights in any such property, or could otherwise harm our business or reputation. Environmental, health and safety requirements have also become increasingly stringent, and our costs may increase as a result. For example, the U.S. Congress, the U.S. Environmental Protection Agency and some states are considering or have undertaken actions to regulate and reduce greenhouse gas emissions. New or revised laws and regulations or new interpretations of existing laws and regulations, such as those related to climate change, could affect the operation of our properties or result in significant additional expense and operating restrictions on us. The potential for changes in the frequency, duration and severity of extreme weather events that may be a result of climate change could lead to significant property damage at our hotels and other assets, affect our ability to obtain insurance coverage in areas that are most vulnerable to such events, such as the coastal resort areas where we operate, and have a negative effect on revenues.
 
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The cost of compliance with the Americans with Disabilities Act and similar legislation outside of the U.S. may be substantial.
We are subject to the Americans with Disabilities Act (“ADA”) and similar legislation in certain jurisdictions outside of the U.S. Under the ADA all public accommodations are required to meet certain federal requirements related to access and use by disabled persons. These regulations apply to accommodations first occupied after January 26, 1993; public accommodations built before January 26, 1993 are required to remove architectural barriers to disabled access where such removal is “readily achievable.” The regulations also mandate certain operational requirements that hotel operators must observe. The failure of a property to comply with the ADA could result in injunctive relief, fines, an award of damages to private litigants or mandated capital expenditures to remedy such noncompliance. Any imposition of injunctive relief, fines, damage awards or capital expenditures could adversely affect the ability of an owner or franchisee to make payments under the applicable management or franchise agreement or negatively affect the reputation of our brands. In November 2010, we entered into a settlement with the U.S. Department of Justice related to compliance with the ADA. Under the terms of the settlement, until November 2014 we must: ensure compliance with ADA regulations at our owned and joint venture (in which we own more than a 50 percent interest) properties built after January 26, 1993; require owners of managed or franchised hotels built after January 26, 1993 that enter into a new management or franchise agreement, experience a change in ownership, or renew or extend a management or franchise agreement, to conduct a survey of its facilities and to certify that the hotel complies with the ADA; ensure that new hotels constructed in our system are compliant with ADA regulations; provide ADA training to our employees; improve the accessibility of our websites and reservations system for individuals with disabilities; appoint a national ADA compliance officer; and appoint an ADA contact on-site at each hotel. If we fail to comply with the requirements of the ADA and our related consent decree, we could be subject to fines, penalties, injunctive action, reputational harm and other business effects which could materially and negatively affect our performance and results of operations.
Casinos featured on certain of our properties are subject to gaming laws, and noncompliance could result in the revocation of the gaming licenses.
Several of our properties feature casinos, most of which are operated by third parties. Factors affecting the economic performance of a casino property include:
 
 	•	 	location, including proximity to or easy access from major population centers;	
 
 	•	 	appearance;	
 
 	•	 	local, regional or national economic conditions, which may limit the amount of disposable income that potential patrons may have for gambling;	
 
 	•	 	the existence or construction of competing casinos;	
 
 	•	 	dependence on tourism; and	
 
 	•	 	governmental regulation.	
Jurisdictions in which our properties containing casinos are located, including Nevada, New Jersey, Puerto Rico and Egypt have laws and regulations governing the conduct of casino gaming. These jurisdictions generally require that the operator of a casino must be found suitable and be registered. Once issued, a registration remains in force until revoked. The law defines the grounds for registration, as well as revocation or suspension of such registration. The loss of a gaming license for any reason would have a material adverse effect on the value of a casino property and could reduce fee income associated with such operations and consequently negatively affect our business results.
We are subject to risks from litigation filed by or against us.
Legal or governmental proceedings brought by or on behalf of franchisees, third-party owners of managed properties, employees or customers may adversely affect our financial results. In recent years, a number of
 
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hospitality companies have been subject to lawsuits, including class action lawsuits, alleging violations of federal laws and regulations regarding workplace and employment matters, consumer protection claims and other commercial matters. A number of these lawsuits have resulted in the payment of substantial damages by the defendants. Similar lawsuits have been and may be instituted against us from time to time, and we may incur substantial damages and expenses resulting from lawsuits of this type, which could have a material adverse effect on our business. At any given time, we may be engaged in lawsuits involving third-party owners of our hotels. Similarly, we may from time to time institute legal proceedings on behalf of ourselves or others, the ultimate outcome of which could cause us to incur substantial damages and expenses, which could have a material adverse effect on our business.
Our Sponsor and its affiliates control us and their interests may conflict with ours or with holders of the notes in the future.
Our Sponsor and its affiliates beneficially owned approximately 65.9 percent of Holdings’ common stock as of September 5, 2014. Moreover, under Holdings’ bylaws and the stockholders’ agreement with our Sponsor and its affiliates, for so long as Holdings’ pre-IPO owners and their affiliates retain significant ownership of Holdings, Holdings has agreed to nominate to its board individuals designated by our Sponsor, whom we refer to as the “Sponsor Directors.” Even when our Sponsor and its affiliates cease to own shares of Holdings’ stock representing a majority of the total voting power, for so long as our Sponsor continues to own a significant percentage of Holdings’ stock our Sponsor will still be able to significantly influence the composition of Holdings’ board of directors and the approval of actions requiring stockholder approval. Accordingly, for such period of time, our Sponsor will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers. The credit agreement that governs our Senior Secured Credit Facilities and the indenture that govern the exchange notes permit us to pay advisory and other fees, dividends and make other restricted payments to our Sponsor under certain circumstances, and our Sponsor or its affiliates may have an interest in our doing so. In addition, our Sponsor has no obligation to provide us with any additional debt or equity financing.
Our Sponsor and its affiliates engage in a broad spectrum of activities, including investments in real estate generally and in the hospitality industry in particular. In the ordinary course of their business activities, our Sponsor and its affiliates may engage in activities where their interests conflict with our interests or those of our stockholders. For example, our Sponsor owns interests in Extended Stay America, Inc. and La Quinta Holdings Inc., and certain other investments in the hotel industry that compete directly or indirectly with us. In addition, affiliates of our Sponsor directly and indirectly own hotels that we manage or franchise, and they may in the future enter into other transactions with us, including hotel or timeshare development projects, that could result in their having interests that could conflict with ours. Holdings’ amended and restated certificate of incorporation provides that none of our Sponsor, any of its affiliates or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his or her director and officer capacities) or his or her affiliates will have any duty to refrain from engaging, directly or indirectly, in the same business activities or similar business activities or lines of business in which we operate. Our Sponsor also may pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, our Sponsor may have an interest in pursuing acquisitions, divestitures and other transactions that, in its judgment, could enhance its investment, even though such transactions might involve risks to you.
 
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 USE OF PROCEEDS
We will not receive any proceeds from the issuance of the exchange notes in the exchange offer. The exchange offer is intended to satisfy our obligations under the registration rights agreement that we entered into in connection with the private offering of the outstanding notes. As consideration for issuing the exchange notes as contemplated in this prospectus, we will receive in exchange a like principal amount of outstanding notes, the terms of which are identical in all material respects to the exchange notes, except that the exchange notes will not contain terms with respect to transfer restrictions or additional interest upon a failure to fulfill certain of our obligations under the registration rights agreement. The outstanding notes that are surrendered in exchange for the exchange notes will be retired and cancelled and cannot be reissued. As a result, the issuance of the exchange notes will not result in any change in our capitalization.
 
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 CAPITALIZATION
The following table sets forth our consolidated cash and capitalization as of June 30, 2014.
You should read this table in conjunction with “Prospectus Summary—Summary Historical Financial Data,” “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical consolidated financial statements and the related notes thereto included elsewhere in this prospectus.
The outstanding notes that are surrendered in exchange for the exchange notes will be retired and cancelled and cannot be reissued. As a result, the issuance of the exchange notes will not result in any change in our capitalization.

 	  	As of June 30, 2014	 	
 	  	(in millions)	 	
 	  	Restricted
Group	 	  	Consolidated	 	
Cash and cash equivalents	  	$	490 	  	  	$	545 	  	
Restricted cash and cash equivalents (1)	  	 	231 	  	  	 	284 	  	
	  	 	 	 	  	 	 	 	
Total	  	$	721 	  	  	$	829 	  	

 	  	Restricted
Group	 	  	Consolidated	 	
Total long-term debt and obligations under capital leases:	  				  				
Long-term debt, including current maturities	  	$	268 	  	  	$	268 	  	
Senior Secured Credit Facilities (2)	  	 	5,550 	  	  	 	5,550 	  	
5.625% Senior Notes due 2021	  	 	1,500 	  	  	 	1,500 	  	
CMBS Loan	  	 	— 	  	  	 	3,500 	  	
Waldorf Astoria Loan	  	 	— 	  	  	 	525 	  	
Timeshare Facility (3)(4)	  	 	150 	  	  	 	150 	  	
Securitized Timeshare Debt (3)(4)	  	 	548 	  	  	 	548 	  	
Non-recourse debt and capital lease obligations of consolidated variable interest entities, including current maturities (5)	  	 	299 	  	  	 	299 	  	
	  	 	 	 	  	 	 	 	
Total debt	  	$	 8,315 	  	  	$	12,340 	  	
Equity:	  				  				
Total stockholders’ equity	  				  	 	4,834 	  	
Noncontrolling interests	  				  	 	(87)	  	
	  				  	 	 	 	
Total equity	  				  	 	4,747 	  	
	  				  	 	 	 	
Total capitalization	  				  	$	17,087 	  	

(1)  	The majority of our restricted cash and cash equivalents balance relates to cash collateral on our self-insurance programs and escrowed cash from our timeshare operations.	
(2)  	For a description of our Senior Secured Credit Facilities, see “Description of Certain Other Indebtedness—Senior Secured Credit Facilities.”	
(3)  	For a description of the Timeshare Facility and the Securitized Timeshare Debt, see “—Timeshare Facility” and “—Securitized Timeshare Debt” under “Description of Certain Other Indebtedness.”	
(4)  	Certain of our restricted subsidiaries are prohibited from guaranteeing the notes under our Timeshare Facility and the agreements governing our Securitized Timeshare Debt, and therefore do not guarantee the notes or our Senior Secured Credit Facilities.	
(5)  	Includes $12 million associated with entities that hold two hotels in which we own interests of 50 percent or less that are not restricted subsidiaries.	
 
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 SELECTED FINANCIAL DATA
We derived the selected statement of operations data for the years ended December 31, 2013, 2012 and 2011 and the selected balance sheet data as of December 31, 2013 and 2012 from our audited consolidated financial statements included elsewhere in this prospectus. We derived the selected statement of operations data for the year ended December 31, 2010 and the selected balance sheet data as of December 31, 2011 from our audited consolidated financial statements that are not included in this prospectus. We derived the selected balance sheet data as of December 31, 2010 from our unaudited consolidated financial statements that are not included in this prospectus. We derived the selected statement of operations data for the year ended December 31, 2009 and the selected balance sheet data as of December 31, 2009 from Hilton Worldwide, Inc.’s audited consolidated financial statements, which are not included in this prospectus. We derived the selected statement of operations data for the six months ended June 30, 2014 and 2013 and the selected balance sheet data as of June 30, 2014 from our unaudited condensed consolidated financial statements included elsewhere in this prospectus.
We have prepared our unaudited consolidated financial statements on the same basis as our audited consolidated financial statements and, in our opinion, have included all adjustments, which include only normal recurring adjustments, necessary to present fairly in all material respects our financial position and results of operations. The results for any interim period are not necessarily indicative of the results that may be expected for the full year. Additionally, our historical results are not necessarily indicative of the results expected for any future period.
You should read the selected consolidated financial data below together with the consolidated financial statements including the related notes thereto appearing elsewhere in this prospectus, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Certain Indebtedness,” and the other financial information included elsewhere in this prospectus.
 
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The historical financial information included in this prospectus includes results of PropCo for the periods presented. None of the PropCo entities will provide any credit or collateral support for any indebtedness of the Issuer, including the notes.

 	 	Six Months
Ended June 30,	 	 	Year Ended December 31,	 	
 	 	2014	 	 	2013	 	 	2013	 	 	2012	 	 	2011	 	 	2010	 	 	2009	 	
 	 	(in millions, except per share data)	 	
Statement of Operations Data:	 				 				 				 				 				 				 				
Revenues	 				 				 				 				 				 				 				
Owned and leased hotels	 	$	   2,062 	  	 	$	   1,984 	 	 	$	   4,046 	  	 	$	   3,979 	  	 	$	   3,898 	  	 	$	   3,667 	 	 	$	   3,540 	 	
Management and franchise fees and other	 	 	666 	  	 	 	561 	  	 	 	1,175 	  	 	 	1,088 	  	 	 	1,014 	  	 	 	901 	 	 	 	807 	 	
Timeshare	 	 	555 	  	 	 	507 	  	 	 	1,109 	  	 	 	1,085 	  	 	 	944 	  	 	 	863 	 	 	 	832 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	3,283 	  	 	 	3,052 	  	 	 	6,330 	  	 	 	6,152 	  	 	 	5,856 	  	 	 	5,431 	 	 	 	5,179 	 	
Other revenues from managed and franchised properties	 	 	1,747 	  	 	 	1,591 	  	 	 	3,405 	  	 	 	3,124 	  	 	 	2,927 	  	 	 	2,637 	 	 	 	2,397 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	5,030 	  	 	 	4,643 	  	 	 	9,735 	  	 	 	9,276 	  	 	 	8,783 	  	 	 	8,068 	 	 	 	7,576 	 	
Expenses	 				 				 				 				 				 				 				
Owned and leased hotels	 	 	1,604 	  	 	 	1,547 	  	 	 	3,147 	  	 	 	3,230 	  	 	 	3,213 	  	 	 	3,009 	 	 	 	2,904 	 	
Timeshare	 	 	365 	  	 	 	351 	  	 	 	730 	  	 	 	758 	  	 	 	668 	  	 	 	634 	 	 	 	644 	 	
Depreciation and amortization	 	 	311 	  	 	 	309 	  	 	 	603 	  	 	 	550 	  	 	 	564 	  	 	 	574 	 	 	 	587 	 	
Impairment losses	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	54 	  	 	 	20 	  	 	 	24 	 	 	 	475 	 	
General, administrative and other	 	 	230 	  	 	 	189 	  	 	 	748 	  	 	 	460 	  	 	 	416 	  	 	 	637 	 	 	 	423 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	2,510 	  	 	 	2,396 	  	 	 	5,228 	  	 	 	5,052 	  	 	 	4,881 	  	 	 	4,878 	 	 	 	5,033 	 	
Other expenses from managed and franchised properties	 	 	1,747 	  	 	 	1,591 	  	 	 	3,405 	  	 	 	3,124 	  	 	 	2,927 	  	 	 	2,637 	 	 	 	2,394 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	 	 	4,257 	  	 	 	3,987 	  	 	 	8,633 	  	 	 	8,176 	  	 	 	7,808 	  	 	 	7,515 	 	 	 	7,427 	 	
Operating income	 	 	773 	  	 	 	656 	  	 	 	1,102 	  	 	 	1,100 	  	 	 	975 	  	 	 	553 	 	 	 	149 	 	
Net income (loss) attributable to Hilton stockholders	 	 	332 	  	 	 	189 	  	 	 	415 	  	 	 	352 	  	 	 	253 	  	 	 	128 	 	 	 	(532)	  	
Basic and diluted earnings (losses) per share	 	$	0.34 	  	 	$	0.20 	  	 	$	0.45 	  	 	$	0.38 	  	 	$	0.27 	  	 	$	0.14 	  	 	$	(0.58)	  	

 	  	June 30,
2014	 	  	December 31,	 	
 	  			  	2013	 	  	2012	 	  	2011	 	  	2010	 	  	2009	 	
 	  	(in millions)	 	
Selected Balance Sheet Data:	  				  				  				  				  				  				
Cash and cash equivalents	  	$	545	  	  	$	594	  	  	$	755	  	  	$	781	  	  	$	796	  	  	$	738	 	
Restricted cash and cash equivalents	  	 	284	  	  	 	266	  	  	 	550	  	  	 	658	  	  	 	619	  	  	 	394	 	
Total assets	  	 	 26,497	  	  	 	 26,562	  	  	 	 27,066	  	  	 	 27,312	  	  	 	 27,750	  	  	 	 29,140	 	
Long-term debt (1)	  	 	11,317	  	  	 	11,755	  	  	 	15,575	  	  	 	16,311	  	  	 	16,995	  	  	 	21,125	 	
Non-recourse timeshare debt (1)(2)	  	 	698	  	  	 	672	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	 	
Non-recourse debt and capital lease obligations of consolidated variable interest entities (1)	  	 	299	  	  	 	296	  	  	 	420	  	  	 	481	  	  	 	541	  	  	 	574	 	
Total equity (deficit)	  	 	4,747	  	  	 	4,276	  	  	 	2,155	  	  	 	1,702	  	  	 	1,544	  	  	 	(1,470	) 	

(1)  	Includes current maturities.	
(2)  	Includes Timeshare Facility and Securitized Timeshare Debt.	
 
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 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Summary—Summary Historical Financial Data,” “Selected Financial Data” and our consolidated financial statements and related notes that appear elsewhere in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in “Risk Factors.”
Overview
Our Business
Hilton is one of the largest and fastest growing hospitality companies in the world, with 4,202 hotels, resorts and timeshare properties comprising 693,980 rooms in 93 countries and territories. Our premier brand portfolio includes our luxury hotel brands, Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts, our full-service hotel brands, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels and our newest brand, Curio—A Collection by Hilton, our focused-service hotel brands, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton and Home2 Suites by Hilton, and our timeshare brand, Hilton Grand Vacations. We have approximately 42 million members in our award-winning customer loyalty program, Hilton HHonors.
Segments and Regions
Management analyzes our operations and business by both operating segments and geographic regions. Our operations consist of three reportable segments that are based on similar products or services: management and franchise; ownership; and timeshare. The management and franchise segment provides services, which include hotel management and licensing of our brands to franchisees, as well as property management at timeshare properties. This segment generates its revenue from management and franchise fees charged to hotel owners, including our owned and leased hotels, and to homeowners’ associations at timeshare properties. As a manager of hotels and timeshare resorts, we typically are responsible for supervising or operating the property in exchange for management fees. As a franchisor of hotels, we charge franchise fees in exchange for the use of one of our brand names and related commercial services, such as our reservation system, marketing and information technology services. The ownership segment derives earnings from providing hotel room rentals, food and beverage sales and other services at our owned and leased hotels. The timeshare segment consists of multi-unit vacation ownership properties. This segment generates revenue by marketing and selling timeshare interests owned by Hilton and third parties, providing consumer financing for the timeshare interests and resort operations.
Geographically, management conducts business through three distinct geographic regions: the Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific. The Americas region includes North America, South America and Central America, including all Caribbean nations. Although the U.S. is included in the Americas, it is often analyzed separately and apart from the Americas geographic region and, as such, it is presented separately within the analysis herein. The EMEA region includes Europe, which represents the western-most peninsula of Eurasia stretching from Ireland in the west to Russia in the east, and the Middle East and Africa (“MEA”), which represents the Middle East region and all African nations, including the Indian Ocean island nations. Europe and MEA are often analyzed separately by management. The Asia Pacific region includes the eastern and southeastern nations of Asia, as well as India, Australia, New Zealand and the Pacific island nations.
 
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System Growth and Pipeline
As of June 30, 2014, approximately 76 percent of our system-wide hotel rooms were located in the U.S. We expect that the percentage of our hotel rooms outside the U.S. will continue to increase in future years as hotels in our pipeline open. To support our growth strategy, we continue to expand our development pipeline. As of June 30, 2014, we had a total of 1,230 hotels in our development pipeline, representing approximately 210,000 rooms under construction or approved for development throughout 75 countries and territories. As of June 30, 2014, over 106,000 rooms, representing over half of our development pipeline, were under construction. Of the approximately 210,000 rooms in the pipeline, 117,000 rooms, or more than half of the pipeline, were located outside the U.S. All of the rooms in the pipeline and under construction are within our management and franchise segment. We do not consider any development project relating to properties under our management and franchise segment to be material to us.
Our management and franchise contracts are designed to expand our business with limited or no capital investment. The capital required to build and maintain hotels that we manage or franchise is typically provided by the owner of the respective hotel with minimal or no capital required by us as the manager or franchisor. Additionally, prior to approving the addition of new hotels to our management and franchise development pipeline, we evaluate the economic viability of the hotel based on the geographic location, the credit quality of the third-party owner and other factors. As a result, by increasing the number of management and franchise agreements with third-party owners, we expect to achieve a higher overall return on invested capital.
Recent Events
Secondary Offering
On June 27, 2014, certain selling stockholders affiliated with Blackstone closed a secondary offering of 103,500,000 shares of our common stock (including 13,500,000 shares of common stock that were subject to the underwriters’ option to purchase additional shares) at a price to the public of $22.50 per share. The shares offered and sold in the offering were registered under the Securities Act pursuant to our Registration Statement on Form S-1, which was declared effective by the SEC on June 24, 2014. We did not offer any shares of common stock or receive any proceeds from the sale of shares in this offering. In addition, none of our officers or directors sold any shares of common stock beneficially owned by them in this offering.
New Brand
On June 2, 2014 we introduced our newest brand: Curio—A Collection by Hilton. Created for travelers who seek local discovery and experiences, Curio will consist of a carefully selected collection of hotels that will retain their unique identity but are expected to deliver the many benefits of our system, including Hilton HHonors. As of June 30, 2014, three properties comprising 2,005 rooms, including the SLS Las Vegas Hotel & Casino, were in the pipeline and letters of intent were signed for an additional six properties comprising more than 2,100 rooms.
Initial Public Offering
On December 17, 2013, Holdings completed its IPO in which it sold 64,102,564 shares of common stock and a selling stockholder sold 71,184,153 shares of common stock at an initial public offering price of $20.00 per share. The shares offered and sold in the offering were registered under the Securities Act pursuant to our Registration Statement on Form S-1, which was declared effective by the SEC on December 11, 2013. The common stock is listed on the NYSE under the symbol “HLT” and began trading publicly on December 12, 2013. The offering generated net proceeds of approximately $1,243 million to us after underwriting discounts, expenses and transaction costs. We used the offering proceeds along with available cash to repay approximately $1,250 million of term loan borrowings outstanding under our Senior Secured Credit Facilities.
 
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Debt Refinancing
On October 25, 2013, we repaid in full all $13.4 billion in borrowings outstanding on such date under our senior mortgage loans and secured mezzanine loans with proceeds from: (1) our October 4, 2013 offering of the outstanding notes, which were released from escrow on October 25, 2013, (2) borrowings under our new Senior Secured Credit Facilities, which consists of the $7.6 billion Term Loans and the $1.0 billion Revolving Credit Facility, (3) the $3.5 billion CMBS Loan and (4) the $525 million Waldorf Astoria Loan, together with additional borrowings under the Timeshare Facility and cash on hand.
In addition, on October 25, 2013, we issued a notice of redemption to holders of all of the outstanding $96 million aggregate principal amount of their 8 percent quarterly interest bonds due 2031 on November 25, 2013. The bonds were redeemed in full at a redemption price equal to 100 percent of the principal amount thereof and interest accrued and unpaid thereon, to, but not including November 25, 2013. We refer to the transactions discussed above as the “Debt Refinancing.”
Hilton HHonors Points Sales
In October 2013, we sold Hilton HHonors points to American Express Travel Related Services Company, Inc. (“Amex”) and Citibank, N.A. (“Citi”) for $400 million and $250 million, respectively, in cash. We used the net proceeds of the Hilton HHonors points sales to reduce outstanding indebtedness in connection with the Debt Refinancing.
For more information on these transactions, see “—Liquidity and Capital Resources” as well as Note 13: “Debt” and Note 14: “Deferred Revenues” in our audited consolidated financial statements included elsewhere in this prospectus for additional information.
Principal Components and Factors Affecting our Results of Operations
Revenues
Principal Components
We primarily derive our revenues from the following sources:
 
 	•	 	Owned and leased hotels . Represents revenues derived from hotel operations, including room rentals, food and beverage sales and other ancillary services. These revenues are primarily derived from two categories of customers: transient and group. Transient guests are individual travelers who are traveling for business or leisure. Our group guests are traveling for group events that reserve rooms for meetings, conferences or social functions sponsored by associations, corporate, social, military, educational, religious or other organizations. Group business usually includes a block of room accommodations, as well as other ancillary services, such as catering and banquet services. A majority of our food and beverage sales and other ancillary services are provided to customers who are also occupying rooms at our hotel properties. As a result, occupancy affects all components of our owned and leased hotel revenues.	
 
 	•	 	Management and franchise fees and other. Represents revenues derived from management fees earned from hotels and timeshare properties managed by us, franchise fees received in connection with the franchising of our brands and other revenue generated by the incidental support of hotel operations for owned, leased, managed and franchised properties and other rental income.	
 
 	•	 	Terms of our management agreements vary, but our fees generally consist of a base fee, which is typically a percentage of each hotel’s gross revenue, and in some cases an incentive fee, which is based on gross operating profits, cash flow or a combination thereof. Management fees from timeshare properties are generally a fixed amount as stated in the management agreement. Outside of the U.S., our fees are often more dependent on hotel profitability measures, either through a	
 
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 	single management fee structure where the entire fee is based on a profitability measure, or because our two-tier fee structure is more heavily weighted toward the incentive fee than the base fee. Additionally, we receive one-time upfront fees upon execution of certain management contracts. In general, the hotel owner pays all operating and other expenses and reimburses our out-of-pocket expenses. The initial terms of our management agreements for full-service hotels typically are 20 years. Extensions are negotiated and vary, but typically are more prevalent in full-service hotels. Typically these agreements contain one or two extension options that are either for 5 or 10 years and can be exercised at our or the other party’s option or by mutual agreement. Some of our management agreements provide early termination rights to hotel owners upon certain events, including the failure to meet certain financial or performance criteria. Performance test measures typically are based upon the hotel’s performance individually or in comparison to specified hotels.	
 
 	•	 	Under our franchise agreements, franchisees pay us franchise fees which consist of initial application and initiation fees for new hotels entering the system and monthly royalty fees, generally calculated as a percentage of room revenues. Royalty fees for our full-service brands may also include a percentage of gross food and beverage revenues and other revenues, where applicable. In addition to the franchise application and royalty fees, franchisees also generally pay a monthly program fee based on a percentage of the total gross room revenue that covers the cost of advertising and marketing programs; internet, technology and reservation system expenses; and quality assurance program costs. Our franchise agreements typically have initial terms of approximately 20 years for new construction and approximately 10 to 20 years for properties that are converted from other brands. At the expiration of the initial term, we may relicense the hotel to the franchisee at our option, the hotel owner’s option or by mutual agreement, for an additional term ranging from 10 to 15 years. We have the right to terminate a franchise agreement upon specified events of default, including nonpayment of fees or noncompliance with brand standards. If a franchise agreement is terminated by us because of a franchisee’s default, the franchisee is contractually required to pay us liquidated damages.	
 
 	•	 	Timeshare. Represents revenues derived from the sale and financing of timeshare units and revenues from enrollments and other fees, rentals of timeshare units, food and beverage sales and other ancillary services at our timeshare properties and fees, which we refer to as resort operations. Additionally, in recent years, we began a transformation of our timeshare business to a capital light model in which third-party timeshare owners and developers provide capital for development while we act as the sales and marketing agent and property manager. Through these transactions, we receive a sales and marketing commission and branding fees on sales of timeshare intervals, recurring fees to operate the homeowners’ associations and revenues from resort operations.	
 
 	•	 	Other revenues from managed and franchised properties. These revenues represent the payroll and its related costs for properties that we manage where the property employees are legally our responsibility, as well as certain other operating costs of the managed and franchised properties’ operations, marketing expenses and other expenses associated with our brands and shared services that are contractually either reimbursed to us by the property owners or paid from fees collected in advance from these properties. We have no legal responsibility for the employees at our franchised properties. The corresponding expenses are presented as other expenses from managed and franchised properties in our consolidated statements of operations resulting in no effect on operating income or net income.	
Factors Affecting our Revenues
The following factors affect the revenues we derive from our operations:
 
 	•	 	Consumer demand and global economic conditions . Consumer demand for our products and services is closely linked to the performance of the general economy and is sensitive to business and personal discretionary spending levels. Declines in consumer demand due to adverse general economic	
 
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 	conditions, risks affecting or reducing travel patterns, lower consumer confidence and adverse political conditions can lower the revenues and profitability of our owned and leased operations and the amount of management and franchise fee revenues we are able to generate from our managed and franchised properties. Further, competition for hotel guests and the supply of hotel services affect our ability to increase rates charged to customers at our hotels. Also, declines in hotel profitability during an economic downturn directly affect the incentive portion of our management fees, which is based on hotel profit measures. Our timeshare segment also is linked to cycles in the general economy and consumer discretionary spending. As a result, changes in consumer demand and general business cycles can subject and have subjected our revenues to significant volatility.	
Our results of operations have steadily improved as the global economy continues to recover, resulting in an increase in system-wide RevPAR of 8.8 percent from the year ended December 31, 2011 to the year ended December 31, 2013.
 
 	•	 	Agreements with third-party owners and franchisees and relationships with developers . We depend on our long-term management and franchise agreements with third-party owners and franchisees for a significant portion of our management and franchise fee revenues. The success and sustainability of our management and franchise business depends on our ability to perform under our management and franchise agreements and maintain good relationships with third-party owners and franchisees. Our relationships with these third parties also generate new relationships with developers and opportunities for property development that can support our growth. Growth and maintenance of our hotel system and earning fees relating to hotels in the pipeline are dependent on the ability of developers and owners to access capital for the development, maintenance and renovation of properties. We believe that we have good relationships with our third-party owners, franchisees and developers and are committed to the continued growth and development of these relationships. These relationships exist with a diverse group of owners, franchisees and developers and are not significantly concentrated with any particular third party. Additionally, in recent years we have entered into sales and marketing agreements to sell timeshare units on behalf of third-party developers. Our supply of third-party developed timeshare intervals was approximately 88,000, or 82 percent of our total supply, as of June 30, 2014. We expect sales and marketing agreements with third-party developers and resort operations to comprise a growing percentage of our timeshare revenue and revenues derived from the sale and financing of timeshare units developed by us to comprise a smaller percentage of our timeshare revenue in future periods, consistent with our strategy to focus our business on the management aspects and deploy less of our capital to asset construction.	
Expenses
Principal Components
We primarily incur the following expenses:
 
 	•	 	Owned and leased hotels. Owned and leased hotel expenses reflect the operating expenses of our consolidated owned and leased hotels, including room expense, food and beverage costs, other support costs and property expenses. Room expense includes compensation costs for housekeeping, laundry and front desk staff and supply costs for guest room amenities and laundry. Food and beverage costs include costs for wait and kitchen staff and food and beverage products. Other support expenses consist of costs associated with property-level management, utilities, sales and marketing, operating hotel spas, telephones, parking and other guest recreation, entertainment and services. Property expenses include property taxes, repairs and maintenance, rent and insurance.	
 
 	•	 	Timeshare . Timeshare expenses include the cost of inventory sold during the period, sales and marketing expenses, resort operations expenses and other overhead expenses associated with our timeshare business.	
 
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 	•	 	Depreciation and amortization. These are non-cash expenses that primarily consist of depreciation of fixed assets such as buildings, furniture, fixtures and equipment at our consolidated owned and leased hotels, as well as certain corporate assets. Amortization expense primarily consists of amortization of our management and franchise intangibles, which are amortized over their estimated useful lives. Additionally, we amortize capitalized software over the estimated useful life of the software.	
 
 	•	 	General, administrative and other expenses. General, administrative and other expenses consist primarily of compensation expense for our corporate staff and personnel supporting our business segments (including divisional offices that support our management and franchise segment), professional fees (including consulting, audit and legal fees), travel and entertainment expenses, bad debt expenses, contractual performance obligations and office administrative and related expenses. Expenses incurred by our supply management business, laundry facilities and other ancillary businesses are also included in general, administrative and other expenses.	
 
 	•	 	Impairment losses. We hold significant amounts of goodwill, amortizing and non-amortizing intangible assets, long-lived assets and investments. We evaluate these assets for impairment as further discussed in “—Critical Accounting Policies and Estimates.” These evaluations have, in the past, resulted in impairment losses for certain of these assets based on the specific facts and circumstances surrounding the assets and our estimates of fair value. Based on economic conditions or other factors at a property-specific or company-wide level, we may be required to take additional impairment losses to reflect further declines in our asset and/or investment values.	
 
 	•	 	Other expenses from managed and franchised properties. These expenses represent the payroll and its related costs for properties that we manage where the property employees are legally our responsibility, as well as certain other operating costs of the managed and franchised properties’ operations, marketing expenses and other expenses associated with our brands and shared services that are contractually either reimbursed to us by the property owners or paid from fees collected in advance from these properties. We have no legal responsibility for the employees at our franchised properties. The corresponding revenues are presented as other revenues from managed and franchised properties in our consolidated statements of operations resulting in no effect on operating income or net income.	
Factors Affecting our Costs and Expenses
The following are principal factors that affect the costs and expenses we incur in the course of our operations:
 
 	•	 	Fixed expenses. Many of the expenses associated with managing, franchising and owning hotels and timeshare resorts are relatively fixed. These expenses include personnel costs, rent, property taxes, insurance and utilities, as well as sales and marketing expenses for our timeshare segment. If we are unable to decrease these costs significantly or rapidly when demand for our hotels and other properties decreases, the resulting decline in our revenues can have an adverse effect on our net cash flow, margins and profits. This effect can be especially pronounced during periods of economic contraction or slow economic growth. Economic downturns generally affect the results of our owned and leased hotel segment more significantly than the results of our management and franchising segments due to the high fixed costs associated with operating an owned or leased hotel. The effectiveness of any cost-cutting efforts is limited by the fixed costs inherent in our business. As a result, we may not be able to offset revenue reductions through cost cutting. Employees at some of our owned and leased hotels are parties to collective bargaining agreements that may also limit our ability to make timely staffing or labor changes in response to declining revenues. In addition, any efforts to reduce costs, or to defer or cancel capital improvements, could adversely affect the economic value of our hotels and brands. We have taken steps to reduce our fixed costs to levels we feel are appropriate to maximize profitability and respond to market conditions without jeopardizing the overall customer experience or the value of our hotels or brands. Also, a significant portion of our costs to support our timeshare business relates to direct sales and marketing of these units. In periods of decreased demand for timeshare units, we may	
 
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 	be unable to reduce our sales and marketing expenses quickly enough to prevent a deterioration of our profit margins on our timeshare business.	
 
 	•	 	Changes in depreciation and amortization expense. Changes in depreciation expense may be driven by renovations of existing hotels, acquisition or development of new hotels, the disposition of existing hotels through sale or closure, or changes in estimates of the useful lives of our assets. As we place new assets into service we will be required to record additional depreciation expense on those assets. Additionally, we capitalize costs associated with certain software development projects, and as those projects are completed and placed into service, amortization expense will increase.	
Other Items
Effect of foreign currency exchange rate fluctuations
Significant portions of our operations are conducted in functional currencies other than our reporting currency, which is the U.S. dollar (“USD”), and we have assets and liabilities denominated in a variety of foreign currencies. As a result, we are required to translate those results, assets and liabilities from the functional currency into USD at market based exchange rates for each reporting period. When comparing our results of operations between periods, there may be material portions of the changes in our revenues or expenses that are derived from fluctuations in exchange rates experienced between those periods.
Seasonality
The lodging industry is seasonal in nature. However, the periods during which our hotels experience higher or lower levels of demand vary from property to property and depend upon location, type of property and competitive mix within the specific location. Based on historical results, we generally expect our revenue to be lower during the first calendar quarter of each year than during each of the three subsequent quarters, with the fourth quarter producing the strongest revenues of the year.
Key Business and Financial Metrics Used by Management
Comparable Hotels
We define our comparable hotels as those that: (i) were active and operating in our system for at least one full calendar year as of the end of the current period, and open January 1st of the previous year; (ii) have not undergone a change in brand or ownership during the current or comparable periods reported; and (iii) have not sustained substantial property damage, business interruption, undergone large-scale capital projects or for which comparable results are not available. Of the 4,158 hotels in our system as of June 30, 2014, 3,598 were classified as comparable hotels. Our 560 non-comparable hotels included 37 properties, or less than one percent of the total hotels in our system, that were removed from the comparable group during the last twelve months because they sustained substantial property damage, business interruption, undergone large-scale capital projects or comparable results were not available. Of the 4,073, 3,926 and 3,806 hotels in our system as of December 31, 2013, 2012 and 2011, respectively, 3,548, 3,484, and 3,401 have been classified as comparable hotels for the years ended December 31, 2013, 2012 and 2011, respectively.
Occupancy
Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels. Occupancy measures the utilization of our hotels’ available capacity. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.
 
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Average Daily Rate
ADR represents hotel room revenue divided by total number of room nights sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the industry, and we use ADR to assess pricing levels that we are able to generate by type of customer, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.
Revenue per Available Room
We calculate RevPAR by dividing hotel room revenue by room nights available to guests for a given period. We consider RevPAR to be a meaningful indicator of our performance as it provides a metric correlated to two primary and key drivers of operations at our hotels: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods for comparable hotels.
References to RevPAR, ADR and occupancy are presented on a comparable basis and references to RevPAR and ADR are presented on a currency neutral basis (all periods use the same exchange rates), unless otherwise noted.
EBITDA and Adjusted EBITDA
EBITDA, presented herein, is a financial measure that is not recognized under U.S. GAAP that reflects net income attributable to Hilton stockholders, excluding interest expense, a provision for income taxes and depreciation and amortization. We consider EBITDA to be a useful measure of operating performance, due to the significance of our long-lived assets and level of indebtedness.
Adjusted EBITDA, presented herein, is calculated as EBITDA, as previously defined, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) FF&E replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based and certain other compensation expenses prior to and in connection with our IPO; (viii) severance, relocation and other expenses; and (ix) other items.
EBITDA and Adjusted EBITDA are not recognized terms under U.S. GAAP and should not be considered as alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
We believe that EBITDA and Adjusted EBITDA provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) EBITDA and Adjusted EBITDA are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions; and (ii) EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry.
EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing our results as reported under U.S. GAAP. Some of these limitations are:
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;	
 
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 	•	 	EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;	
 
 	•	 	EBITDA and Adjusted EBITDA do not reflect the effect on earnings or changes resulting from matters that we consider not to be indicative of our future operations;	
 
 	•	 	although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; and	
 
 	•	 	other companies in our industry may calculate EBITDA and Adjusted EBITDA differently, limiting their usefulness as comparative measures.	
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.
Results of Operations
Six Months Ended June 30, 2014 Compared with Six Months Ended June 30, 2013
The hotel operating statistics by segment for our system-wide comparable hotels were as follows:

 	  	Six Months Ended
June 30, 2014	 	 	Variance
2014 vs. 2013	 	
Owned and leased hotels	  				 				
Occupancy	  	 	76.9	% 	 	 	1.0	% pts. 	
ADR	  	$	 198.14	  	 	 	3.1	% 	
RevPAR	  	$	152.39	  	 	 	4.5	% 	
			
Managed and franchised hotels	  				 				
Occupancy	  	 	73.9	% 	 	 	2.1	% pts. 	
ADR	  	$	135.30	  	 	 	3.9	% 	
RevPAR	  	$	100.00	  	 	 	6.9	% 	
			
System-wide	  				 				
Occupancy	  	 	74.2	% 	 	 	2.0	% pts. 	
ADR	  	$	141.31	  	 	 	3.8	% 	
RevPAR	  	$	104.79	  	 	 	6.6	% 	
 
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The hotel operating statistics by region for our system-wide comparable hotels were as follows:

 	  	Six Months Ended
June 30, 2014	 	 	Variance
2014 vs. 2013	 	
Americas	  				 				
Occupancy	  	 	75.2	% 	 	 	2.1	% pts. 	
ADR	  	$	 136.91	  	 	 	4.1	% 	
RevPAR	  	$	102.92	  	 	 	7.1	% 	
			
Europe	  				 				
Occupancy	  	 	72.1	% 	 	 	2.3	% pts. 	
ADR	  	$	171.59	  	 	 	1.9	%  	
RevPAR	  	$	123.74	  	 	 	5.2	%  	
			
MEA	  				 				
Occupancy	  	 	61.7	% 	 	 	(2.8	)% pts. 	
ADR	  	$	162.58	  	 	 	2.4	% 	
RevPAR	  	$	100.38	  	 	 	(2.0	)% 	
			
Asia Pacific	  				 				
Occupancy	  	 	66.6	% 	 	 	2.1	% pts. 	
ADR	  	$	161.81	  	 	 	3.3	% 	
RevPAR	  	$	107.69	  	 	 	6.7	% 	
During the six months ended June 30, 2014, we experienced RevPAR increases in all segments of our business as a result of increased occupancy and increased rates in market segments where demand outpaced supply. We experienced increased RevPAR in all regions during the six months ended June 30, 2014, except for MEA, which despite favorable variances in ADR, experienced a decrease in occupancy due to continued political unrest in certain portions of the region that has limited travel and reduced demand.
Revenues

 	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	2014	 	  	2013	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Owned and leased hotels	  	$	 2,062	  	  	$	 1,984	  	  	 	3.9	  	
Management and franchise fees and other	  	 	666	  	  	 	561	  	  	 	18.7	  	
Timeshare	  	 	555	  	  	 	507	  	  	 	9.5	  	
	  	 	 	 	  	 	 	 	  				
	  	$	3,283	  	  	$	3,052	  	  	 	7.6	  	
	  	 	 	 	  	 	 	 	  				
Revenues as presented in this section excludes other revenues from managed and franchised properties of $1,747 million and $1,591 million during the six months ended June 30, 2014 and 2013, respectively.
Owned and leased hotels
During the six months ended June 30, 2014, the overall improved performance at our owned and leased hotels primarily was a result of improvement in RevPAR of 4.5 percent at our comparable owned and leased hotels.
As of June 30, 2014, we had 35 consolidated owned and leased hotels located in the U.S., comprising 24,061 rooms. Revenues at our U.S. owned and leased hotels totaled $1,076 million and $1,014 million for the six months ended June 30, 2014 and 2013, respectively. The increase was primarily the result of an increase in RevPAR at our U.S. comparable owned and leased hotels of 5.7 percent, which was due to increases in ADR of
 
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4.5 percent and occupancy of 1.0 percentage point. The increase in RevPAR at our U.S. comparable owned and leased hotels was attributable to both transient guests and group business. In addition, food and beverage revenues increased 7.4 percent for the six months ended June 30, 2014, primarily due to increased spending by group customers.
As of June 30, 2014, we had 89 consolidated owned and leased hotels located outside of the U.S., comprising 25,775 rooms. Revenues from our international (non-U.S.) owned and leased hotels totaled $986 million and $970 million for the six months ended June 30, 2014 and 2013, respectively. The revenue increase included favorable movements in foreign currency rates of $8 million for the six months ended June 30, 2014. On a currency neutral basis, revenues from our international owned and leased hotels increased $8 million, primarily due to an increase in RevPAR at our international comparable owned and leased hotels of 3.0 percent during the six months ended June 30, 2014, compared to the same period in 2013.
Management and franchise fees and other
Management and franchise fee revenue for the six months ended June 30, 2014 and 2013 totaled $624 million and $536 million, respectively. The increase in our management and franchise fee business reflected increases in RevPAR of 6.5 percent and 7.1 percent at our comparable managed and franchised properties, respectively. The increases in RevPAR for managed and franchised hotels were the result of both increased occupancy and ADR.
The addition of new hotels to our managed and franchised system also contributed to the growth in revenue. From June 30, 2013 to June 30, 2014 we added 38 managed properties on a net basis, contributing an additional 12,627 rooms to our system, as well as 125 franchised properties on a net basis, providing an additional 17,000 rooms to our system. As new hotels are established in our system, we expect the fees received from such hotels to increase as they are part of our system for full periods.
Other revenues for the six months ended June 30, 2014 and 2013 were $42 million and $25 million, respectively. The increase was primarily driven by an increase in revenues earned by our purchasing operations.
Timeshare
Timeshare revenue for the six months ended June 30, 2014 increased $48 million, compared to the same period in 2013. The increase was due to an increase of $27 million in real estate sales, including sales of third-party developed intervals. The increase was also generated from the recognition of previously deferred revenues resulting from the completed construction and opening of one of our developed properties in 2014. Additionally, there was an increase of $19 million in revenue from our resort operations due to increased transient rentals.
Operating Expenses

  	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	2014	 	  	2013	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Owned and leased hotels	  	$	 1,604	  	  	$	 1,547	  	  	 	3.7	  	
Timeshare	  	 	365	  	  	 	351	  	  	 	4.0	  	
Owned and leased hotels
Fluctuations in operating expenses at our owned and leased hotels can be attributed to various factors, including changes in occupancy levels, labor costs, utilities, taxes and insurance costs. The change in the number of occupied room nights directly affects certain variable expenses, which include payroll, supplies and other operating expenses.
 
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U.S. owned and leased hotel expenses totaled $726 million and $698 million for the six months ended June 30, 2014 and 2013, respectively. The increase was primarily due to increases in payroll costs and other variable costs resulting from increased revenues.
International owned and leased hotel expenses totaled $878 million and $849 million for the six months ended June 30, 2014 and 2013, respectively. The increase included unfavorable movements in foreign currency rates of $11 million. On a currency neutral basis, international owned and leased hotel expenses increased $18 million. The increase in currency neutral expenses was primarily due to a benefit of $11 million recognized as a reduction in rent expense during the six months ended June 30, 2013 relating to a termination payment received for one of our properties with a ground lease.
Timeshare
Timeshare expense increased $14 million for the six months ended June 30, 2014, compared to the same period in 2013, primarily due to an increase in sales and marketing expenses, resulting from the increase in sales volume from both our owned properties and third-party developed properties.

 	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Depreciation and amortization	  	$	 311	  	  	$	 309	  	  	 	0.6	  	
Depreciation expense decreased $10 million during the six months ended June 30, 2014, compared to the same period in 2013. The decrease was primarily due to $10 million in accelerated depreciation as a result of a lease termination at one of our properties recognized during the six months ended June 30, 2013. Amortization expense increased $12 million primarily due to an increase in capitalized software costs placed in service during and after the six months ended June 30, 2013.

  	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
General, administrative and other	  	$	 230	  	  	$	 189	  	  	 	21.7	  	
General and administrative expenses consist of our corporate operations, compensation and related expenses, including share-based compensation, and other operating costs.
General and administrative expenses were $193 million and $165 million for the six months ended June 30, 2014 and 2013, respectively. The increase was primarily due to share-based compensation expense of $17 million for awards under the 2013 Omnibus Incentive Plan and an increase of $16 million of compensation expense related to the Promote plan. Additionally, we incurred $6 million of costs in connection with the sale of shares of our common stock by selling stockholders in connection with a secondary equity offering in June 2014. The increase for the six months ended June 30, 2014 was partially offset by the reversal of accruals related to the termination of a cash-based, long-term incentive plan that was replaced with a share-based compensation plan in the first quarter of 2014 resulting in an $18 million reduction in general and administrative expense.
Other expenses for the six months ended June 30, 2014 and 2013 were $37 million and $24 million, respectively. The increase was primarily due to our purchasing operations, which is in line with the increase in other revenues.
 
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Non-operating Income and Expenses

 	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Interest expense	  	$	 311	  	  	$	 274	  	  	 	13.5	  	
Interest expense increased $37 million for the six months ended June 30, 2014, compared to the same period in 2013, primarily due to the amortization of debt issuance costs and interest rate swaps on debt entered into in October 2013, as well as the interest on our Securitized Timeshare Debt entered into in the second half of 2013.

 	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Equity in earnings from unconsolidated affiliates	  	$	   12	  	  	$	     8	  	  	 	50.0	  	
The increase in equity in earnings from unconsolidated affiliates was primarily due to improved performance of our unconsolidated affiliates.

  	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Gain (loss) on foreign currency transactions	  	$	   46	  	  	 	$ (82)	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
The net gain (loss) on foreign currency transactions primarily relates to changes in foreign currency rates relating to short-term cross-currency intercompany loans.

  	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Other gain, net	  	$	   14	  	  	$	     6	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
The other gain, net for the six months ended June 30, 2014 was primarily related to pre-tax gains of $12 million resulting from the sale of an owned hotel and a vacant parcel of land that occurred in the second quarter of 2014.
The other gain, net for the six months ended June 30, 2013 was primarily related to a capital lease restructuring by one of our consolidated VIEs during the first quarter of 2013. The revised terms reduced the future minimum lease payments, resulting in a reduction of the capital lease obligation and a residual amount, which was recorded in other gain, net.

  	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	    2014    	 	  	    2013    	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Income tax expense	  	$	 204	  	  	$	 122	  	  	 	67.2	  	
The increase in income tax expense was primarily the result of an increase in U.S. federal taxes as a result of higher taxable income.
 
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Segment Results
We evaluate our business segment operating performance using segment Adjusted EBITDA, as described in Note 15: “Business Segments” in our unaudited condensed consolidated financial statements included elsewhere in this prospectus. Refer to those financial statements for a reconciliation of Adjusted EBITDA to net income attributable to Hilton stockholders. For a discussion of how management uses EBITDA and Adjusted EBITDA to manage our business and material limitations on its usefulness, refer to “—Key Business and Financial Metrics Used by Management.”
The following table sets forth revenues and Adjusted EBITDA by segment, reconciled to consolidated amounts:

 	  	Six Months Ended
June 30,	 	  	Percent
Change	 	
 	  	2014	 	  	2013	 	  	2014 vs. 2013	 	
 	  	(in millions)	 	  	 	 	
Revenues	  				  				  				
Ownership	  	$	 2,078 	  	  	$	 1,998 	  	  	 	4.0	  	
Management and franchise	  	 	702 	  	  	 	608 	  	  	 	15.5	  	
Timeshare	  	 	555 	  	  	 	507 	  	  	 	9.5	  	
	  	 	 	 	  	 	 	 	  				
Segment revenues	  	 	3,335 	  	  	 	3,113 	  	  	 	7.1	  	
Other revenues from managed and franchised properties	  	 	1,747 	  	  	 	1,591 	  	  	 	9.8	  	
Other revenues	  	 	46 	  	  	 	30 	  	  	 	53.3	  	
Intersegment fees elimination	  	 	(98)	  	  	 	(91)	  	  	 	7.7	  	
	  	 	 	 	  	 	 	 	  				
Total revenues	  	$	5,030 	  	  	$	4,643 	  	  	 	8.3	  	
	  	 	 	 	  	 	 	 	  				
Adjusted EBITDA	  				  				  				
Ownership	  	$	470 	  	  	$	445 	  	  	 	5.6	  	
Management and franchise	  	 	702 	  	  	 	608 	  	  	 	15.5	  	
Timeshare	  	 	154 	  	  	 	119 	  	  	 	29.4	  	
Corporate and other	  	 	(131)	  	  	 	(135)	  	  	 	(3.0	) 	
	  	 	 	 	  	 	 	 	  				
Adjusted EBITDA	  	$	1,195 	  	  	$	1,037 	  	  	 	15.2	  	
	  	 	 	 	  	 	 	 	  				
Ownership
Ownership segment revenues increased $80 million for the six months ended June 30, 2014, compared to the same period in 2013, primarily due to an improvement in RevPAR of 4.5 percent at our comparable owned and leased hotels. Our ownership segment’s Adjusted EBITDA increased $25 million, primarily as a result of an increase in ownership segment revenues, offset by an increase in owned and leased operating expenses of $57 million. Refer to “—Revenues—Owned and leased hotels” and “—Operating Expenses—Owned and leased hotels” for further discussion on the increases in revenues and operating expenses at our owned and leased hotels.
Management and franchise
Management and franchise segment revenues increased $94 million for the six months ended June 30, 2014, compared to the same period in 2013, primarily as a result of an increase in RevPAR of 6.9 percent at our comparable managed and franchised properties, as well as the net addition of hotels to our managed and franchised system. Refer to “—Revenues—Management and franchise and other” for further discussion on the increase in revenues from our managed and franchised properties. Our management and franchise segment’s Adjusted EBITDA increased as a result of the increase in management and franchise segment revenues.
 
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Timeshare
Our timeshare segment’s Adjusted EBITDA increased $35 million for the six months ended June 30, 2014, compared to the same period in 2013, as a result of an increase in timeshare revenues of $48 million, offset by an increase in timeshare operating expenses of $14 million. Refer to “—Revenues—Timeshare” and “—Operating Expenses—Timeshare” for a discussion of the increases in revenues and operating expenses from our timeshare segment.
Year Ended December 31, 2013 Compared with Year Ended December 31, 2012
During the year ended December 31, 2013, we experienced occupancy increases in all segments of our business, and we were able to increase rates in market segments where demand has outpaced supply. The hotel operating statistics for our system-wide comparable hotels were as follows:

 	  	Year Ended
December 31, 2013	 	 	Variance
2013 vs. 2012	 	
Owned and leased hotels	  				 				
Occupancy	  	 	75.9	% 	 	 	0.9	% pts 	
ADR	  	$	 191.15	  	 	 	3.4	% 	
RevPAR	  	$	145.00	  	 	 	4.6	% 	
Managed and franchised hotels	  				 				
Occupancy	  	 	71.9	% 	 	 	1.4	% pts 	
ADR	  	$	130.68	  	 	 	3.3	% 	
RevPAR	  	$	94.02	  	 	 	5.3	% 	
System-wide	  				 				
Occupancy	  	 	72.3	% 	 	 	1.3	% pts 	
ADR	  	$	136.49	  	 	 	3.3	% 	
RevPAR	  	$	98.65	  	 	 	5.2	% 	
The system-wide increase in RevPAR was led by our Asia Pacific region, which experienced an increase of 7.0 percent due primarily to increased occupancy of 4.5 percentage points. In the Americas region, which includes the U.S., RevPAR increased 5.2 percent due to increased occupancy of 1.2 percentage points and increased ADR of 3.4 percent. Our hotels in the MEA region experienced a RevPAR increase of 6.4 percent, due to increased ADR of 13.1 percent, offset by decreased occupancy of 3.7 percentage points. Our European hotels experienced a RevPAR increase of 3.9 percent, primarily due to increased occupancy of 2.2 percentage points.
Revenues

 	 	Year Ended December 31,	 	  	Percent
Change	 	
 	 	2013	 	  	2012	 	  	2013 vs. 2012	 	
 	 	(in millions)	 	  	 	 	
Owned and leased hotels	 	$	4,046	  	  	$	3,979	  	  	 	1.7	  	
Management and franchise fees and other	 	 	1,175	  	  	 	1,088	  	  	 	8.0	  	
Timeshare	 	 	1,109	  	  	 	1,085	  	  	 	2.2	  	
	 	 	 	 	  	 	 	 	  				
	 	$	 6,330	  	  	$	 6,152	  	  	 	2.9	  	
	 	 	 	 	  	 	 	 	  				
Revenues as presented in this section excludes other revenues from managed and franchised properties of $3,405 million and $3,124 million during the years ended December 31, 2013 and 2012, respectively.
Owned and leased hotels
During the year ended December 31, 2013, the overall improved performance at our owned and leased hotels primarily was a result of improvement in RevPAR of 4.6 percent at our comparable owned and leased hotels.
 
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As of December 31, 2013, we had 35 consolidated owned and leased hotels located in the U.S., comprising 24,050 rooms. Revenues at our U.S. owned and leased hotels for the years ended December 31, 2013 and 2012 totaled $2,058 million and $1,922 million, respectively. The increase of $136 million, or 7.1 percent, was primarily driven by an increase in RevPAR at our U.S. comparable owned and leased hotels of 6.8 percent, which was due to increases in occupancy and ADR of 1.6 percentage points and 4.5 percent, respectively.
As of December 31, 2013, we had 89 consolidated owned and leased hotels located outside of the U.S., comprising 25,781 rooms. Revenues from our international (non-U.S.) owned and leased hotels for the years ended December 31, 2013 and 2012 totaled $1,988 million and $2,057 million, respectively. The decrease of $69 million, or 3.4 percent, was primarily due to an unfavorable movement in foreign currency rates of $63 million; on a currency neutral basis, revenue decreased $6 million. The decrease in currency neutral revenue was a result of a $44 million decrease in revenue from hotels that we sold or where leases expired during the periods, offset by an increase in revenues from our international comparable owned and leased hotels, which had a RevPAR increase of 8.0 percent. The RevPAR increase was a result of a 4.2 percentage point increase in occupancy and a 2.0 percent increase in ADR.
Management and franchise fees and other
Management and franchise fee revenue for the years ended December 31, 2013 and 2012 totaled $1,115 million and $1,032 million, respectively. The increase of $83 million, or 8.0 percent, reflects increases in RevPAR of 6.0 percent and 5.0 percent at our comparable managed and franchised properties, respectively. The increases in RevPAR for managed and franchised hotels were driven by both increases in occupancy and ADR.
The addition of new hotels to our managed and franchised system also contributed to the growth in revenue. During 2013, we added 45 managed properties on a net basis, contributing an additional 10,196 rooms to our system, as well as 108 franchised properties on a net basis, providing an additional 16,084 rooms to our system. As new hotels are established in our system, we expect the fees received from such hotels to increase as they are part of our system for full periods.
Other revenues for the years ended December 31, 2013 and 2012 were $60 million and $56 million, respectively. The increase was primarily driven by an increase in revenues received from our supply management business.
Timeshare
Timeshare revenue increased $24 million due to an increase of approximately $63 million in sales commissions generated from projects developed by third parties as a result of three properties comprising 1,049 units commencing sales during or after the year ended December 31, 2012. Additionally, there was an increase of approximately $9 million in revenue from our resort operations, primarily due to increases in club fees and room rentals, as well as an increase of approximately $9 million in financing and other revenues, primarily due to increases in portfolio interest income. These increases were offset by a decrease of approximately $57 million in revenue from the sale of timeshare units developed by us due to lower sales volume of our owned timeshare inventory, which we expect to continue as we further develop our capital light timeshare business with a focus on selling timeshare intervals on behalf of third-party developers.
Operating Expenses

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	    2013    	 	  	    2012    	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Owned and leased hotels	  	$	 3,147	  	  	$	 3,230	  	  	 	(2.6	) 	
Timeshare	  	 	730	  	  	 	758	  	  	 	(3.7	) 	
 
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Owned and leased hotels
Fluctuations in operating expenses at our owned and leased hotels can be related to various factors, including changes in occupancy levels, labor costs, utilities, taxes and insurance costs. The change in the number of occupied room nights directly affects certain variable expenses, which include payroll, supplies and other operating expenses.
U.S. owned and leased hotel expenses totaled $1,410 million and $1,370 million for the years ended December 31, 2013 and 2012, respectively. The increase of $40 million, or 2.9 percent, was due to increased occupancy levels, which resulted in an increase in variable operating expenses, including labor and utility costs.
International owned and leased hotel expenses totaled $1,737 million and $1,860 million for the years ended December 31, 2013 and 2012, respectively. The decrease of $123 million, or 6.6 percent, was due in part to foreign currency movements, which contributed $49 million of the decrease, as international owned and leased hotel expenses, on a currency neutral basis, decreased $74 million. The decrease in currency neutral expenses was primarily due to the expiration of operating leases and sales of certain properties in 2012, as well as cost mitigation strategies and operational efficiencies employed at all of our owned and leased properties.
Timeshare
Timeshare expense decreased $28 million primarily due to lower sales volume at our developed properties resulting in lower cost of sales, offset by an increase in sales and marketing expenses, most significantly related to the shift towards our capital light timeshare business.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	  2013  	 	  	  2012  	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Depreciation and amortization	  	$	 603	  	  	$	 550	  	  	 	9.6	  	
Depreciation expense increased $28 million primarily due to $254 million in capital expenditures during the year ended December 31, 2013, resulting in additional depreciation expense on certain owned and leased assets in 2013. Amortization expense increased $25 million for the year ended December 31, 2013 primarily due to capitalized software costs that were placed into service during the fourth quarter of 2012.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2013	 	  	2012	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Impairment losses	  	$	   —	  	  	$	   54	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
During the year ended December 31, 2012, certain markets and properties faced operating and competitive challenges. Such challenges caused a decline in expected future results of certain owned and leased properties and in the market value of certain corporate buildings, which caused us to evaluate the carrying values of these affected properties for impairment. As a result of our evaluation, we recognized impairment losses of $42 million related to our owned and leased hotels, $11 million of impairment losses related to certain corporate office facilities and $1 million of impairment losses related to one cost method investment.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	  2013  	 	  	  2012  	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
General, administrative and other	  	$	 748	  	  	$	 460	  	  	 	62.6	  	
 
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General and administrative expenses consist of our corporate operations, compensation and related expenses, including share-based compensation, and other operating costs.
General and administrative expenses were $697 million and $398 million for the years ended December 31, 2013 and 2012, respectively. The increase of $299 million was primarily due to share-based compensation expense of approximately $306 million related to the conversion of our executive compensation plan concurrent with our IPO during the fourth quarter of 2013. Other expenses for the years ended December 31, 2013 and 2012 were $51 million and $62 million, respectively. The decrease of $11 million was primarily due to a reduction in payments required under performance guarantees on certain managed properties between periods.
Non-operating Income and Expenses

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	  2013  	 	  	  2012  	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Interest expense	  	$	  620	  	  	$	   569	  	  	 	9.0	  	
Interest expense increased $51 million for the year ended December 31, 2013 primarily due to the release of $23 million of debt issuance costs and original issue discount related to the portion of the Term Loans that was voluntarily prepaid during the year ended December 31, 2013, as well as an increase in the average interest rate on our outstanding borrowings. These increases were offset by decreases in interest expense as a result of voluntary prepayments of $1.45 billion made in 2013 prior to our Debt Refinancing.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	  2013  	 	  	  2012  	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Equity in earnings (losses) from unconsolidated affiliates	  	$	     16	  	  	$	  (11)	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
The $27 million increase in equity in earnings from unconsolidated affiliates was primarily a result of $19 million of impairment losses on our equity method investments recognized during the year ended December 31, 2012. Additionally, many of our equity method investments experienced improved operating performance, resulting in an increase in the equity in earnings from these unconsolidated affiliates.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	  2013  	 	  	  2012  	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Gain (loss) on foreign currency transactions	  	$	  (45)	  	  	$	     23	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
The net gain (loss) on foreign currency transactions primarily relates to changes in foreign currency rates relating to short-term cross-currency intercompany loans.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2013	 	  	2012	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Gain on debt extinguishment	  	$	  229	  	  	$	     —	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
 
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The gain on debt extinguishment was the result of the Debt Refinancing which occurred in 2013. See Note 13: “Debt” in our audited consolidated financial statements included elsewhere in this prospectus for further discussion.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2013	 	  	2012	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Other gain, net	  	$	     7	  	  	$	     15	  	  	 	(53.3	) 	
The other gain, net for the year ended December 31, 2013 was primarily related to a capital lease restructuring by one of our consolidated variable interest entities (“VIEs”) during the period. The revised terms reduced the future minimum lease payments, resulting in a reduction of the capital lease obligation and a residual amount, which was recorded in other gain, net.
The other gain, net for the year ended December 31, 2012 was primarily related to the pre-tax gain of $5 million resulting from the sale of our interest in an investment in affiliate accounted for under the equity method, as well as a $6 million gain due to the resolution of certain contingencies relating to historical asset sales.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2013	 	  	2012	 	  	2013 vs. 2012	 	
 	  	(in millions)	 	  	 	 	
Income tax expense	  	$	     238	  	  	$	     214	  	  	 	11.2	  	
The $24 million increase in income tax expense was primarily the result of an increase in U.S. federal and foreign taxes as a result of higher taxable income, partially offset by the benefit of releasing $121 million of valuation allowances against certain foreign and state deferred tax assets during the year ended December 31, 2013. Refer to Note 19: “Income Taxes” in our audited consolidated financial statements included elsewhere in this prospectus for a reconciliation of our tax provision at the U.S. statutory rate to our provision for income taxes.
Segment Results
We evaluate our business segment operating performance using segment Adjusted EBITDA, as described in Note 24: “Business Segments” in our audited consolidated financial statements included elsewhere in this prospectus. Refer to those financial statements for a reconciliation of Adjusted EBITDA to net income attributable to Hilton stockholders. For a discussion of our definition of EBITDA and Adjusted EBITDA, how management uses it to manage our business and material limitations on its usefulness, refer to “—Key Business and Financial Metrics Used by Management”.
 
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The following table sets forth revenues and Adjusted EBITDA by segment, reconciled to consolidated amounts:

 	  	Year Ended December 31,	 	 	Percent
Change	 	
 	  	2013	 	 	2012	 	 	2013 vs. 2012	 	
 	  	(in millions)	 	 	 	 	
Revenues:	  				 				 				
Ownership (1)(4)	  	$	 4,075 	  	 	$	 4,006 	  	 	 	1.7	  	
Management and franchise (2)	  	 	1,271 	  	 	 	1,180 	  	 	 	7.7	  	
Timeshare	  	 	1,109 	  	 	 	1,085 	  	 	 	2.2	  	
	  	 	 	 	 	 	 	 	 				
Segment revenues	  	 	6,455 	  	 	 	6,271 	  	 	 	2.9	  	
Other revenues from managed and franchised properties	  	 	3,405 	  	 	 	3,124 	  	 	 	9.0	  	
Other revenues (3)	  	 	69 	  	 	 	66 	  	 	 	4.5	  	
Intersegment fees elimination (1)(2)(3)(4)	  	 	(194	) 	 	 	(185	) 	 	 	4.9	  	
	  	 	 	 	 	 	 	 	 				
Total revenues	  	$	9,735 	  	 	$	9,276 	  	 	 	4.9	  	
	  	 	 	 	 	 	 	 	 				
Adjusted EBITDA:	  				 				 				
Ownership (1)(2)(3)(4)(5)	  	$	926 	  	 	$	793 	  	 	 	16.8	  	
Management and franchise (2)	  	 	1,271 	  	 	 	1,180 	  	 	 	7.7	  	
Timeshare (1)(2)	  	 	297 	  	 	 	252 	  	 	 	17.9	  	
Corporate and other (3)(4)	  	 	(284	) 	 	 	(269	) 	 	 	5.6	  	
	  	 	 	 	 	 	 	 	 				
Adjusted EBITDA	  	$	2,210 	  	 	$	1,956 	  	 	 	13.0	  	

(1)  	Includes charges to timeshare operations for rental fees and fees for other amenities, which are eliminated in our consolidated financial statements. These charges totaled $26 million and $24 million for the years ended December 31, 2013 and 2012, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and a cost to timeshare Adjusted EBITDA.	
(2)  	Includes management, royalty and intellectual property fees of $100 million and $96 million for the years ended December 31, 2013 and 2012, respectively. These fees are charged to consolidated owned and leased properties and are eliminated in our consolidated financial statements. Also includes a licensing fee of $56 million and $52 million for the years ended December 31, 2013 and 2012, respectively, which is charged to our timeshare segment by our management and franchise segment and is eliminated in our consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and a cost to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.	
(3)  	Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $9 million and $10 million for the years ended December 31, 2013 and 2012, respectively. These charges are eliminated in our consolidated financial statements.	
(4)  	Includes various other intercompany charges of $3 million for the years ended December 31, 2013 and 2012.	
(5)  	Includes unconsolidated affiliate Adjusted EBITDA.	
Ownership
Ownership segment revenues increased $69 million primarily due to an improvement in RevPAR of 4.6 percent at our comparable owned and leased hotels. Refer to “—Revenues—Owned and leased hotels” for further discussion on the increase in revenues from our owned and leased hotels. Our ownership segment’s Adjusted EBITDA increased $133 million primarily as a result of the increase in ownership segment revenues and the decrease in operating expenses at our owned and leased hotels of $83 million. Refer to “—Operating Expenses—Owned and leased hotels” for further discussion on the decrease in operating expenses.
 
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Management and franchise
Management and franchise segment revenues increased $91 million primarily as a result of increases in RevPAR of 6.0 percent and 5.0 percent at our comparable managed and franchised properties, respectively, and the net addition of hotels to our managed and franchised system. Refer to “—Revenues—Management and franchise and other” for further discussion on the increase in revenues from our managed and franchised properties. Our management and franchise segment’s Adjusted EBITDA increased as a result of the increase in management and franchise segment revenues.
Timeshare
Refer to “—Revenues—Timeshare” for a discussion of the increase in revenues from our timeshare segment. Our timeshare segment’s Adjusted EBITDA increased $45 million primarily as a result of the $24 million increase in timeshare revenue and the $28 million decrease in timeshare operating expense. Refer to “—Operating Expenses—Timeshare” for a discussion of the decrease in operating expenses from our timeshare segment.
Year Ended December 31, 2012 Compared with Year Ended December 31, 2011
During the year ended December 31, 2012, we experienced occupancy increases in all segments of our business and were able to increase rates in market segments where demand outpaced supply. The hotel operating statistics for our system-wide comparable hotels were as follows:

 	  	Year Ended
December 31, 2012	 	 	Variance
2012 vs. 2011	 	
Owned and leased hotels	  				 				
Occupancy	  	 	74.5	% 	 	 	2.3	% pts 	
ADR	  	$	 183.29	  	 	 	1.0	% 	
RevPAR	  	$	136.55	  	 	 	4.2	% 	
			
Managed and franchised hotels	  				 				
Occupancy	  	 	70.8	% 	 	 	1.9	% pts 	
ADR	  	$	126.17	  	 	 	3.0	% 	
RevPAR	  	$	89.34	  	 	 	5.8	% 	
			
System-wide	  				 				
Occupancy	  	 	71.1	% 	 	 	1.9	% pts 	
ADR	  	$	131.35	  	 	 	2.9	% 	
RevPAR	  	$	93.38	  	 	 	5.7	% 	
The system-wide increase in occupancy was led by our Asia Pacific region, which had an increase of 4.8 percentage points, and was lagged by our European hotels, which had a growth in occupancy of 1.3 percentage points. Our European hotels experienced a 2.5 percent increase in RevPAR, partially attributable to the 2012 Summer Olympics held in London. While political unrest in portions of the Middle East continued throughout 2012, the MEA region experienced a 2.8 percent increase in RevPAR.
As of December 31, 2012, we had 10 hotels in Japan, five of which were included in our ownership segment. Additionally, Hilton Grand Vacations (“HGV”) had eight sales centers and offices in Japan. None of our hotels or offices in Japan were damaged in the March 2011 earthquake and tsunami. Our Japanese operations stabilized during the third quarter of 2011 and, from that time on, our Japanese hotels have experienced continued improvement in RevPAR, which increased 14.9 percent and supported the increase in RevPAR of 8.7 percent in our Asia Pacific region between periods. The Asia Pacific region experienced the largest increase in RevPAR of all our regions from 2011.
 
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Revenues

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Owned and leased hotels	  	$	 3,979	  	  	$	 3,898	  	  	 	2.1	  	
Management and franchise fees and other	  	 	1,088	  	  	 	1,014	  	  	 	7.3	  	
Timeshare	  	 	1,085	  	  	 	944	  	  	 	14.9	  	
	  	 	 	 	  	 	 	 	  				
	  	$	6,152	  	  	$	5,856	  	  	 	5.1	  	
	  	 	 	 	  	 	 	 	  				
Revenues as presented in this section, excludes other revenues from managed and franchised properties of $3,124 million and $2,927 million during the years ended December 31, 2012 and 2011, respectively.
Owned and leased hotels
During the year ended December 31, 2012, the improved performance of our owned and leased hotels primarily was a result of improvement in RevPAR of 4.2 percent at our comparable owned and leased hotels.
As of December 31, 2012, we had 35 consolidated owned and leased hotels located in the U.S., comprising 24,054 rooms. Revenue at our U.S. owned and leased hotels for the years ended December 31, 2012 and 2011 totaled $1,922 million and $1,822 million, respectively. The increase of $100 million, or 5.5 percent, was primarily driven by an increase in RevPAR of 5.1 percent, which was due to increases in ADR and occupancy at our U.S. comparable owned and leased hotels of 1.5 percent and 2.7 percentage points, respectively. These increases were primarily driven by business from transient guests as room revenue from transient guests at our U.S. comparable owned and leased hotels increased 10.4 percent, due to increases in transient ADR of 2.9 percent and transient occupancy of 7.3 percent. The increased transient room revenue was in part offset by decreases in room revenue from group travel at our U.S. comparable owned and leased hotels of 3.0 percent during the year ended December 31, 2012, compared to the year ended December 31, 2011. The decrease in group room revenue at our U.S. comparable owned and leased hotels was primarily due to one large group at one hotel driving significant group room revenue in 2011 that did not recur in 2012. Excluding this one hotel from the prior year results, our group room revenue at our U.S. comparable owned and leased hotels increased 2.0 percent.
As of December 31, 2012, we had 94 consolidated owned and leased hotels located outside of the U.S., comprising 26,565 rooms. Revenue from our international owned and leased hotels totaled $2,057 million and $2,076 million for the years ended December 31, 2012 and December 31, 2011, respectively. The revenue decrease of $19 million, or 0.9 percent, was primarily due to an unfavorable movement in foreign currency rates of $76 million. On a currency neutral basis, international owned and leased hotel revenue increased $57 million, or 2.9 percent. The increase was primarily driven by an increase in RevPAR of 3.4 percent, which was due to an increase in occupancy at our comparable international owned and leased hotels of 1.9 percentage points, while ADR remained relatively consistent period over period. The increase was also due to recovery in Japan as operations stabilized in the third quarter of 2011 after the natural disasters negatively affected revenues for the first half of 2011. This recovery resulted in an increase in RevPAR at our comparable Japanese owned and leased hotels of 18.2 percent, which was driven by an increase in occupancy and ADR of 10.5 percentage points and 2.1 percent, respectively.
Management and franchise fees and other
Management and franchise fee revenue for the years ended December 31, 2012 and 2011 totaled $1,032 million and $965 million, respectively. The increase of $67 million, or 6.9 percent, in our management and franchise business reflects increases in RevPAR of 4.9 percent and 6.2 percent at our comparable managed and franchised properties, respectively. The increases in RevPAR for both comparable periods for managed and franchised hotels were primarily driven by increased occupancy and rates charged to guests.
 
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The addition of new hotels to our managed and franchised system also contributed to the growth in revenue. We added 13 managed properties on a net basis, contributing an additional 4,265 rooms to our system, as well as 107 franchised properties on a net basis, providing an additional 14,007 rooms to our system. As new hotels are established in our system, we expect the fees received from such hotels to increase as they are part of our system for full periods.
Other revenues were $56 million and $49 million, respectively, for the years ended December 31, 2012 and 2011.
Timeshare
Timeshare revenue for the year ended December 31, 2012 was $1,085 million, an increase of $141 million, or 14.9 percent, from $944 million during the year ended December 31, 2011. This increase was primarily due to a $66 million increase in revenue from the sale of timeshare units developed by us, as well as an increase of $46 million in sales commissions and fees earned on projects developed by third parties. Additionally, our revenue from resorts operations and financing and other revenues both increased $9 million.
Operating Expenses

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Owned and leased hotels	  	$	 3,230	  	  	$	 3,213	  	  	 	0.5	  	
Timeshare	  	 	758	  	  	 	668	  	  	 	13.5	  	
U.S. owned and leased hotel expense totaled $1,370 million and $1,345 million, respectively, for the years ended December 31, 2012 and 2011. The increase of $25 million, or 1.9 percent, was partially due to increased occupancy of 2.7 percentage points at our comparable U.S. owned and leased hotels, which resulted in an increase in labor and utility costs. The increase was also due to increases to sales and marketing expenses, insurance expenses and property taxes at our U.S. owned and leased hotels.
International owned and leased hotel expense decreased $8 million, or 0.4 percent, to $1,860 million from $1,868 million, respectively, for the year ended December 31, 2012 compared to the year ended December 31, 2011. However, there were foreign currency movements of $66 million between the years ended December 31, 2012 and 2011, which decreased owned and leased hotel expenses. International owned and leased hotel expenses, on a currency neutral basis, increased $58 million. The increase in currency neutral expense was primarily due to increased occupancy of 1.9 percentage points at our comparable international owned and leased hotels, which resulted in an increase in variable operating expenses and energy costs. The increase was also due to increases in rent expenses, certain of which have a variable component based on hotel revenues or profitability, as well as repair and maintenance expenses, insurance expenses and property taxes at our international owned and leased hotels.
Timeshare expense increased $90 million for the year ended December 31, 2012, compared to the year ended December 31, 2011, primarily due to increased sales, marketing, general and administrative costs associated with the increase in timeshare revenue during the same period.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Depreciation and amortization	  	$	 550	  	  	$	 564	  	  	 	(2.5	) 	
 
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Depreciation and amortization expense decreased $14 million for the year ended December 31, 2012, compared to the year ended December 31, 2011. Depreciation expense, including amortization of assets recorded under capital leases, decreased $33 million primarily due to capital lease amendments which resulted in extending asset useful lives in the second half of 2011, as well as 2011 impairments, which resulted in lower depreciable asset bases for 2012. These instances led to lower depreciation expense on the same assets for the year ended December 31, 2012 compared to the year ended December 31, 2011. Amortization expense increased $19 million primarily due to capitalized software that was placed in service during the year ended December 31, 2012.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Impairment losses	  	$	   54	  	  	$	   20	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
During the year ended December 31, 2012, certain specific markets and properties, particularly in Europe, continued to face operating and competitive challenges. Such challenges caused a decline in market value of certain corporate buildings in the current year and in expected future results for certain owned and leased properties, which caused us to evaluate the carrying values of these affected properties for impairment. During 2012, we recognized impairment losses of $42 million related to our owned and leased hotels, $11 million of impairment losses related to certain corporate office facilities, and $1 million of impairment losses related to one cost method investment. During 2011, we recognized impairment losses of $17 million related to our owned and leased hotels and $3 million on timeshare properties.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
General, administrative and other	  	$	 460	  	  	$	 416	  	  	 	10.6	  	
General and administrative expenses consist of our corporate operations, compensation and related expenses, including share-based compensation, and other operating costs.
General and administrative expenses for the years ended December 31, 2012 and 2011 totaled $398 million and $377 million, respectively. In 2011, we recorded a one-time $20 million insurance recovery related to a prior year legal settlement. Excluding this recovery, general and administrative expenses increased $1 million for the year ended December 31, 2012, compared to the year ended December 31, 2011. The increase includes a $31 million increase in share-based compensation expense due to the acceleration of certain payments under our share-based compensation plan. These increases were offset by decreases in employee retirement costs from the acceleration of a $13 million prior service credit relating to the freeze of our employee benefit plan that covers workers in the United Kingdom agreed to in March 2012, reorganization costs of $16 million that were recorded in 2011 and other operating costs.
Other expenses were $62 million and $39 million, respectively, for the years ended December 31, 2012 and 2011. This increase of $23 million was due to an increase of $16 million in various operating expenses incurred for the incidental support of hotel operations and an increase of $3 million for guarantee payments.
Non-operating Income and Expenses

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Interest expense	  	$	 569	  	  	$	 643	  	  	 	(11.5	) 	
 
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Interest expense decreased $74 million for the year ended December 31, 2012, compared to the year ended December 31, 2011. The decrease in interest expense was attributable to debt payments during the fourth quarter 2011, which resulted in lower 2012 debt principal balances to which interest rates were applied.
The weighted average effective interest rate on our outstanding debt was approximately 3.4 percent and 3.7 percent for the years ended December 31, 2012 and 2011, respectively.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Equity in losses from unconsolidated affiliates	  	$	   11	  	  	$	 145	  	  	 	(92.4	) 	
The $134 million decrease in the loss from prior year was primarily due to other-than-temporary impairments on our equity investments of $19 million for the year ended December 31, 2012, as compared to other-than-temporary impairments of $141 million for the year ended December 31, 2011 resulting from declines in certain joint ventures’ current and expected future operating results.

 	  	Year Ended December 31,	 	 	Percent
Change	 	
 	  	2012	 	  	2011	 	 	2012 vs. 2011	 	
 	  	(in millions)	 	 	 	 	
Gain (loss) on foreign currency transactions	  	$	   23	  	  	$	  	(21) 	 	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
The net gain (loss) on foreign currency transactions primarily relates to changes in foreign currency rates relating to short-term cross-currency intercompany loans.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	  	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Other gain, net	  	$	     15	  	  	$	     19	  	  	 	(21.1	) 	
The other gain, net for the year ended December 31, 2012 was primarily related to a pre-tax gain of $5 million resulting from the sale of our interest in an investment in affiliate accounted for under the equity method, as well as a $6 million gain due to the resolution of certain contingencies relating to historical asset sales.
The other gain, net for the year ended December 31, 2011 was primarily due to a gain of $16 million on the sale of our former headquarters building in Beverly Hills, California, as well a gain of $13 million related to the restructuring of a capital lease. These gains were offset by a loss of $10 million related to the sale of our interest in a hotel development joint venture.

 	  	Year Ended December 31,	 	  	Percent
Change	 	
 	  	2012	 	 	2011	 	  	2012 vs. 2011	 	
 	  	(in millions)	 	  	 	 	
Income tax benefit (expense)	  	$	 	(214) 	 	$	    59	  	  	 	NM	(1)  	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
Our income tax expense for the year ended December 31, 2012 was primarily a result of $201 million related to our U.S. federal income tax provision. For the year ended December 31, 2011, our income tax expense, which was primarily related to $69 million and $50 million in U.S. federal and foreign income tax provision,
 
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respectively, was offset by a release of $182 million in valuation allowance against our deferred tax assets related to U.S. federal foreign tax credits resulting in an overall tax benefit. Based on our consideration of all positive and negative evidence available, we believe that it is more likely than not we will be able to realize our U.S. federal foreign tax credits.
Segment Results
The following table sets forth revenues and Adjusted EBITDA by segment, reconciled to consolidated amounts:

 	  	Year Ended December 31,	 	 	Percent
Change	 	
 	  	2012	 	 	2011	 	 	2012 vs. 2011	 	
 	  	(in millions)	 	 	 	 	
Revenues:	  				 				 				
Ownership (1)(4)	  	$	 4,006 	  	 	$	3,926 	  	 	 	2.0	  	
Management and franchise (2)	  	 	1,180 	  	 	 	1,095 	  	 	 	7.8	  	
Timeshare	  	 	1,085 	  	 	 	944 	  	 	 	14.9	  	
	  	 	 	 	 	 	 	 	 				
Segment revenues	  	 	6,271 	  	 	 	5,965 	  	 	 	5.1	  	
Other revenues from managed and franchised properties	  	 	3,124 	  	 	 	2,927 	  	 	 	6.7	  	
Other revenues (3)	  	 	66 	  	 	 	58 	  	 	 	13.8	  	
Intersegment fees elimination (1)(2)(3)(4)	  	 	(185	) 	 	 	(167	) 	 	 	10.8	  	
	  	 	 	 	 	 	 	 	 				
Total revenues	  	$	9,276 	  	 	$	8,783 	  	 	 	5.6	  	
	  	 	 	 	 	 	 	 	 				
Adjusted EBITDA	  				 				 				
Ownership (1)(2)(3)(4)(5)	  	$	793 	  	 	$	725 	  	 	 	9.4	  	
Management and franchise (2)	  	 	1,180 	  	 	 	1,095 	  	 	 	7.8	  	
Timeshare (1)(2)	  	 	252 	  	 	 	207 	  	 	 	21.7	  	
Corporate and other (3)(4)	  	 	(269	) 	 	 	(274	) 	 	 	(1.8	) 	
	  	 	 	 	 	 	 	 	 				
Adjusted EBITDA	  	$	1,956 	  	 	$	1,753 	  	 	 	11.6	  	

(1)  	Includes charges to timeshare operations for rental fees and fees for other amenities, which are eliminated in our consolidated financial statements. These charges totaled $24 million and $27 million for the years ended December 31, 2012 and 2011, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and a cost to timeshare Adjusted EBITDA.	
(2)  	Includes management, royalty and intellectual property fees of $96 million and $88 million for the years ended December 31, 2012 and 2011, respectively. These fees are charged to consolidated owned and leased properties and are eliminated in our consolidated financial statements. Also includes a licensing fee of $52 million and $43 million for the years ended December 31, 2012 and 2011, respectively, which is charged to our timeshare segment by our management and franchise segment and is eliminated in our consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and a cost to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.	
(3)  	Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $10 million and $9 million for the years ended December 31, 2012 and 2011, respectively. These charges are eliminated in our consolidated financial statements.	
(4)  	Includes various other intercompany charges of $3 million for the year ended December 31, 2012.	
(5)  	Includes unconsolidated affiliate Adjusted EBITDA.	
 
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Ownership
Ownership segment revenues increased primarily due to an improvement in RevPAR of 4.2 percent at our comparable owned and leased hotels. Refer to “—Revenues—Owned and leased hotels” for further discussion on the increase in revenues from our owned and leased hotels. Our ownership segment’s Adjusted EBITDA increased primarily as a result of the increase in ownership segment revenues of $80 million offset by an increase in operating expenses of $17 million at our owned and leased hotels. Refer to “—Operating Expenses—Owned and leased hotels” for further discussion on the increase in operating expenses at our owned and leased hotels.
Management and franchise
Management and franchise segment revenues increased primarily as a result of increases in RevPAR of 4.9 percent and 6.2 percent at our comparable managed and franchised properties, respectively, and the net addition of hotels to our managed and franchised system. Refer to “—Revenues—Management and franchise fees and other” for further discussion on the increase in revenues from our comparable managed and franchised properties. Our management and franchise segment’s Adjusted EBITDA increased as a result of the increase in management and franchise segment revenues.
Timeshare
Refer to “—Revenues—Timeshare” for a discussion of the increase in revenues from our timeshare segment. Our timeshare segment’s Adjusted EBITDA increased as a result of the $141 million increase in timeshare revenue, offset by a $90 million increase in timeshare operating expenses. Refer to “—Operating Expenses—Timeshare” for a discussion of the increase in operating expenses from our timeshare segment.
Supplemental Financial Data for Unrestricted U.S. Real Estate Subsidiaries
As of June 30, 2014, we owned a majority or controlling financial interest in 48 hotels, representing 27,060 rooms. See “Business—Properties” for more information on each of our owned hotels. Of these owned hotels, 24 hotels, representing an aggregate of 20,046 rooms as of June 30, 2014, are owned by subsidiaries that we collectively refer to as our “Unrestricted U.S. Real Estate Subsidiaries.” The properties held by our Unrestricted U.S. Real Estate Subsidiaries secure our $3.5 billion CMBS Loan and the $525 million Waldorf Astoria Loan, are not included in the collateral securing our Senior Secured Credit Facilities. In addition, the Unrestricted U.S. Real Estate Subsidiaries are not subject to any of the restrictive covenants in the indenture that governs the notes. For further discussion, see “—Liquidity and Capital Resources” and Note 13: “Debt” in our audited consolidated financial statements included elsewhere in this prospectus for additional information.
We have included this supplemental financial data to comply with certain financial information requirements regarding our Unrestricted U.S. Real Estate Subsidiaries set forth in the indenture that governs the notes. For the year ended December 31, 2013, the Unrestricted U.S. Real Estate Subsidiaries represented 19.3 percent of our total revenues, 44.8 percent of net income attributable to Hilton stockholders and 25.3 percent of our Adjusted EBITDA, and as of December 31, 2013, represented 32.6 percent of our total assets and 29.1 percent of our total liabilities. For the six months ended June 30, 2014, the Unrestricted U.S. Real Estate Subsidiaries represented 19.6 percent of our total revenues, 19.3 percent of net income attributable to Hilton stockholders and 24.6 percent of our Adjusted EBITDA, and as of June 30, 2014, represented 32.6 percent of our total assets and 29.9 percent of our total liabilities.
 
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The following table presents supplemental unaudited financial data, as required by the indenture that governs the notes, for our Unrestricted U.S. Real Estate Subsidiaries:

 	  	Six Months Ended
June 30,	 	  	Year Ended December 31,	 	
 	  	  2014  	 	  	  2013  	 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Revenues	  	$	 984 	 	  	$	934 	 	  	$	1,880 	 	  	$	1,754 	 	  	$	1,666 	 	
Net income attributable to Hilton stockholders	  	 	64 	 	  	 	101 	 	  	 	186 	 	  	 	159 	 	  	 	126 	 	
Capital expenditures for property and equipment	  	 	62 	 	  	 	64 	 	  	 	134 	 	  	 	264 	 	  	 	251 	 	
Adjusted EBITDA (1)	  	 	294 	 	  	 	277 	 	  	 	560 	 	  	 	464 	 	  	 	409 	 	
Assets (2)	  	 	 8,640 	 	  	 	 8,595 	 	  	 	 8,649 	 	  	 	 8,562 	 	  	 	 8,460 	 	
Liabilities (2)	  	 	6,499 	  	  	 	2,458 	 	  	 	6,496 	 	  	 	2,453 	 	  	 	2,445 	 	
Cash provided by (used in):	  				  				  				  				  				
Operating activities	  	 	125 	 	  	 	192 	 	  	 	364 	 	  	 	343 	 	  	 	371 	 	
Investing activities	  	 	(62)	  	  	 	(92)	  	  	 	(162)	  	  	 	(264)	  	  	 	(263)	  	
Financing activities	  	 	(50)	  	  	 	(81)	  	  	 	(186)	  	  	 	(64)	  	  	 	(120)	  	

(1)  	The following table provides a reconciliation of our Unrestricted U.S. Real Estate Subsidiaries’ EBITDA and Adjusted EBITDA to net income attributable to Hilton stockholders, which we believe is the most closely comparable U.S. GAAP financial measure:	

 	  	Six Months Ended
June 30,	 	 	Year Ended December 31,	 	
 	  	2014	 	 	2013	 	 	2013	 	 	2012	 	 	2011	 	
 	  	(in millions)	 	
Adjusted EBITDA	  	$	294 	  	 	$	277 	  	 	$	560 	  	 	$	464 	  	 	$	409 	  	
Impairment losses included in equity in earnings (losses) from unconsolidated affiliates	  	 	— 	 	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(7	) 	
Other adjustment items	  	 	— 	 	 	 	(3	) 	 	 	(13	) 	 	 	(7	) 	 	 	— 	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	294 	  	 	 	274 	  	 	 	547 	  	 	 	457 	  	 	 	402 	  	
Interest expense (1)	  	 	(83	) 	 	 	— 	  	 	 	(31	) 	 	 	— 	  	 	 	— 	  	
Income tax expense	  	 	(46	) 	 	 	(72	) 	 	 	(132	) 	 	 	(114	) 	 	 	(90	) 	
Depreciation and amortization	  	 	(101	) 	 	 	(101	) 	 	 	(198	) 	 	 	(184	) 	 	 	(185	) 	
Depreciation and amortization included in equity in earnings (losses) from unconsolidated affiliates	  	 	— 	 	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Hilton stockholders	  	$	64 	  	 	$	101 	  	 	$	186 	  	 	$	159 	  	 	$	126 	  	

 	(1)  	Interest expense on the Unrestricted U.S. Real Estate Subsidiaries reflects $4,025 million of long-term debt securing these properties which was entered into in October 2013. Prior to October 2013, the Unrestricted U.S. Real Estate Subsidiaries did not have outstanding long-term debt for the periods presented.	
 
(2)  	As of period end.	
Liquidity and Capital Resources
Overview
As of June 30, 2014, we had total cash and cash equivalents of $829 million, including $284 million of restricted cash and cash equivalents. The majority of our restricted cash and cash equivalents balances related to cash collateral on our self-insurance programs and escrowed cash from our timeshare operations.
 
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Our known short-term liquidity requirements primarily consist of funds necessary to pay for operating expenses and other expenditures, including corporate expenses, payroll and related benefits, legal costs, operating costs associated with the management of hotels, interest and scheduled principal payments on our outstanding indebtedness, contract acquisition costs and capital expenditures for renovations and maintenance at our owned hotels. Our long-term liquidity requirements primarily consist of funds necessary to pay for scheduled debt maturities, capital improvements at our owned and leased hotels, purchase commitments, costs associated with potential acquisitions and corporate capital expenditures.
During the six months ended June 30, 2014, we made voluntary prepayments of $450 million on our Term Loans.
We finance our business activities primarily with existing cash and cash generated from our operations. We believe that this cash will be adequate to meet anticipated requirements for operating expenses and other expenditures, including corporate expenses, payroll and related benefits, legal costs and purchase commitments for the foreseeable future. The objectives of our cash management policy are to maintain the availability of liquidity and minimize operational costs. Further, we have an investment policy that is focused on the preservation of capital and maximizing the return on new and existing investments across all three of our business segments.
Recent Events Affecting Our Liquidity and Capital Resources
Initial Public Offering
On December 17, 2013, we completed our IPO, which generated net proceeds of approximately $1,243 million to us after underwriting discounts, expenses and transaction costs, which we used, in conjunction with available cash, to repay approximately $1,250 million of the Term Loans.
Debt Refinancing
Upon completion of the Debt Refinancing, we repaid in full all $13.4 billion in borrowings under our legacy senior mortgage loans and secured mezzanine loans and redeemed the full $96 million in aggregate principal amount outstanding of our bonds due 2031 using the proceeds from our offering of the outstanding notes, borrowings under our new Senior Secured Credit Facilities, which consists of the $7.6 billion Term Loans and the $1.0 billion Revolving Credit Facility, the $3.5 billion CMBS Loan and a $525 million Waldorf Astoria Loan, together with additional borrowings of $300 million under our Timeshare Facility and cash on hand. For further information on the Debt Refinancing, see Note 13: “Debt” in our audited consolidated financial statements included elsewhere in this prospectus for additional information.
Hilton HHonors Points Sales
In October 2013, we sold Hilton HHonors points to Amex and Citi for $400 million and $250 million, respectively, in cash. Amex and Citi and their respective designees may use the points in connection with Hilton HHonors co-branded credit cards and for promotions, rewards and incentive programs or certain other activities as they may establish or engage in from time to time. We used the net proceeds of the Hilton HHonors points sales to reduce outstanding indebtedness in connection with the Debt Refinancing.
 
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Sources and Uses Of Our Cash and Cash Equivalents
The following table summarizes our net cash flows and key metrics related to our liquidity:

 	 	As of and for the six months
ended June 30,	 	 	Percent
Change	 	
 	 	2014	 	 	2013	 	 	2014 vs. 2013	 	
 	 	(in millions)	 	 	 	 	
Net cash provided by operating activities	 	$	   512	  	 	$	   638	  	 	 	(19.7	) 	
Net cash used in investing activities	 	 	(121	) 	 	 	(183	) 	 	 	(33.9	) 	
Net cash used in financing activities	 	 	(441	) 	 	 	(534	) 	 	 	(17.4	) 	
Working capital surplus (2)	 	 	297	  	 	 	503	  	 	 	(41.0	) 	

 	 	As of and for the year ended December 31,	 	 	Percent Change	 	
 	 	2013	 	 	2012	 	 	2011	 	 	2013 vs. 2012	 	 	2012 vs. 2011	 	
 	 	(in millions)	 	 	 	 	 	 	 	
Net cash provided by operating activities	 	$	   2,101	  	 	$	 1,110	  	 	$	 1,167	  	 	 	89.3	  	 	 	(4.9	) 	
Net cash used in investing activities	 	 	(382	) 	 	 	(558	) 	 	 	(463	) 	 	 	(31.5	) 	 	 	20.5	  	
Net cash used in financing activities	 	 	(1,863	) 	 	 	(576	) 	 	 	(714	) 	 	 	NM	(1)  	 	 	(19.3	) 	
Working capital surplus (2)	 	 	241	  	 	 	478	  	 	 	826	  	 	 	(49.6	) 	 	 	(42.1	) 	

(1)  	Fluctuation in terms of percentage change is not meaningful.	
(2)  	Total current assets less total current liabilities.	
Our ratio of current assets to current liabilities was 1.14, 1.11 and 1.20 as of June 30, 2014, December 31, 2013 and 2012, respectively.
Operating Activities
Cash flow from operating activities is primarily generated from management and franchise fee revenue, operating income from our owned and leased hotels and resorts and sales of timeshare units.
Net cash provided by operating activities was $512 million for the six months ended June 30, 2014, compared to $638 million for the six months ended June 30, 2013. The $126 million decrease was primarily due to an increase in cash paid for taxes of $101 million due to larger estimated payments for 2014 as a result of an increase in our estimated taxable income for 2014.
Net cash provided by operating activities was $2,101 million for the year ended December 31, 2013, compared to $1,110 million for the year ended December 31, 2012. The $991 million increase was primarily due to $650 million received from the Hilton HHonors points sales, which increased our deferred revenues, and improved operating income, excluding non-cash share based compensation expense of $262 million. Net cash provided by operating activities also increased during the year ended December 31, 2013 as a result of the releases of $42 million in collateral against outstanding letters of credit and $20 million of restricted cash from our timeshare operations. Additionally, during the year ended December 31, 2012, our cash provided by operating activities was reduced by $76 million for collateral required to support potential future contributions to certain of our employee benefit plans. For further discussion, see Note 20: “Employee Benefit Plans” in our audited consolidated financial statements included elsewhere in this prospectus.
The net $57 million decrease in cash provided by operating activities during the year ended December 31, 2012, compared to the year ended December 31, 2011, was primarily due to changes in various working capital components and an increase in the change in restricted cash and cash equivalents of $65 million, which were partially offset by an increase in operating income of $125 million.
 
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Investing Activities
Net cash used in investing activities was $121 million for the six months ended June 30, 2014, compared to $183 million for the six months ended June 30, 2013. The $62 million decrease was primarily attributable to $30 million in cash used for acquisitions during the six months ended June 30, 2013, as compared to no cash used for acquisitions during the six months ended June 30, 2014. Additionally, we received proceeds of $35 million from asset dispositions during the six months ended June 30, 2014, as compared to no proceeds received during the six months ended June 30, 2013. We also had a decrease in capital expenditures of $11 million during the six months ended June 30, 2014, compared to the same period in 2013. These were offset by increases in contract acquisition costs and software capitalization costs of $11 million and $6 million, respectively, during the six months ended June 30, 2014, compared to the same period in 2013. For the six months ended June 30, 2014 and 2013, we capitalized labor costs relating to capital expenditures and software development of $3 million and $7 million, respectively.
Net cash used in investing activities during the year ended December 31, 2013 was $382 million, compared to $558 million during the year ended December 31, 2012. The $176 million decrease in net cash used in investing activities was primarily attributable to a decrease in capital expenditures for property and equipment of $179 million, as a result of the completion of renovations at certain of our owned and leased properties in 2012, and a decrease in software capitalization costs of $25 million, as a result of corporate software projects that were completed in 2012. Additionally, there was an increase in distributions from unconsolidated affiliates of $25 million, primarily related to the sales of our interests in two joint venture entities. The decrease in net cash used in investing activities was partially offset by an increase in acquisitions of $30 million, primarily due to the acquisition of a parcel of land that we previously held under a long-term ground lease for $28 million.
The $95 million increase in net cash used in investing activities during the year ended December 31, 2012, compared to the year ended December 31, 2011, was primarily attributable to an increase in capital expenditures for property and equipment of $44 million, a decrease in proceeds from asset dispositions of $65 million and a decrease in distributions from unconsolidated affiliates of $15 million. The majority of the increase in capital expenditures related to improvements at existing hotel properties. The decrease in proceeds from asset dispositions was a result of proceeds of $65 million from the sale of our former corporate headquarters office building in 2011, while the decrease in distributions from unconsolidated affiliates resulted from the sale of our interest in a joint venture entity of $8 million in 2012, compared to proceeds from the sale of our interest in a hotel development joint venture of $23 million in 2011.
For the years ended December 31, 2013, 2012 and 2011, we capitalized labor costs relating to our investing activities, including capital expenditures and software development, of $15 million, $14 million and $14 million, respectively.
Financing Activities
Net cash used in financing activities was $441 million for the six months ended June 30, 2014, compared to $534 million for the six months ended June 30, 2013. The $93 million decrease in cash used in financing activities was primarily attributable to the decrease in debt repayments of $169 million, offset by a decrease in borrowings of $101 million. Additionally, there was a capital contribution of $13 million related to the sale of certain land and easement rights, as well as the rights to the name, plans, designs, contracts and other documents in connection with a timeshare project to a related party during the second quarter of 2014.
Net cash used in financing activities during the year ended December 31, 2013 was $1,863 million, compared to $576 million during the year ended December 31, 2012. The $1,287 million increase in cash used in financing activities was primarily attributable to a $2,357 million increase in net repayments of debt, primarily related to an increase in unscheduled, voluntary debt repayments on our Secured Debt, the repayment of the Secured Debt in connection with the Debt Refinancing and unscheduled, voluntary repayments of $350 million
 
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on our Term Loans subsequent to the Debt Refinancing. The increase in net debt repayments was offset by $1,243 million in proceeds from our IPO, which was used to repay amounts outstanding on our Term Loans. Additionally, we paid $180 million of debt issuance costs related to the Debt Refinancing.
Net cash used in financing activities during the year ended December 31, 2012 decreased $138 million compared to the year ended December 31, 2011, due to a change in restricted cash and cash equivalents that increased cash available for financing activities by $212 million, as well as an increase in borrowings of $56 million, primarily related to our consolidated VIEs. The change in restricted cash and cash equivalents was primarily due to a decrease of $174 million in our prefunded cash reserves, which was a result of using the reserves for capital expenditures. The increases in cash provided by financing activities were partially offset by an increase in our debt repayments of $128 million, which primarily related to an increase in non-recourse debt repayments related to our consolidated VIEs of $90 million.
Capital Expenditures
Our capital expenditures for property and equipment of $110 million and $121 million during the six months ended June 30, 2014 and 2013, respectively, and $254 million, $433 million and $389 million made during the years ended December 31, 2013, 2012 and 2011 primarily consisted of expenditures related to the renovation of existing owned and leased properties and our corporate facilities. Our software capitalization costs of $32 million and $26 million during the six months ended June 30, 2014 and 2013, respectively, and $78 million, $103 million and $93 million during the years ended December 31, 2013, 2012 and 2011 related to various systems initiatives for the benefit of our hotel owners and our overall corporate operations. As of June 30, 2014 and December 31, 2013, we had outstanding commitments under construction contracts of approximately $144 million and $121 million, respectively, for capital expenditures at certain owned and leased properties, including our consolidated VIEs. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract.
Senior Secured Credit Facilities
Our Revolving Credit Facility provides for $1.0 billion in borrowings, including the ability to draw up to $150 million in the form of letters of credit. As of June 30, 2014, we had $48 million of letters of credit outstanding under our Revolving Credit Facility, and a borrowing capacity of $952 million. We are currently required to pay a commitment fee of 0.125 percent per annum under the Revolving Credit Facility in respect of the unused commitments thereunder. The commitment fee can be reduced upon achievement of certain leverage ratios. For further information on the Senior Secured Credit Facilities, refer to “Description of Certain Other Indebtedness” and Note 13: “Debt” in our audited consolidated financial statements included elsewhere in this prospectus.
Debt
As of June 30, 2014, our total indebtedness, excluding $264 million of our share of debt of our investments in affiliates, was approximately $12.3 billion, including $997 million of non-recourse debt. For further information on our total indebtedness and debt repayments, refer to Note 7: “Debt” in our unaudited condensed consolidated financial statements included elsewhere in this prospectus.
The obligations of the Senior Secured Credit Facilities are unconditionally and irrevocably guaranteed by us and all of our direct or indirect wholly owned material domestic subsidiaries, excluding our subsidiaries that are prohibited from providing guarantees as a result of the agreements governing our Timeshare Facility and/or our Securitized Timeshare Debt and our subsidiaries that secure our CMBS Loan and our Waldorf Astoria Loan. Additionally, none of our foreign subsidiaries or our non-wholly owned domestic subsidiaries guarantee the Senior Secured Credit Facilities.
 
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If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required to reduce capital expenditures, issue additional equity securities or draw on our Revolving Credit Facility. Our ability to make scheduled principal payments and to pay interest on our debt depends on the future performance of our operations, which is subject to general conditions in or affecting the hotel and timeshare industries that are beyond our control.
Letters of Credit
We had a total of $48 million and $51 million in letters of credit outstanding as of June 30, 2014 and December 31, 2013, respectively, the majority of which were outstanding under our Revolving Credit Facility and related to our guarantees on debt and other obligations of third parties and self-insurance programs. The maturities of the letters of credit were within one year as of June 30, 2014.
Contractual Obligations
The following table summarizes our significant contractual obligations as of December 31, 2013:

 	  	Payments Due by Period	 	
 	  	Total	 	  	Less Than 1
Year	 	  	1-3 Years	 	  	3-5 Years	 	  	More Than 5
Years	 	
 	  	(in millions)	 	
Long-term debt (1)(2)	  	$	 14,685	  	  	$	    479	  	  	$	 1,087	  	  	$	 4,993	  	  	$	8,126	  	
Non-recourse debt (2)	  	 	714	  	  	 	39	  	  	 	524	  	  	 	54	  	  	 	97	  	
Capital lease obligations	  				  				  				  				  				
Recourse	  	 	148	  	  	 	8	  	  	 	22	  	  	 	12	  	  	 	106	  	
Non-recourse	  	 	402	  	  	 	26	  	  	 	52	  	  	 	52	  	  	 	272	  	
Operating leases	  	 	3,286	  	  	 	264	  	  	 	494	  	  	 	453	  	  	 	2,075	  	
Purchase commitments	  	 	137	  	  	 	74	  	  	 	60	  	  	 	—	  	  	 	3	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total contractual obligations	  	$	19,372	  	  	$	890	  	  	$	2,239	  	  	$	5,564	  	  	$	 10,679	  	

(1)  	The initial maturity date of the $875 million variable-rate component of the CMBS Loan is November 1, 2015. We have assumed all extensions, which are solely at our option, were exercised.	
(2)  	Includes principal, as well as estimated interest payments. For our variable-rate debt we have assumed a constant 30-day LIBOR rate of 0.17 percent as of December 31, 2013.	
The total amount of unrecognized tax benefits as of December 31, 2014 was $435 million. These amounts are excluded from the table above because they are uncertain and subject to the findings of the taxing authorities in the jurisdictions in which we are subject to tax. It is possible that the amount of the liability for unrecognized tax benefits could change during the next year. Refer to Note 19: “Income Taxes” in our audited consolidated financial statements included elsewhere in this prospectus for further discussion of our liability for unrecognized tax benefits.
In addition to the purchase commitments in the table above, in the normal course of business we enter into purchase commitments for which we are reimbursed by the owners of our managed and franchised hotels. These obligations have minimal or no effect on our net income and cash flow.
Off-Balance Sheet Arrangements
See Note 16: “Commitments and Contingencies” in our unaudited condensed consolidated financial statements included elsewhere in this prospectus for discussion of our off-balance sheet arrangements.
 
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Critical Accounting Policies and Estimates
The preparation of our consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the related disclosures in the consolidated financial statements and accompanying footnotes. We believe that of our significant accounting policies, which are described in Note 2: “Basis of Presentation and Summary of Significant Accounting Policies” in our audited consolidated financial statements included elsewhere in this prospectus, the following accounting policies are critical because they involve a higher degree of judgment, and the estimates required to be made were based on assumptions that are inherently uncertain. As a result, these accounting policies could materially affect our financial position, results of operations and related disclosures. On an ongoing basis, we evaluate these estimates and judgments based on historical experiences and various other factors that are believed to reflect the current circumstances. While we believe our estimates, assumptions and judgments are reasonable, they are based on information presently available. Actual results may differ significantly from these estimates due to changes in judgments, assumptions and conditions as a result of unforeseen events or otherwise, which could have a material effect on our financial position or results of operations.
Management has discussed the development and selection of these critical accounting policies and estimates with the audit committee of the board of directors.
Property and Equipment and Intangible Assets with Finite Lives
We evaluate the carrying value of our property and equipment and intangible assets with finite lives by comparing the expected undiscounted future cash flows to the net book value of the assets if we determine there are indicators of potential impairment. If it is determined that the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of operations as impairment losses.
As part of the process described above, we exercise judgment to:
 
 	•	 	determine if there are indicators of impairment present. Factors we consider when making this determination include assessing the overall effect of trends in the hospitality industry and the general economy, historical experience, capital costs and other asset-specific information;	
 
 	•	 	determine the projected undiscounted future cash flows when indicators of impairment are present. Judgment is required when developing projections of future revenues and expenses based on estimated growth rates over the expected useful life of the asset group. These estimated growth rates are based on historical operating results, as well as various internal projections and external sources; and	
 
 	•	 	determine the asset fair value when required. In determining the fair value, we often use internally-developed discounted cash flow models. Assumptions used in the discounted cash flow models include estimating cash flows, which may require us to adjust for specific market conditions, as well as capitalization rates, which are based on location, property or asset type, market-specific dynamics and overall economic performance. The discount rate takes into account our weighted average cost of capital according to our capital structure and other market specific considerations.	
We had $9,036 million of property and equipment, net and $2,117 million of intangible assets with finite lives as of June 30, 2014. Changes in estimates and assumptions used in our impairment testing of property and equipment and intangible assets with finite lives could result in future impairment losses, which could be material.
In conjunction with our regular assessment of impairment, we did not identify any property and equipment with indicators of impairment for which a 10 percent reduction in our estimate of undiscounted future cash flows
 
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would result in impairment losses. We did not identify any intangible assets with finite lives for which a 10 percent reduction in our estimates of undiscounted future cash flows, projected operating results or other significant assumptions would result in impairment losses.
Investments in Affiliates
We evaluate our investments in affiliates for impairment when there are indicators that the fair value of our investment may be less than our carrying value. We record an impairment loss when we determine there has been an “other-than-temporary” decline in the investment’s fair value. If an identified event or change in circumstances requires an evaluation to determine if the value of an investment may have an other-than-temporary decline, we assess the fair value of the investment based on the accepted valuation methods, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from unconsolidated affiliates for equity method investments or impairment losses for cost method investments in our consolidated statements of operations.
Our investments in affiliates consist primarily of our interests in entities that own and/or operate hotels. As such, the factors we consider when determining if there are indicators of potential impairment are similar to property and equipment discussed above. If there are indicators of potential impairment, we estimate the fair value of our equity method and cost method investments by internally developed discounted cash flow models. The principal factors used in our discounted cash flow models that require judgment are the same as the items discussed in property and equipment above.
We had $257 million of investments in affiliates as of June 30, 2014. Changes in the estimates and assumptions used in our investments in affiliates impairment testing can result in additional impairment expense, which can materially change our consolidated financial statements.
In conjunction with our regular assessment of impairment, we did not identify any investments in affiliates with indicators of impairment for which a 10 percent change in our estimates of future cash flows or other significant assumptions would result in material impairment losses.
Goodwill
We review the carrying value of our goodwill by comparing the carrying value of our reporting units to their fair value. Our reporting units are the same as our operating segments as described in Note 24: “Business Segments” in our audited consolidated financial statements included elsewhere in this prospectus. We perform this evaluation annually or at an interim date if indicators of impairment exist. In any given year we may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or we decide to bypass the qualitative assessment, we proceed to the two-step quantitative process. In the first step, we evaluate the fair value of our reporting units quantitatively. When determining fair value, we utilize discounted future cash flow models, as well as market conditions relative to the operations of our reporting units. Under the discounted cash flow approach, we utilize various assumptions that require judgment, including projections of revenues and expenses based on estimated long-term growth rates, and discount rates based on weighted average cost of capital. Our estimates of long-term growth and costs are based on historical data, as well as various internal projections and external sources. The weighted average cost of capital is estimated based on each reporting units’ cost of debt and equity and a selected capital structure. The selected capital structure for each reporting unit is based on consideration of capital structures of comparable publicly traded companies operating in the business of that reporting unit. If the carrying amount of a reporting unit exceeds its estimated fair value, then the second step must be performed. In the second step, we estimate the implied fair value of goodwill, which is determined by taking the fair value of the reporting unit and allocating it to all of its assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination.
 
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We had $6,227 million of goodwill as of June 30, 2014. Changes in the estimates and assumptions used in our goodwill impairment testing could result in future impairment losses, which could be material. A change in our estimates and assumptions used in our most recent annual impairment valuation that would reduce the fair value of each reporting units by 10 percent would not result in an impairment of any of our reporting units.
Brands
We evaluate our brand intangible assets for impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of the brand is below the carrying value. When determining fair value, we utilize discounted future cash flow models for hotels that we manage or franchise. Under the discounted cash flow approach, we utilize various assumptions that require judgment, including projections of revenues and expenses based on estimated long-term growth rates and discount rates based on weighted average cost of capital. Our estimates of long-term growth and costs are based on historical data, as well as various internal estimates. If a brand’s estimated current fair value is less than its respective carrying value, the excess of the carrying value over the estimated fair value is recorded in our consolidated statements of operations within impairment losses.
We had $5,016 million of brand intangible assets as of June 30, 2014. Changes in the estimates and assumptions used in our brands impairment testing, most notably revenue growth rates and discount rates, could result in future impairment losses, which could be material. A change in our estimates and assumptions used in our most recent annual impairment valuation that would reduce the fair value of each of our brands by 10 percent would not result in an impairment of any of the brand intangible assets.
Hilton HHonors
Hilton HHonors defers revenue received from participating hotels and program partners in an amount equal to the estimated cost per point of the future redemption obligation. We engage outside actuaries to assist in determining the fair value of the future award redemption obligation using statistical formulas that project future point redemptions based on factors that require judgment, including an estimate of “breakage” (points that will never be redeemed), an estimate of the points that will eventually be redeemed and the cost of the points to be redeemed. The cost of the points to be redeemed includes further estimates of available room nights, occupancy rates, room rates and any devaluation or appreciation of points based on changes in reward prices or changes in points earned per stay.
We had $1,033 million of guest loyalty liability as of June 30, 2014. Changes in the estimates used in developing our breakage rate could result in a material change to our guest loyalty liability. A 10 percent decrease to the breakage estimate used in determining future award redemption obligations would increase our guest loyalty liability by approximately $32 million.
Allowance for Loan Losses
The allowance for loan losses is related to the receivables generated by our financing of timeshare interval sales, which are secured by the underlying timeshare properties. We determine our timeshare financing receivables to be past due based on the contractual terms of the individual mortgage loans. We use a technique referred to as static pool analysis as the basis for determining our general reserve requirements on our timeshare financing receivables. The adequacy of the related allowance is determined by management through analysis of several factors requiring judgment, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio, including assumed default rates.
We had $91 million of allowance for loan losses as of June 30, 2014. Changes in the estimates used in developing our default rates could result in a material change to our allowance. A 10 percent increase to our default rates used in the allowance calculation would increase our allowance for loan losses by approximately $37 million.
 
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Income Taxes
We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using currently enacted tax rates. We regularly review our deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets that we believe will not be ultimately realized. In performing this review, we make estimates and assumptions regarding projected future taxable income, the expected timing of reversals of existing temporary differences and the implementation of tax planning strategies. A change in these assumptions may increase or decrease our valuation allowance resulting in an increase or decrease in our effective tax rate, which could materially affect our consolidated financial statements.
We use a prescribed more-likely-than-not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return if there is uncertainty in income taxes recognized in the financial statements. Assumptions and estimates are used to determine the more-likely-than-not designation. Changes to these assumptions and estimates can lead to an additional income tax expense (benefit), which can materially change our consolidated financial statements.
Legal Contingencies
We are subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. An estimated loss from a loss contingency should be accrued by a charge to income if it is probable and the amount of the loss can be reasonably estimated. Significant judgment is required when we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially affect our consolidated financial statements.
Consolidations
We use judgment when evaluating whether we have a controlling financial interest in our partnerships and other investments, including the assessment of the importance of rights and privileges of the partners based on voting rights, as well as financial interests that are not controllable through voting interests. If the entity is considered to be a VIE, we use judgment determining whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or have a controlling general partner interest of a partnership, assuming the absence of other factors determining control, including the ability of minority owners to participate in or block certain decisions. Changes to judgments used in evaluating our partnerships and other investments could materially affect our consolidated financial statements.
Share-based Compensation
During the six months ended June 30, 2014, we granted restricted stock units, stock options and performance shares (based on (1) relative shareholder return and (2) Hilton’s EBITDA compound annual growth rate (“EBITDA CAGR”)). The process of estimating the fair value of stock-based compensation awards and recognizing the associated expense over the requisite service period involves significant management estimates and assumptions. Refer to Note 12: “Share-Based Compensation” in our unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional discussion. Any changes to these estimates will affect the amount of compensation expense we recognize with respect to future grants.
We currently have issued awards with service conditions, as well as certain awards that have market or performance conditions. For awards with only service conditions, we have elected to use the straight-line method of expense recognition.
 
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Vesting of shares with market conditions is based on our total shareholder return relative to the total shareholder returns of a specified group of peer companies at the end of a three-calendar-year performance period. The number of performance shares earned is determined based on our percentile ranking among these companies. Compensation expense is recognized on a straight-line basis over the performance period.
The performance-based awards vest based on satisfaction of certain performance targets. We use the best available estimate of the future achievement of the performance targets and currently expense the performance shares based on Hilton’s EBITDA CAGR at 100 percent over the performance period. We will continue to assess the achievement of the performance targets and may adjust the amount of share-based compensation expense we recognize related to the performance-based awards.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk primarily from changes in interest rates and foreign currency exchange rates, which may affect future income, cash flows and the fair value of the Company, depending on changes to interest rates and/or foreign exchange rates. In certain situations, we may seek to reduce cash flow volatility associated with changes in interest rates and foreign currency exchange rates by entering into financial arrangements intended to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial arrangements to the extent they meet the objective described above, and we do not use derivatives for trading or speculative purposes.
Interest Rate Risk
We are exposed to interest rate risk on our variable-rate debt. Interest rates on our variable-rate debt discussed below are based on one-month and three-month LIBOR, so we are most vulnerable to changes in this rate.
Under the terms of the CMBS Loan and Waldorf Astoria Loan entered into in connection with the Debt Refinancing, we are required to hedge interest rate risk using derivative instruments. Under the CMBS Loan, we entered into an interest rate cap agreement in the notional amount of the variable-rate component, or $875 million, which caps one-month LIBOR at 6.0 percent for the initial term of the variable-rate component. Under the Waldorf Astoria Loan, we entered into an interest rate cap agreement in the notional amount of the loan, or $525 million, which caps one-month LIBOR at 4.0 percent for the first 24 months. Thereafter, we are required to renew the interest rate cap agreement annually. As of December 31, 2013, the fair value of these interest rate caps were immaterial to our consolidated balance sheet.
Additionally, on October 25, 2013, we entered into four interest rate swap agreements for a combined notional amount of $1.45 billion, with a term of five years, which swapped the floating three-month LIBOR on a portion of the Term Loans to a fixed rate of 1.87 percent. The carrying value and fair value of these four interest rate swaps was $10 million as of December 31, 2013.
 
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The following table sets forth the contractual maturities and the total fair values as of December 31, 2013 for our financial instruments that are materially affected by interest rate risk:

 	 	Maturities by Period	 	 	Carrying
Value	 	 	Fair
Value	 	
 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	Thereafter	 	 			 			
 	 	(in millions, excluding average interest rates)	 	
Assets:	 				 				 				 				 				 				 				 				
Fixed-rate timeshare financing receivables	 	$	 135	  	 	$	 116	  	 	$	 120	  	 	$	 122	  	 	$	119	  	 	$	382	  	 	$	994	  	 	$	996	  	
Average interest rate (1)	 				 				 				 				 				 				 	 	11.97	% 	 				
									
Liabilities:	 				 				 				 				 				 				 				 				
Fixed-rate long-term debt (2)	 	$	1	  	 	$	—	  	 	$	132	  	 	$	53	  	 	$	 2,625	  	 	$	 1,500	  	 	$	 4,311	  	 	$	 4,575	  	
Average interest rate (1)	 				 				 				 				 				 				 	 	4.96	% 	 				
Fixed-rate non-recourse debt (3)	 	$	33	  	 	$	26	  	 	$	28	  	 	$	28	  	 	$	28	  	 	$	79	  	 	$	222	  	 	$	220	  	
Average interest rate (1)	 				 				 				 				 				 				 	 	2.28	% 	 				
Variable-rate long-term debt (4)	 	$	—	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	1,400	  	 	$	6,000	  	 	$	7,400	  	 	$	7,400	  	
Average interest rate (1)	 				 				 				 				 				 				 	 	3.54	% 	 				
Variable-rate non-recourse debt (5)	 	$	—	  	 	$	—	  	 	$	450	  	 	$	—	  	 	$	—	  	 	$	—	  	 	$	450	  	 	$	450	  	
Average interest rate (1)	 				 				 				 				 				 				 	 	1.42	% 	 				

(1)  	Average interest rate as of December 31, 2013.	
(2)  	Excludes capital lease obligations with a carrying value of $73 million as of December 31, 2013.	
(3)  	Represents the Securitized Timeshare Debt.	
(4)  	The initial maturity date of the $875 million variable-rate component of this borrowing is November 1, 2015. We have assumed all extensions, which are solely at our option, were exercised.	
(5)  	Represents the Timeshare Facility.	
Refer to Note 17: “Fair Value Measurements” in our audited consolidated financial statements included elsewhere in this prospectus for further discussion of the fair value measurements of our financial assets and liabilities.
Foreign Currency Exchange Rate Risk
We conduct business in various foreign currencies and are exposed to earnings and cash flow volatility associated with changes in foreign currency exchange rates. This exposure is primarily related to our international assets and liabilities, whose value could change materially in reference to our USD reporting currency. The most significant effect of changes to foreign currency values include certain intercompany loans not deemed to be permanently invested and to transactions for management and franchise fee revenues earned in foreign currencies.
Our most significant foreign currency exposure relates to fluctuations in the foreign exchange rate between USD and the British Pound Sterling and Euro. Historically, we used foreign exchange currency option agreements to hedge our exposure to changes in foreign exchange rates on certain of our foreign investments. As of June 30, 2014, we did not hold any derivative hedging instruments related to our foreign currency exposure.
 
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 BUSINESS
Overview
Hilton Worldwide is one of the largest and fastest growing hospitality companies in the world, with 4,202 hotels, resorts and timeshare properties comprising 693,980 rooms in 93 countries and territories. In the nearly 100 years since our founding, we have defined the hospitality industry and established a portfolio of 11 world-class brands. Our flagship full-service Hilton Hotels & Resorts brand is the most recognized hotel brand in the world. Our premier brand portfolio also includes our luxury hotel brands, Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts, our full-service hotel brands, Curio–A Collection by Hilton, DoubleTree by Hilton and Embassy Suites Hotels, our focused-service hotel brands, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton and Home2 Suites by Hilton and our timeshare brand, Hilton Grand Vacations. We own or lease interests in 152 hotels, many of which are located in global gateway cities, including iconic properties such as The Waldorf Astoria New York, the Hilton Hawaiian Village and the London Hilton on Park Lane. More than 155,000 employees proudly serve in our properties and corporate offices around the world, and we have approximately 42 million members in our award-winning customer loyalty program, Hilton HHonors.
We operate our business through three segments: (1) management and franchise; (2) ownership; and (3) timeshare. These complementary business segments enable us to capitalize on our strong brands, global market presence and significant operational scale. Through our management and franchise segment, which consists of 4,050 properties with 633,150 rooms, we manage hotels, resorts and timeshare properties owned by third parties and we license our brands to franchisees. Our ownership segment consists of 152 hotels with 60,830 rooms that we own or lease. Through our timeshare segment, which consists of 44 properties comprising 6,758 units, we market and sell timeshare intervals, operate timeshare resorts and a timeshare membership club and provide consumer financing.
In addition to our current hotel portfolio, we are focused on the growth of our business through expanding our share of the global lodging industry through our development pipeline, which includes approximately 210,000 rooms scheduled to be opened in the future, all of which are in our management and franchise segment. As of June 30, 2014, over 106,000 rooms, representing over half of our development pipeline, were under construction. The expansion of our business is supported by strong lodging industry fundamentals in the current economic environment and long-term growth prospects based on increasing global travel and tourism.
Overall, we believe that our experience in the hotel industry and strong brands and commercial service offerings will continue to drive customer loyalty, including participation in our Hilton HHonors loyalty program, which has approximately 42 million members. Satisfied customers will continue to provide strong overall hotel performance for our hotel owners and us, and encourage further development of additional hotels under our brands and existing and new hotel owners, which further supports our growth and future financial performance. We believe that our existing portfolio and development pipeline, which will require minimal initial capital investment, put us in a strong position to further improve our business.
Our competitive strengths, together with execution of our strategies and strong fundamentals in the global lodging industry, have contributed to our strong top- and bottom-line operating performance in recent periods and continued industry-leading unit growth.
 
 	•	 	Our system-wide comparable RevPAR increased 5.2 percent on a currency neutral basis for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased 6.6 percent on a currency neutral basis for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Adjusted EBITDA increased 13 percent for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased 15 percent for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Net income attributable to Hilton stockholders and earnings per share each increased 18 percent for the year ended December 31, 2013 compared to the year ended December 31, 2012 and increased	
 
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 	76 percent and 70 percent, respectively, for the six months ended June 30, 2014 compared to the six months ended June 30, 2013.	
 
 	•	 	Our capital light management and franchise segment experienced increases in Adjusted EBITDA of eight percent and 15 percent, respectively, for the year ended December 31, 2013 and the six months ended June 30, 2014 compared to the prior year periods; and our capital light timeshare segment experienced increases in Adjusted EBITDA of 18 percent and 29 percent, respectively, for the year ended December 31, 2013 and the six months ended June 30, 2014 compared to the prior year periods.	
 
 	•	 	We have reduced our long-term debt by $2.1 billion through voluntary prepayments from December 12, 2013, the date of our IPO, through September 10, 2014.	
 
 	•	 	We opened 34,000 new rooms during the year ended December 31, 2013, and increased the number of rooms in our system by over 25,000 rooms on a net basis, growing the number of rooms in our management and franchise segment in excess of four percent. During the six months ended June 30, 2014, we opened an additional 17,000 rooms and achieved net unit growth of over 15,000 rooms.	
 
 	•	 	We approved 72,000 new rooms for development during the year ended December 31, 2013 and another 36,000 new rooms during the six months ended June 30, 2014.	
 
 	•	 	Our industry-leading pipeline has grown at an average of 12 percent for each of the last three years and includes 1,230 hotels, consisting of approximately 210,000 rooms as of June 30, 2014, of which more than half, or 117,000 rooms, were located outside of the United States. All of the rooms in our pipeline are within our capital light management and franchise segment.	
 
 	•	 	As of June 30, 2014, we had over 106,000 rooms under construction, representing the largest number of rooms under construction in the industry in every major region of the world based on STR data, as illustrated by the table below:	

 	  	Hilton Worldwide Rooms
Under Construction	 	
Market	  	% of
      Total      	 	 	Industry
      Rank      	 	
Americas	  	 	20.4	% 	 	 	#1	  	
Europe	  	 	19.7	% 	 	 	#1	  	
Middle East and Africa	  	 	21.6	% 	 	 	#1	  	
Asia Pacific	  	 	15.0	% 	 	 	#1	  	
Global	  	 	17.9	% 	 	 	#1	  	
 
Source: STR Global New Development Pipeline (June 2014).
We expect that our #1 share of worldwide rooms under construction will allow us to continue to expand our share of worldwide rooms supply and build on our leading market position.
See “Summary—Summary Historical Financial Data” for the definition of Adjusted EBITDA and a reconciliation of net income attributable to Hilton stockholders to Adjusted EBITDA.
Our Competitive Strengths
We believe the following competitive strengths provide the foundation for our position as a leading global hospitality company.
 
 	•	 	World-Class Hospitality Brands. Our globally recognized, world-class brands have defined the hospitality industry. Our flagship Hilton Hotels & Resorts brand often serves as an introduction to our wider range of brands, including those in the luxury segment, upper midscale segment and everything in between, that are designed to accommodate any customer’s needs anywhere in the world. Our brands have achieved an average global RevPAR index premium of 15 percent for the twelve months ended June 30, 2014, based on STR data. This means that our brands achieve on average 15 percent more	
 
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 	revenue per room than competitive properties in similar markets. The demonstrated strength of our brands makes us a preferred partner for hotel owners.	
 
 	•	 	Leading Global Presence and Scale . We are one of the largest hospitality companies in the world with 4,202 properties and 693,980 rooms in 93 countries and territories. We have hotels in key gateway cities such as New York City, London, Dubai, Johannesburg, Tokyo, Shanghai and Sydney and 360 hotels located at or near airports around the world. Our global presence allows us to serve our loyal customers throughout the world and to introduce our award-winning brands to customers in new markets. These world-class brands facilitate system growth by providing hotel owners with a variety of options to address each market’s specific needs. In addition, the diversity of our operations reduces our exposure to business cycles, individual market disruptions and other risks. Our robust commercial services platform allows us to take advantage of our scale to more effectively deliver products and services that drive customer preference and enhance commercial performance on a global basis.	
 
 	•	 	Large and Growing Loyal Customer Base . Serving our customers is our first priority. By continually adapting to customer preferences and providing our customers with superior experiences, we have improved our overall customer satisfaction ratings since 2007. We earned 34 first place awards in the J.D. Power North America Guest Satisfaction rankings since 1999, more than any multi-brand lodging company. Our hotels accommodated more than 133 million customer visits during the twelve months ended June 30, 2014, with members of our Hilton HHonors loyalty program contributing approximately 50 percent of the 175 million resulting room nights. Hilton HHonors unites all our brands, encourages customer loyalty and allows us to provide tailored promotions, messaging and customer experiences. Membership in our Hilton HHonors program continues to increase, and as of June 30, 2014, there were approximately 42 million Hilton HHonors members, an 11 percent increase from June 30, 2013.	
 
 	•	 	Significant Embedded Growth . All of our segments are expected to grow through improvement in same-store performance driven by strong anticipated industry fundamentals. PKF-HR predicts that lodging industry RevPAR in the U.S., where 76 percent of our system rooms are located, will grow 8.2 percent in 2014 and 6.7 percent in 2015. Our management and franchise segment also is expected to grow through new room additions, as upon completion, our industry-leading development pipeline would result in a 30 percent increase in our room count with minimal capital investment from us. In addition, our franchise revenues should grow over time as franchise agreements renew at our published license rates, which are higher than our current effective rates. For the six months ended June 30, 2014, our weighted average effective license rate across our brands was 4.6 percent of room revenue and our weighted average published license rate was 5.4 percent as of June 30, 2014. We also expect our incentive management fees, which are linked to hotel profitability measures, to increase as a result of the expected improvements in industry fundamentals and new unit growth. In our ownership segment, we believe we will benefit from strong growth in bottom-line earnings as industry fundamentals continue to improve as a result of this segment’s operating leverage, and our large hotels with significant meeting space should benefit from recent improvements in group demand, which we expect will exhibit strong growth as the current stage of the lodging cycle advances. Finally, our timeshare business has nearly five years of projected interval supply at our current sales pace in the form of existing owned inventory and executed capital light projects, which should enable us to continue to grow our earnings from the segment with lower levels of capital investment from us.	
 
 	•	 	Strong Cash Flow Generation. We generate significant cash flow from operating activities with an increasing percentage from our growing capital light management and franchise and timeshare segments. During the three-year period ended December 31, 2013, we generated an aggregate of $4.4 billion in cash flow from operating activities. Over this same period, we reduced our total indebtedness by $4.8 billion and during the six months ended June 30, 2014, we further reduced our long-term debt by $450 million through voluntary prepayments. Additionally, in July 2014, we made a $150 million voluntary prepayment to further reduce our long-term debt. We believe that our focus on cash flow generation, the relatively low investment required to grow our management and franchise and timeshare segments, and our disciplined approach to capital allocation position us to maximize opportunities for profitability and growth while continuing to reduce our indebtedness over time.	
 
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 	•	 	Iconic Hotels with Significant Underlying Real Estate Value. Our diverse global portfolio of owned and leased hotels includes a number of renowned properties in key gateway cities such as New York City, London, San Francisco, Chicago, São Paolo, Sydney and Tokyo. The portfolio also includes iconic hotels with significant embedded asset value, including: The Waldorf Astoria New York, a landmark luxury hotel with 1,413 rooms encompassing an entire city block in the heart of midtown Manhattan near Grand Central Terminal; the Hilton Hawaiian Village, a full-service beach resort with 2,860 rooms that sits on approximately 22 oceanfront acres along Waikiki Beach on the island of Oahu; and the London Hilton on Park Lane, a 453-room hotel overlooking Hyde Park in the exclusive Mayfair district of London. Our ten owned hotels with the highest Adjusted EBITDA contributed 56 percent of our ownership segment’s Adjusted EBITDA during the year ended December 31, 2013, which highlights the quality of our key flagship properties. In addition, we believe the iconic nature of many of these properties creates significant value for our entire system of properties by reinforcing the world-class nature of our brands. We continually focus on increasing the value and enhancing the market position of our owned and leased hotels and, over time, we believe we can unlock significant incremental value through opportunistically exiting assets or executing on adaptive reuse plans for all or a portion of certain hotels as retail, residential or timeshare uses. An example of this is the recent sale of a previously non-income producing parcel of land at the Hilton Hawaiian Village that had previously been used as a loading dock, along with corresponding entitlements, to a third party in connection with a planned timeshare development project that will not require any capital investment by us. Further, we have plans at the Hilton New York to redevelop the hotel’s retail platform to include over 10,000 square feet of street-level retail space, as well as to convert certain floors to timeshare units, which we expect will increase the value of the property.	
 
 	•	 	Market-Leading and Innovative Timeshare Platform. Our timeshare business complements our other segments and provides an alternative hospitality product that serves an attractive customer base. Our timeshare customers are among our most loyal hotel customers, with estimated spend in our hotel system increasing approximately 40 percent after the purchase of their timeshare interests. Historically, we have concentrated our timeshare efforts in four key markets: Florida, Hawaii, New York City and Las Vegas, which has helped us to increase annual sales of timeshare intervals while yielding strong profit margins during a time when our competitors generally experienced declines in both sales and profit margins. As a result of this strong operating performance and the returns we were able to drive on our own timeshare developments, we began a transformation of our timeshare business to a capital light model in which third-party timeshare owners and developers provide capital for development while we act as sales and marketing agent and property manager. Through these transactions, we receive a sales and marketing commission and branding fees on sales of timeshare intervals, recurring fees to operate the homeowners’ associations and revenues from resort operations. We also earn recurring fees in connection with the points-based membership programs we operate that provide for exclusive exchange, leisure travel and reservation services, and through fees related to the servicing of consumer loans. We have increased the sales of intervals developed by third parties from zero in 2009 to 60 percent for the twelve months ended June 30, 2014, which has dramatically reduced the capital requirements of our timeshare segment while continuing to drive strong earnings and cash flows.	
 
 	•	 	Performance-Driven Culture. We are an organization of people serving people, thus it is imperative that we attract and retain best-in-class talent to serve our various stakeholders. We have a performance-driven culture that begins with an intense alignment around our mission, vision, values and key strategic priorities. Our President and Chief Executive Officer, Christopher J. Nassetta, has nearly 30 years of experience in the hotel industry, previously serving as President and Chief Executive Officer of Host Hotels & Resorts, Inc., where he was named Institutional Investor’s 2007 REIT CEO of the Year. He and the balance of our executive management team have been instrumental in transforming our organization and installing a culture that develops leaders at all levels of the organization that are focused on delivering exceptional service to our customers every day. We rely on our over 155,000 employees to execute our strategy and continue to enhance our products and services to ensure that we remain at the forefront of performance and innovation in the lodging industry.	
 
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Our Business and Growth Strategy
The following are key elements of our strategy to become the preeminent global hospitality company—the first choice of guests, employees and owners alike:
 
 	•	 	Expand our Global Footprint . We intend to build on our leading position in the U.S. and expand our global footprint. In February 2006, we reacquired Hilton International Co., which had operated as a separate company since 1964, and in so doing, reacquired the international Hilton branding rights. Reuniting Hilton’s U.S. and international operations has provided us with the platform to grow our business and brands globally. As a result of the reacquisition and focus on global expansion, we currently rank number one in every major region of the world by rooms under construction, based on STR data. We aim to increase the relative contribution of our international operations by increasing the number of rooms in our system that are located outside of the U.S. As of June 30, 2014, 71 percent of our new rooms under construction are located outside of the U.S. We plan to continue to expand our global footprint by introducing the right brands with the right product positioning in targeted markets and allocating business development resources effectively to drive new unit growth in every region of the world.	
 
 	•	 	Grow our Fee-Based Businesses. We intend to grow our higher margin, fee-based businesses. We expect to increase the contribution of our management and franchise segment, which already accounts for more than half of our aggregate segment Adjusted EBITDA, through new third-party hotel development and the conversion of existing hotels to our brands. Our industry-leading pipeline consisted of approximately 210,000 rooms as of June 30, 2014, all within our capital light management and franchise segment. Upon completion, this pipeline of new, third-party owned hotels would result in a 33 percent increase in our management and franchise segment’s room count with minimal capital investment from us. In addition, we aim to increase the average effective franchise fees we receive over time by renewing and entering into new franchise agreements at our current published franchise fee rates.	
 
 	•	 	Continue to Increase the Capital Efficiency of our Timeshare Business. Traditionally, timeshare operators have funded 100 percent of the investment necessary to acquire land and construct timeshare properties. In 2010, we began sourcing timeshare intervals through sales and marketing agreements with third-party developers. These agreements enable us to generate fees from the sales and marketing of the timeshare intervals and club memberships and from the management of the timeshare properties without requiring us to fund acquisition and construction costs. Our supply of third-party developed timeshare intervals has increased to 88,000, or 82 percent of our total supply, as of June 30, 2014 and the percentage of sales of timeshare intervals developed by third parties has increased to 60 percent for the twelve months ended June 30, 2014. We continue to expand our capital light timeshare business through fee-for-service arrangements with third-party timeshare developers, including the sales and marketing and other timeshare related services agreement we announced in June 2014 for the development of a 37-story, 418-unit timeshare tower adjacent to the Hilton Hawaiian Village. We will continue to seek opportunities to grow our timeshare business through this capital light model.	
 
 	•	 	Optimize the Performance of our Owned and Leased Hotels. In addition to utilizing our commercial services platform to enhance the revenue performance of our owned and leased assets, we have focused on maximizing the cost efficiency of the portfolio by implementing labor management practices and systems and reducing fixed costs to drive profitability. Through our disciplined approach to asset management, we have developed and executed on strategic plans for each of our hotels to enhance the market position of each property. We expect to continue to enhance the performance of our hotels by improving operating efficiencies, and believe there is an opportunity to drive further improvements in operating margins and Adjusted EBITDA. Further, at certain of our hotels, we are developing plans for the adaptive reuse of all or a portion of the property to residential, retail or timeshare uses similar to our plans for the Hilton New York. Finally, we believe we can create value over time by opportunistically exiting assets and restructuring or exiting leases.	
 
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 	•	 	Strengthen and Enhance our Brands and Commercial Services Platform. We intend to enhance our world-class brands through superior brand management by continuing to develop products and services that drive increased RevPAR premiums. We will continue to refine our luxury brands to deliver modern products and service standards that are relevant to today’s luxury traveler. We will continue to position our full-service operating model and product standards to meet evolving customer needs and drive financial results that support incremental owner investment in our hotels. In our focused-service brands, we will continue to position for growth in the U.S., and tailor our products as appropriate to meet the needs of customers and developers outside the U.S. We will continue to innovate and enhance our commercial services platform to ensure we have the most formidable sales, pricing, marketing and distribution platform in the industry to drive premium commercial performance to our entire system of hotels. We also will continue to invest in our Hilton HHonors customer loyalty program to ensure it remains relevant to our customers and drives customer loyalty and value to our hotel owners.	
Our Brand Portfolio
The goal of each of our brands is to deliver exceptional customer experiences and superior operating performance.

 	 	 	 	June 30, 2014	 	 	 	
Brand (1)	 	Segment	 	Countries/
Territories	 	 	Hotels	 	 	Rooms	 	 	Percentage of
Total Rooms	 	 	Selected Competitors (2)	
							
	 	Luxury	 	 	12	  	 	 	27	  	 	 	11,126	  	 	 	1.6	% 	 	Ritz Carlton, Four Seasons, Peninsula, St. Regis, Mandarin Oriental	
							
	 	Luxury	 	 	17	  	 	 	23	  	 	 	7,811	  	 	 	1.1	% 	 	Park Hyatt, Sofitel, Intercontinental, JW Marriott, Fairmont	
							
	 	Upper Upscale	 	 	81	  	 	 	553	  	 	 	198,203	  	 	 	28.6	% 	 	Marriott, Sheraton, Hyatt, Radisson Blu, Renaissance, Westin, Sofitel, Swissotel, Mövenpick	
							
	 	Upscale	 	 	34	  	 	 	387	  	 	 	96,297	  	 	 	13.9	% 	 	Sheraton, Marriott, Crowne Plaza, Wyndham, Radisson, Mövenpick, Hotel Nikko, Holiday Inn, Renaissance	
							
	 	Upper Upscale	 	 	6	  	 	 	218	  	 	 	51,970	  	 	 	7.5	% 	 	Renaissance, Sheraton, Hyatt, Residence Inn by Marriott	
							
	 	Upscale	 	 	21	  	 	 	598	  	 	 	83,097	  	 	 	12.0	% 	 	Courtyard by Marriott, Holiday Inn, Hyatt Place, Novotel, Aloft, Four Points by Sheraton	
							
	 	Upper Midscale	 	 	15	  	 	 	1,964	  	 	 	194,305	  	 	 	28.0	% 	 	Fairfield Inn by Marriott, Holiday Inn Express, Comfort Inn, Quality Inn, La Quinta Inns, Wyngate by Wyndham	
							
	 	Upscale	 	 	3	  	 	 	346	  	 	 	38,566	  	 	 	5.5	% 	 	Residence Inn by Marriott, Hyatt House, Staybridge Suites, Candlewood Suites	
							
	 	Upper Midscale	 	 	2	  	 	 	34	  	 	 	3,631	  	 	 	0.5	% 	 	Candlewood Suites, AmericInn, Towne Place Suites	
							
	 	Timeshare	 	 	4	  	 	 	44	  	 	 	6,758	  	 	 	1.0	% 	 	Marriott Vacation Club, Starwood Vacation Ownership, Hyatt Residence, Wyndham Vacations Resorts	

(1)  	The table above excludes 8 unbranded hotels with 2,216 rooms, representing approximately 0.3 percent of total rooms.	
(2)	The table excludes lesser known regional competitors.	
 
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Waldorf Astoria Hotels & Resorts : What began as an iconic hotel in New York City is today a portfolio of 27 luxury hotels and resorts. In landmark destinations around the world, Waldorf Astoria Hotels & Resorts reflect their locations, each providing the inspirational environments and personalized attention that are the source of unforgettable moments. Properties typically include elegant spa and wellness facilities, high-end restaurants, golf courses (at resort properties), 24-hour room service, fitness and business centers, meeting, wedding and banquet facilities and special event and concierge services.
Conrad Hotels & Resorts : Conrad is a global luxury brand of properties offering guests personalized experiences with sophisticated, locally inspired surroundings and an intuitive service model based on customization and control, as demonstrated by the Conrad Concierge mobile application that enables guest control of on-property amenities and services. Properties typically include convenient and relaxing spa and wellness facilities, enticing restaurants, comprehensive room service, fitness and business centers, multi-purpose meeting facilities and special event and concierge services.
Hilton Hotels & Resorts : Hilton is our global flagship brand and ranks number one for global brand awareness in the hospitality industry, with 553 hotels and resorts in 81 countries and territories across six continents. The brand primarily serves business and leisure upper upscale travelers and meeting groups. Hilton hotels are full-service hotels that typically include meeting, wedding and banquet facilities and special event services, restaurants and lounges, food and beverage services, swimming pools, gift shops, retail facilities and other services.
Curio–A Collection by Hilton : On June 2, 2014 we introduced our newest brand: Curio—A Collection by Hilton. Created for travelers who seek local discovery and experiences, Curio will consist of a carefully selected collection of hotels that will retain their unique identity but are expected to deliver the many benefits of our system, including our Hilton HHonors guest loyalty program. As of June 30, 2014, three properties comprising 2,005 rooms, including the SLS Las Vegas Hotel & Casino, were in the pipeline and letters of intent were signed for an additional six properties comprising more than 2,100 rooms.
DoubleTree by Hilton : DoubleTree by Hilton is an upscale, full-service hotel designed to provide true comfort to today’s business and leisure travelers. DoubleTree is united by the brand’s CARE (“Creating a Rewarding Experience”) culture and a warm chocolate chip cookie served at check-in. DoubleTree’s diverse portfolio includes historic icons, small contemporary hotels, resorts and large urban hotels.
Embassy Suites Hotels : Embassy Suites are our upper upscale, all-suite hotels that feature two-room guest suites with a separate living room and dining/work area, a complimentary cooked-to-order breakfast and complimentary evening receptions every night. Embassy Suites’ bundled pricing ensures that guests receive value at a single price.
Hilton Garden Inn : Hilton Garden Inn is our award-winning, upscale hotel brand that strives to ensure today’s busy travelers have what they need to be productive on the road. From the Serta Perfect Sleeper bed, to complimentary Internet access, to a comfortable lobby pavilion, Hilton Garden Inn is the brand guests can count on to support them on their journeys.
Hampton Hotels : Hampton Inn hotels are our moderately priced, upper midscale hotels with limited food and beverage facilities. The Hampton brand also includes Hampton Inn & Suites hotels, which offer both traditional hotel room accommodations and apartment style suites within one property. Across our over 1,900 Hampton locations around the world, guests receive free hot breakfast and free high-speed Internet access, all for a great price and all supported by the Hampton satisfaction guarantee.
Homewood Suites by Hilton : Homewood Suites by Hilton are our upscale, extended-stay hotels that feature residential style accommodations including business centers, swimming pools, convenience stores and limited meeting facilities. The brand provides the touches, familiarity and comforts of home so that extended-stay travelers can feel at home on the road.
 
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Home2 Suites by Hilton : Home2 Suites by Hilton are upper midscale hotels that provide a modern and savvy option to budget conscious extended-stay travelers. Offering innovative suites with contemporary design and cutting-edge technology, we strive to ensure that our guests are comfortable and productive, whether they are staying a few days or a few months. The hotel offers a complimentary continental breakfast, integrated laundry and exercise facility, recycling and sustainability initiatives and a pet-friendly policy.
Hilton Grand Vacations : HGV is our timeshare brand. Ownership of a deeded real estate interest with club membership points provides members with a lifetime of vacation advantages and the comfort and convenience of residential-style resort accommodations in select, renowned vacation destinations. Each club property provides a distinctive setting, while signature elements remain consistent, such as high-quality guest service, spacious units and extensive on-property amenities.
Our Customer Loyalty Program
Hilton HHonors is our award-winning guest loyalty program that supports our portfolio of 11 brands and our entire system of hotels and timeshare properties. The program generates significant repeat business by rewarding guests with points for each stay at any of our more than 4,000 hotels worldwide, which are then redeemable for free hotel nights and other rewards. Members also can earn points with over 140 partners, including airlines, rail and car rental companies, credit card providers and others. The program provides targeted marketing, promotions and customized guest experiences to approximately 42 million members. Our Hilton HHonors members represented approximately 50 percent of our system-wide occupancy and contributed hotel-level revenues of over $12 billion during the twelve months ended June 30, 2014. Affiliation with our loyalty programs encourages members to allocate more of their travel spending to our hotels. The percentage of travel spending we capture from loyalty members increases as they move up the tiers of our program. The program is funded by contributions from eligible revenues generated by Hilton HHonors members and collected by us from hotels in our system. These funds are applied to reimburse hotels and partners for Hilton HHonors points redemptions and to pay for program administrative expenses and marketing initiatives that support the program.
Our Businesses
We operate our business across three segments: (1) management and franchise; (2) ownership; and (3) timeshare. For more information regarding our segments, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 24: “Business Segments” in our audited consolidated financial statements included elsewhere in this prospectus.
 
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As of June 30, 2014, our system included the following properties and rooms, by type, brand and region:

 	  	Owned / Leased (1)	 	  	Managed	 	  	Franchised	 	  	Total	 	
 	  	Hotels	 	  	Rooms	 	  	Hotels	 	  	Rooms	 	  	Hotels	 	  	Rooms	 	  	Hotels	 	  	Rooms	 	
Waldorf Astoria Hotels & Resorts	  				  				  				  				  				  				  				  				
U.S.	  	 	2	  	  	 	1,601	  	  	 	12	  	  	 	5,798	  	  	 	—	  	  	 	—	  	  	 	14	  	  	 	7,399	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	1	  	  	 	248	  	  	 	1	  	  	 	984	  	  	 	2	  	  	 	1,232	  	
Europe	  	 	2	  	  	 	463	  	  	 	4	  	  	 	898	  	  	 	—	  	  	 	—	  	  	 	6	  	  	 	1,361	  	
MEA	  	 	—	  	  	 	—	  	  	 	3	  	  	 	703	  	  	 	—	  	  	 	—	  	  	 	3	  	  	 	703	  	
Asia Pacific	  	 	—	  	  	 	—	  	  	 	2	  	  	 	431	  	  	 	—	  	  	 	—	  	  	 	2	  	  	 	431	  	
Conrad Hotels & Resorts	  				  				  				  				  				  				  				  				
U.S.	  	 	—	  	  	 	—	  	  	 	4	  	  	 	1,335	  	  	 	—	  	  	 	—	  	  	 	4	  	  	 	1,335	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	294	  	  	 	1	  	  	 	294	  	
Europe	  	 	1	  	  	 	191	  	  	 	2	  	  	 	705	  	  	 	—	  	  	 	—	  	  	 	3	  	  	 	896	  	
MEA	  	 	1	  	  	 	587	  	  	 	2	  	  	 	641	  	  	 	—	  	  	 	—	  	  	 	3	  	  	 	1,228	  	
Asia Pacific	  	 	—	  	  	 	—	  	  	 	11	  	  	 	3,422	  	  	 	1	  	  	 	636	  	  	 	12	  	  	 	4,058	  	
Hilton Hotels & Resorts	  				  				  				  				  				  				  				  				
U.S.	  	 	23	  	  	 	21,107	  	  	 	41	  	  	 	24,659	  	  	 	176	  	  	 	52,932	  	  	 	240	  	  	 	98,698	  	
Americas (excluding U.S.)	  	 	3	  	  	 	1,836	  	  	 	22	  	  	 	7,599	  	  	 	18	  	  	 	5,489	  	  	 	43	  	  	 	14,924	  	
Europe	  	 	73	  	  	 	18,922	  	  	 	58	  	  	 	16,993	  	  	 	20	  	  	 	5,237	  	  	 	151	  	  	 	41,152	  	
MEA	  	 	6	  	  	 	2,276	  	  	 	44	  	  	 	13,992	  	  	 	1	  	  	 	410	  	  	 	51	  	  	 	16,678	  	
Asia Pacific	  	 	8	  	  	 	3,952	  	  	 	52	  	  	 	19,819	  	  	 	8	  	  	 	2,980	  	  	 	68	  	  	 	26,751	  	
DoubleTree by Hilton	  				  				  				  				  				  				  				  				
U.S.	  	 	12	  	  	 	4,456	  	  	 	27	  	  	 	8,057	  	  	 	244	  	  	 	59,754	  	  	 	283	  	  	 	72,267	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	3	  	  	 	637	  	  	 	12	  	  	 	2,301	  	  	 	15	  	  	 	2,938	  	
Europe	  	 	—	  	  	 	—	  	  	 	12	  	  	 	3,676	  	  	 	38	  	  	 	6,308	  	  	 	50	  	  	 	9,984	  	
MEA	  	 	—	  	  	 	—	  	  	 	7	  	  	 	1,464	  	  	 	3	  	  	 	429	  	  	 	10	  	  	 	1,893	  	
Asia Pacific	  	 	—	  	  	 	—	  	  	 	27	  	  	 	8,250	  	  	 	2	  	  	 	965	  	  	 	29	  	  	 	9,215	  	
Embassy Suites Hotels	  				  				  				  				  				  				  				  				
U.S.	  	 	15	  	  	 	3,747	  	  	 	38	  	  	 	10,115	  	  	 	157	  	  	 	36.185	  	  	 	210	  	  	 	50,047	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	3	  	  	 	653	  	  	 	5	  	  	 	1,270	  	  	 	8	  	  	 	1,923	  	
Hilton Garden Inn	  				  				  				  				  				  				  				  				
U.S.	  	 	2	  	  	 	290	  	  	 	5	  	  	 	635	  	  	 	525	  	  	 	71,651	  	  	 	532	  	  	 	72,576	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	5	  	  	 	685	  	  	 	24	  	  	 	3,683	  	  	 	29	  	  	 	4,368	  	
Europe	  	 	—	  	  	 	—	  	  	 	19	  	  	 	3,474	  	  	 	12	  	  	 	1,751	  	  	 	31	  	  	 	5,225	  	
MEA	  	 	—	  	  	 	—	  	  	 	1	  	  	 	180	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	180	  	
Asia Pacific	  	 	—	  	  	 	—	  	  	 	5	  	  	 	748	  	  	 	—	  	  	 	—	  	  	 	5	  	  	 	748	  	
Hampton Hotels	  				  				  				  				  				  				  				  				
U.S.	  	 	1	  	  	 	130	  	  	 	50	  	  	 	6,238	  	  	 	1,822	  	  	 	175,811	  	  	 	1,873	  	  	 	182,179	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	6	  	  	 	729	  	  	 	55	  	  	 	6,821	  	  	 	61	  	  	 	7,550	  	
Europe	  	 	—	  	  	 	—	  	  	 	6	  	  	 	974	  	  	 	23	  	  	 	3,530	  	  	 	29	  	  	 	4,504	  	
Asia Pacific	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	72	  	  	 	1	  	  	 	72	  	
Homewood Suites by Hilton	  				  				  				  				  				  				  				  				
U.S.	  	 	—	  	  	 	—	  	  	 	37	  	  	 	4,267	  	  	 	293	  	  	 	32,473	  	  	 	330	  	  	 	36,740	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	2	  	  	 	224	  	  	 	14	  	  	 	1,602	  	  	 	16	  	  	 	1,826	  	
Home2 Suites by Hilton	  				  				  				  				  				  				  				  				
U.S.	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	33	  	  	 	3,534	  	  	 	33	  	  	 	3,534	  	
Americas (excluding U.S.)	  	 	—	  	  	 	—	  	  	 	1	  	  	 	97	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	97	  	
Other	  	 	3	  	  	 	1,272	  	  	 	5	  	  	 	944	  	  	 	—	  	  	 	—	  	  	 	8	  	  	 	2,216	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Lodging	  	 	152	  	  	 	60,830	  	  	 	517	  	  	 	149,290	  	  	 	3,489	  	  	 	477,102	  	  	 	4,158	  	  	 	687,222	  	
Hilton Grand Vacations	  	 	—	  	  	 	—	  	  	 	44	  	  	 	6,758	  	  	 	—	  	  	 	—	  	  	 	44	  	  	 	6,758	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	 	152	  	  	 	60,830	  	  	 	561	  	  	 	156,048	  	  	 	3,489	  	  	 	477,102	  	  	 	4,202	  	  	 	693,980	  	

(1)	Includes hotels owned or leased by entities in which we own a noncontrolling interest.	
 
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Management and Franchise
Through our management and franchise segment we manage hotels and timeshare properties and license our brands to franchisees. This segment generates its revenue primarily from fees charged to hotel owners and to homeowners’ associations at timeshare properties. We grow our management and franchise business by attracting owners to become a part of our system and participate in our brands and commercial services to support their hotel properties. These contracts require little or no capital investment to initiate on our part, and provide significant return on investment for us as fees are earned.
Hotel and Timeshare Management
Our core management services consist of operating hotels under management agreements for the benefit of third parties, who either own or lease the hotels and the associated personal property. Terms of our management agreements vary, but our fees generally consist of a base management fee based on a percentage of each hotel’s gross revenue, and we also may earn an incentive fee based on gross operating profits, cash flow or a combination thereof. In general, the owner pays all operating and other expenses and reimburses our out-of-pocket expenses. In turn, our managerial discretion typically is subject to approval by the owner in certain major areas, including the approval of annual operating and capital expenditure budgets. Additionally, the owners generally pay a monthly program fee based on a percentage of the total gross room revenue that covers the costs of advertising and marketing programs; internet, technology and reservation systems expenses; and quality assurance program costs. As of June 30, 2014, we managed 517 hotels with 149,290 rooms, excluding our owned and leased hotels.
The initial terms of our management agreements for full-service hotels typically are 20 years. In certain cases where we have entered into a franchise agreement as well as a management agreement, we classify these hotels as managed hotels in our portfolio. Extension options for our management agreements are negotiated and vary, but typically are more prevalent in full-service hotels. Typically these agreements contain one or two extension options that are either for 5 or 10 years and can be exercised at our or the other party’s option or by mutual agreement.
Some of our management agreements provide early termination rights to hotel owners upon certain events, including the failure to meet certain financial or performance criteria. Performance test measures typically are based upon the hotel’s performance individually and/or in comparison to specified competitive hotels. We often have a cure right by paying an amount equal to the performance shortfall over a specified period, although in some cases our cure rights are limited.
In addition to the third-party owned hotels we manage, we provide management services for 44 timeshare properties owned by homeowners’ associations and 152 owned, leased and joint venture hotels, from which we recognize management fee revenues.
Franchising
We franchise our brand names, trade and service marks and operating systems to hotel owners under franchise agreements. We do not directly participate in the day-to-day management or operation of franchised hotels and do not employ the individuals working at those locations. We conduct periodic inspections to ensure that brand standards are maintained and consult with franchisees concerning certain aspects of hotel operations. We approve the location for new construction of franchised hotels, as well as certain aspects of development. In some cases, we provide franchisees with product improvement plans that must be completed in accordance with brand standards to remain in our hotel system. As of June 30, 2014, there were 3,489 franchised hotels with 477,102 rooms.
Each franchisee pays us a franchise application fee. Franchisees also pay a royalty fee, generally based on a percentage of the hotel’s total gross room revenue (and a percentage of food and beverage revenue in some
 
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brands), as well as a monthly program fee based on a percentage of the total gross room revenue that covers the costs of advertising and marketing programs; internet, technology and reservation systems expenses; and quality assurance program costs. Franchisees also are responsible for various other fees and charges, including payments for participation in our Hilton HHonors reward program, training, consultation and procurement of certain goods and services.
Our franchise agreements typically have initial terms of approximately 20 years for new construction and approximately 10 to 20 years for properties that are converted from other brands. At the expiration of the initial term, we may relicense the hotel to the franchisee, at our or the hotel owner’s option or by mutual agreement, for an additional term ranging from 10 to 15 years. We have the right to terminate a franchise agreement upon specified events of default, including nonpayment of fees or noncompliance with brand standards. If a franchise agreement is terminated by us because of a franchisee’s default, the franchisee is contractually required to pay us liquidated damages.
Ownership
We are among the largest hotel owners in the world based upon the number of rooms at our owned, leased and joint venture hotels. Our diverse global portfolio of owned and leased properties includes a number of leading hotels in major gateway cities such as New York City, London, San Francisco, Chicago, São Paolo, Sydney and Tokyo. The portfolio includes iconic hotels with significant underlying real estate value, including The Waldorf Astoria New York, the Hilton Hawaiian Village and the London Hilton on Park Lane. Real estate investment was a critical component of the growth of our business in our early years. Our real estate holdings grew over time through new construction, purchases or leases of hotels, investments in joint ventures and the acquisition of other hotel companies. In recent years, we have expanded our hotel system less through real estate investment and more by increasing the number of management and franchise agreements we have with third-party hotel owners.
We have focused on maximizing the cost efficiency and profitability of the portfolio by, among other things, implementing new labor management practices and systems and reducing fixed costs. Through our disciplined approach to asset management, we have developed and executed on strategic plans for each of our hotels to enhance the market position of each property, and at many of our hotels we have renovated guest rooms and public spaces and added or enhanced meeting and retail space to improve profitability. At certain of our hotels, we are evaluating options for the adaptive reuse of all or a portion of the property to residential, retail or timeshare in order to deploy our real estate to its highest and best use.
Timeshare
Our timeshare segment generates revenue from three primary sources:
 
 	•	 	Timeshare Sales —We market and sell timeshare interests owned by Hilton and third parties. We also source timeshare intervals through sales and marketing agreements with third-party developers. This allows us to sell timeshare units on behalf of third-party developers in exchange for sales, marketing and branding fees on interval sales, and to earn fees from resort operations and the servicing of consumer loans while deploying little up-front capital related to the construction of the property.	
 
 	•	 	Resort Operations —We manage the HGV Club, receiving enrollment fees, annual dues and transaction fees from member exchanges for other vacation products. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our HGV Club program. We also earn revenue from retail and spa outlets at our timeshare properties.	
 
 	•	 	Financing —We provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of timeshare intervals and revenue from servicing the loans.	
 
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HGV’s primary product is a fee-simple timeshare interest deeded in perpetuity. This ownership interest is an interest in real estate equivalent to annual usage rights, generally for one week, at the timeshare resort where the timeshare interval was purchased. Each purchaser is automatically enrolled in the HGV Club, giving the purchaser an annual allotment of Club Points that allow the purchaser to exchange his or her annual usage rights for a number of options, including: a priority reservation period to stay at his or her home resort where his or her timeshare interval is deeded, stays at any resort in the HGV system, reservations for experiential travel such as cruises, conversion to Hilton HHonors points for stays at our hotels and other options, including stays at more than 5,000 resorts included in the RCI timeshare vacation exchange network. In addition, we operate the Hilton Club, which operates for owners of timeshare intervals at the Hilton New York, but whose members also enjoy exchange benefits with the HGV Club. As of June 30, 2014, HGV managed a global system of 44 resorts and the HGV Club and the Hilton Club had more than 221,000 members in total.
Hotel Properties
Owned or Controlled Hotels
As of June 30, 2014, we owned a majority or controlling financial interest in the following 48 hotels, representing 27,060 rooms.

Property	  	Location	  	Rooms	 	  	Ownership	 	
Waldorf Astoria Hotels & Resorts	  		  				  				
The Waldorf Astoria New York (1)	  	New York, NY, USA	  	 	1,413	  	  	 	100	% 	
Hilton Hotels & Resorts	  		  				  				
Hilton Hawaiian Village Beach Resort & Spa (1)	  	Honolulu, HI, USA	  	 	2,860	  	  	 	100	% 	
Hilton New York (1)	  	New York, NY, USA	  	 	1,985	  	  	 	100	% 	
Hilton San Francisco Union Square (1)	  	San Francisco, CA, USA	  	 	1,915	  	  	 	100	% 	
Hilton New Orleans Riverside (1)	  	New Orleans, LA, USA	  	 	1,622	  	  	 	100	% 	
Hilton Chicago (1)	  	Chicago, IL, USA	  	 	1,544	  	  	 	100	% 	
Hilton Waikoloa Village (1)	  	Waikoloa, HI, USA	  	 	1,241	  	  	 	100	% 	
Caribe Hilton (1)	  	San Juan, Puerto Rico	  	 	915	  	  	 	100	% 	
Hilton Chicago O’Hare Airport	  	Chicago, IL, USA	  	 	860	  	  	 	100	% 	
Hilton Orlando Lake Buena Vista (1)	  	Orlando, FL, USA	  	 	814	  	  	 	100	% 	
Hilton Boston Logan Airport (1)	  	Boston, MA, USA	  	 	599	  	  	 	100	% 	
Hilton Sydney	  	Sydney, Australia	  	 	579	  	  	 	100	% 	
Pointe Hilton Squaw Peak Resort (1)	  	Phoenix, AZ, USA	  	 	563	  	  	 	100	% 	
Hilton Miami Airport (1)	  	Miami, FL, USA	  	 	508	  	  	 	100	% 	
Hilton Atlanta Airport (1)	  	Atlanta, GA, USA	  	 	507	  	  	 	100	% 	
Hilton São Paulo Morumbi	  	São Paulo, Brazil	  	 	503	  	  	 	100	% 	
Hilton McLean Tysons Corner (1)	  	McLean, VA, USA	  	 	458	  	  	 	100	% 	
Hilton Seattle Airport & Conference Center (1)	  	Seattle, WA, USA	  	 	396	  	  	 	100	% 	
Hilton Oakland Airport	  	Oakland, CA, USA	  	 	359	  	  	 	100	% 	
Hilton Paris Orly Airport	  	Paris, France	  	 	340	  	  	 	100	% 	
Hilton Durban	  	Durban, South Africa	  	 	324	  	  	 	100	% 	
Hilton New Orleans Airport (1)	  	Kenner, LA, USA	  	 	317	  	  	 	100	% 	
Hilton Short Hills (1)	  	Short Hills, NJ, USA	  	 	304	  	  	 	100	% 	
Hilton Amsterdam Airport Schiphol	  	Schiphol, Netherlands	  	 	277	  	  	 	100	% 	
Hilton Blackpool	  	Blackpool, United Kingdom	  	 	274	  	  	 	100	% 	
Hilton Rotterdam	  	Rotterdam, Netherlands	  	 	254	  	  	 	100	% 	
Hilton Suites Chicago/Oak Brook (1)	  	Oakbrook Terrace, IL, USA	  	 	211	  	  	 	100	% 	
Hilton Belfast	  	Belfast, United Kingdom	  	 	198	  	  	 	100	% 	
Hilton London Islington	  	London, United Kingdom	  	 	190	  	  	 	100	% 	
Hilton Edinburgh Grosvenor	  	Edinburgh, United Kingdom	  	 	184	  	  	 	100	% 	
Hilton Coylumbridge	  	Coylumbridge, United Kingdom	  	 	175	  	  	 	100	% 	
 
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Property	  	Location	  	Rooms	 	  	Ownership	 	
Hilton Bath City	  	Bath, United Kingdom	  	 	173	  	  	 	100	% 	
Hilton Nuremberg	  	Nuremberg, Germany	  	 	152	  	  	 	100	% 	
Hilton Milton Keynes	  	Milton Keynes, United Kingdom	  	 	138	  	  	 	100	% 	
Hilton Templepatrick Hotel & Country Club	  	Templepatrick, United Kingdom	  	 	129	  	  	 	100	% 	
Hilton Sheffield	  	Sheffield, United Kingdom	  	 	128	  	  	 	100	% 	
Hilton Portsmouth	  	Portsmouth, United Kingdom	  	 	119	  	  	 	100	% 	
DoubleTree by Hilton	  		  				  				
DoubleTree Hotel Crystal City—National Airport (1)	  	Arlington, VA, USA	  	 	631	  	  	 	100	% 	
DoubleTree Hotel San Jose (1)	  	San Jose, CA, USA	  	 	505	  	  	 	100	% 	
DoubleTree Hotel Ontario Airport	  	Ontario, CA, USA	  	 	482	  	  	 	67	% 	
DoubleTree Spokane—City Center	  	Spokane, WA, USA	  	 	375	  	  	 	10	% 	
Fess Parker’s DoubleTree Resort Santa Barbara	  	Santa Barbara, CA, USA	  	 	360	  	  	 	50	% 	
Embassy Suites Hotels	  		  				  				
Embassy Suites Washington D.C. (1)	  	Washington, D.C., USA	  	 	318	  	  	 	100	% 	
Embassy Suites Austin—Downtown/Town Lake	  	Austin, TX, USA	  	 	259	  	  	 	100	% 	
Embassy Suites Phoenix—Airport at 24th Street	  	Phoenix, AZ, USA	  	 	182	  	  	 	100	% 	
Hilton Garden Inn	  		  				  				
Hilton Garden Inn LAX/El Segundo (1)	  	El Segundo, CA, USA	  	 	162	  	  	 	100	% 	
Hilton Garden Inn Chicago/Oak Brook (1)	  	Oakbrook Terrace, IL, USA	  	 	128	  	  	 	100	% 	
Hampton Hotels	  		  				  				
Hampton Inn & Suites Memphis—Shady Grove (1)	  	Memphis, TN, USA	  	 	130	  	  	 	100	% 	

(1)  	Property that is included in PropCo group of entities that are unrestricted subsidiaries.	
Joint Venture Hotels
As of June 30, 2014, we had a minority or noncontrolling financial interest in and operated the following 28 properties, representing 10,994 rooms. We have a right of first refusal to purchase additional equity interests in certain of these joint ventures. We manage each of the partially owned hotels for the entity owning the hotel.

Property	  	Location	  	Rooms	 	  	Ownership	 	
Waldorf Astoria Hotels & Resorts	  		  				  				
The Waldorf Astoria Chicago	  	Chicago, IL, USA	  	 	188	  	  	 	15	% 	
Conrad Hotels & Resorts	  		  				  				
Conrad Cairo	  	Cairo, Egypt	  	 	587	  	  	 	10	% 	
Conrad Dublin	  	Dublin, Ireland	  	 	191	  	  	 	25	% 	
Hilton Hotels & Resorts	  		  				  				
Hilton Orlando—Orange County Convention Center	  	Orlando, FL, USA	  	 	1,417	  	  	 	20	% 	
Hilton San Diego Bayfront	  	San Diego, CA, USA	  	 	1,190	  	  	 	25	% 	
Hilton Tokyo Bay	  	Urayasu-shi, Japan	  	 	817	  	  	 	24	% 	
Hilton Berlin	  	Berlin, Germany	  	 	601	  	  	 	40	% 	
Capital Hilton	  	Washington, D.C., USA	  	 	544	  	  	 	25	% 	
Hilton Nagoya	  	Nagoya, Japan	  	 	448	  	  	 	24	% 	
Hilton La Jolla Torrey Pines	  	La Jolla, CA, USA	  	 	394	  	  	 	25	% 	
Hilton Mauritius Resort & Spa	  	Flic-en-Flac, Mauritius	  	 	193	  	  	 	20	% 	
Hilton Imperial Dubrovnik	  	Dubrovnik, Croatia	  	 	147	  	  	 	18	% 	
DoubleTree by Hilton	  		  				  				
DoubleTree Las Vegas Airport	  	Las Vegas, NV, USA	  	 	190	  	  	 	50	% 	
DoubleTree Guest Suites Austin	  	Austin, TX, USA	  	 	188	  	  	 	10	% 	
DoubleTree Hotel Missoula/Edgewater	  	Missoula, MT, USA	  	 	171	  	  	 	50	% 	
 
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Property	  	Location	  	Rooms	 	  	Ownership	 	
Embassy Suites Hotels	  		  				  				
Embassy Suites Alexandria—Old Town	  	Alexandria, VA, USA	  	 	288	  	  	 	50	% 	
Embassy Suites Parsippany	  	Parsippany, NJ, USA	  	 	274	  	  	 	50	% 	
Embassy Suites Kansas City—Plaza	  	Kansas City, MO, USA	  	 	266	  	  	 	50	% 	
Embassy Suites Chicago—Lombard/Oak Brook	  	Lombard, IL, USA	  	 	262	  	  	 	50	% 	
Embassy Suites Secaucus—Meadowlands	  	Secaucus, NJ, USA	  	 	261	  	  	 	50	% 	
Embassy Suites San Antonio—International Airport	  	San Antonio, TX, USA	  	 	261	  	  	 	50	% 	
Embassy Suites Austin—Central	  	Austin, TX, USA	  	 	260	  	  	 	50	% 	
Embassy Suites Atlanta—Perimeter Center	  	Atlanta, GA, USA	  	 	241	  	  	 	50	% 	
Embassy Suites San Rafael—Marin County	  	San Rafael, CA, USA	  	 	235	  	  	 	50	% 	
Embassy Suites Raleigh—Crabtree	  	Raleigh, NC, USA	  	 	225	  	  	 	50	% 	
Embassy Suites San Antonio—NW I-10	  	San Antonio, TX, USA	  	 	216	  	  	 	50	% 	
Embassy Suites Kansas City—Overland Park	  	Overland Park, KS, USA	  	 	199	  	  	 	50	% 	
Other	  		  				  				
Myrtle Beach Kingston Plantation (condo management company)	  	Myrtle Beach, SC, USA	  	 	740	  	  	 	50	% 	
Leased Hotels
As of June 30, 2014, we leased the following 76 hotels, representing 22,776 rooms.

Property	  	Location	  	Rooms	 	
Waldorf Astoria Hotels & Resorts	  		  				
Waldorf Astoria Rome Cavalieri	  	Rome, Italy	  	 	370	  	
Waldorf Astoria Amsterdam	  	Amsterdam, Netherlands	  	 	93	  	
Hilton Hotels & Resorts	  		  				
Hilton Tokyo (1)	  	(Shinjuku-ku) Tokyo, Japan	  	 	811	  	
Hilton Ramses	  	Cairo, Egypt	  	 	771	  	
Hilton London Kensington	  	London, United Kingdom	  	 	601	  	
Hilton Vienna	  	Vienna, Austria	  	 	579	  	
Hilton Tel Aviv	  	Tel Aviv, Israel	  	 	562	  	
Hilton Osaka (1)	  	Osaka, Japan	  	 	522	  	
Hilton Istanbul	  	Istanbul, Turkey	  	 	499	  	
Hilton Salt Lake City	  	Salt Lake City, UT, USA	  	 	499	  	
Hilton Munich Park	  	Munich, Germany	  	 	484	  	
Hilton Munich City	  	Munich, Germany	  	 	480	  	
London Hilton on Park Lane	  	London, United Kingdom	  	 	453	  	
Hilton Diagonal Mar Barcelona	  	Barcelona, Spain	  	 	433	  	
Hilton Mainz	  	Mainz, Germany	  	 	431	  	
Hilton Trinidad & Conference Centre	  	Port of Spain, Trinidad	  	 	418	  	
Hilton London Heathrow Airport	  	London, United Kingdom	  	 	398	  	
Hilton Izmir	  	Izmir, Turkey	  	 	380	  	
Hilton London Docklands Riverside	  	London, United Kingdom	  	 	378	  	
Hilton Addis Ababa	  	Addis Ababa, Ethiopia	  	 	372	  	
Hilton Vienna Danube	  	Vienna, Austria	  	 	367	  	
Hilton Frankfurt	  	Frankfurt, Germany	  	 	342	  	
Hilton Brighton Metropole	  	Brighton, United Kingdom	  	 	340	  	
Hilton Sandton	  	Sandton, South Africa	  	 	329	  	
Hilton Brisbane	  	Brisbane, Australia	  	 	319	  	
Hilton Glasgow	  	Glasgow, United Kingdom	  	 	319	  	
Hilton Milan	  	Milan, Italy	  	 	319	  	
Hilton Ankara	  	Ankara, Turkey	  	 	310	  	
 
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Property	  	Location	  	Rooms	 	
Hilton Adana	  	Adana, Turkey	  	 	308	  	
Hilton Waldorf	  	London, United Kingdom	  	 	298	  	
Hilton Cologne	  	Cologne, Germany	  	 	296	  	
Hilton Slussen	  	Stockholm, Sweden	  	 	289	  	
Hilton Nairobi (1)	  	Nairobi, Kenya	  	 	287	  	
Hilton Madrid Airport	  	Madrid, Spain	  	 	284	  	
Hilton Parmelia Perth	  	Parmelia Perth, Australia	  	 	284	  	
Hilton London Canary Wharf	  	London, United Kingdom	  	 	282	  	
Hilton Amsterdam	  	Amsterdam, Netherlands	  	 	271	  	
Hilton Newcastle Gateshead	  	Newcastle Upon Tyne, United Kingdom	  	 	254	  	
Hilton Bonn	  	Bonn, Germany	  	 	252	  	
Hilton London Tower Bridge	  	London, United Kingdom	  	 	245	  	
Hilton London Stansted Airport	  	Stansted, United Kingdom	  	 	239	  	
Hilton Manchester Airport	  	Manchester, United Kingdom	  	 	230	  	
Hilton Vienna Plaza	  	Vienna, Austria	  	 	254	  	
Hilton Basel	  	Basel, Switzerland	  	 	220	  	
Hilton Bracknell	  	Bracknell, United Kingdom	  	 	215	  	
Hilton Antwerp	  	Antwerp, Belgium	  	 	210	  	
Hilton Reading	  	Reading, United Kingdom	  	 	210	  	
Hilton Leeds City	  	Leeds, United Kingdom	  	 	208	  	
Hilton Watford	  	Watford, United Kingdom	  	 	200	  	
Hilton Mersin	  	Mersin, Turkey	  	 	186	  	
Hilton Warwick/Stratford-upon-Avon	  	Warwick, United Kingdom	  	 	181	  	
Hilton Leicester	  	Leicester, United Kingdom	  	 	179	  	
Hilton Innsbruck	  	Innsbruck, Austria	  	 	176	  	
Hilton Nottingham	  	Nottingham, United Kingdom	  	 	176	  	
Hilton Odawara Resort & Spa	  	Odawara City, Japan	  	 	172	  	
Hilton St. Anne’s Manor, Bracknell	  	Wokingham, United Kingdom	  	 	170	  	
Hilton Croydon	  	Croydon, United Kingdom	  	 	168	  	
Hilton London Green Park	  	London, United Kingdom	  	 	163	  	
Hilton Cobham	  	Cobham, United Kingdom	  	 	158	  	
Hilton Paris La Defense	  	Paris, France	  	 	153	  	
Hilton East Midlands	  	Derby, United Kingdom	  	 	152	  	
Hilton Maidstone	  	Maidstone, United Kingdom	  	 	146	  	
Hilton Avisford Park, Arundel	  	Arundel, United Kingdom	  	 	140	  	
Hilton Northampton	  	Northampton, United Kingdom	  	 	139	  	
Hilton London Hyde Park	  	London, United Kingdom	  	 	132	  	
Hilton York	  	York, United Kingdom	  	 	131	  	
Hilton Mainz City	  	Mainz, Germany	  	 	127	  	
Hilton ParkSA Istanbul	  	Istanbul, Turkey	  	 	117	  	
Hilton Puckrup Hall, Tewkesbury	  	Tewkesbury, United Kingdom	  	 	112	  	
Hilton Glasgow Grosvenor	  	Glasgow, United Kingdom	  	 	97	  	
DoubleTree by Hilton	  		  				
DoubleTree Hotel Seattle Airport	  	Seattle, WA, USA	  	 	850	  	
DoubleTree Hotel San Diego—Mission Valley	  	San Diego, CA, USA	  	 	300	  	
DoubleTree Hotel Sonoma Wine Country	  	Rohnert Park, CA, USA	  	 	245	  	
DoubleTree Hotel Durango	  	Durango, CO, USA	  	 	159	  	
Other	  		  				
Scandic Hotel Sergel Plaza	  	Stockholm, Sweden	  	 	403	  	
The Trafalgar London	  	London, United Kingdom	  	 	129	  	

(1)	We own a majority or controlling financial interest, but less than a 100 percent interest, in entities that lease these properties.	
 
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Corporate Headquarters and Regional Offices
Our corporate headquarters are located at 7930 Jones Branch Drive, McLean, Virginia 22102. These offices consist of approximately 169,024 square feet of leased space. The lease for this property initially expires on December 31, 2019, with options to renew and increase the rentable square feet. We also have corporate offices in Watford, England (Europe), Dubai (Middle East & Africa) and Singapore (Asia Pacific). Additionally, to support our operations, we have our Hilton HHonors and other commercial services office in Addison, Texas, the Hilton Grand Vacations headquarters in Orlando, Florida and timeshare sales offices in Honolulu, Hawaii, Las Vegas, Nevada, New York City, New York, Orlando, Florida, Tumon Bay, Guam and Tokyo, Japan.
Other non-operating real estate holdings include a centralized operations center and a centralized data center, both located in Memphis, Tennessee; and a Hilton Reservations and Customer Care office in Carrollton, Texas.
We believe that our existing office properties are in good condition and are sufficient and suitable for the conduct of our business. In the event we need to expand our operations, we believe that suitable space will be available on commercially reasonable terms.
Competition
We encounter active and robust competition as a hotel, residential, resort and timeshare manager, franchisor and developer. Competition in the hotel and lodging industry generally is based on the attractiveness of the facility, location, level of service, quality of accommodations, amenities, food and beverage options and outlets, public spaces and other guest services, consistency of service, room rate, brand reputation and the ability to earn and redeem loyalty program points through a global system. Our properties and brands compete with other hotels, resorts, motels and inns in their respective geographic markets or customer segments, including facilities owned by local interests, individuals, national and international chains, institutions, investment and pension funds and real estate investment trusts (“REITs”). We believe that our position as a multi-branded owner, operator, manager and franchisor of hotels makes us one of the largest and most geographically diverse lodging companies in the world.
Our principal competitors include other branded and independent hotel operating companies, national and international hotel brands and ownership companies, including hotel REITs. While local and independent brand competitors vary, on a global scale our primary competitors are firms such as Accor S.A., Carlson Rezidor Group, Fairmont Raffles Hotels International, Hong Kong and Shanghai Hotels, Limited, Hyatt Hotels Corporation, Intercontinental Hotel Group, Marriott International, Mövenpick Hotels and Resorts, Starwood Hotels & Resorts Worldwide and Wyndham Worldwide Corporation.
In the timeshare business, we compete with other hotel and resort timeshare operators for sales of timeshare intervals based principally on location, quality of accommodations, price, financing terms, quality of service, terms of property use and opportunity for timeshare owners to exchange into time at other timeshare properties or other travel rewards. In addition, we compete based on brand name recognition and reputation, as well as with national and independent timeshare resale companies and owners reselling existing timeshare intervals, which could reduce demand or prices for sales of new timeshare intervals. Our competitors in the timeshare space include Hyatt Residence Club, Marriott Vacations Worldwide Corp., Starwood Vacation Ownership and Wyndham Vacation Resorts.
Seasonality
The hospitality industry is seasonal in nature. The periods during which our lodging properties experience higher revenues vary from property to property, depending principally upon location and the customer-base served. We generally expect our revenues to be lower in the first quarter of each year than in each of the three subsequent quarters, with the fourth quarter generally being the highest.
 
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Cyclicality
The hospitality industry is cyclical and demand generally follows, on a lagged basis, key macroeconomic indicators. There is a history of increases and decreases in demand for hotel rooms, in occupancy levels and in room rates realized by owners of hotels through economic cycles. The combination of changes in economic conditions and in the supply of hotel rooms can result in significant volatility in results for owners and managers of hotel properties. The costs of running a hotel tend to be more fixed than variable. As a result, in an environment of declining revenues the rate of decline in earnings can be higher than the rate of decline in revenues. The vacation ownership business also is cyclical as the demand for vacation ownership units is affected by the availability and cost of financing for purchases of vacation ownership units, as well as general economic conditions and the relative health of the housing market.
Intellectual Property
In the highly competitive hospitality industry in which we operate, trademarks, service marks, trade names, logos and patents are very important to the success of our business. We have a significant number of trademarks, service marks, trade names, logos, patents and pending registrations and expend significant resources each year on surveillance, registration and protection of our trademarks, service marks, trade names, logos and patents, which we believe have become synonymous in the hospitality industry with a reputation for excellence in service and authentic hospitality.
Government Regulation
Our business is subject to various foreign and U.S. federal and state laws and regulations, including: laws and regulations that govern the offer and sale of franchises, many of which impose substantive requirements on franchise agreements and require that certain materials be registered before franchises can be offered or sold in a particular state; and extensive state and federal laws and regulations relating to our timeshare business, primarily relating to the sale and marketing of timeshare intervals.
In addition, a number of states regulate the activities of hospitality properties and restaurants, including safety and health standards, as well as the sale of liquor at such properties, by requiring licensing, registration, disclosure statements and compliance with specific standards of conduct. Operators of hospitality properties also are subject to laws governing their relationship with employees, including minimum wage requirements, overtime, working conditions and work permit requirements. Our franchisees are responsible for their own compliance with laws, including with respect to their employees, minimum wage requirements, overtime, working conditions and work permit requirements. Compliance with, or changes in, these laws could reduce the revenue and profitability of our properties and could otherwise adversely affect our operations.
We also manage and own hotels with casino gaming operations as part of or adjacent to the hotels. However, with the exception of casinos at certain of our properties in Puerto Rico and one property in Egypt, third parties manage and operate the casinos. We hold and maintain the casino gaming license and manage the casinos located in Puerto Rico and Egypt and employ third-party compliance consultants and service providers. As a result, our business operations at these facilities are subject to the licensing and regulatory control of the local regulatory agency responsible for gaming licenses and operations in those jurisdictions.
Finally, as an international owner, operator and franchisor of hospitality properties in 93 countries and territories, we also are subject to the local laws and regulations in each country in which we operate, including employment laws and practices, privacy laws, tax laws, which may provide for tax rates that exceed those of the U.S. and which may provide that our foreign earnings are subject to withholding requirements or other restrictions, unexpected changes in regulatory requirements or monetary policy and other potentially adverse tax consequences.
 
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Environmental Matters
We are subject to certain requirements and potential liabilities under various foreign and U.S. federal, state and local environmental, health and safety laws and regulations and incur costs in complying with such requirements. These laws and regulations govern actions including air emissions, the use, storage and disposal of hazardous and toxic substances, and wastewater disposal. In addition to investigation and remediation liabilities that could arise under such laws, we may also face personal injury, property damage, fines or other claims by third parties concerning environmental compliance or contamination. In addition to our hotel accommodations, we operate a number of laundry facilities located in certain areas where we have multiple properties. We use and store hazardous and toxic substances, such as cleaning materials, pool chemicals, heating oil and fuel for back-up generators at some of our facilities, and we generate certain wastes in connection with our operations. Some of our properties include older buildings, and some may have, or may historically have had, dry-cleaning facilities and underground storage tanks for heating oil and back-up generators. We have from time to time been responsible for investigating and remediating contamination at some of our facilities, such as contamination that has been discovered when we have removed underground storage tanks, and we could be held responsible for any contamination resulting from the disposal of wastes that we generate, including at locations where such wastes have been sent for disposal. In some cases, we may be entitled to indemnification from the party that caused the contamination, or pursuant to our management or franchise agreements, but there can be no assurance that we would be able to recover all or any costs we incur in addressing such problems. From time to time, we may also be required to manage, abate, remove or contain mold, lead, asbestos-containing materials, radon gas or other hazardous conditions found in or on our properties. We have implemented an on-going operations and maintenance plan at each of our owned and operated properties that seeks to identify and remediate these conditions as appropriate. Although we have incurred, and expect that we will continue to incur, costs relating to the investigation, identification and remediation of hazardous materials known or discovered to exist at our properties, those costs have not had, and are not expected to have, a material adverse effect on our financial condition, results of operations or cash flow.
Insurance
We maintain insurance coverage for general liability, property including business interruption, terrorism, workers’ compensation and other risks with respect to our business for all of our owned hotels. Most of our insurance policies are written with self-insured retentions or deductibles that are common in the insurance market for similar risks. These policies provide coverage for claim amounts that exceed our self-insured retentions or deductibles. Our insurance provides coverage related to any claims or losses arising out of the design, development and operation of our hotels.
U.S. hotels that we manage are permitted to participate in our insurance programs by mutual agreement with our hotel owners or, if not participating, must purchase insurance programs consistent with our requirements. U.S. franchised hotels are not permitted to participate in our insurance programs but rather must purchase insurance programs consistent with our requirements. Non-U.S. managed and franchised hotels are required to participate in certain of our insurance programs. All other insurance programs purchased by hotel owners must meet our requirements. In addition, our management and franchise agreements typically include provisions requiring the owner of the hotel property to indemnify us against losses arising from the design, development and operation of our hotels.
History
Holdings was incorporated in Delaware in March 2010. In 1919, our founder Conrad Hilton purchased his first hotel in Cisco, Texas. Through our predecessors, we commenced operations in 1946 when our subsidiary Hilton Hotels Corporation, later renamed Hilton Worldwide, Inc., was incorporated in Delaware.
 
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Employees
As of June 30, 2014, approximately 155,000 people were employed at our managed, owned, leased, timeshare and corporate locations.
As of June 30, 2014, approximately 26 percent of our employees globally (or 30 percent of our employees in the U.S.) were covered by various collective bargaining agreements generally addressing pay rates, working hours, other terms and conditions of employment, certain employee benefits and orderly settlement of labor disputes.
Legal Proceedings
We are involved in various claims and lawsuits arising in the normal course of business, some of which include claims for substantial sums, including proceedings involving tort and other general liability claims, employee claims, consumer protection claims and claims related to our management of certain hotel properties. Most occurrences involving liability, claims of negligence and employees are covered by insurance with solvent insurance carriers. For those matters not covered by insurance, which include commercial matters, we recognize a liability when we believe the loss is probable and can be reasonably estimated. The ultimate results of claims and litigation cannot be predicted with certainty. We believe we have adequate reserves against such matters. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or liquidity. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect our future results of operations in a particular period.
 
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 MANAGEMENT
Directors and Executive Officers
The following table sets forth the names, ages and positions of Holdings’ directors and executive officers as of August 31, 2014.

Name	  	Age	 	  	Position	
Christopher J. Nassetta	  	 	51	  	  	President, Chief Executive Officer and Director	
Jonathan D. Gray	  	 	44	  	  	Chairman of the Board of Directors	
Michael S. Chae	  	 	45	  	  	Director	
Tyler S. Henritze	  	 	33	  	  	Director	
Judith A. McHale	  	 	67	  	  	Director	
John G. Schreiber	  	 	67	  	  	Director	
Elizabeth A. Smith	  	 	51	  	  	Director	
Douglas M. Steenland	  	 	62	  	  	Director	
William J. Stein	  	 	52	  	  	Director	
Kristin A. Campbell	  	 	52	  	  	Executive Vice President and General Counsel	
Ian R. Carter	  	 	52	  	  	Executive Vice President and President, Development, Architecture and Construction	
Jeffrey A. Diskin	  	 	52	  	  	Executive Vice President, Commercial Services	
James E. Holthouser	  	 	55	  	  	Executive Vice President, Global Brands	
Kevin J. Jacobs	  	 	41	  	  	Executive Vice President and Chief Financial Officer	
Matthew W. Schuyler	  	 	49	  	  	Executive Vice President and Chief Human Resources Officer	
Mark D. Wang	  	 	56	  	  	Executive Vice President, Global Sales and President, Hilton Grand Vacations	
Christopher J. Nassetta joined Hilton Worldwide as President and Chief Executive Officer in December 2007 and has served as a director of Hilton Worldwide since that time. Previously, he was President and Chief Executive Officer of Host Hotels and Resorts, Inc., a position he held from May 2000 until October 2007. He joined Host in 1995 as Executive Vice President and was elected Chief Operating Officer in 1997. Before joining Host, Mr. Nassetta co-founded Bailey Capital Corporation, a real estate investment and advisory firm, in 1991. Prior to this, he spent seven years at The Oliver Carr Company, a commercial real estate company, where he ultimately served as Chief Development Officer. Mr. Nassetta is an Advisory Board member for the McIntire School of Commerce at the University of Virginia and is Vice Chairman of the Corporate Fund for The John F. Kennedy Center for the Performing Arts. He is a member of Federal City Council, a member of the Steering Committee of Partners for a New Beginning, and is on the boards of the International Youth Foundation, the Wolf Trap Foundation for the Performing Arts and the Economic Club of Washington, D.C. He is a member of the board of directors, nominating and corporate governance committee and compensation committee of CoStar Group, Inc. He is also a member and a past Chairman of The Real Estate Roundtable, an Executive Committee member of the World Travel & Tourism Council and has served in various positions at the Arlington Free Clinic. Mr. Nassetta graduated from the McIntire School of Commerce at the University of Virginia with a degree in Finance.
Jonathan D. Gray is Chairman of our Board and has served as a director of Hilton Worldwide since 2007. Mr. Gray has served as Blackstone’s global head of real estate since January 2012 and a member of the board of directors of Blackstone since February 2012. He also sits on Blackstone’s management and executive committees. Prior to being named global head of real estate at Blackstone, Mr. Gray served as a senior managing director and co-head of real estate from January 2005 to December 2011. Since joining Blackstone in 1992, Mr. Gray has helped build the largest private equity real estate platform in the world with over $80 billion in investor capital under management as of June 30, 2014. Mr. Gray received a B.S. in Economics from the Wharton School, as well as a B.A. in English from the College of Arts and Sciences at the University of Pennsylvania, where he graduated magna cum laude and was elected to Phi Beta Kappa. He currently serves as a
 
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board member of Brixmor Property Group Inc., La Quinta Holdings Inc., the Pension Real Estate Association and Trinity School and is Chairman of the Board of Harlem Village Academies. Mr. Gray and his wife, Mindy, recently established the Basser Research Center at the University of Pennsylvania School of Medicine, which focuses on the prevention and treatment of certain genetically caused breast and ovarian cancers.
Michael S. Chae has served as a director of Hilton Worldwide since 2007. Mr. Chae has been a senior managing director of Blackstone since January 2005 and serves as head of international private equity at Blackstone. Since joining Blackstone, Mr. Chae has been involved in numerous private equity investments for Blackstone globally. Before joining Blackstone, he worked at The Carlyle Group, L.P. and prior to that, with Dillon, Read & Co. He serves as a member of the Board of Trustees of the Lawrenceville School. Mr. Chae graduated from Harvard College, and received an M.Phil. from Cambridge University and a J.D. from Yale Law School.
Tyler S. Henritze has served as a director of Hilton Worldwide since 2013. Mr. Henritze has been a senior managing director in the real estate group at Blackstone since January 2013 and currently focuses on investment opportunities in the lodging sector. Prior to being named a senior managing director at Blackstone, Mr. Henritze served as a managing director from January 2011 to December 2012 and as principal from January 2009 to December 2010. Since joining Blackstone in 2004, Mr. Henritze has been involved in over $50 billion of real estate investments across all property types. He played a key role in acquisitions including Motel 6, Duke Realty Office Portfolio, Valad Property Group, Extended Stay Hotels, Equity Office Properties Trust, CarrAmerica Realty, La Quinta and Wyndham International. Before joining Blackstone, Mr. Henritze worked at Merrill Lynch in the real estate investment banking group and was involved in a variety of debt, equity and M&A transactions. Mr. Henritze received a B.S. in Commerce from The McIntire School at the University of Virginia, where he graduated with distinction. He is a member of the IREFAC Council of the American Hotel and Lodging Association and is active with City Year NY, serving on its investment community board.
Judith A. McHale has served as a director of Hilton Worldwide since 2013. Ms. McHale has served as President and Chief Executive Officer of Cane Investments, LLC since August 2011. From May 2009 to July 2011, Ms. McHale served as Under Secretary of State for Public Diplomacy and Public Affairs for the U.S. Department of State. From 2006 to March 2009, Ms. McHale served as a Managing Partner in the formation of GEF/Africa Growth Fund. Prior to that, Ms. McHale served as the President and Chief Executive Officer of Discovery Communications. Ms. McHale currently serves on the board of directors of Ralph Lauren Corporation and SeaWorld Entertainment, Inc. Ms. McHale graduated from the University of Nottingham in England and Fordham University School of Law.
John G. Schreiber has served as a director of Hilton Worldwide since 2007. Mr. Schreiber has served as the President of Centaur Capital Partners since April 1991 and a Partner and Co-Founder of Blackstone Real Estate Advisors (BREA) since October 1992. As Co-Chairman of the BREA Investment Committee, Mr. Schreiber has overseen all Blackstone real estate investments since 1992. During the past 20 years, Blackstone has invested over $40 billion of equity in a wide variety of real estate transactions. Previously, Mr. Schreiber served as Chairman and CEO of JMB Urban Development Co. and Executive Vice President of JMB Realty Corp. During his twenty-year career at JMB, Mr. Schreiber was responsible for over $10 billion of firm and client real estate investments and had overall responsibility for the firm’s shopping center development activities. Mr. Schreiber is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, AMLI Residential Properties Trust and General Growth Properties and he currently serves on the board of JMB Realty Corp., Brixmor Property Group Inc. and Blackstone Mortgage Trust Inc. and is a director/trustee to the mutual funds managed by T. Rowe Price Associates. Mr. Schreiber graduated from Loyola University of Chicago and received an M.B.A. from Harvard Business School.
Elizabeth A. Smith has served as a director of Hilton Worldwide since 2013. Ms. Smith has served as Chairman of the Board of Directors of Bloomin’ Brands, Inc. since January 2012 and has served as its Chief Executive Officer and a Director since November 2009. From September 2007 to October 2009, Ms. Smith was
 
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President of Avon Products, Inc., a global beauty products company, and was responsible for its worldwide product-to-market processes, infrastructure and systems, including Global Brand Marketing, Global Sales, Global Supply Chain and Global Information Technology. In January 2005, Ms. Smith joined Avon Products, Inc. as President, Global Brand, and was given the additional role of leading Avon North America in August 2005. From September 1990 to November 2004, Ms. Smith worked in various capacities at Kraft Foods Inc. and from November 2004 to December 2008, served as a director of Carter’s, Inc. Ms. Smith served as a member of the board of directors and audit committee member of Staples, Inc. from September 2008 to June 2014. Ms. Smith holds a bachelor’s degree, Phi Beta Kappa, from the University of Virginia and an M.B.A. from the Stanford Graduate School of Business.
Douglas M. Steenland has served as a director of Hilton Worldwide since 2009. Mr. Steenland worked for Northwest Airlines Corporation from September 1991 to October 2008, serving as Chief Executive Officer from April 2004 to October 2008 and as President from February 2001 to April 2004. During his tenure at Northwest Airlines, he also served as Executive Vice President, Chief Corporate Officer and Senior Vice President and General Counsel. Mr. Steenland was Chief Executive Officer of Northwest Airlines at the time it filed for Chapter 11 bankruptcy in 2005 following a period of rising fuel prices and other challenges and oversaw its emergence from bankruptcy in 2007. Mr. Steenland retired from Northwest Airlines upon its merger with Delta Air Lines, Inc. Prior to his time at Northwest Airlines, Mr. Steenland was a senior partner at a Washington, D.C. law firm that is now part of DLA Piper. Mr. Steenland is currently a director of American International Group, Inc., where he serves on the finance and risk management committee and the regulatory, compliance and public policy committee; Digital River, Inc., where he serves on the compensation committee; and Travelport Limited, where he serves on the compensation and audit committees and International Lease Finance Corporation, where he serves as a member of the board. In the past five years, Mr. Steenland has also served as a director of Delta Airlines, Inc. and Northwest Airlines Corporation. Mr. Steenland received a B.A. from Calvin College and is a graduate from The George Washington University Law School.
William J. Stein has served as a director of Hilton Worldwide since 2007. Mr. Stein has been a senior managing director of Blackstone since January 2006 and serves as global head of asset management in Blackstone’s real estate group. Since joining Blackstone in 1997, Mr. Stein has been involved in the direct asset management and asset management oversight of Blackstone’s global real estate assets. Mr. Stein also serves as a director of Brixmor Property Group Inc. and La Quinta Holdings Inc. Before joining Blackstone, Mr. Stein was a Vice President at Heitman Real Estate Advisors and JMB Realty Corp. Mr. Stein received a B.B.A. from the University of Michigan and an M.B.A. from the University of Chicago.
Kristin A. Campbell joined Hilton Worldwide as Executive Vice President and General Counsel in June 2011. She is responsible for leading Hilton Worldwide’s global legal, compliance and government relations functions. Prior to Hilton Worldwide, Ms. Campbell was Senior Vice President, General Counsel and Corporate Secretary of Staples, Inc., an international office products company from May 2007 to June 2011. Before joining Staples, Inc. in 1993, Ms. Campbell worked at the law firms Goodwin Procter LLP and Rackemann, Sawyer & Brewster. Ms. Campbell graduated summa cum laude from Arizona State University and received a J.D. from Cornell University Law School.
Ian R. Carter has served as Executive Vice President and President, Development, Architecture and Construction for Hilton Worldwide since October 2012 and previously oversaw Operations since August 2009 for Hilton Worldwide. He previously served as Chief Executive Officer of Hilton International Co. prior to its re-acquisition by Hilton Worldwide in February 2006. Prior to joining Hilton International in January 2005, Mr. Carter served as Officer and President of Black & Decker Corporation, Middle East, Africa and Asia. Prior to Black & Decker, Mr. Carter spent more than a decade with General Electric Plastics, ultimately serving as President of General Electric Specialty Chemical. Mr. Carter serves as a non-Executive Director on the Board of Burberry Group plc, where he serves as chairman of the compensation committee, and is a Patron of Hospitality in Action and Chairman of the Hilton in the Community Foundation. He is also Chairman of the International
 
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Tourism Partnership. He serves on the board of the International Business Leaders Forum and the board of advisors of Boston University School of Hospitality Administration, serves as a Commissioner of the California Travel and Tourism Commission and is a fellow of the Institute of Hospitality. Mr. Carter is a graduate of the University of West London, School of Business and Management, and received an honorary doctorate from the university.
Jeffrey A. Diskin has served as Executive Vice President of Commercial Services at Hilton Worldwide since November 2012 and oversees Customer Marketing, Revenue Management, E-Commerce and Online Service divisions globally, including our Hilton HHonors guest loyalty program. From March 2009 to November 2012, Mr. Diskin was Senior Vice President of Global Customer Marketing, and prior to that role he was Senior Vice President, Brand Management. Mr. Diskin first joined Hilton in 1988 and has held numerous marketing and management positions since that time, including roles where he was responsible for developing the company’s customer marketing websites and online strategies to overseeing our Hilton and luxury brands. He was also President and Chief Operating Officer of the Hilton HHonors Worldwide subsidiary from March 1997 to June 2004. Before joining Hilton, Mr. Diskin worked for MPI, a subsidiary of United Airlines, specializing in loyalty program design and implementation. Mr. Diskin is Chairman of the Room Key board, and was previously a board director for Doubletree Hotel Systems, Inc., Hilton Inns, Inc. and Promus Hotels Inc. He was elected president of the Frequent Traveler Marketing Association, and has been a recipient of three annual Best in Show awards from Hospitality Sales and Marketing Association International.
James E. Holthouser has served as Hilton Worldwide’s Executive Vice President of Global Brands since November 2012. In this role, he serves as our global leader for brand management and customer marketing. Mr. Holthouser also oversees the Product Management group and the Global Brands Strategy group. The Product Management group is responsible for the development and management of products for Food & Beverage, Meetings & Events, Spa, Fitness, Guest Technology and Sustainability. The Global Brands Strategy group is responsible for developing strategies for all brand and product groups across the enterprise. With more than 20 years of experience in the lodging, restaurant and gaming industries, Mr. Holthouser has held a series of senior management positions within Hilton Worldwide in the branding, franchising and marketing arenas. Most recently, he was Global Head of Full Service Brands and Global Head of Embassy Suites Hotels from June 2009 to November 2012, overseeing all aspects of brand management. From October 2005 to June 2009, Mr. Holthouser was Senior Vice President of Brand Management for Embassy Suites. From February 1999 to October 2005, Mr. Holthouser served as Senior Vice President of Brand Management for Homewood Suites by Hilton. His career with the Company began in 1989 in Market Research for Promus. Mr. Holthouser received his M.A. in Economics and Political Science from the University of Louisville and his international M.B.A. from the American Graduate School of International Management. He received undergraduate degrees from the University of Louisville in Political Science and Foreign Languages.
Kevin J. Jacobs serves as Executive Vice President and Chief Financial Officer of Hilton Worldwide and is responsible for the oversight of all of our global finance, information technology and real estate functions. He joined Hilton Worldwide as Senior Vice President, Corporate Strategy in June 2008, was elected Treasurer in May 2009, became Executive Vice President and Chief of Staff in September 2012 and assumed his current role in August 2013. Previously, from July 2007 to June 2008 he was Senior Vice President, Mergers & Acquisitions and Treasurer of Fairmont Raffles Hotels International. Prior to joining Fairmont Raffles, Mr. Jacobs spent seven years with Host Hotels and Resorts, Inc., most recently as Vice President, Corporate Finance & Investor Relations. Prior to joining Host, Mr. Jacobs held various roles in the Hospitality Consulting practice of PricewaterhouseCoopers LLP and the Hospitality Valuation Group at Cushman & Wakefield, Inc. Mr. Jacobs is a member of the Advisory Board of the Center for Hospitality Research at Cornell University and a member of the Hotel Development Council of the Urban Land Institute. He is a graduate of the Cornell University School of Hotel Administration.
Matthew W. Schuyler has served as our Executive Vice President and Chief Human Resources Officer since June 2009 and leads the Company’s global human resources organization. Mr. Schuyler was previously Chief Human Resources Officer at Capital One Financial Corporation from April 2002 to June 2009. Prior to
 
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Capital One, Mr. Schuyler served as Vice President of Human Resources with Cisco Systems, Inc. and as a Partner with PricewaterhouseCoopers in the Global Human Resources Group. He serves on the board of the Make-A-Wish Foundation of America, where he serves as chairman of the compensation committee, and is a member of the Penn State University Business School Board of Visitors and Penn State’s College of Information Sciences and Technology Advisory Board. Mr. Schuyler holds a B.S. from Penn State University and an M.B.A. from the University of Michigan.
Mark D. Wang has served as Executive Vice President, Global Sales and President, Hilton Grand Vacations since March 2008 and head of Hilton Worldwide Global Sales since November 2012. In his Global Sales role, Mr. Wang is responsible for sales operations worldwide including hotel sales, distribution, reservations and customer care. He also oversees our global timeshare operations for Hilton Grand Vacations. Mr. Wang first joined Hilton in 1999 as Managing Director for Hawaii and Asia Pacific and has held a series of senior management positions within Hilton Grand Vacations. Before joining Hilton, Mr. Wang spent nearly 20 years in sales and marketing roles serving as President & Chief Operating Officer of Pahio Resorts, President of Aloha Resorts International and Founder of Grand Ownership Resorts. Mr. Wang serves on the Board of Directors of the American Resort Development Association.
There are no family relationships among any of our directors or executive officers.
Background and Experience of Directors
When considering whether the directors and nominees have the experience, qualifications, attributes and skills, taken as a whole, to enable the Board to satisfy its oversight responsibilities effectively in light of our business and structure, the Board focused primarily on the information discussed in each of the board member’s biographical information set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business. In particular, the members of our Board of Directors considered the following important characteristics:
 
 	•	 	Mr. Nassetta—we considered his experience as an executive in the hospitality industry, his extensive financial background and experience with real estate investments. Furthermore, we also considered how his additional role as our President and Chief Executive Officer would bring management perspective to board deliberations and provide valuable information about the status of our day-to-day operations.	
 
 	•	 	Mr. Gray—we considered his affiliation with Blackstone, his significant experience in working with companies controlled by private equity sponsors, particularly in the real estate and hospitality industry, his experience in working with the management of various other companies owned by Blackstone’s funds, his experience with real estate investing and his extensive financial background.	
 
 	•	 	Mr. Chae—we considered his affiliation with Blackstone, his significant experience in working with companies controlled by private equity sponsors, his experience in working with the management of various other companies owned by Blackstone’s funds and his extensive financial background.	
 
 	•	 	Mr. Henritze—we considered his affiliation with Blackstone, his significant experience in working with companies controlled by private equity sponsors, particularly in the real estate industry, his experience in working with the management of various other companies owned by Blackstone’s funds, his experience with real estate investing and his extensive financial background.	
 
 	•	 	Ms. McHale—we considered her extensive business and management expertise, including her experience as a chief executive officer and director of several public companies, as well as her prior service as a high-ranking official in the U.S. Department of State.	
 
 	•	 	Mr. Schreiber—we considered his affiliation with Blackstone, his significant experience in working with companies controlled by private equity sponsors, particularly in the real estate industry, his experience in working with the management of various other companies owned by Blackstone’s funds, his experience with real estate investing and his extensive financial background.	
 
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 	•	 	Ms. Smith—we considered her deep experience in strategy, brands, marketing and sales, as well as significant experience in corporate finance and financial reporting developed in her executive level roles where her responsibilities have included direct financial oversight of multinational companies with multiple business units.	
 
 	•	 	Mr. Steenland—we considered his experience in managing large, complex, international institutions generally and his experience as a member of global public company boards and an executive in the travel and hospitality industries in particular.	
 
 	•	 	Mr. Stein—we considered his tenure with Blackstone involving the direct asset management and asset management oversight of Blackstone’s global real estate assets, his extensive financial background and experience as an asset manager focusing on real estate and hospitality investments.	
Director Independence and Independence Determinations
Under Holdings’ Corporate Governance Guidelines and NYSE rules, a director is not independent unless the Board affirmatively determines that he or she does not have a direct or indirect material relationship with us or any of our subsidiaries.
The Corporate Governance Guidelines of Holdings define independence in accordance with the independence definition in the current NYSE corporate governance rules for listed companies. The Corporate Governance Guidelines of Holdings require the Board to review the independence of all directors at least annually.
In the event a director has a relationship with the Company that is relevant to his or her independence and is not addressed by the objective tests set forth in the NYSE independence definition, the Board will determine, considering all relevant facts and circumstances, whether such relationship is material.
Our Board has affirmatively determined that each of Ms. McHale, Ms. Smith and Mr. Steenland is independent under the guidelines for director independence set forth in the Corporate Governance Guidelines and under all applicable NYSE guidelines, including with respect to committee membership. Our Board also has determined that each of Ms. McHale, Ms. Smith and Mr. Steenland is “independent” for purposes of Section 10A(m)(3) of the Exchange Act.
In making its independence determinations, the Board considered and reviewed all information known to it (including information identified through annual directors’ questionnaires).
Controlled Company Exception
Affiliates of Blackstone beneficially own more than 50 percent of the common stock and voting power of Holdings. As a result, (x) under the terms of Holdings stockholders’ agreement, affiliates of Blackstone are entitled to nominate at least five of the nine members of our Board of Directors (see “Certain Relationships and Related Party Transactions—Transactions with Related Persons—Stockholders’ Agreement”) and (y) Holdings is a “controlled company” within the meaning of the corporate governance standards of the NYSE. Under the NYSE corporate governance standards, a company of which more than 50 percent of the voting power is held by an individual, group or another company is a “controlled company” and may elect to utilize exemptions from certain corporate governance standards, including (1) the requirement that a majority of the Board of Directors consist of independent directors, (2) the requirement that Holdings has a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities, (3) the requirement that Holdings has a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities, and (4) the requirement for an annual performance evaluation of the nominating and corporate governance and compensation committees. Holdings is currently utilizing these exemptions and expects to
 
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continue to do so. In the event that Holdings ceases to be a “controlled company,” Holdings will be required to comply with these provisions within the transition periods specified in the corporate governance rules of the NYSE.
Committee Membership
Audit Committee
Ms. McHale, Ms. Smith and Mr. Steenland are members of the Audit Committee. All members of the Audit Committee have been determined to be “independent,” consistent with Holdings’ Audit Committee Charter, Corporate Governance Guidelines and the NYSE listing standards applicable to boards of directors in general and audit committees in particular. Our Board has also determined that each of the members of the Audit Committee is “financially literate” within the meaning of the listing standards of the NYSE. In addition, our Board has determined that Douglas M. Steenland qualifies as an audit committee financial expert as defined by applicable SEC regulations.
Compensation Committee
Ms. McHale is a member of the Compensation Committee who has been determined to be “independent” as defined by Holdings’ Corporate Governance Guidelines and the NYSE listing standards applicable to boards of directors in general and compensation committees in particular. The other members of the Compensation Committee, Messrs. Schreiber and Stein, have not been affirmatively determined by our Board of Directors to be independent.
Nominating and Corporate Governance Committee
Each of Ms. Smith and Mr. Steenland is a member of the Nominating and Corporate Governance Committee who has been determined to be “independent” as defined by Holdings’ Corporate Governance Guidelines and the NYSE listing standards. The other member of the Nominating and Corporate Governance Committee, Mr. Stein, has not been affirmatively determined by our Board of Directors to be independent.
 
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 EXECUTIVE AND DIRECTOR COMPENSATION
Compensation Discussion and Analysis
Section Overview
Our executive compensation program is designed to attract and retain individuals with the skills and qualifications to manage and lead the Company effectively. The overarching goal of our program is to motivate our leaders to contribute to the achievement of our financial goals and to focus on long-term value creation for our stockholders.
Our named executive officers, or NEOs, for 2013 were:

Name	  	Position	
Christopher J. Nassetta	  	President and Chief Executive Officer (CEO)	
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (CFO)	
Ian R. Carter	  	Executive Vice President and President, Development, Architecture & Construction	
Mark D. Wang	  	Executive Vice President, Global Sales and President, Hilton Grand Vacations (HGV)	
Kristin A. Campbell	  	Executive Vice President and General Counsel	
Thomas C. Kennedy	  	Former Executive Vice President and Chief Financial Officer (1)	

(1)  	Mr. Kennedy served as our Executive Vice President and Chief Financial Officer from September 15, 2008 until his resignation from these positions effective August 8, 2013. In connection with his resignation, we entered into a separation agreement with Mr. Kennedy in which he agreed to provide services to the Company following his resignation until the earlier of December 31, 2013 or the date he commenced employment with a new employer. The material terms of Mr. Kennedy’s separation agreement are described under “—Potential Payments upon Termination or Change in Control—Thomas C. Kennedy Separation Agreement.” On August 8, 2013, Kevin J. Jacobs, previously our Executive Vice President and Chief of Staff, became our Executive Vice President and Chief Financial Officer.	
Executive Summary
Compensation Philosophy and Approach. At Hilton Worldwide, we expect our executive team to possess and demonstrate strong leadership and management capabilities. To reward and retain our leaders, including our NEOs, we have designed a total compensation approach that rewards both short-term and long-term success.
Compensation Objectives . Our compensation program for executives is designed to support the following objectives:
 
 	•	 	foster a strong relationship between stockholder value and executive compensation by having a significant portion of compensation composed of equity-based incentive awards;	
 
 	•	 	provide annual and long-term incentive awards that emphasize performance-based compensation contingent upon achieving corporate and individual performance goals; and	
 
 	•	 	provide competitive levels of compensation to attract, retain and motivate highly-qualified executives to continue to enhance long-term equity value.	
Program Design . Our executive compensation program has three main components: (1) base salary; (2) annual cash incentive compensation; and (3) long-term incentive awards. Each component is designed to be consistent with the Company’s compensation philosophy.
 
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To align pay with the interests of our stockholders, we strive to create competitive compensation packages that cultivate long-term value creation without taking unnecessary risks. We believe that a combination of both short-term and long-term compensation creates an optimal pay-for-performance environment. We motivate and reward NEOs for successfully executing our business strategy. The compensation program for our NEOs has been designed to emphasize variable pay over fixed pay, yet also create a positive work environment that rewards long-term achievements.
Pay for Performance . In structuring our executive compensation packages, the Compensation Committee of our Board of Directors (“Compensation Committee”), considers how each component of compensation promotes retention and motivates performance. We believe that, to attract and retain senior executives, we must provide them with a competitive level of compensation that rewards their continued service. We also believe that performance-based compensation plays the most significant role in aligning management’s interests with those of our stockholders. For this reason, performance-based compensation constitutes a substantial portion of the overall compensation for our senior executives. Our compensation packages are designed to promote the Company’s core values of hospitality, integrity, leadership, teamwork, ownership and “now” by employees working at our owned, leased, managed, timeshare and corporate locations whose performance and responsibilities directly affect the results of our operations.
We evaluate our executive compensation program annually, or more frequently as circumstances require, to maintain a competitive environment for talent and to ensure that our incentive programs are achieving their desired results. We do not adhere to rigid formulas or react to short-term changes in business performance in determining the amount and mix of compensation elements. We continue to emphasize pay-for-performance and long-term incentive compensation when designing our executive officers’ compensation.
Employment Agreements . As discussed in more detail below, we previously entered into employment agreements with Messrs. Nassetta, Kennedy and Carter to attract and retain these executives. These agreements generally had similar provisions that defined the nature of each NEO’s employment, compensation and benefits provided in connection with his initial employment (such as initial base salary and/or other personal benefits or perquisites), compensation and benefits upon termination and restrictive covenants relating to intellectual property, confidential information and competitive business activities. See “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Employment Agreements.” In connection with the IPO, the Compensation Committee decided that employment agreements were no longer necessary to attract members of our executive team, and therefore, the Company and Messrs. Nassetta and Carter agreed to terminate these employment agreements.
Our Annual Compensation-Setting Process
Role of the Compensation Committee . The Compensation Committee is responsible for overseeing key aspects of the executive compensation program, including our CEO’s, other NEOs’ and other executive officers’ salaries, goals and payouts under the annual cash incentive plan, the size and structure of equity awards and any executive perquisites or other benefits. The Compensation Committee is responsible for reviewing, approving and, for certain roles such as the CEO and executive officers, recommending to the full Board for approval, the compensation programs for our executives. At the beginning of each performance cycle, the Compensation Committee approves financial goals designed to align executive pay with company performance and stockholder interests, provide competitive pay opportunities dependent on performance, retain talent, maximize stockholder value and mitigate material risk.
Role of Management . In setting executive compensation for 2013, our CEO and our Chief Human Resources Officer worked closely with the Compensation Committee in managing the executive compensation program and attended meetings of the Compensation Committee. Because of his daily involvement with the executive team, the CEO made recommendations to the Compensation Committee regarding compensation for the executive officers other than himself. All NEO compensation decisions are approved by the Compensation Committee.
 
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Role of the Compensation Consultant . The Compensation Committee has the authority to engage its own advisors to assist in carrying out its responsibilities. In May 2012, after completing a thorough review process, the Compensation Committee selected Exequity, LLP (“Exequity”) as its independent compensation consultant to assist in providing analytical data and establishing and implementing our executive and Director compensation strategy. Following their selection, Exequity has advised us in selecting our current Peer Group (as described below), has provided us with compensation data for the Peer Group and has advised on best practices when developing executive pay programs and policies. Exequity reports to and is instructed in its duties by the Compensation Committee and carries out its responsibilities in coordination with the Human Resources department. Exequity performs no other services for the Company.
In 2013, management separately received benchmarking information with respect to executive officer compensation from Towers Watson. This benchmarking information serves as an alternative point of reference with respect to the compensation of the executive officers. While Towers Watson provides compensation consulting services to management, the Compensation Committee has separately engaged Exequity as its independent compensation consultant to avoid any conflicts of interest.
Use of Comparative Market Data . Our goal is to compensate our executive officers competitively in the market for executive talent. When determining final target pay levels, the Compensation Committee reviews and considers individual factors, such as the knowledge, experience and capabilities of each executive.
To gain a general understanding of current compensation practices, the Compensation Committee reviews pay of executives, serving in similar positions at peer companies with whom we compete for hiring and retaining executive talent. The external market data reviewed for 2013 included peer group proxy data, several broad industry-comparative compensation surveys that included many of the companies contained in the Peer Group as defined below, data provided by peer group companies that participate in Equilar’s Annual Top 25 Survey and compensation data provided by Towers Watson using our defined Peer Group.
Following the retention of Exequity in May 2012, the Compensation Committee, with the assistance of Exequity, selected a group of peer companies, which we refer to as our “Peer Group.” Exequity provided the Compensation Committee with annual (base salary and annual incentive) and long-term (equity and long-term cash incentive) compensation for the Peer Group.
The criteria used for selecting the Peer Group included the industry, annual revenue, EBITDA, market capitalization, brand recognition, global presence and number of employees. Other factors considered were performance measures such as revenue growth, net income growth, earnings per share growth, return on equity and total stockholder return.
The Peer Group for 2013 consisted of the following companies:

Avis Budget Group, Inc.	  	McDonald’s Corporation	
Darden Restaurants, Inc.	  	MGM Resorts International	
FedEx Corporation	  	Nike, Inc.	
General Mills, Inc.	  	Starbucks Corporation	
Hyatt Hotels Corporation	  	Starwood Hotels & Resorts Worldwide, Inc.	
Host Hotels & Resorts, Inc.	  	United Continental Holdings, Inc.	
Kellogg Company	  	The Walt Disney Company	
Las Vegas Sands Corp.	  	Wyndham Worldwide Corporation	
Marriott International, Inc.	  	Wynn Resorts, Limited	
The Compensation Committee reviewed the Peer Group compensation data and determined not to make any changes to the NEOs’ 2013 compensation.
 
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Compensation Components
There are three main components to our executive compensation program: base salary, annual cash incentive compensation and long-term incentive awards.
Base Salary
We believe it is important to provide a competitive fixed level of pay to attract and retain experienced and successful executives. In determining the amount of base salary that each NEO receives, we look to the executive’s current compensation, time in position, any change in the executive’s position or responsibilities, including complexity and scope and the relation of his or her position to those of other executives within the Company and in similar positions at peer companies. Base salaries are reviewed annually or at other times when appropriate and may be increased from time to time pursuant to such review. None of the NEOs’ 2013 base salaries were adjusted in fiscal 2013.
Annual Cash Incentive Compensation
Our annual cash incentive program rewards NEOs for their contributions toward specific annual, short-term financial and operational goals and is designed to motivate executive officers to focus on company-wide priorities and reward them for individual results and achievements with respect to their business units or function.
For the year ended December 31, 2013, our annual cash incentive compensation plan compensated and rewarded successful achievement of both short-term financial and non-financial goals that were closely aligned with the long-term goals of the Company. The 2013 annual incentive program was based on a combination of (1) financial performance and (2) individual performance.
The financial component of our NEOs’ annual bonus opportunity, other than for Mr. Wang, was based on the Company’s consolidated Adjusted EBITDA (calculated as set forth in Note 24: “Business Segments” in our audited consolidated financial statements included elsewhere in this prospectus). Due to Mr. Wang’s role as President of HGV, 50 percent of the financial component for his annual bonus opportunity was based on the Company’s consolidated Adjusted EBITDA and 50 percent of the financial component was based on our timeshare segment’s Adjusted EBITDA (calculated as set forth in Note 24: “Business Segments” in our audited consolidated financial statements included elsewhere in this prospectus). For all NEOs, the individual performance component was measured by objectives tied to the performance of the consolidated business unit(s) that the executive oversaw. The financial component composed 60 percent of the total award opportunity, and the individual performance component composed 40 percent of the total award opportunity.
 
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Each NEO’s target annual bonus is expressed as a percentage of his or her base salary and ranges from 60 percent to 100 percent of base salary. The annual incentive target bonus opportunities and corresponding minimum and maximum bonus as a percentage of each executive’s base salary are approved annually by the Compensation Committee. The annual incentive target bonus opportunities were established in 2008, or, if later, the NEO’s commencement of employment, and have not been adjusted through fiscal 2013. For the year ended December 31, 2013, each NEO’s target and maximum bonus opportunity as a percentage of such executive’s base salary were as follows:

Name	  	Target	 	 	Maximum	 	
Christopher J. Nassetta	  	 	100.0	% 	 	 	200.0	% 	
Kevin J. Jacobs (1)	  	 	50.0	% 	 	 	75.0	% 	
Ian R. Carter	  	 	60.0	% 	 	 	90.0	% 	
Mark D. Wang	  	 	75.0	% 	 	 	112.5	% 	
Kristin A. Campbell	  	 	75.0	% 	 	 	112.5	% 	
Thomas C. Kennedy	  	 	75.0	% 	 	 	112.5	% 	

(1)	Mr. Jacobs’ target bonus was established at the beginning of 2013 when he was serving as our Executive Vice President and Chief of Staff and prior to his promotion to Chief Financial Officer.	
For the year ended December 31, 2013, the financial component of the bonus would be paid at 100 percent of target if the Company’s consolidated Adjusted EBITDA was $2,150 million (and with respect to the 30 percent of Mr. Wang’s total bonus opportunity subject to the performance of HGV, if our timeshare segment’s Adjusted EBITDA was $284 million). Participants were eligible to receive a threshold payout percentage, defined as 50 percent of the target bonus with respect to the financial component, if actual performance was 95 percent of target and were eligible to receive the maximum payout percentage, defined as 150 percent (200 percent with respect to Mr. Nassetta) of the target bonus with respect to the financial component, if actual performance met or exceeded 105 percent of target. For actual performance between the specified threshold, target and maximum levels, the resulting payout percentage would be adjusted on a linear basis.
For the year ended December 31, 2013, the Company’s actual consolidated Adjusted EBITDA achieved was $2,210 million, or 103 percent of target, resulting in a payout percentage of 128 percent of target (156 percent for Mr. Nassetta) with respect to the company-wide financial component. The actual timeshare segment’s Adjusted EBITDA achieved was $297 million, or 104 percent of target, resulting in a payout percentage of 143 percent of target with respect to 30 percent of Mr. Wang’s total bonus opportunity.
The remaining 40 percent portion of each NEO’s annual cash incentive award was determined based on individual performance based on the achievement of performance objectives tied to the consolidated business unit(s) that the executive oversaw.
In establishing the individual performance goals, Mr. Nassetta works with senior management to establish business priorities at the beginning of each performance year. These business priorities are used to create the individual performance objectives for our annual cash incentive program for each of the NEOs. The Compensation Committee then reviews and approves the individual performance objectives recommended for each NEO.
 
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For the year ended December 31, 2013, the personal objectives of each NEO were generally focused on the core duties of his or her position. Each personal objective was given a specific weighting based on the scope, importance and overall time burden of the task. For the year ended December 31, 2013, the individual performance objectives (and the weightings assigned to each individual performance objective) for each of the NEOs were as follows:
 
 	•	 	For Mr. Nassetta, the Compensation Committee considered efforts related to the individual performance components of his direct reports. The individual performance components of his annual compensation award were based on a compilation of all of his direct reports, with all objectives equally weighted.	
 
 	•	 	For Mr. Jacobs, the Compensation Committee considered efforts related to and responsibilities for business and strategic planning (7.5 percent); responsibilities as Chief of Staff (7.5 percent); maximization of profitability on the real estate portfolio (5 percent); pursuit of real estate value creation transactions (5 percent); execution of the capital expenditure program (5 percent); cost effectiveness for the real estate department (5 percent); and identification of corporate value enhancement initiatives (5 percent).	
 
 	•	 	For Mr. Carter, the Compensation Committee considered efforts related to the Company’s development approvals achieved (8 percent); hotel construction starts (4 percent); hotel openings (4 percent); alignment of development resources with corporate growth and his management of deal processes (4 percent); execution of Hilton Grand Vacations’ and hotels’ capital expenditure programs (5 percent); achievement of growth through property deliveries (5 percent); cost effectiveness for the development and architecture groups (5 percent); and identification of corporate value enhancement initiatives (5 percent).	
 
 	•	 	For Mr. Wang, the Compensation Committee considered efforts related to optimizing return on invested capital (5 percent); the increase in industry leading margins (5 percent); the maximization of synergy with Hilton Worldwide Holdings Inc. (4 percent); the improved timeshare synergy with the hotel portfolio (4 percent); the increased revenue, market share and EBITDA through sales (4 percent); the increased customer loyalty and focus on cost optimization through technology (4 percent); driving sales organizational alignment, integration and capabilities (4 percent); cost effectiveness for the sales and HGV groups (5 percent) and identification of corporate value enhancement initiatives (5 percent).	
 
 	•	 	For Ms. Campbell, the Compensation Committee considered efforts related to legal compliance oversight (10 percent); legal services support to businesses that minimize risk and negative legal exposure (7.5 percent); operating in a cost efficient manner without negative legal exposure (7.5 percent); resolution of certain matters (5 percent); cost effectiveness for the legal department (5 percent); and identification of corporate value enhancement initiatives (5 percent).	
 
 	•	 	For Mr. Kennedy, the individual performance component of his total award opportunity was paid at the maximum level of achievement pursuant to the terms of Mr. Kennedy’s separation agreement.	
Following the completion of the year ended December 31, 2013, the Finance and Human Resources departments reviewed the achievement of financial and individual personal performance objectives (against the predetermined objectives) with the CEO. The CEO reviewed these results with the Compensation Committee, and presented recommended awards under the annual cash incentive plan for each of the NEOs, other than himself.
 
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Actual annual cash incentive awards were calculated by multiplying each NEO’s actual base salary by his or her target bonus potential, which was then adjusted by an achievement factor based on the combined achievement of the financial component and the individual performance objectives. Each of the NEO’s earned annual cash incentive awards for the year ended December 31, 2013 as follows, which are included in the “Non-Equity Incentive Plan Compensation” column of the “Summary Compensation Table”:

Name	  	2013 Year-
End Base
Salary ($)	 	  	Target Bonus
as a
Percentage of
Base Salary
(%)	 	 	Target Bonus
Potential ($)	 	  	Combined
Achievement
Factor as a
Percent of
the Target
Bonus (%)	 	 	2013 Amount
Earned under
Annual Cash
Incentive
Program* ($)	 	
Christopher J. Nassetta	  	 	850,000	  	  	 	100	% 	 	 	850,000	  	  	 	151.8	% 	 	 	1,290,420	  	
Kevin J. Jacobs (1)	  	 	500,000	  	  	 	50	% 	 	 	250,000	  	  	 	128.7	% 	 	 	321,688	  	
Ian R. Carter	  	 	690,000	  	  	 	60	% 	 	 	414,000	  	  	 	122.1	% 	 	 	505,287	  	
Mark D. Wang (2)	  	 	513,000	  	  	 	75	% 	 	 	384,750	  	  	 	125.9	% 	 	 	484,246	  	
Kristin A. Campbell (3)	  	 	500,000	  	  	 	75	% 	 	 	375,000	  	  	 	123.1	% 	 	 	461,438	  	
Thomas C. Kennedy	  	 	650,000	  	  	 	75	% 	 	 	487,500	  	  	 	136.8	% (4)  	 	 	666,900	(4)  	

*	Amounts may not total due to rounding.	
(1)  	In addition to his award under the Company’s annual cash incentive program, the Compensation Committee determined it was appropriate to award Mr. Jacobs an additional bonus of $278,312 in recognition of his increased duties and responsibilities as Chief Financial Officer, his oversight of the Company’s real estate and information technology functions following his promotion on August 8, 2013 and his efforts on the Company’s debt refinancing and IPO. This additional discretionary bonus awarded to Mr. Jacobs is reported in the “Bonus” column of the “Summary Compensation Table.”	
(2)	In addition to his award under the Company’s annual cash incentive program, the Compensation Committee determined that it was appropriate to award Mr. Wang an additional bonus of $15,754 in recognition of his increased duties and responsibilities overseeing Global Sales. This additional discretionary bonus awarded to Mr. Wang is reported in the “Bonus” column of the “Summary Compensation Table.”	
(3)	In addition to her award under the Company’s annual cash incentive program, the Compensation Committee determined that it was appropriate to award Ms. Campbell an additional bonus of $38,562 in recognition of her efforts on the Company’s debt refinancing and IPO. This additional discretionary bonus awarded to Ms. Campbell is reported in the “Bonus” column of the “Summary Compensation Table.”	
(4)  	The portion of Mr. Kennedy’s bonus award related to individual performance objectives was paid at the maximum level of performance pursuant to the terms of his separation agreement and is reported in the “Bonus” column of the “Summary Compensation Table.” The portion of Mr. Kennedy’s bonus award related to Adjusted EBITDA was paid based on actual Company performance and is reported in the “Non-Equity Incentive Plan Compensation” column of the “Summary Compensation Table.”	
Long-Term Incentive Awards
Like the annual cash incentive compensation described above, long-term incentive awards are a key component of our executive compensation program.
Each NEO has been granted long-term incentive awards that provide our executives an incentive to remain in the Company’s service and align executives’ interests with those of our stockholders. We believe this helps motivate performance and attracts and fosters the retention of senior executives.
Because we have been privately held, the long-term incentive compensation awarded to our NEOs primarily consisted of the opportunity to make investments in the capital interests (called A-2 Units) of BH Hotels Holdco LLC (“BH Hotels”) as discussed below and the grant of awards under a “Tier I” long-term equity-based incentive program that generally provides for the payment of cash amounts to selected participants based on the value of BH Hotels equity over an extended period of time. In addition, our NEOs had the opportunity to receive Class B
 
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Units in BH Hotels, which we sometimes refer to as “Tier II” awards. The principal terms of each of these grants are summarized immediately below and in “—Narrative to Summary Compensation Table” and “—2013 Grants of Plan-Based Awards—Equity Awards.”
Tier I Awards. In December 2010, we offered certain members of our senior management team, including the NEOs employed at that time, the opportunity to participate in an equity-based incentive plan. These “Tier I” awards provided participants the opportunity to share in a portion of BH Hotels’ equity value up to a specified amount based on the achievement of specified service and performance conditions. The maximum value available to be distributed in respect of all Tier I awards was approximately $230 million or 2.75 percent of the equity value of the Company (capped at a total equity value of $8.352 billion). The Tier I awards were generally payable in cash on the date that Blackstone ceased to own 50 percent or more of the Class A Units in BH Hotels (the “Acceleration Date”), so long as the participant was employed on that date. If, prior to the date on which a Tier I award became payable, a participant’s employment was terminated without cause or by the participant for good reason or as a result of disability or death, a portion of the award vested based on length of service (20 percent per year, with the vesting of a portion of the Tier I award payable to Mr. Nassetta measured from the date on which he commenced employment with the Company). The entire Tier I award was payable on the Acceleration Date or, if the Acceleration Date did not occur by April 2013, the program was structured to pay installments of a maximum aggregate value of $50 million per year (depending on the overall percentage of Tier I awards owned by participants) over three years, with the remaining value payable upon the Acceleration Date. Because none of our long-term incentive arrangements had resulted in any cash payments to our team between the end of 2007 and 2012, the Compensation Committee decided in the first quarter of 2012 to accelerate the installment payments. During the first quarter of 2012, the first installment payments for the Tier I awards were accelerated for our participating NEOs (other than Mr. Nassetta). In addition, during the fourth quarter of 2012, the second and third installment payments for the Tier I awards were accelerated and paid for our participating NEOs (other than Mr. Nassetta). With respect to Mr. Nassetta’s Tier I award, during the fourth quarter of 2012, our Compensation Committee determined to accelerate the payment of his remaining installment payments and Mr. Nassetta also received payment of an additional portion of such award as contemplated by the terms and conditions thereof. In connection with the IPO, we accelerated the vesting of all Tier I awards that remained outstanding at the time of the pricing of the offering and paid the remaining value in respect of such awards in cash. The amounts paid to each of the NEOs for their Tier I awards are reflected in the “2013 Option Exercises and Stock Vested” table below.
Tier II (Class B Units) . The Tier II units (Class B Units) of BH Hotels were profits interests having economic characteristics similar to stock appreciation rights. Therefore, the Class B Units only had value to the extent there was an appreciation in the value of our business from and after the applicable date of grant. All of the Class B Units were exit-vesting units and vested on the date when Blackstone ceased to beneficially own more than 50 percent of the Class A Units, subject to the NEO’s continued employment with the Company on such date. In addition, if the executive’s employment terminated without cause, as a result of a constructive termination or as a result of disability or death (each as defined in the management subscription agreement for the Class B Units), then 20 percent of the Class B Units were deemed to have vested ratably in equal, annual installments over five years, beginning on April 8, 2011 (or June 27, 2011 with respect to Ms. Campbell). For example, if the executive was terminated without cause on April 8, 2014, then 80 percent of the executive’s Class B Units would have vested. If the NEO’s employment was terminated voluntarily by the NEO, other than as a result of a constructive termination, no unvested Class B Units would have vested and, if the executive was terminated for cause, all Class B Units, whether vested or unvested, would have been forfeited.
In March 2013, in connection with his promotion to Executive Vice President and Chief of Staff in 2012, Mr. Jacobs was awarded an additional 6,902,440 Class B Units in recognition of his additional role and responsibilities.
Class A Units . In addition to the Tier I awards and the Class B Units described above, Messrs. Nassetta, Kennedy, Wang and Carter also purchased for cash at fair market value Class A-2 Units in BH Hotels, and Mr. Nassetta received a grant of 5,000,000 restricted equity units in BH Hotels in connection with the
 
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commencement of his employment. On December 31, 2012, the restricted equity units vested and were converted into Class A-2 Units. The Class A-2 Units were equity interests, had economic characteristics that are similar to those of shares of common stock in a corporation and had no vesting schedule. As described below, the Class A-2 Units were exchanged for vested shares of Holdings’ common stock in connection with the IPO.
In connection with the IPO, our executive officers (including our NEOs) surrendered their (1) Class A-2 Units and vested Class B Units and received in exchange vested shares of Holdings’ common stock and (2) unvested Class B Units and received in exchange unvested shares of our restricted stock. The number of vested shares of common stock and shares of restricted stock delivered to these equity holders was determined in a manner intended to replicate the respective economic value associated with the Class A-2 Units and the Class B Units, as applicable, based upon the valuation derived from the IPO price. The shares of our restricted stock granted as a result of the IPO are subject to the following vesting: (1) 40 percent vested as of the pricing date on December 11, 2013, (2) 40 percent will vest on December 11, 2014, contingent upon continued employment through that date, and (3) 20 percent will vest on the date that Blackstone ceases to own 50 percent or more of the shares of the Company, contingent upon continued employment through that date. In addition, if the executive’s employment is terminated without cause, as a result of a constructive termination or as a result of disability or death, all remaining unvested shares of restricted stock will vest.
The following table sets forth the number of vested shares of Holdings’ common stock and unvested shares of our restricted stock that each of our NEOs received in exchange for their Class A-2 Units, vested Class B Units and unvested Class B Units.

Name	  	Common Stock Received
in Exchange for
Class A-2 Units
(#)	 	  	Common Stock Received
in Exchange for
Vested Class B Units
(#)	 	  	Unvested Restricted Stock
Received in Exchange for
Unvested Class B Units
(#)	 	
Christopher J. Nassetta (1)	  	 	993,856	  	  	 	2,701,580	  	  	 	4,052,371	  	
Kevin J. Jacobs	  	 	—	  	  	 	345,201	  	  	 	517,802	  	
Ian R. Carter	  	 	129,087	  	  	 	714,566	  	  	 	1,071,851	  	
Mark D. Wang	  	 	64,544	  	  	 	287,667	  	  	 	431,502	  	
Kristin A. Campbell	  	 	—	  	  	 	172,600	  	  	 	258,901	  	
Thomas C. Kennedy (2)	  	 	—	  	  	 	—	  	  	 	—	  	

(1)  	For estate planning purposes, 24,400,000 Class B Units (or 2,033,800 shares of common stock) were transferred to a limited liability company. A revocable living trust, of which Mr. Nassetta is the trustee and a beneficiary, serves as the managing member of such limited liability company. 99 percent of the economic interests in the limited liability company are held by a family trust for the benefit of Mr. Nassetta’s children and the remaining 1 percent is held by the aforementioned living trust.	
(2)	In connection with Mr. Kennedy’s separation, we agreed to pay for the cancellation of his Class B Units and repurchased his equity investment in Class A Units as further described below under “—Potential Payments upon Termination or Change in Control—Thomas C. Kennedy Separation Agreement.”	
Perquisites and Other Benefits
Our executives, including the NEOs, are eligible for specified benefits, such as group health, dental and disability insurance and basic life insurance premiums. These benefits are intended to provide competitive and adequate protection in case of sickness, disability or death, and the NEOs participate in these plans on the same basis as all other employees.
We provide specified perquisites to our NEOs when determined to be necessary and appropriate, particularly in connection with enabling the executives and their families to transition from previous positions, which may require relocation. In addition, we provide certain NEOs with the opportunity for an annual physical examination service and pay for personal hotel costs when they stay at Company-branded hotels. We also provide Mr. Nassetta with a life insurance benefit for his family and the associated taxes. Until December 2013,
 
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when we canceled Mr. Carter’s Employment Agreement, we provided him with payment in lieu of pension, tuition reimbursement and tax preparation services. In addition, given our wide geographic footprint, Mr. Nassetta has use of the Company aircraft for both business and personal travel. The value of these perquisites and other personal benefits are reflected in the “All Other Compensation” column to the “Summary Compensation Table” and the accompanying footnote. We believe that these benefits are competitive in our industry and consistent with our overall compensation philosophy. The cost of these benefits is a small percentage of the overall compensation package, and the Compensation Committee believes that they allow the executives to work more efficiently.
Retirement Benefits
The Company maintains a tax-qualified 401(k) plan, under which the Company matches each participating employee’s contributions up to 3 percent dollar-for-dollar and $0.50 for every $1 for the next 2 percent contributed. In addition to the 401(k) plan, the Company also offers the NEOs and other senior management the opportunity to supplement their retirement and other tax-deferred savings through Hilton Worldwide’s Executive Deferred Compensation Plan (the “EDCP”). Those that are eligible to participate in the EDCP may elect to defer up to 100 percent of both their annual salary and bonus. The Company currently provides no contribution or match to the EDCP. Additional information about the EDCP is reflected in “—2013 Non-Qualified Deferred Compensation” below.
Pension Benefits
In addition to our 401(k) plan and EDCP, one of our NEOs, Mr. Carter, participated in two of our defined benefit pension plans, the Hilton U.K. Pension Plan (the “U.K. Pension Plan”) and the Hilton U.K. Hotels Employer-Finance Retirement Benefit Plan (the “Supplemental U.K. Pension Plan”) between 2005 and 2009. Mr. Carter’s benefit under the U.K. Pension Plan was closed to further accrual in 2009, and the Supplemental U.K. Pension Plan was frozen to all participants in 2009. See the “2013 Pension Benefits” table and accompanying narrative below for a description of these defined-benefit pension plans.
Severance Benefits
We studied the market and best practices, and the Compensation Committee believes that carefully structured severance benefits are necessary to attract and retain talent for long-term success. The Compensation Committee believes that our severance programs allow our executives to focus their attention and energy on making objective business decisions that are in the best interest of stockholders. In addition, the Compensation Committee believes that the interests of our stockholders are better protected and enhanced by providing greater certainty regarding executive pay obligations in the context of planning and negotiating any potential corporate transactions.
In December 2013, the Company approved the terms of a broad-based severance benefits plan (the “Severance Plan”), which replaced all senior executive severance arrangements.
Under the terms of the Severance Plan, if an eligible employee’s employment is terminated by us without “cause,” or if the eligible employee terminates his or her employment for “good reason” (each, a “qualifying termination”), then subject to the eligible employee’s execution and non-revocation of a release of claims against us, and continued compliance with restrictive covenants related to post-employment non-solicitation and non-compete covenants for one year following termination, and indefinite covenants covering confidentiality and non-disparagement, he or she will be eligible to receive a severance payment amount determined based on the employee’s position and then-current base salary and target bonus. Under the terms of the Severance Plan, our NEOs will be eligible to receive a severance payment amount equal to 2.99 times, in the case of Mr. Nassetta, and 2.0 times, in the case of our other NEOs, the sum of his or her annual base salary and annual target bonus at the time of termination, paid in a lump sum. In addition to cash severance payments, upon a qualifying
 
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termination, the NEO will also be entitled to continued medical, dental and, to the extent provided to the employee immediately prior to a qualifying termination, basic life insurance for up to one year following termination, and outplacement services, as needed, for one year following termination.
The NEOs will also be entitled to the same level of severance benefits upon a qualifying termination in connection with a change in control except that severance benefits may be reduced if doing so would result in the executive realizing a better after-tax result following the imposition of any applicable parachute-tax provisions in the Internal Revenue Code Section 4999.
In addition to the Severance Plan, any compensation and benefits to be made in connection with a separation are determined at the discretion of the Compensation Committee and may be based on the executive, his or her position, nature of the potential separation and such executive’s compliance with specified post-termination restrictive covenants. In connection with his resignation, the Compensation Committee determined that, in consideration for entering into a general release of claims and his serving as a Special Advisor, it was appropriate to enter into a separation agreement with Mr. Kennedy, which agreement is described under “—Potential Payments upon Termination or Change in Control” below.
Tax and Accounting Considerations
The Compensation Committee recognizes the tax and regulatory factors that can influence the structure of executive compensation programs. Section 162(m) of the Internal Revenue Code will limit the Company’s federal income tax deduction for compensation in excess of $1 million paid to NEOs except for the Chief Financial Officer. However, performance-based compensation can be excluded from the limitation as long as specified requirements are met.
We expect to be able to claim the benefit of a special exemption rule that applies to compensation paid (or compensation in respect of equity awards such as stock options or restricted stock granted) during a specified transition period following the IPO. This transition period may extend until the first annual stockholders meeting that occurs after the close of the third calendar year following the calendar year in which the IPO occurred, unless the transition period is terminated earlier under the Section 162(m) post-offering transition rules. At such time as we are subject to the deduction limitations of Section 162(m), we expect that the Compensation Committee will take the deductibility limitations of Section 162(m) into account in its compensation decisions; however, the Compensation Committee may, in its judgment, authorize compensation payments that are not exempt under Section 162(m) when it believes that such payments are appropriate to attract or retain talent.
The Compensation Committee intends to regularly consider the accounting implications of our future equity-based awards. The Compensation Committee is also cognizant of Section 409A of the Internal Revenue Code, the limitations of which in the case of the Company primarily relate to the deferral and payment of benefits under the Executive Deferred Compensation Plan. The Compensation Committee continues to consider the impact of the changes to Section 409A and in general, the evolving tax and regulatory landscape in which its compensation decisions are made.
Ownership Policy
We have adopted an executive stock ownership policy for our NEOs. Each of our NEOs is expected to own shares of Holdings’ common stock in the following amounts within five years from the later of February 19, 2014 and the date he or she first becomes subject to the stock ownership policy:

Chief Executive Officer	  	5 times base salary	
All other executive officers	  	3 times base salary	
 
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Under this requirement, executives may not dispose of any shares of the Company they acquire, including, but not limited to, any shares of vested restricted stock, any shares underlying vested restricted stock units, net of taxes, or any shares acquired upon the exercise of any stock options, net of taxes and payment of any exercise price, in each case, received from grants made under the new Omnibus Incentive Plan until the ownership requirements are satisfied; provided, however, that this restriction does not apply to any shares of the Company received by executives in exchange for Class A or Class B Units in BH Hotels.
Clawback Policy
We have adopted a clawback policy for incentive compensation plans put into place following our IPO. Consistent with the Company’s core values, the Compensation Committee determined that it may be appropriate to recover annual and/or long-term incentive compensation in specified situations. If the Compensation Committee determines that incentive compensation of its current and former officers subject to reporting under Section 16 of the Exchange Act or any other employee designated by the Compensation Committee was overpaid, in whole or in part, as a result of a restatement of the reported financial results of the Company or any of its segments due to material non-compliance with financial reporting requirements (unless due to a change in accounting policy or applicable law) caused or contributed by such employee’s fraud, willful misconduct or gross negligence, the Compensation Committee will review the incentive compensation paid, granted, vested or accrued based on the prior inaccurate results. If the Compensation Committee determines to seek recovery for the overpayment, the Company has the right to demand that the employee pay the Company for, or forfeit, any overpayment paid or awarded during the three-year period preceding the date on which the Company is required to prepare any restatement of its financial statements. To the extent the employee refuses to pay the overpayment, the Company has the right to sue for repayment and enforce the employee’s obligation to make payment through the reduction or cancellation of outstanding and future incentive compensation.
2014 Compensation Decisions
NEO Compensation
As part of the Company’s annual compensation-setting process and in connection with Holdings’ transition from being privately held to publicly traded, at its regularly scheduled February 19, 2014 meeting, the Compensation Committee approved and authorized the base salaries of the NEOs, effective March 1, 2014, as follows: for Mr. Nassetta, $1,200,000, for Mr. Jacobs, $700,000, for Mr. Carter, $700,000, for Mr. Wang, $650,000 and for Ms. Campbell, $600,000. In addition, the Company granted nonqualified stock options (“options”), time-vesting restricted stock units (“RSUs”) and performance-vesting restricted stock units (“performance shares”) to each of the NEOs in the amounts set forth below.
Stock Options
The options vest ratably over three years from the date of grant, subject to the executive’s continued employment through the applicable vesting date and will terminate 10 years from the date of grant or earlier if the executive’s service terminates. The options have an exercise price per share equal to the closing price of Holdings’ common stock as reported on the NYSE on the date of grant. If the executive’s employment terminates for any reason other than as described below, all unvested options will be forfeited. Upon (1) termination of an executive’s employment without cause within 12 months following a change in control or termination due to the executive’s death or disability, all unvested options will immediately vest and become exercisable; and (2) termination for cause, all vested and unvested options terminate. Upon termination due to death or disability, all vested options will remain exercisable for one year thereafter. Upon termination of employment for any other reason all vested options will remain exercisable for 90 days thereafter; provided that, in each case, the options expire upon a violation of specified restrictive covenants.
On February 19, 2014, the Board granted options to the following executives in the following amounts. Mr. Nassetta was granted 158,311 options, Mr. Jacobs was granted 47,493, Mr. Carter was granted 47,493, Mr. Wang was granted 47,493 and Ms. Campbell was granted 39,577. The exercise price per share under each grant was $21.53.
 
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Restricted Stock Units
The RSUs vest ratably over two years from the date of grant, subject to the executive’s continued employment through the applicable vesting date. If the executive’s employment terminates for any reason other than as described below, all unvested RSUs will be forfeited. Upon termination of an executive’s employment without cause within 12 months following a change in control, or termination due to the executive’s death or disability, all unvested RSUs will immediately vest. Unvested RSUs entitle the holder to be credited with dividend equivalent payments either in cash or, at the sole discretion of the Committee, in shares of Holdings’ common stock having a fair market value equal to the amount of such dividends, with such dividend equivalents payable following vesting (or forfeited to the extent the underlying RSUs are forfeited).
On February 19, 2014, the Board granted RSUs to the following executives in the following amounts: Mr. Nassetta was granted 55,736 RSUs, Mr. Jacobs was granted 16,720, Mr. Carter was granted 16,720, Mr. Wang was granted 16,720 and Ms. Campbell was granted 13,934.
Performance Shares
The amounts of performance shares that vest are based on a three-year performance period beginning on January 1, 2014 and ending on December 31, 2016. The performance shares are settled at the end of the performance period based on (1) the Company’s total shareholder return relative to the total shareholder returns of members of a peer company group (“relative shareholder return”) and (2) the Company’s EBITDA compound annual growth rate (“EBITDA CAGR”). The total number of performance shares that vest based on each performance measure (relative shareholder return and EBITDA CAGR) are based on an achievement factor which, in each case, ranges from a 0 percent payout for below threshold performance, to 50 percent for threshold performance, to 100 percent for target performance, and up to 200 percent for maximum performance (and, with respect to the relative shareholder return, an “above target” performance level with 150 percent payout). For actual performance between the specified threshold, target, above target and maximum levels, the resulting payout percentage will be adjusted on a linear basis. Of the total number of performance shares awarded, one half will vest subject to achievement under the relative shareholder return measure, and one half will vest subject to achievement under the EBITDA CAGR measure. In addition, if the Company’s total shareholder return is negative over the performance period, the achievement percentage under the relative shareholder return measure cannot exceed 100 percent.
If the executive’s employment terminates for any reason other than as described below, all unvested performance shares will be forfeited. Upon death or disability during the performance period, a portion of the performance shares will immediately vest at pro-rated target levels, with such pro-ration based on the number of days in the performance period that have elapsed. Upon a change in control during the performance period, the performance shares vest based on actual performance through that date, or, if performance is unable to be calculated, at target.
On February 19, 2014, the Board granted performance shares to the following executives in the following amounts, and such amounts assume that the target level of performance is achieved (with the actual number of shares to be earned based on the performance criteria described above): Mr. Nassetta was granted 167,208 performance shares, Mr. Jacobs was granted 50,162, Mr. Carter was granted 50,162, Mr. Wang was granted 50,162 and Ms. Campbell was granted 41,802.
Covenants and Clawback
Each of the foregoing executive grants of an option, an RSU or a performance share is subject to restrictive covenants related to post-employment non-solicitation and non-competition covenants for 12 months following any termination of employment, and indefinite covenants covering trade secrets, confidentiality and non-disparagement. Under the award agreements, if there is a restrictive covenant violation or the Company
 
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determines after termination that grounds for a termination for cause existed, the executive will be required to pay the Company an amount equal to the after-tax proceeds received upon the sale or disposition of the equity award and any shares issued in respect thereof. In addition, each of these executives’ equity-based awards is subject to the Company’s Clawback Policy.
Stock Award Granting Policy
The annual grant of stock-based awards is made under usual circumstances on the date of the first regularly scheduled Board meeting of the calendar year (typically held in February or March). In addition to annual awards, other grants may be awarded at other times (1) to attract new hires, to recognize employees for special achievements or for retention purposes; (2) to new employees as a result of the acquisition of another company; or (3) as may be desirable and prudent in other special circumstances. The exercise price of option grants and the fair market value of other equity-based awards is the closing market price of Holdings’ common stock on the date of grant. We monitor and periodically review our equity grant policies to ensure compliance with plan rules and applicable law. We do not have a program, plan or practice to time our equity grants in coordination with the release of material, non-public information.
 
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Summary Compensation Table
The following table presents summary information regarding the total compensation awarded to, earned by, or paid to each of our NEOs for fiscal years indicated.

Name	 	Year	 	 	Salary (1)
($)	 	 	Bonus
($)	 	 	Stock
Awards (2)
 ($)	 	 	Option
Awards
($)	 	 	Non-Equity
Incentive Plan
Compensation
($)	 	 	Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings (3)
($)	 	 	All Other
Compensation (4)
($)	 	 	Total
($)	 	
Christopher J. Nassetta	 	 	2013	  	 	 	850,000	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,290,420	  	 	 	—	  	 	 	121,622	  	 	 	2,262,042	  	
(President & Chief Executive Officer)	 	 	2012	  	 	 	850,000	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	1,077,375	  	 	 	—	  	 	 	114,330	  	 	 	2,041,705	  	
										
Kevin J. Jacobs (5)	 	 	2013	  	 	 	500,000	  	 	 	278,312	  	 	 	—	  	 	 	—	  	 	 	321,688	  	 	 	—	  	 	 	10,824	  	 	 	1,110,824	  	
(Executive Vice President and Chief Financial Officer)	 				 				 				 				 				 				 				 				 				
										
Ian R. Carter	 	 	2013	  	 	 	690,000	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	505,287	  	 	 	114,420	  	 	 	264,468	  	 	 	1,574,175	  	
(Executive Vice President and President, Development, Architecture & Construction)	 	 	2012	  	 	 	690,000	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	493,488	  	 	 	82,700	  	 	 	239,452	  	 	 	1,505,640	  	
										
Mark D. Wang	 	 	2013	  	 	 	513,000	  	 	 	15,754	  	 	 	—	  	 	 	—	  	 	 	484,246	  	 	 	—	  	 	 	11,204	  	 	 	1,024,204	  	
(Executive Vice President, Global Sales and President, Hilton Grand Vacations)	 	 	2012	  	 	 	508,500	  	 	 	94,400	  	 	 	—	  	 	 	—	  	 	 	405,600	  	 	 	—	  	 	 	14,577	  	 	 	1,023,077	  	
										
Kristin A. Campbell	 	 	2013	  	 	 	500,000	  	 	 	38,562	  	 	 	—	  	 	 	—	  	 	 	461,438	  	 	 	—	  	 	 	11,096	  	 	 	1,011,096	  	
(Executive Vice President and General Counsel)	 	 	2012	  	 	 	500,000	  	 	 	72,387	  	 	 	—	  	 	 	—	  	 	 	427,613	  	 	 	—	  	 	 	12,742	  	 	 	1,012,742	  	
										
Thomas C. Kennedy (5)	 	 	2013	  	 	 	625,000	  	 	 	292,500	(6)  	 	 	—	  	 	 	—	  	 	 	374,400	  	 	 	—	  	 	 	173,526	  	 	 	1,465,426	  	
(Former Executive Vice President and Chief Financial Officer)	 	 	2012	  	 	 	650,000	  	 	 	—	  	 	 	—	  	 	 	—	  	 	 	572,569	  	 	 	—	  	 	 	17,285	  	 	 	1,239,854	  	

(1)	Amounts in this column reflect the salary earned during the fiscal year, whether paid or deferred under the Company’s employee benefit plans.	
(2)	As described in “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” above, in connection with the IPO, among other things, the Company accelerated the vesting of the outstanding Tier I awards and modified the terms of the outstanding Class B Units so that 40 percent vested on December 11, 2013, 40 percent will vest on December 11, 2014, contingent upon continued employment through that date, and 20 percent will vest on the date when Blackstone ceases to own 50 percent or more of the shares of Holdings, contingent upon continued employment through that date. The terms of these awards are summarized under “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” above and under “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Equity Awards” below. The NEOs surrendered their vested Class B Units in exchange for shares of Holdings’ common stock. There was no incremental fair value with respect to the awards modified in connection with the IPO. In March 2013, in connection with his promotion to Executive Vice President and Chief of Staff in 2012, Mr. Jacobs was awarded an additional 6,902,440 Class B Units in recognition of his additional role and responsibilities. Similar to the Class B Units granted prior to 2013, achievement of the performance condition was not deemed probable on the date the Class B Units were granted to Mr. Jacobs, and accordingly, no value is included in the table for this award. The grant date fair value of the Class B Units granted to Mr. Jacobs was $9,180,245, assuming achievement of the performance condition.	
(3)	Amounts reported represent the aggregate increase in the actuarial present value of Mr. Carter’s accumulated benefit under the defined-present value of the retirement pension due based on assumptions described below. This value is the sum that	
 
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 	would be payable should Mr. Carter choose to transfer his benefits from the U.K. Pension Plan in full as of December 31, 2013 and 2012. The key financial assumptions used in the calculation of the present value included discount rates of 5.4 percent and 4.5 percent for 2013 and 2012, respectively, CPI inflation of 2.20 percent and 1.15 percent for 2013 and 2012, respectively, and pension inflation of 1.6 percent and 1.2 percent for 2013 and 2012, respectively. The Company does not provide any of its executives with any above-market or preferential earnings on non-qualified deferred compensation.	
(4)	All other compensation for 2013 includes:	

Name	  	Company
401(k)
Match
($)	 	  	Personal Use
of Company
Aircraft (a)
 ($)	 	  	Reimbursements
for Taxes
Incurred for
Specified
Perquisites (b)
($)	 	  	Severance
Benefits (c)
($)	 	  	Other (d)
($)	 	  	Total
($)	 	
Christopher J. Nassetta	  	 	10,200	  	  	 	7,623	  	  	 	50,438	  	  	 	—	  	  	 	53,361	  	  	 	121,622	  	
Kevin J. Jacobs	  	 	10,200	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	624	  	  	 	10,824	  	
Ian R. Carter	  	 	—	  	  	 	—	  	  	 	22,885	  	  	 	—	  	  	 	241,583	  	  	 	264,468	  	
Mark D. Wang	  	 	10,200	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1,004	  	  	 	11,204	  	
Kristin A. Campbell	  	 	10,200	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	896	  	  	 	11,096	  	
Thomas C. Kennedy	  	 	10,200	  	  	 	—	  	  	 	—	  	  	 	162,050	  	  	 	1,276	  	  	 	173,526	  	

 	(a)  	Amounts reported reflect the incremental costs associated with guests accompanying Mr. Nassetta on the Company aircraft during the year ended December 31, 2013. For purposes of the Summary Compensation Table, we value the incremental cost associated with these accompanying guests by using a method that takes into account the variable costs. Since the aircraft is used primarily for business travel, the calculation does not include the fixed costs that do not change based on usage, such as crew salaries, hangar storage costs and cost of maintenance not related to trips.	
 	(b)  	Reflects for Mr. Nassetta, $6,755 of employer-paid taxes owed with respect to personal use of the Company aircraft, $37,247 of employer-paid taxes owed with respect to Mr. Nassetta’s personal use of Company-branded hotels and $6,436 of employer-paid taxes owed in connection with his employer-paid executive life insurance policy.	
Reflects for Mr. Carter, $22,885 of employer-paid taxes with respect to Mr. Carter’s education expenses.
 
 	(c)  	Reflects amounts paid or accrued during the year ended December 31, 2013 pursuant to the terms of Mr. Kennedy’s separation agreement as follows: $87,500 for all accrued but unused vacation time through the Separation Date, $74,550 paid for reimbursement of legal fees incurred in connection with his separation agreement. In addition, in January 2014, pursuant to the terms of his separation agreement, Mr. Kennedy received a cash payment of $3,187,363 representing his Tier I award, a cash payment of $6,699,938 for the cancelation of his Class B Units and $664,668 that represents the gain on his Class A Units repurchased by the Company in 2013. Additional amounts and benefits to which Mr. Kennedy is entitled under his separation agreement, subject to his compliance with specified covenants, are described under “—Potential Payments upon Termination or Change in Control—Thomas C. Kennedy Separation Agreement.”	
 	(d)  	For Mr. Nassetta, this amount includes $43,550 employer-paid expenses incurred at Company-branded hotels while on personal travel and premiums for life insurance policies.	
For Messrs. Jacobs, Wang and Kennedy and Ms. Campbell, this amount represents life insurance premiums paid by the Company.
For Mr. Carter, this amount includes a $207,000 payment for a retirement benefit pursuant to the terms of his employment agreement, $30,000 for tuition reimbursement pursuant to the terms of his employment agreement, tax preparation services, reimbursement for the cost of his executive physical and premiums for a life insurance policy. Mr. Carter no longer receives these benefits as a result of the cancellation of his employment agreement in December 2013.
 
(5)  	Mr. Kennedy served as our Executive Vice President and Chief Financial Officer from September 2008 until his resignation effective August 8, 2013. Mr. Kennedy agreed to provide services to the Company following his resignation at his current base salary until the earlier of December 31, 2013 or the date he commenced employment with a new employer. In connection with his resignation, Mr. Kennedy forfeited all of his remaining Tier I award and all of his Class B Units. On August 8, 2013, Kevin J. Jacobs became our Executive Vice President and Chief Financial Officer.	
(6)  	Amount represents the individual performance component of Mr. Kennedy’s annual cash incentive award, which was paid at the maximum level of achievement pursuant to the terms of his separation agreement.	
 
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2013 Grants of Plan-Based Awards
The following table sets forth information concerning grants of plan-based awards to the NEOs during the fiscal year ended December 31, 2013.

 	  	 	 	  	Estimated Possible Payouts under Non-Equity
Incentive Plan Awards (1)	 	  	All Other Stock
Awards:
Number of
Shares of Stock
or Units(#) (2)	 	  	Grant Date
Fair Value of
Stock and
Option
Awards
($) (3)	 	
Name	  	Grant Date	 	  	    Threshold    
($)	 	  	    Target    
($)	 	  	    Maximum    
($)	 	  			  			
Christopher J. Nassetta	  	 	—	  	  	 	14,167	  	  	 	850,000	  	  	 	1,700,000	  	  	 	—	  	  	 	—	  	
Kevin J. Jacobs	  	 	—	  	  	 	6,250	  	  	 	250,000	  	  	 	375,000	  	  	 	—	  	  	 	—	  	
	  	 	03/08/2013	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	6,902,440	  	  	 	—	  	
Ian R. Carter	  	 	—	  	  	 	8,280	  	  	 	414,000	  	  	 	621,000	  	  	 	—	  	  	 	—	  	
Mark D. Wang	  	 	—	  	  	 	7,695	  	  	 	384,750	  	  	 	577,125	  	  	 	—	  	  	 	—	  	
Kristin A. Campbell	  	 	—	  	  	 	9,375	  	  	 	375,000	  	  	 	562,500	  	  	 	—	  	  	 	—	  	
Thomas C. Kennedy (4)	  	 	—	  	  	 	9,750	  	  	 	487,500	  	  	 	731,250	  	  	 	—	  	  	 	—	  	

(1)	Reflects the possible payouts of cash incentive compensation under the 2013 annual incentive program. Amounts reported in the “Threshold” column assume that there is no payout under the financial component of the annual cash incentive program and that the NEO only earns the minimum payout for the one individual performance objective that has been assigned the lowest weighting. The actual amounts paid are described in the “Non-Equity Incentive Plan Compensation” column of the “Summary Compensation Table.”	
(2)	Reflects the Class B Units granted during 2013 all of which were granted subject to vesting upon Blackstone owning less than 50 percent of the Company. In connection with the IPO, the terms of the Class B Units were modified and exchanged for vested shares of Holdings’ common stock and unvested shares of Holdings’ restricted stock. See “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” and “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Equity Awards.”	
(3)	Represents the value of the Class B Units based upon the probable outcome of the performance conditions. See footnote (2) to the “Summary Compensation Table” above.	
(4)	The portion of Mr. Kennedy’s bonus award related to individual performance objectives was paid at the maximum level of performance pursuant to the terms of his separation agreement and is reported in the “Bonus” column of the “Summary Compensation Table.” The portion of Mr. Kennedy’s bonus related to Adjusted EBITDA was paid based on actual Company performance and is reported in the “Non-Equity Incentive Plan Compensation” column of the “Summary Compensation Table.”	
Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards
Employment Agreements
Upon their commencement of employment, some of our NEOs entered into employment agreements, each of which contained substantially similar terms. Each of the employment agreements provided for a five-year initial employment term that extended automatically for additional one-year periods unless either we or the executive elected not to extend the term. Under the employment agreements, each executive was eligible to receive a minimum base salary, as set forth in the applicable agreement, and annual cash incentive compensation based on the achievement of specified financial and individual goals as defined by the Compensation Committee each year. If these goals were achieved, each executive could have received a cash bonus based on a target percentage of his or her base salary as described below. Each NEO was also entitled to participate in all employee benefit plans, programs and arrangements made available to other executive officers generally.
 
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Following are the material individual provisions of the NEOs’ employment agreements.
Mr. Nassetta’s Employment Agreement. Mr. Nassetta’s employment agreement dated as of January 4, 2011 provided that he was to serve as Hilton Worldwide’s President and Chief Executive Officer, and was eligible to receive a base salary of $850,000, subject to periodic adjustments as may be approved by the Board. Mr. Nassetta was also eligible to receive a target bonus of 100 percent of his annual base salary at the end of the fiscal year if targets established by the Board are achieved, 50 percent of his base salary if minimum performance objectives were achieved and 200 percent of his base salary if high performance objectives were achieved. Mr. Nassetta’s agreement also provided for the reasonable payment of premiums for his existing life insurance policy and provided that Mr. Nassetta could use the Company airplane for business and personal travel. In connection with the IPO, Mr. Nassetta agreed to terminate his employment agreement.
Mr. Carter’s Employment Agreement. Mr. Carter’s employment agreement dated as of January 1, 2010, provided that he was to serve as Hilton Worldwide’s President, Global Operations, or a commensurate role, and was eligible to receive a base salary of $690,000, subject to periodic adjustments as may be approved by our Board. Mr. Carter was also eligible to receive a target bonus of 60 percent of his base salary if targets established by the Board are achieved and 90 percent of his base salary if high performance objectives were achieved. Mr. Carter’s agreement did not provide a threshold award percentage if minimum performance objectives were achieved. In connection with the IPO, Mr. Carter agreed to terminate his employment agreement.
Mr. Kennedy’s Employment Agreement. Mr. Kennedy’s employment agreement dated as of September 15, 2008 provided that he was to serve as Hilton Worldwide’s Executive Vice President and Chief Financial Officer and was eligible to receive a base salary of $650,000, subject to periodic adjustments as approved by our Board. Mr. Kennedy was also eligible to receive a target bonus of 75 percent of his annual base salary at the end of the fiscal year if performance objectives and targets established by the Board were achieved. Mr. Kennedy resigned as Executive Vice President and Chief Financial Officer as of August 8, 2013 and continued his employment as a Special Advisor to the CEO through December 31, 2013. On September 24, 2013, we entered into a separation agreement with Mr. Kennedy. The material terms of the separation agreement are summarized below under “—Potential Payments upon Termination or Change in Control.”
Equity Awards
As a condition to receiving the Class B Units, each NEO was required to enter into a subscription agreement with BH Hotels to become a party to BH Hotels’ limited liability company agreement as well as an equity holders agreement. These agreements generally governed the NEOs’ rights with respect to their Class B Units.
The Class B Units were profits interests having economic characteristics similar to stock appreciation rights and represent the right to share in any increase in the equity value of BH Hotels. Therefore, the Class B Units only had value to the extent there was an appreciation in the value of our business from and after the applicable date of grant. All of the Class B Units were exit-vesting units and had the vesting terms described in “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” above and in “—Potential Payments upon Termination or Change in Control” below.
The subscription agreements also contained restrictive covenants that are substantially similar to the restrictive covenants contained in the employment agreements with the NEOs, including an indefinite covenant on confidentiality of information and covenants related to non-competition and non-solicitation of employees and customers of the Company and its affiliates at all times during the executive’s employment, and for one year after any termination of his or her employment. If a termination occurred after Blackstone ceased to beneficially own 25 percent of the voting power of the Company, however, the non-competition lapsed.
As described above, in connection with the IPO:
 
 	•	 	we accelerated the vesting of all Tier I awards which remained outstanding at the time of the pricing of the offering and paid the remaining value in respect of such awards in cash;	
 
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 	•	 	we modified the vesting of Class B Units held by all Class B Unit holders, including our NEOs, such that (1) 40 percent vested as of December 11, 2013, (2) 40 percent will vest on December 11, 2014, contingent upon continued employment through that date, and (3) 20 percent will vest on the date that Blackstone ceases to own 50 percent or more of the shares of the Company, contingent upon continued employment through that date; and	
 
 	•	 	our executive officers (including our NEOs) surrendered their Class A-2 Units and Class B Units and received in exchange a combination of vested shares of common stock and unvested shares of restricted common stock.	
Holders of unvested shares of our restricted stock following the conversion are subject to an indefinite covenant on confidentiality of information and covenants related to non-competition and non-solicitation of employees and customers of the Company and its affiliates at all times during the executive’s employment, and, where the executive is entitled to receive severance upon termination, for one year after a termination of his or her employment. If a termination occurs after Blackstone ceased to beneficially own 25 percent of the voting power of the Company, however, the non-competition covenant lapses.
Outstanding Equity Awards at 2013 Fiscal Year-End
The following table sets forth information regarding outstanding equity awards made to our NEOs as of December 31, 2013.

 	  	 	 	  	Stock Awards	 	
 	  	Grant Date (1)	 	  	Number of
Shares or
Units of
Stock That
Have Not
Vested	 	 	Market
Value of
Shares or
Units of
Stock That
Have Not
Vested (2)	 	
Name	  			  	(#)	 	 	($)	 	
Christopher J. Nassetta	  	 	12/03/2010	  	  	 	2,701,580	(3)(4)  	 	 	60,110,155	  	
	  	 	12/03/2010	  	  	 	1,350,791	(5)  	 	 	30,055,100	  	
				
Kevin J. Jacobs (6)	  	 	12/03/2010	  	  	 	115,067	(3)  	 	 	2,560,241	  	
	  	 	12/03/2010	  	  	 	57,534	(5)  	 	 	1,280,132	  	
	  	 	03/08/2013	  	  	 	230,134	(3)  	 	 	5,120,482	  	
	  	 	03/08/2013	  	  	 	115,067	(5)  	 	 	2,560,241	  	
				
Ian R. Carter	  	 	12/03/2010	  	  	 	714,566	(3)  	 	 	15,899,094	  	
	  	 	12/03/2010	  	  	 	357,285	(5)  	 	 	7,949,591	  	
				
Mark D. Wang	  	 	12/03/2010	  	  	 	287,667	(3)  	 	 	6,400,591	  	
	  	 	12/03/2010	  	  	 	143,835	(5)  	 	 	3,200,329	  	
				
Kristin A. Campbell	  	 	06/27/2011	  	  	 	172,600	(3)  	 	 	3,840,350	  	
	  	 	06/27/2011	  	  	 	86,301	(5)  	 	 	1,920,197	  	
				
Thomas C. Kennedy (7)	  	 	12/03/2010	  	  	 	—	  	 	 	—	  	

(1)	Reflects the grant date of Class B Units that were exchanged for shares of Holdings’ common stock on December 11, 2013. See “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” above.	
(2)	Amounts reported are based on the closing market price of Holdings’ common stock as of December 31, 2013.	
(3)	Reflects the number of time-vesting shares of our restricted stock received in exchange for the Class B Units and which are scheduled to vest on December 11, 2014, contingent upon continued employment through that date. In addition, if the executive’s employment is terminated without cause, as a result of a	
 
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 	constructive termination or due to disability or death, all unvested shares of restricted stock will vest. See “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards,” “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Equity Awards” and “—Potential Payments upon Termination or Change in Control.”	
(4)	For estate planning purposes, 24,400,000 Class B Units (or 2,033,800 shares of common stock) were transferred to a limited liability company. A revocable living trust, of which Mr. Nassetta is the trustee and a beneficiary, serves as the managing member of such limited liability company. 99 percent of the economic interests in the limited liability company are held by a family trust for the benefit of Mr. Nassetta’s children and the remaining 1 percent is held by the aforementioned living trust.	
(5)  	Reflects the number of exit-vesting shares of our restricted stock received in exchange for the Class B Units and which are scheduled to vest on the date when Blackstone and its affiliates cease to own 50 percent or more of the shares of the Company, contingent upon continued employment through that date. In addition, if the executive’s employment is terminated without cause, as a result of a constructive termination or due to disability or death, all unvested shares of restricted stock will vest. See “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards,” “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Equity Awards” and “—Potential Payments upon Termination or Change in Control.”	
(6)  	In March 2013, in connection with his promotion to Executive Vice President and Chief of Staff in 2012, Mr. Jacobs was awarded an additional 6,902,440 Class B Units in recognition of his additional role and responsibilities.	
(7)  	In connection with his resignation, Mr. Kennedy forfeited all of his Class B Units and his outstanding Tier I awards, and therefore, received no shares or restricted stock in connection with the IPO.	
2013 Option Exercises and Stock Vested
The following table provides information regarding Tier I payments and Class B units that vested during 2013 for our NEOs.

 	  	Stock Awards	 	
 	  	Number of Shares
Acquired on Vesting
(#) (1)	 	  	Value Realized
on Vesting
($) (2)	 	
Christopher J. Nassetta	  	 	—	  	  	 	72,740,067	  	
Kevin J. Jacobs	  	 	—	  	  	 	7,700,861	  	
Ian R. Carter	  	 	—	  	  	 	19,239,701	  	
Mark D. Wang	  	 	—	  	  	 	7,745,442	  	
Kristin A. Campbell	  	 	—	  	  	 	3,452,000	  	
Thomas C. Kennedy	  	 	—	  	  	 	—	  	
 
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(1)  	As described in “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” above, in connection with the IPO, among other things, the Company accelerated the vesting of the outstanding Tier I awards and modified the vesting terms of the Class B Units. The terms of these awards are summarized under “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards” and “—Narrative to Summary Compensation Table and 2013 Grants of Plan-Based Awards—Equity Awards” above. In addition, as described in “—Compensation Discussion and Analysis—Compensation Components—Long-Term Incentive Awards,” in connection with the IPO, the NEOs surrendered their Class B Units that vested on December 11, 2013 in exchange for shares of Holdings’ common stock. The number of shares of Holdings’ common stock and the value each NEO received on vesting with respect to each of the awards modified in connection with the IPO is, therefore, as follows:	

 	 	Award	 	Number of
Vested Class B
Units
(#)*	 	 	Number of Vested
Shares of
Common Stock
(#)	 	 	Value Received
on Vesting
($)	 	
Mr. Nassetta	 	Vested Tier I Award	 	 	—	  	 	 	—	  	 	 	18,708,467	  	
	 	Modified Class B Units	 	 	32,411,512	  	 	 	2,701,580	  	 	 	54,031,600	  	
	 		 				 				 	 	 	 	
	 	Total	 				 				 	 	72,740,067	  	
					
Mr. Jacobs	 	Vested Tier I Award	 	 	—	  	 	 	—	  	 	 	796,841	  	
	 	Modified Class B Units	 	 	4,141,464	  	 	 	345,201	  	 	 	6,904,020	  	
	 		 				 				 	 	 	 	
	 	Total	 				 				 	 	7,700,861	  	
					
Mr. Carter	 	Vested Tier I Award	 	 	—	  	 	 	—	  	 	 	4,948,381	  	
	 	Modified Class B Units	 	 	8,572,830	  	 	 	714,566	  	 	 	14,291,320	  	
	 		 				 				 	 	 	 	
	 	Total	 				 				 	 	19,239,701	  	
					
Mr. Wang	 	Vested Tier I Award	 	 	—	  	 	 	—	  	 	 	1,992,102	  	
	 	Modified Class B Units	 	 	3,451,220	  	 	 	287,667	  	 	 	5,753,340	  	
	 		 				 				 	 	 	 	
	 	Total	 				 				 	 	7,745,442	  	
					
Ms. Campbell	 	Vested Tier I Award	 	 	—	  	 	 	—	  	 	 	—	  	
	 	Modified Class B Units	 	 	2,070,732	  	 	 	172,600	  	 	 	3,452,000	  	
	 		 				 				 	 	 	 	
	 	Total	 				 				 	 	3,452,000	  	
 
 	*	The Tier I awards originally granted were represented as a percentage of the total dollar amount available to be awarded and were not expressed as a number of units. The amount of the Tier I award in the table reflects the cash value realized on vesting.	
 
(2)  	Reflects the sum of (a) the value of the shares of common stock received in exchange for the vested Class B Units based on the IPO price of $20.00 per share and (b) the value of the cash received upon the vesting of the Tier I awards.	
 
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2013 Pension Benefits

Name	  	Plan Name	  	Number of
Years
Credited
Service (#)	 	  	Present Value
of
Accumulated
Benefit ($) (1)	 	  	Payments
During Last
Fiscal Year
($)	 	
Christopher J. Nassetta	  		  	 	—	  	  	 	—	  	  	 	—	  	
Kevin J. Jacobs	  		  	 	—	  	  	 	—	  	  	 	—	  	
Ian R. Carter	  	Hilton UK Pension Plan (2)	  	 	4	  	  	 	472,120	  	  	 	—	  	
	  	Hilton UK Hotels Employer-Finance Retirement Benefit (3)	  	 	3	  	  	 	793,861	  	  	 	—	  	
Mark D. Wang	  		  	 	—	  	  	 	—	  	  	 	—	  	
Kristin A. Campbell	  		  	 	—	  	  	 	—	  	  	 	—	  	
Thomas C. Kennedy	  		  	 	—	  	  	 	—	  	  	 	—	  	

(1)  	The present value is calculated by the Trustee of the U.K. Pension Plan and represents the present value of the retirement pension due based on assumptions described below. This value is the sum that would be payable should Mr. Carter choose to transfer his benefits from the U.K. Pension Plan in full as of December 31, 2013. The key financial assumptions used in the calculation of the present value included discount rates of 5.4 percent and 4.5 percent for 2013 and 2012, respectively, CPI inflation of 2.20 percent and 1.15 percent for 2013 and 2012, respectively, and pension inflation of 1.6 percent and 1.2 percent for 2013 and 2012, respectively.	
(2)  	The U.K. Pension Plan is a defined benefit pension plan in the U.K., for which benefit payments are payable monthly from retirement age (age 60 in accordance with the terms of the plan). The pension value is determined based on years of service, final salary of active membership (final salary in the final year of the membership in the plan minus applicable restrictions of earning offsets) in the plan and an accrual ratio. The funds are invested through a trustee, who has full investment discretion. For Mr. Carter, the U.K. Pension Plan has been frozen since 2009, and neither the Company nor Mr. Carter has contributed to the plan since that time. The purpose of the U.K. Pension Plan is to provide a retirement benefit based on U.K. market practice. The U.K. Pension Plan does not provide special policies such as granting extra years of credited service, however, it provides tax advantages such as tax relief on employee contributions and a tax-free cash payment at retirement.	
(3)  	The Supplemental U.K. Pension Plan is a supplement to the U.K. Pension Plan and provides an additional retirement benefit to top management of the Company in the U.K. Mr. Carter participated in the Supplemental U.K. Pension Plan from 2006 to 2009, after which the Company ceased contributing to the plan and the plan was frozen. The funds in the Supplemental U.K. Pension Plan have been invested based on Mr. Carter’s elected investment portfolio. The terms of the U.K. Pension Plan provide that the funds be paid in lump sum upon retirement, or age 60 in accordance with the terms of the plan. The annual amount the Company contributed was calculated based on a percentage of Mr. Carter’s base salary above the annual earnings cap under the U.K. Pension Plan. The Supplemental U.K. Pension Plan does not provide any special tax treatment, and payment under this plan is triggered upon Mr. Carter’s retirement.	
 
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2013 Non-Qualified Deferred Compensation
The Company offers to its executives, including all of the NEOs, the opportunity to participate in the EDCP. The table below provides information as of December 31, 2013, for those NEOs who chose to participate in the plan.

Name	  	Executive
Contributions in
Last FY (1)	 	  	Registrant
Contributions in
the Last FY	 	  	Aggregate
Earnings
in Last FY (2)	 	  	Aggregate
Withdrawals/
Distributions ($)	 	  	Aggregate
Balance at Last
FYE (3)	 	
Christopher J. Nassetta	  	 	—	  	  	 	—	  	  	$	13,346	  	  	 	—	  	  	$	189,199	  	
Kevin Jacobs	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	
Ian R. Carter	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	
Mark D. Wang	  	$	50,650	  	  	 	—	  	  	$	132,216	  	  	 	—	  	  	$	966,387	  	
Kristin Campbell	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	
Thomas C. Kennedy	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	

(1)  	The amount in this column is included in the “Salary” column for 2013 in the “Summary Compensation Table” above.	
(2)  	Amounts in this column are not reported as compensation for fiscal year 2013 in the “Summary Compensation Table” since they do not reflect above-market or preferential earnings.	
(3)  	Mr. Nassetta made no contributions during fiscal 2012 or fiscal 2013 and, therefore, no amounts in this column have previously been reported in the “Summary Compensation Table.” Of the total in this column listed for Mr. Wang, $93,308 was previously reported in the “Summary Compensation Table.”	
Narrative to Non-Qualified Deferred Compensation Table
Pursuant to our EDCP, specified eligible employees, including our NEOs, may defer up to 100 percent of either or both their annual salary and bonus. Deferral elections are made by eligible employees in the calendar year preceding the year compensation is otherwise payable. Contributions to the EDCP consist solely of participants’ elective deferral contributions with no matching or other employer contributions. Eligible employees are permitted to make individual investment elections that will determine the rate of return on their deferral amounts under the elective nonqualified deferred compensation plan. Participants may change their investment elections at any time. Deferrals are only deemed to be invested in the investment options selected. Participants have no ownership interest in any of the funds as investment elections are used only as an index for crediting gains or losses to participants’ accounts. The investment options consist of a variety of well-known mutual funds including certain non-publicly traded mutual funds available through variable insurance products. Investment gains or losses in the funds are credited to the participants’ accounts daily, net of investment option related expenses. The EDCP does not provide any above-market returns or preferential earnings to participants, and the deferrals and their earnings are always 100 percent vested.
 
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The table below shows the funds available under the EDCP, and their annual rate of return for the calendar year ended December 31, 2013:

Name of Investment Fund	  	1-Year Rate of Return
% (as of 12/31/13)	 	
MassMutual SAGIC	  	 	3.94	% 	
PIMCO Total Return—Institutional Class	  	 	-1.92	% 	
Vanguard Total Bond Market Index—Instl Shares	  	 	-2.33	% 	
T. Rowe Price Retirement Income	  	 	9.16	% 	
T. Rowe Price Retirement Income 2015	  	 	15.18	% 	
T. Rowe Price Retirement Income 2020	  	 	18.05	% 	
T. Rowe Price Retirement Income 2025	  	 	20.78	% 	
T. Rowe Price Retirement Income 2030	  	 	23.09	% 	
T. Rowe Price Retirement Income 2035	  	 	24.86	% 	
T. Rowe Price Retirement Income 2040	  	 	25.93	% 	
T. Rowe Price Retirement Income 2045	  	 	25.93	% 	
T. Rowe Price Retirement Income 2050	  	 	25.90	% 	
Oakmark Equity and Income—Class I Shares	  	 	24.25	% 	
Dodge & Cox Stock	  	 	40.55	% 	
Vanguard 500 Index—Signal Share Class	  	 	32.33	% 	
T Rowe Price Growth Stock	  	 	39.20	% 	
CRM Small/Mid Cap Value—Instl Class	  	 	33.87	% 	
William Blair Small—Mid Cap Growth—Class	  	 	41.89	% 	
T. Rowe Price International Stock	  	 	14.27	% 	
MFS Emerging Markets Equity—A Shares	  	 	-5.42	% 	
Oppenheimer Real Estate—A Shares	  	 	2.84	% 	
Janus Global Technology—Class T Shares	  	 	35.21	% 	
Gateway Fund—Class Y	  	 	8.65	% 	
NEOs may elect to receive in-service distributions of such amounts at the time they make their deferral elections. In addition, upon a showing of financial hardship due to death, illness, accident or similar extraordinary or unforeseeable circumstances, an executive may be allowed to access funds in his or her deferred compensation account before he otherwise would have been eligible. The participant must make two payout elections, one in the case of termination and one in the case of retirement. Benefits can generally be received either as a lump sum payment or in installments over a period not to exceed 20 years in the case of retirement, five years in the case of termination and five years for in-service distributions. In the event of a change in control, 100 percent of the value of the eligible employee’s deferred compensation account will be distributed.
Potential Payments upon Termination or Change in Control
The following table describes the potential payments and benefits that would have been payable to our NEOs under existing plans assuming (1) a termination of employment and/or (2) a change in control (a “CIC”) occurred, in each case, on December 31, 2013. The amounts shown in the table do not include payments and benefits to the extent they are provided generally to all salaried employees upon termination of employment and do not discriminate in scope, terms or operation in favor of the NEOs. These include certain accrued rights (such as earned but unpaid salary or bonus), distributions of plan balances under our 401(k) savings plan and distributions of plan balances under the pension plans and the non-qualified deferred compensation plan.
For purposes of the table below, a “qualifying termination” means a termination of employment with the Company either by the Company without “cause” or by the executive for “good reason,” each as defined in the Severance Plan. An executive is not deemed to have experienced a qualifying termination as a result of (a) his or her death or disability, or (b) solely as a result of a change in control.
 
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Because the disclosures in the table assume the occurrence of a termination or CIC as of a particular date and under a particular set of circumstances and therefore make a number of important assumptions, the actual amounts to be paid to each of our NEOs upon a termination or CIC may vary significantly from the amounts included herein. Factors that could affect these amounts include the timing during the year of any such event, the continued availability of benefit policies at similar prices and the type of termination event that occurs (as set forth in the first column in the table below).

Name	  	Cash
Severance
($) (1)	 	  	Continuation of
Benefits
($) (2)	 	  	Value of
Accelerated
Equity
($) (3)	 	  	Outplacement
Services
($) (4)	 	  	Accrued
but
Unused
Vacation
($) (5)	 	  	Total
($)	 	
Christopher J. Nassetta	  				  				  				  				  				  				
Qualifying Termination	  	 	5,083,000	  	  	 	21,874	  	  	 	90,165,255	  	  	 	50,000	  	  	 	130,769	  	  	 	95,450,898	  	
CIC without Termination	  	 	—	  	  	 	—	  	  	 	30,055,100	  	  	 	—	  	  	 	—	  	  	 	30,055,100	  	
Death or Disability (6)	  	 	850,000	  	  	 	—	  	  	 	90,165,255	  	  	 	—	  	  	 	130,769	  	  	 	91,146,024	  	
							
Kevin J. Jacobs	  				  				  				  				  				  				
Qualifying Termination	  	 	1,500,000	  	  	 	21,905	  	  	 	11,521,096	  	  	 	50,000	  	  	 	53,401	  	  	 	13,146,402	  	
CIC without Termination	  	 	—	  	  	 	—	  	  	 	3,840,372	  	  	 	—	  	  	 	—	  	  	 	3,840,372	  	
Death or Disability (6)	  	 	250,000	  	  	 	—	  	  	 	11,521,096	  	  	 	—	  	  	 	53,401	  	  	 	11,824,497	  	
							
Ian R. Carter	  				  				  				  				  				  				
Qualifying Termination	  	 	2,208,000	  	  	 	21,858	  	  	 	23,848,685	  	  	 	50,000	  	  	 	66,346	  	  	 	26,194,889	  	
CIC without Termination	  	 	—	  	  	 	—	  	  	 	7,949,591	  	  	 	—	  	  	 	—	  	  	 	7,949,591	  	
Death or Disability (6)	  	 	414,000	  	  	 	—	  	  	 	23,848,685	  	  	 	—	  	  	 	66,346	  	  	 	24,329,031	  	
							
Mark D. Wang	  				  				  				  				  				  				
Qualifying Termination	  	 	1,795,500	  	  	 	13,683	  	  	 	9,600,920	  	  	 	50,000	  	  	 	106,546	  	  	 	11,566,649	  	
CIC without Termination	  	 	—	  	  	 	—	  	  	 	3,200,329	  	  	 	—	  	  	 	—	  	  	 	3,200,329	  	
Death or Disability (6)	  	 	384,750	  	  	 	—	  	  	 	9,600,920	  	  	 	—	  	  	 	106,546	  	  	 	10,092,216	  	
							
Kristin A. Campbell	  				  				  				  				  				  				
Qualifying Termination	  	 	1,750,000	  	  	 	15,320	  	  	 	5,760,547	  	  	 	50,000	  	  	 	59,134	  	  	 	7,635,001	  	
CIC without Termination	  	 	—	  	  	 	—	  	  	 	1,920,197	  	  	 	—	  	  	 	—	  	  	 	1,920,197	  	
Death or Disability (6)	  	 	375,000	  	  	 	—	  	  	 	5,760,547	  	  	 	—	  	  	 	59,134	  	  	 	6,194,681	  	

(1)  	Under the Severance Plan, whether or not in connection with a change in control, each NEO would have been entitled to receive a cash severance amount consisting of an amount equal to two times (2.99 in the case of Mr. Nassetta) the sum of the executive’s (x) base salary and (y) target bonus, each as in effect at date of termination.	
If the employment of the NEO was terminated for death or disability, such executive would have been entitled to receive a prorated bonus. Amounts reported under “Death or Disability” for each NEO reflect each NEO’s target annual bonus for the year ended December 31, 2013.
 
(2)	Under the Severance Plan, upon a qualifying termination, each NEO is entitled to continued healthcare coverage in an amount equal to the excess of the cost of the coverage over the amount that executive would have had to pay if the executive remained employed for 12 months following the date of termination. In addition, upon a qualifying termination, an NEO who received life insurance coverage prior to the qualifying termination is entitled to receive life insurance coverage for a period of 12 months following the termination, payable in a lump sum. Amounts reported assume 2014 rates.	
(3)  	If the NEO’s employment with the Company is terminated (x) by the Company without “cause,” (y) by the executive as a result of a “constructive termination” or (z) by the Company as a result of disability or death, then all unvested shares shall vest. If the NEO’s employment with the Company is terminated voluntarily by the executive (other than as a result of constructive termination), no unvested shares shall vest. In addition, upon a change in control in which Blackstone ceases to beneficially own more than 50 percent of Holdings’ common stock, the executive’s shares of restricted stock subject to exit-vesting will vest.	
 
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(4)	Under the Severance Plan, upon a qualifying termination, each NEO is entitled to outplacement services for a period of twelve months following the date of termination. Amounts in the table above assume that the cost to the Company for these outplacement services would be $50,000 for each NEO.	
(5)  	Amounts shown represent the following number of accrued but unused vacation days: Mr. Nassetta, 40 days; Mr. Jacobs, 28 days; Mr. Carter, 25 days; Mr. Wang, 54 days; and Ms. Campbell, 31 days.	
(6)  	In the event of death of an NEO, in addition to amounts reported in the table above, each NEO will receive benefits from third-party payors under our employer-paid premium life insurance plans. All of our executives are eligible for one times their regular annual eligible wages at death. In addition, the Company has provided Mr. Nassetta with additional executive life insurance with a $10,500,000 death benefit. Therefore, if such benefits were triggered for the NEOs on December 31, 2013 under our life insurance plans the legally designated beneficiary(ies) of each NEO would have received the following amounts: Mr. Nassetta ($12,795,000); Mr. Jacobs ($626,000); Mr. Carter ($1,514,000); Mr. Wang ($1,008,000); and Ms. Campbell ($900,000).	
Thomas C. Kennedy Separation Agreement
On September 24, 2013, we entered into a separation agreement with Mr. Kennedy, our former Executive Vice President and Chief Financial Officer, with respect to Mr. Kennedy’s termination of employment with the Company. Pursuant to the separation agreement, beginning August 8, 2013, Mr. Kennedy agreed to continue his employment with the Company as a Special Advisor to the CEO until December 31, 2013 or until he commenced employment with a new employer, such date referred to as the Kennedy Separation Date. In consideration for Mr. Kennedy providing a general release of claims against the Company, we agreed to provide Mr. Kennedy with the following payments and benefits:
 
 	•	 	his current base salary and continuation of his current benefits through the Kennedy Separation Date;	
 
 	•	 	his annual bonus in respect of the year ended December 31, 2013, assuming he remained employed with Hilton Worldwide through the applicable payment date and with any discretionary targets established for Mr. Kennedy fixed at the maximum payout value of $666,900;	
 
 	•	 	$1,058,500 annually (representing approximately his current base salary and target annual incentive compensation) for a period of three years as soon as practicable following each of the first, second and third anniversaries of the Kennedy Separation Date;	
 
 	•	 	a $2,275,000 lump-sum cash severance payment (representing approximately two times his current base salary and target annual incentive compensation) payable as soon as practicable following December 31, 2014;	
 
 	•	 	$87,500 for all accrued but unused vacation through the Kennedy Separation Date;	
 
 	•	 	up to $75,000 for the cost of reasonable legal fees incurred in connection with the separation agreement; and	
 
 	•	 	a lump sum payment of $50,000 to be paid as soon as practicable following the Kennedy Separation Date representing twenty-four months of estimated before tax health care insurance premiums that Mr. Kennedy would incur for group health coverage for him and his family.	
In addition, in connection with his separation, the Company agreed to pay Mr. Kennedy a cash payment of $3,187,363 representing his Tier I award and a cash payment of $6,699,938 for the cancellation of his Class B Units. The Company also agreed to repurchase Mr. Kennedy’s equity investment in Class A Units of $1,107,780 for an amount equal to $1,772,448.
The foregoing payments and benefits are contingent on Mr. Kennedy’s continued compliance with certain restrictive covenants, including an indefinite confidentiality of information covenant, a covenant related to non-competition for three years after the Kennedy Separation Date and a covenant related to non-solicitation of employees and customers of the Company and its affiliates for one year after the Kennedy Separation Date.
 
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Compensation of Directors
Our employee directors and directors affiliated with Blackstone receive no additional compensation for serving on the Board of Directors or Committees thereof. Prior to the IPO, outside directors (other than the directors employed by Blackstone) received a quarterly cash retainer of $31,250 through August 31, 2013. From September 1, 2013 through our IPO date, such outside directors received a pro-rated cash retainer of $250,000. In connection with the IPO, effective December 11, 2013 each outside director (other than the directors employed by Blackstone) is entitled to annual compensation as follows:
 
 	•	 	Cash retainer of $80,000, payable quarterly;	
 
 	•	 	Additional cash retainer payable quarterly for serving on Committees or as the chairperson of a Committee as follows:	
 
 	•	 	Each member (other than the chairperson) of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee receives $7,500 annually for each Committee on which he or she serves; and	
 
 	•	 	The chairperson of the Audit Committee receives an additional $25,000 annually and the chairperson of each of the Compensation Committee and the Nominating and Corporate Governance Committee receives an additional $20,000 annually; and	
 
 	•	 	Equity award of $130,000 payable annually in restricted stock units, which vest over three years in equal annual installments from the date of grant.	
Our directors are not paid any fees for attending meetings, however, our directors are reimbursed for reasonable travel and related expenses associated with attendance at Board or Committee meetings. In addition, our independent directors are reimbursed for reasonable personal hotel costs when they stay at Company-branded hotels.
We also have adopted a stock ownership policy for our non-employee directors. Each of our non-employee directors is required to own stock in an amount equal to five times his or her annual cash retainer, provided that a non-employee director who is employed by a stockholder of the Company that meets the ownership requirements for a non-employee director shall be exempt from such requirement. For purposes of this requirement, a director’s holdings include shares held directly or indirectly, individually or jointly, shares underlying vested options and shares held under a deferral or similar plan. Non-employee directors are expected to meet this ownership requirement within five years from the later of (x) the date on which we make our first broad-based equity incentive grants following the IPO and (y) the date he or she first becomes subject to the stock ownership policy.
 
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Director Compensation for 2013
The table below sets forth information regarding non-employee director compensation for the fiscal year ended December 31, 2013.

Name	  	Fees Earned
or Paid in
Cash ($) (1)	 	  	Stock
Awards
($) (2)	 	  	All Other
Compensation
($) (3)	 	  	Total
($) (1)	 	  	Total Number
of
Outstanding
Equity Awards
(#) (4)	 	
Jonathan D. Gray	  	 	—	  	  	 	—	  	  				  	 	—	  	  	 	—	  	
Michael S. Chae	  	 	—	  	  	 	—	  	  				  	 	—	  	  	 	—	  	
Tyler S. Henritze	  	 	—	  	  	 	—	  	  				  	 	—	  	  	 	—	  	
Judith A. McHale	  	 	54,096	  	  	 	130,000	  	  				  	 	184,096	  	  	 	6,500	  	
John G. Schreiber	  	 	—	  	  	 	—	  	  				  	 	—	  	  	 	—	  	
Elizabeth A. Smith	  	 	5,466	  	  	 	130,000	  	  				  	 	135,466	  	  	 	6,500	  	
Douglas M. Steenland	  	 	158,984	  	  	 	130,000	  	  	 	18,323	  	  	 	307,307	  	  	 	6,500	  	
William J. Stein	  	 	—	  	  	 	—	  	  				  	 	—	  	  	 	—	  	

(1)  	Includes amounts paid under our pre-IPO compensation program for outside directors.	
(2)  	Represents the grant date fair value of restricted stock granted during 2013. The assumptions used in the valuation are discussed in Note 21: “Share-Based Compensation” in our audited consolidated financial statements included elsewhere in this prospectus.	
(3)  	Reflects Company-paid expenses incurred at Company-branded hotels while on personal travel.	
(4)  	The amount of stock awards reflected in the table above represents the aggregate number of stock awards outstanding held by each non-employee director as of fiscal year end.	
Compensation Committee Interlocks and Insider Participation
During the 2013 fiscal year, the members of the Compensation Committee were Messrs. Schreiber and Stein and Ms. McHale, none of whom was, during the fiscal year, an officer or employee of the Company and none of whom was formerly an officer of the Company. Messrs. Schreiber and Stein are affiliates of Blackstone. During 2013, none of our executive officers served as a director or member of the compensation committee (or other committee serving an equivalent function) of any other entity whose executive officers served on our Compensation Committee or our Board. We are parties to certain transactions with Blackstone described in the “Certain Relationships and Related Party Transactions” section of this prospectus.
 
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 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Holdings owns 100 percent of the limited liability company interests of the Issuer, which in turn owns 100 percent of the issued and outstanding common stock of the Co-Issuer.
The following table sets forth information regarding the beneficial ownership of shares of Holdings’ common stock as of September 5, 2014 by (1) each person known to us to beneficially own more than 5 percent of Holdings’ outstanding common stock, (2) each of our directors and named executive officers and (3) all of our directors and executive officers as a group. Beneficial ownership is determined in accordance with the rules of the SEC.

Name of beneficial owner	  	Amount and Nature
of Beneficial
Ownership	 	  	Percent of Common
Stock Outstanding	 	
Principal Stockholder	  				  				
Blackstone (1)	  	 	648,992,744	  	  	 	65.9	% 	
Directors and Named Executive Officers:	  				  				
Christopher J. Nassetta (2)	  	 	7,747,807	  	  	 	*	  	
Jonathan D. Gray (3)	  	 	—	  	  	 	—	  	
Michael S. Chae (3)	  	 	—	  	  	 	—	  	
Tyler S. Henritze (3)	  	 	—	  	  	 	—	  	
Judith A. McHale	  	 	—	  	  	 	—	  	
John G. Schreiber (4)	  	 	—	  	  	 	—	  	
Elizabeth A. Smith	  	 	—	  	  	 	—	  	
Douglas M. Steenland	  	 	—	  	  	 	—	  	
William J. Stein (3)	  	 	—	  	  	 	—	  	
Kevin J. Jacobs	  	 	690,403	  	  	 	*	  	
Ian R. Carter	  	 	1,815,504	  	  	 	*	  	
Mark D. Wang	  	 	783,713	  	  	 	*	  	
Kristin A. Campbell	  	 	431,501	  	  	 	*	  	
Thomas C. Kennedy (5)	  	 	—	  	  	 	—	  	
Directors and executive officers as a group (16 persons)	  	 	12,577,023	  	  	 	1.3	% 	

 *	Represents less than 1 percent.	
(1)  	Reflects 383,603,683 shares of common stock directly held by HLT Holdco III LLC, 185,500,512 shares of common stock directly held by HLT Holdco II LLC, 56,769,077 shares of common stock directly held by HLT BREP VI.TE.2 Holdco LLC, 1,999,809 shares of common stock directly held by HLT BREH VI Holdco LLC, 337,022 shares of common stock directly held by HLT BREH Intl II Holdco LLC, 1,024,980 shares of common stock directly held by HLT Holdco LLC, 19,604,774 shares of common stock directly held by HLT A23 Holdco LLC, 117,458 shares of common stock directly held by HLT A23 BREH VI Holdco LLC, and 35,429 shares of common stock directly held by Blackstone A23 Holdings LLC (together, the “Blackstone Funds”). The sole member of HLT Holdco III LLC is HLT Holdco II LLC. The sole member of HLT Holdco II LLC is HLT Holdco LLC. The sole member of HLT Holdco LLC is BH Hotels Holdco LLC (“BH Hotels”). The managing members of BH Hotels are Blackstone Real Estate Partners VI L.P. and Blackstone Capital Partners V L.P. The general partner of Blackstone Capital Partners V L.P. is Blackstone Management Associates V L.L.C. The sole member of Blackstone Management Associates V L.L.C is BMA V L.L.C. The general partner of Blackstone Real Estate Partners VI L.P. is Blackstone Real Estate Associates VI L.P. The general partner of Blackstone Real Estate Associates VI L.P. is BREA VI L.L.C. The sole member of each of BREA VI L.L.C. and BMA V L.L.C. is Blackstone Holdings III L.P. The sole member of HLT A23 Holdco LLC is Blackstone A23 Holdings LLC. The sole member of HLT A23 BREH VI Holdco LLC is Blackstone Real Estate Holdings VI L.P. The sole member of HLT BREH Intl II Holdco LLC is HLT BREH Intl II Holdings Holdco LLC. The controlling member of HLT BREH Intl II Holdings Holdco LLC is Blackstone Real Estate Holdings International II-Q L.P. The general partner of	
 
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 	Blackstone Real Estate Holdings International II-Q L.P. is Blackstone Real Estate International II-Q GP L.P. The general partner of Blackstone Real Estate International II-Q GP L.P. is Blackstone Real Estate International II-Q GP L.L.C. The sole member of Blackstone Real Estate International II-Q GP L.L.C. is Blackstone Holdings III L.P. The sole member of HLT BREP VI.TE.2 Holdco LLC is Blackstone Real Estate Partners VI.TE.2 L.P. The general partner of Blackstone Real Estate Partners VI.TE.2 L.P. is Blackstone Real Estate Associates VI L.P. The general partner of Blackstone Real Estate Associates VI L.P. is BREA VI L.L.C. The sole member of BREA VI L.L.C. is Blackstone Holdings III L.P. The sole member of HLT BREH VI Holdco LLC is HLT BREH VI Holdings Holdco LLC. The controlling member of HLT BREH VI Holdings Holdco LLC is Blackstone Real Estate Holdings VI L.P. The general partner of Blackstone Real Estate Holdings VI L.P. is BREP VI Side-by-Side GP L.L.C. The sole member of BREP VI Side-by-Side GP L.L.C. is Blackstone Holdings III L.P.	
The general partner of Blackstone Holdings III L.P. is Blackstone Holdings III GP L.P. The general partner of Blackstone Holdings III GP L.P. is Blackstone Holdings III GP Management L.L.C. The sole member of Blackstone Holdings III GP Management L.L.C. is The Blackstone Group L.P. The general partner of The Blackstone Group L.P. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone’s senior managing directors and controlled by its founder, Stephen A. Schwarzman. Each of such Blackstone entities (other than each of the Blackstone Funds to the extent they directly hold securities reported herein) and Mr. Schwarzman may be deemed to beneficially own the shares beneficially owned by the Blackstone Funds directly or indirectly controlled by it or him, but each disclaims beneficial ownership of such shares. The address of each of Mr. Schwarzman and each of the entities listed in this footnote is c/o The Blackstone Group L.P., 345 Park Avenue, New York, New York 10154.
As of July 31, 2014, Blackstone entities have pledged, hypothecated or granted security interests in approximately 647.8 million shares of Holdings’ common stock pursuant to a margin loan agreement with customary default provisions. In the event of a default under the margin loan agreement, the secured parties may foreclose upon any and all shares of common stock pledged to them and may seek recourse against the borrower.
 
(2)  	Includes 2,033,800 shares of common stock held by Harwood Road LLC, a limited liability company. A revocable living trust, of which Mr. Nassetta is the trustee and a beneficiary, serves as the managing member of Harwood Road LLC. Ninety nine percent of the economic interests in the limited liability company are held by a family trust for the benefit of Mr. Nassetta’s children and the remaining one percent is held by the aforementioned living trust.	
(3)  	Messrs. Gray, Chae, Henritze and Stein are each employees of Blackstone, but each disclaims beneficial ownership of the shares beneficially owned by Blackstone.	
(4)  	Mr. Schreiber is a partner and co-founder of Blackstone Real Estate Advisors, which is affiliated with Blackstone. Mr. Schreiber disclaims beneficial ownership of the shares beneficially owned by Blackstone.	
(5)	Mr. Kennedy served as our Executive Vice President and Chief Financial Officer until August 8, 2013.	
 
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 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Relationship with PropCo Entities
Entities comprising PropCo are unrestricted subsidiaries for purposes of the indenture governing the notes and, as such, are not subject to any of the restrictive covenants in the indenture and do not guarantee the notes or provide any other credit or collateral support for the notes. As of June 30, 2014, the PropCo entities owned 24 of our U.S. owned hotels. The properties held by our PropCo entities secure our $3.5 billion CMBS Loan and $0.525 billion Waldorf Astoria Loan and are not included in the collateral securing our Senior Secured Credit Facilities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Financial Data for Unrestricted U.S. Real Estate Subsidiaries.”
Because our PropCo entities are not subject to the restrictive covenants under the indenture, they are not limited by the indenture in their ability to incur indebtedness or make payments of dividends or to make other distributions, loans or restricted payments to persons that are not restricted subsidiaries or guarantors of the notes. The Issuers and the guarantors of the notes are restricted under the terms of the indenture governing the notes from making investments in, or loans to, PropCo entities. See “Description of the Notes.”
We operate hotels under management agreements for the benefit of PropCo entities. Our fees consist of a base management fee equal to a percentage of each hotel’s gross revenue, and an incentive fee based on profits in excess of a return threshold established for each hotel. PropCo pays all operating and other expenses and reimburses our out-of-pocket expenses. In turn, our managerial discretion is subject to approval by PropCo in certain major areas, including the approval of annual operating and capital expenditure budgets. The term of each of our management agreements with PropCo is 30 years, subject to extension at our option for up to three periods of 10 years each. The PropCo management agreements contain early termination rights in favor of PropCo only upon an event of default by us. A network of intercompany loans and cash pooling exists between us and PropCo to facilitate the efficient operation of the PropCo hotels. As of June 30, 2014, we managed 24 hotels with approximately 20,046 rooms pursuant to management agreements with PropCo, and for the year ended December 31, 2013 and the six months ended June 30, 2014, revenues derived under PropCo management agreements totaled $49 million and $33 million, respectively.
We have entered into other agreements with PropCo that generally relate to the management and operation of hotels owned or leased by PropCo. These agreements typically have terms similar to those that would be expected to be obtained on an arm’s-length basis. These agreements include, among others:
 
 	•	 	information technology system agreements, under which we license or sublicense to PropCo certain proprietary or third party software and provide certain equipment needed to operate PropCo hotels, including with respect to, among other functions, the OnQ property management system, high speed internet service, energy management and credit card authorization;	
 
 	•	 	reservations and customer care services contracts, under which we provide revenue management services to PropCo;	
 
 	•	 	ResMax agreements, under which we provide call answering services to PropCo; and	
 
 	•	 	consolidated revenue management support contracts, under which we supply property-level sales services to PropCo.	
The PropCo hotels participate in a number of programs that we maintain for the benefit of all Hilton branded hotels, including our HHonors customer loyalty program, our EDGE eCommerce and demand generation program and our Hilton Supply Management procurement service. In addition, a number of PropCo hotels are party to leases or other arrangements with entities affiliated with our timeshare brand, HGV, to provide HGV with space for marketing offices, kiosks, tour desks and similar facilities as well as dedicated rooms for timeshare owners.
 
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Transactions with Related Persons
Holdings’ board of directors recognizes the fact that transactions with related persons present a heightened risk of conflicts of interests and/or improper valuation (or the perception thereof). Holdings’ board of directors has adopted a written policy on transactions with related persons that is in conformity with the requirements for issuers having publicly-held common stock that is listed on the NYSE. Our related person policy requires that a “related person” (as defined as in Item 404(a) of Regulation S-K, which includes security holders who beneficially own more than 5 percent of our common stock, including our Sponsor) must promptly disclose to our general counsel any “related person transaction” (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. The general counsel will then promptly communicate that information to the board of directors. No related person transaction will be executed without the approval or ratification of the board of directors or a duly authorized committee of the board of directors. It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.
Stockholders’ Agreement
In connection with the IPO, we entered into a stockholders’ agreement with Blackstone. This agreement requires us to nominate a number of individuals designated by Blackstone for election as our directors at any meeting of our stockholders, each a “Sponsor Director,” such that, upon the election of each such individual and each other individual nominated by or at the direction of our Board or a duly-authorized committee of the Board, as a director of our company, the number of Sponsor Directors serving as directors of our company will be equal to: (1) if our pre-IPO owners and their affiliates together continue to beneficially own at least 50 percent of the shares of Holdings’ common stock entitled to vote generally in the election of our directors as of the record date for such meeting, the lowest whole number that is greater than 50 percent of the total number of directors comprising our Board of Directors; (2) if our pre-IPO owners and their affiliates together continue to beneficially own at least 40 percent (but less than 50 percent) of the shares of Holdings’ common stock entitled to vote generally in the election of our directors as of the record date for such meeting, the lowest whole number that is at least 40 percent of the total number of directors comprising our Board of Directors; (3) if our pre-IPO owners and their affiliates together continue to beneficially own at least 30 percent (but less than 40 percent) of the total shares of Holdings’ common stock entitled to vote generally in the election of our directors as of the record date for such meeting, the lowest whole number that is at least 30 percent of the total number of directors comprising our Board of Directors; (4) if our pre-IPO owners and their affiliates together continue to beneficially own at least 20 percent (but less than 30 percent) of the total shares of Holdings’ common stock entitled to vote generally in the election of our directors as of the record date for such meeting, the lowest whole number that is at least 20 percent of the total number of directors comprising our Board of Directors; and (5) if our pre-IPO owners and their affiliates together continue to beneficially own at least 5 percent (but less than 20 percent) of the total shares of Holdings’ common stock entitled to vote generally in the election of our directors as of the record date for such meeting, the lowest whole number that is at least 10 percent of the total number of directors comprising our Board of Directors. For so long as the stockholders’ agreement remains in effect, Sponsor Directors may be removed only with the consent of Blackstone. In the case of a vacancy on our Board created by the removal or resignation of a Sponsor Director, the stockholders’ agreement requires us to nominate an individual designated by our Sponsor for election to fill the vacancy.
The above-described provisions of the stockholders’ agreement will remain in effect until our Sponsor is no longer entitled to nominate a Sponsor Director pursuant to the stockholders’ agreement, unless our Sponsor requests that they terminate at an earlier date.
 
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Registration Rights Agreement
In connection with the IPO, we entered into a registration rights agreement that provides Blackstone an unlimited number of “demand” registrations and customary “piggyback” registration rights. The registration rights agreement also provides that we will pay certain expenses relating to such registrations and indemnify the registration rights holders against certain liabilities which may arise under the Securities Act.
Indemnification Agreements
During 2013, we entered into indemnification agreements with our directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted by Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, we have been informed that in the opinion of the SEC such indemnification is against public policy and is therefore unenforceable.
There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.
Management, Franchise and Timeshare Products and Services
Affiliates of Blackstone directly and indirectly own hotels that we currently manage or franchise, or that we may manage or franchise in the future, and receive fees in connection with those management and franchise agreements. We recognized management and franchise fee revenue of $42 million, $29 million and $23 million, respectively, for the years ended December 31, 2013, 2012 and 2011 related to these hotels. We recognized reimbursements and reimbursable costs for these hotels, primarily related to payroll and marketing expenses, of $174 million, $135 million and $101 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, we had accounts receivable due from these hotels related to these management and franchise fees and reimbursements of $26 million and $28 million, respectively. In addition, in certain cases, we incur costs to acquire management and franchise contracts with hotels owned by affiliates of Blackstone. We incurred acquisition costs of $15 million and $5 million for the years ended December 31, 2013 and 2011, respectively, related to these contracts. Contract acquisition costs for the year ended December 31, 2012 related to these contracts were less than $1 million.
We also may enter into arrangements with affiliates of Blackstone which may involve, among other things, our sale of certain owned properties to affiliates of Blackstone for their development into timeshare properties and our selling and marketing related timeshare intervals and providing management and other services to operate the homeowners’ associations, rental programs, resort recreational programs and retail outlets at these properties. In January 2014, we executed a Purchase and Sale Agreement with an affiliate of Blackstone for the sale of certain land and easement rights at our Hilton Hawaiian Village property in connection with a timeshare project. In April 2014, we completed the sale of such land and easement rights. In addition, Blackstone acquired the rights to the name, plans, designs, contracts and other documents related to the timeshare project. The total consideration received for this transaction was approximately $37 million. We also executed development management, sales and marketing and other agreements with Blackstone, for which we will receive fees in connection with services provided over the term of the respective agreements.
Products and Services
From time to time, we have purchased products and services from entities affiliated with or owned by Blackstone.
Entities affiliated with Travelport Limited (“Travelport”), in which certain affiliates of Blackstone have an interest, provide computerized reservations and ticketing and other services to travel agencies and others in the
 
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travel industry. We are party to a hotel reservations sales agreement with Travelport whereby we agree to pay specified fees per hotel booking and to purchase certain advertising services. Our payments for services from Travelport totaled $21 million, $23 million and $20 million for the fiscal years ended December 31, 2013, 2012 and 2011, respectively.
Equity Healthcare LLC (“Equity Healthcare”), which is owned by Blackstone, provides us certain negotiating, monitoring and other services in connection with our health benefit plans pursuant to an employer health program agreement we have entered into with Equity Healthcare. In consideration for Equity Healthcare’s services, we pay Equity Healthcare fees based on the number of participating employees in our health benefit plans. Our payments to Equity Healthcare totaled $0.6 million, $0.6 million and $0.3 million, respectively, for the fiscal years ended December 31, 2013, 2012 and 2011.
We regularly negotiate arrangements with third-party providers to secure competitive pricing and timely delivery of goods and services. In certain negotiated instances, these arrangements may permit hotels that we own, manage or franchise, as well as hotels controlled by affiliates of Blackstone, to elect whether or not to contract with such third-party providers on the terms we negotiated.
Service Contract Guarantees
In 2010, in connection with the settlement of a lawsuit, we entered into a guarantee that requires us to pay any shortfalls under certain service contracts that affiliates of our Sponsor entered into with the plaintiff. The initial maximum exposure under the guarantee was $75 million, which has subsequently been reduced to approximately $37 million as of June 30, 2014 as a result of the plaintiff’s receipt of payments from the counterparties of such service contracts.
Other Relationships
Blackstone Advisory Partners L.P., an affiliate of Blackstone, received aggregate compensation of approximately $10.0 million for acting as underwriter, initial purchaser or arranger in connection with the Debt Refinancing. We engaged Blackstone Advisory Partners to provide certain financial consulting services for a fee of $1.6 million in connection with the public offering of our common stock by certain stockholders in June 2014.
In connection with the pledge of shares of Holdings’ stock by affiliates of The Blackstone Group L.P. in connection with a margin loan agreement, as described in “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”, on June 30, 2014 Holdings delivered letter agreements to the lenders under such margin loan agreement in which it has, among other things, agreed, subject to applicable law and stock exchange rules, not to take any actions that are intended to materially hinder or delay the exercise of any remedies by the lenders under the loan documents.
 
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 DESCRIPTION OF OTHER INDEBTEDNESS
The following description is a summary of the material terms of our material indebtedness other than the notes. In addition, as of June 30, 2014, our consolidated VIEs recorded non-recourse debt and capital lease obligations of $299 million.
Senior Secured Credit Facilities
On October 25, 2013, we entered into a credit agreement with Deutsche Bank AG New York Branch, as administrative agent, collateral agent, swing line lender and L/C issuer, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Lending Partners LLC, as joint lead arrangers and joint bookrunners, Wells Fargo Securities, LLC, as joint bookrunner and the other agents and lenders from time to time party thereto.
The credit agreement provides for senior secured credit facilities (the “Senior Secured Credit Facilities”) consisting of:
 
 	•	 	a $7.6 billion senior secured term loan facility (the “Term Loans”), which will mature on October 25, 2020; and	
 
 	•	 	a $1.0 billion senior secured revolving credit facility (the “Revolving Credit Facility”), $150 million of which is available in the form of letters of credit, which will mature on October 25, 2018.	
Hilton Worldwide Finance LLC (the “borrower”) is the borrower under the Senior Secured Credit Facilities. The Revolving Credit Facility includes borrowing capacity available for letters of credit and for short-term borrowings referred to as the swing line borrowings. In addition, the Senior Secured Credit Facilities also provide the borrower with the option to raise incremental credit facilities (including an uncommitted incremental facility that provides the borrower the option to increase the amount available under the Term Loans and/or the Revolving Credit Facility by an aggregate of up to $1.5 billion, subject to additional increases upon satisfaction of certain leverage-based tests), refinance the loans with debt incurred outside the credit agreement and extend the maturity date of the Revolving Credit Facility and Term Loans, subject to certain limitations.
Interest Rate and Fees
Borrowings under the Term Loans bear interest, at the borrower’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1 percent and (3) the LIBOR rate for a one-month interest period plus 1.00 percent or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing. The margin for the Term Loans is 2.00 percent, in the case of base rate loans, and 3.00 percent, in the case of LIBOR rate loans, subject to one step-down of 0.25 percent upon the achievement of a first lien net leverage ratio of less than or equal to 3.85 to 1.00 and subject to one step down of 0.25 percent following a qualifying initial public offering, subject to a base rate floor of 2.00 percent, and a LIBOR floor of 1.00 percent.
Borrowings under the Revolving Credit Facility bear interest, at the borrower’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 1/2 of 1 percent and (3) the LIBOR rate for a one-month interest period plus 1.00 percent or (b) a LIBOR rate determined by reference to the Reuters LIBOR rate for the interest period relevant to such borrowing. The margins for the Revolving Credit Facility are 1.50 percent, in the case of base rate loans, and 2.50 percent, in the case of LIBOR rate loans, subject to two step-downs of 0.25 percent upon the achievement of a first lien net leverage ratio of less than or equal to 3.85 to 1.00 and 3.25 to 1.00, respectively, and subject to one step down of 0.25 percent following a qualifying initial public offering.
 
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In addition to paying interest on outstanding principal under the Senior Secured Credit Facilities, the borrower is required to pay a commitment fee to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee rate is 0.50 percent per annum subject to a step-down to 0.375 percent, upon achievement of a first lien net leverage ratio less than or equal to 3.85 to 1.00. The borrower is also required to pay customary letter of credit fees.
Prepayments
The Senior Secured Credit Facilities require us to prepay outstanding Term Loans, subject to certain exceptions, with:
 
 	•	 	50 percent (which percentage will be reduced to 25 percent and 0 percent, as applicable, subject to attaining certain first lien net leverage ratios) of annual excess cash flow, calculated in accordance with the credit agreement;	
 
 	•	 	100 percent of the net cash proceeds (including insurance and condemnation proceeds) of all non-ordinary course asset sales or other dispositions of property by the borrower and its restricted subsidiaries, subject to de minimis thresholds, if those net cash proceeds are not reinvested in assets to be used in the borrower’s business or to make certain other permitted investments (a) within 12 months of the receipt of such net cash proceeds or (b) if the borrower commits to reinvest such net cash proceeds within 12 months of the receipt thereof, within 180 days of the date of such commitment (although in connection with any such prepayment, the borrower may also repay other first lien debt to the extent it is so required); and	
 
 	•	 	100 percent of the net proceeds of any incurrence of debt by the borrower or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Secured Credit Facilities.	
Notwithstanding any of the foregoing, each lender of Term Loans will have the right to reject its pro rata share of mandatory prepayments described above, in which case we may retain the amounts so rejected.
The foregoing mandatory prepayments will be applied pro rata to installments of Term Loans in direct order of maturity.
The borrower has the ability to voluntarily repay outstanding loans at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans.
Amortization
The borrower is required to repay the Term Loans on the last business day of each quarter in installments in an aggregate principal amount equal to 0.25 percent of the original principal amount of the Term Loans, with the remaining amount payable on the applicable maturity date with respect to such Term Loans. Given the application of prepayments on the Term Loans in order of priority required pursuant to the Term Loans, the borrower no longer has repayment obligations outstanding under the Term Loans.
Guarantees
The obligations under the Senior Secured Credit Facilities are unconditionally and irrevocably guaranteed by each of Hilton Worldwide Holdings Inc., the co-issuer of the notes, any subsidiary of Hilton Worldwide Holdings Inc. that directly or indirectly owns 100 percent of the issued and outstanding equity interests of the borrower, and, subject to certain exceptions, each of the borrower’s existing and future material domestic wholly owned subsidiaries (collectively referred to as the credit agreement guarantors). In addition, the Senior Secured Credit Facilities will be collateralized by first priority or equivalent security interests in (i) all the capital stock of, or other equity interests in, the borrower and each of the borrower’s and guarantors’ material direct or indirect
 
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wholly owned restricted domestic subsidiaries and 65 percent of the capital stock of, or other equity interests in, each of the borrower’s or any subsidiary guarantors’ direct wholly owned first-tier restricted foreign subsidiaries, and (ii) certain tangible and intangible assets of the borrower and those of the credit agreement guarantors (subject to certain exceptions and qualifications).
None of our foreign subsidiaries, our non-wholly owned domestic subsidiaries that are restricted subsidiaries, our subsidiaries that are prohibited from providing guarantees as a result of the agreements governing our revolving non-recourse timeshare notes credit facility and/or our notes backed by a portion of our timeshare financing receivables, or our unrestricted subsidiaries (which consist of our U.S. real estate subsidiaries that are included in PropCo) guarantee the Senior Secured Credit Facilities.
Certain Covenants and Events of Default
The Senior Secured Credit Facilities contain a number of significant affirmative and negative covenants and customary events of default. Such covenants, among other things, will limit or restrict, subject to certain exceptions, the ability of the borrower and its restricted subsidiaries to:
 
 	•	 	incur additional indebtedness, make guarantees and enter into hedging arrangements;	
 
 	•	 	create liens on assets;	
 
 	•	 	enter into sale and leaseback transactions;	
 
 	•	 	engage in mergers or consolidations;	
 
 	•	 	sell assets;	
 
 	•	 	make fundamental changes;	
 
 	•	 	pay dividends and distributions or repurchase our capital stock;	
 
 	•	 	make investments, loans and advances, including acquisitions;	
 
 	•	 	engage in certain transactions with affiliates;	
 
 	•	 	make changes in the nature of their business; and	
 
 	•	 	make prepayments of junior debt.	
In addition, if, on the last day of any period of four consecutive quarters on or after June 30, 2014, the aggregate principal amount of revolving credit loans, swing line loans and/or letters of credit (excluding up to $50 million of letters of credit and certain other letters of credit that have been cash collateralized or back-stopped) that are issued and/or outstanding is greater than 25 percent of the Revolving Credit Facility, the new credit agreement will require the borrower to maintain a consolidated first lien net leverage ratio not to exceed 7.9 to 1.0.
During the period in which the borrower’s corporate issuer rating is equal to or higher than Baa3 (or the equivalent) according to Moody’s or BBB- (or the equivalent) according to S&P and no default has occurred and is continuing, the restrictions in the Senior Secured Credit Facilities regarding incurring additional indebtedness, dividends and distributions or repurchases of capital stock and transactions with affiliates will not apply to the borrower and its restricted subsidiaries during such period.
Our Senior Secured Credit Facilities also contain certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Secured Credit Facilities and all actions permitted to be taken by a secured creditor.
 
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CMBS Loan
On October 25, 2013, JPMorgan Chase Bank, National Association, German American Capital Corporation, Bank of America, N.A., Morgan Stanley Mortgage Capital Holdings, LLC and GS Commercial Real Estate LP extended to certain entities included in PropCo, collectively referred to as the CMBS borrowers, a $3.5 billion commercial mortgage-backed securities loan (the “CMBS Loan”). The CMBS Loan is secured by 23 hotels owned by the CMBS borrowers, including the New York Hilton, Hilton Hawaiian Village, Hilton Waikoloa Village and Hilton New Orleans. The CMBS Loan has two components: (1) a fixed-rate component in the amount of $2.625 billion and (2) a floating rate component in the amount of $0.875 billion.
Term
The fixed rate component of the CMBS Loan has a term of five years.
The floating rate component has an initial term of two years with three extension options of 12 months each. The CMBS borrowers have the right to exercise any extension period so long as no event of default exists, and they purchase an extension of the applicable interest rate hedge agreements described below which caps one-month LIBOR for the principal amount of the CMBS Loan at the greater of 6.0 percent and the rate that, when added to the spread on the floating rate component of the CMBS Loan, results in a weighted average debt service coverage ratio together with the fixed rate component of at least 1.25:1.00. In addition, in order to exercise the final extension period, the CMBS borrowers must pay an increase in the spread applicable to the floating rate component of 0.25 percent.
Interest and Fees
The interest rate payable on the fixed rate component of the CMBS Loan is equal to 4.465 percent per annum.
The interest rate payable on the floating rate component is equal to the sum of (1) one-month LIBOR plus (2) 2.65 percent per annum. The CMBS borrowers were required to enter into, and pledge as security for the CMBS Loan, one or more interest rate hedge agreements in the notional amount of the floating rate component which cap one-month LIBOR at 6.0 percent for the initial term of the floating rate component.
In addition to paying interest on the CMBS Loan, we were also required to pay an origination fee of 1.00 percent of the CMBS Loan at closing.
Amortization
The CMBS Loan has no amortization payments.
Prepayments
The CMBS borrowers are permitted to voluntarily prepay all or any portion of the floating rate component without prepayment penalty or premium at any time. In addition, the CMBS borrowers are permitted to prepay (1) up to 50 percent of the fixed rate component, subject to payment of a yield maintenance premium to the extent repaid during the first 12 payment dates and (2) the remaining 50 percent of the fixed rate component, subject to payment of a yield maintenance premium to the extent repaid during the first 24 payment dates.
In addition to the above, any prepayments of the CMBS Loan, whether in whole in part, will also be subject to (1) the payment of actual LIBOR “breakage” costs incurred by the lenders and (2) the payment of all interest scheduled to accrue through to the end of the applicable interest period.
Mandatory prepayments are required in connection with certain casualties or condemnations of a property.
Once repaid, no further borrowings will be permitted under the CMBS Loan.
 
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Guarantee
Certain obligations of the CMBS borrowers with respect to the CMBS Loan are guaranteed by the PropCo entities (the “CMBS guarantors”). Under the CMBS guarantee, (1) the CMBS guarantors have agreed to indemnify CMBS Loan lenders for losses with respect to customary “bad-boy” acts of the CMBS borrowers and their affiliates and (2) that the CMBS Loan will become fully recourse to such guarantors upon a voluntary or collusive involuntary bankruptcy of the CMBS borrowers. Notwithstanding the foregoing, the aggregate liability of the CMBS guarantors as a result of clause (1) and (2) above is capped at 10 percent of the then outstanding principal balance of the CMBS Loan.
The CMBS guarantors are subject to a net worth covenant requiring that they maintain a minimum ongoing net worth of $500.0 million (exclusive of the collateral securing the CMBS Loan). If the CMBS guarantors fail to meet the net worth requirement, the CMBS borrowers will be required to either provide a replacement guarantee, or cash collateral or a letter of credit in the amount of $175.0 million (subject to a reduction in certain instances).
Covenants and Other Matters
The CMBS Loan includes certain customary affirmative and negative covenants and events of default. Such covenants, among other things, will restrict, subject to certain exceptions, the ability of the CMBS borrowers to, among other things: incur additional debt; create liens on assets; transfer, pledge or assign certain equity interests; pay any dividends or make any distributions to its direct or indirect owners if an event of default exists or if the debt yield under the CMBS Loan (calculated based on the outstanding balance of the CMBS Loan) is below 8.25 percent for two consecutive quarters; make certain investments, loans and advances; consolidate, merge, sell or otherwise dispose of all or any part of its assets or to purchase, lease or otherwise acquire all or any substantial part of assets of any other person; enter into certain transactions with affiliates; engage in any business other than the ownership of the properties and business activities ancillary thereto; and amend or modify the CMBS borrowers’ articles or certificate of incorporation, by-laws and certain agreements. The CMBS Loan also includes affirmative covenants requiring the CMBS borrowers to, among other things, exist as “special purpose entities”, maintain, while a low debt yield trigger exists, certain reserve funds in respect of furniture, fixtures and equipment, taxes and insurance, and rents due under ground leases (unless such amounts have been paid or are being collected by the property manager), and comply with other customary obligations for commercial mortgage-backed securities loan financings.
In addition, revenues will be required to be deposited into certain segregated accounts, to be used by the property manager to make certain payments relating to the properties securing the CMBS Loan. So long as there is no event of default under the loan and the debt yield for the CMBS Loan (calculated based on the outstanding principal balance of the CMBS Loan) does not fall below 8.25 percent for two consecutive quarters, then any excess cash in those accounts would be available to the CMBS borrowers for any purpose, including the payment of dividends or distributions to their direct or indirect owners.
Waldorf Astoria Loan
On October 25, 2013, HSBC Bank USA, N.A., DekaBank Deutsche Girozentrale and certain lenders selected by them, as lead arrangers, extended to a subsidiary of ours (the “Waldorf borrower”) a mortgage loan secured by the Waldorf Astoria New York property (the “Waldorf Astoria Loan”) in an aggregate principal amount of $525 million. The Waldorf Astoria Loan will mature on October 25, 2018.
Interest and Fees
The interest rate payable on the Waldorf Astoria Loan is equal to the sum of one-month LIBOR plus 2.15 percent. The Waldorf borrower is required to enter into, and pledge as security for the Waldorf Astoria Loan, an interest rate hedge agreement in the notional amount of the Waldorf Astoria Loan which has the effect of capping one-month LIBOR at 4.0 percent for the first 24 months. Thereafter, the Waldorf borrower is required to renew
 
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the interest rate hedge agreement annual, except that each renewal will have the effect of capping one-month LIBOR at the greater of 4.0 percent and the rate that a results in a debt service coverage ratio that is at least 1.35:1.00.
In addition to paying interest on the Waldorf Astoria Loan, we were required to pay an upfront fee of 0.65 percent of the Waldorf Loan amount at closing of the loan.
Amortization
The Waldorf Astoria Loan has no amortization payments.
Prepayments
The Waldorf borrower is permitted to voluntarily prepay amounts outstanding under the Waldorf Astoria Loan, subject to (1) if the prepayment is during the first six months following the closing date for the Waldorf Astoria Loan, the payment of a spread maintenance amount (generally determined as the spread that would have been received through the end of the six months spread maintenance period) and (2) the payment of accrued interest and any customary “breakage” costs incurred by the lenders. Once repaid, no further borrowings will be permitted under the Waldorf Astoria Loan.
Mandatory prepayments will be required in connection with certain casualties or condemnations of the property.
Guarantee
Certain obligations of the Waldorf borrower with respect to the Waldorf Astoria Loan will be guaranteed by the PropCo entities (the “Waldorf guarantors”). Under the Waldorf guarantee, (1) the Waldorf guarantors will agree to indemnify Waldorf Astoria Loan lenders for losses with respect to customary “bad-boy” acts of the Waldorf borrower and their affiliates and (2) that the Waldorf Astoria Loan will become fully recourse to such guarantors upon a voluntary or collusive involuntary bankruptcy of the Waldorf borrower. Notwithstanding the foregoing, the aggregate liability of the Waldorf guarantors as a result of clause (1) and (2) above will be capped at 15 percent of the then outstanding principal balance of the Waldorf Astoria Loan.
Covenants and Other Matters
The Waldorf Astoria Loan includes certain customary affirmative and negative covenants and events of default. Such covenants, among other things, will restrict, subject to certain exceptions, the ability of the Waldorf borrower to, among other things: incur additional debt (other than certain trade payables); create liens on assets; transfer, pledge or assign certain equity interests; pay any dividends or make any distributions to its direct or indirect owners if an event of default exists or if the debt yield (calculated based on the outstanding amount of the Waldorf Astoria Loan) has been less than 7.5 percent for two consecutive quarters; and make material changes to the organizational documents of the Waldorf borrower that would have a material adverse effect on its ability to perform its obligations under the Waldorf Astoria Loan. The Waldorf Astoria Loan includes affirmative covenants requiring the Waldorf borrower to, among other things, exist as “special purpose entities”, maintain while a debt yield trigger period exists certain reserve funds in respect of taxes and insurance, ongoing capital expenditures and such other purposes as determined by the agent of the lenders (unless such amounts have been paid or are being collected by the property manager), and comply with other customary obligations for real estate financings.
In addition, revenues are required to be deposited into certain segregated accounts, to be used by the property management to make certain payments relating to the properties securing the Waldorf Astoria Loan. So long as there is no event of default under the loan and the debt yield for the loan (calculated based on the outstanding amount of the Waldorf Astoria Loan) does not fall below 7.5 percent for two consecutive quarters, then any excess cash in those accounts would be available to the Waldorf borrower for any purpose, including the payment of dividends or distributions to their direct or indirect owners.
 
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Timeshare Facility
Hilton Grand Vacations Trust I LLC, our wholly owned subsidiary, is party to a loan agreement dated as of May 9, 2013 with Wells Fargo Bank, National Association, as paying agent, a commercial paper conduit lender, Deutsche Bank AG, New York Branch, and Bank of America, N.A., as committed lenders, and Deutsche Bank Securities Inc., as administrative agent, pursuant to which the lenders have committed to lend up to $450 million in aggregate. The loans are secured by timeshare loans secured by first mortgages or deeds of trust on timeshare interests in one or more residential units at timeshare resorts developed by Hilton Resorts Corporation, our wholly owned subsidiary (“HRC”), or a subsidiary of HRC. The timeshare loans are required to satisfy certain eligibility criteria. Borrowings under the loan agreement are subject to availability under a borrowing base. The advance rate is generally 90 percent of the outstanding principal amounts of the eligible timeshare loans.
Interest on the loans is payable at a variable interest rate which, in the case of a commercial paper conduit lender, is such lender’s cost of funds in the commercial paper market plus a usage fee or, in the case of any other lender (including a committed lender funding through its backstop funding commitments), one-month LIBOR or daily one-month LIBOR plus a usage fee. The usage fee is 1.25 percent per annum, increasing to 1.75 percent per annum after the end of the commitment term. Interest is payable monthly. The commitment term ends on May 9, 2015, subject to extension in accordance with the terms of the loan agreement. All loans will become due and payable 12 months after the end of the commitment term.
The borrower under the loan agreement is a special purpose bankruptcy-remote direct subsidiary of HRC which was established to purchase the timeshare loans on a periodic basis from HRC, and the loans are non-recourse obligations of the borrower. The borrower acquires the timeshare loans from HRC pursuant to a sale and contribution agreement, which contains customary representations, warranties and covenants from HRC. Grand Vacations Services LLC, our wholly owned subsidiary, acts as the servicer of the timeshare loans pursuant to a servicing agreement, which contains customary representations, warranties and covenants. The servicer is entitled to receive a monthly fee from the borrower for servicing the timeshare loans. HRC has provided a performance guaranty to the lenders ensuring the performance and obligations (including the payment obligations) of the servicer under the servicing agreement.
The loan agreement contains customary affirmative covenants, including, among other things, maintenance of existence, further assurances and filing financing statements, maintenance of books and records, audit rights, notice of certain events, payment of taxes and compliance with laws and regulations. The loan agreement also contains customary negative covenants that generally limit the borrower’s ability to incur any debt other than as contemplated by the loan agreement, create liens other than under the loan agreement, guarantee obligations of any other person subject to certain exceptions, enter into transactions with affiliates subject to certain exceptions, engage in asset sales, mergers, consolidations or dispositions, pay dividends or make other payments in respect of equity interests after the occurrence of certain events and make certain petitions in bankruptcy against the commercial paper conduit lenders.
The loan agreement also contains certain customary events of default, including a change of control, breach of certain HRC financial covenants and certain timeshare loan performance measures.
Securitized Timeshare Debt
On August 8, 2013, HGV Depositor LLC, our wholly owned subsidiary (the “Depositor”), offered $250 million in aggregate principal amount of 2.28 percent notes backed by timeshare loans (the “2013-A asset-backed notes”) issued by Hilton Grand Vacations Trust 2013-A, a Delaware statutory trust (the “2013-A Trust”), in a private transaction that was not subject to the registration requirements of the Securities Act. The 2013-A asset-backed notes were sold pursuant to a note purchase agreement dated August 1, 2013, by and among HRC, the Depositor, and Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as initial purchasers. The 2013-A asset-backed notes are backed by a pledge of assets of the 2013-A Trust, consisting primarily of a pool of timeshare loans secured by first mortgages or deeds of trust on timeshare interests in one or
 
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more residential units at timeshare resorts developed by HRC, or a subsidiary of HRC. The 2013-A asset-backed notes bear interest at a fixed rate of 2.28 percent per annum and have a stated maturity of January 25, 2026. The 2013-A asset-backed notes are non-recourse obligations of the 2013-A Trust and are payable solely from the pool of timeshare loans and related assets owned by the 2013-A Trust. A portion of the net proceeds from the 2013-A asset-backed notes were used to repay a portion of the Timeshare Facility.
On June 18, 2014, the Depositor offered $303.6 million in aggregate principal amount of 1.77 percent class A asset-backed notes and $46.4 million in aggregate principal amount of 2.07 percent class B asset-backed notes, in each case backed by timeshare loans (the “2014-A asset-backed notes”) issued by Hilton Grand Vacations Trust 2014-A, a Delaware statutory trust (the “2014-A Trust”), in a private transaction that was not subject to the registration requirements of the Securities Act. The 2014-A asset-backed notes were sold pursuant to a note purchase agreement dated June 10, 2014, by and among HRC, the Depositor, and Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as initial purchasers. The 2014-A asset-backed notes are backed by a pledge of assets of the 2014-A Trust, consisting primarily of a pool of timeshare loans secured by first mortgages or deeds of trust on timeshare interests in one or more residential units at timeshare resorts developed by HRC, or a subsidiary of HRC. The 2014-A asset-backed notes bear interest at a fixed rate of 1.77 percent per annum, in the case of the class A asset-backed notes, and 2.07 percent per annum, in the case of the class B asset-backed notes, and have a stated maturity of November 25, 2026. The 2014-A asset-backed notes are non-recourse obligations of the 2014-A Trust and are payable solely from the pool of timeshare loans and related assets owned by the 2014-A Trust. A portion of the net proceeds from the 2014-A asset-backed notes were used to repay a portion of the Timeshare Facility.
The 2013-A asset-backed notes and the 2014-A asset-backed notes were each issued pursuant to a separate indenture, which includes customary representations, warranties and covenants. The 2013-A Trust and the 2014-A Trust (the “Trusts”) were each established by the Depositor pursuant to a separate amended and restated trust agreement, which includes customary representations, warranties and covenants. The timeshare loans owned by the Trusts were acquired from HRC pursuant to purchase agreements, which contain customary representations, warranties and covenants from HRC, and are being serviced by Grand Vacations Services LLC, our wholly owned subsidiary (the “Servicer”), pursuant to separate servicing agreements, which contain customary representations, warranties and covenants. The Servicer performs certain servicing and administrative functions with respect to the timeshare loans and is entitled to receive monthly fees from the Trusts for servicing the timeshare loans. HRC has guaranteed the performance of the Servicer’s obligations under the servicing agreements pursuant to performance guaranties. HRC acts as the administrator of the 2013-A Trust and the 2014-A Trust under separate administration agreements, which include customary representations, warranties and covenants.
 
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 DESCRIPTION OF THE NOTES
General
Certain terms used in this description are defined under the subheading “Certain Definitions.” In this description, (1) the term “ Issuer ” refers to Hilton Worldwide Finance LLC, a Delaware limited liability company, and not to any of its Subsidiaries or Affiliates; (2) the term “ Holdings ” refers to Hilton Worldwide Holdings Inc., a Delaware corporation and the direct parent of the Issuer; (3) the term “ Co-Issuer ” refers to Hilton Worldwide Finance Corp., a Delaware corporation and a direct Subsidiary of the Issuer and not to any of its Subsidiaries or Affiliates; (4) the term “ Issuers ” refers, collectively, to the Issuer and the Co-Issuer; and (5) the terms “ we ,” “ our ” and “ us ” each refer to the Issuer and its consolidated Subsidiaries.
The Issuers issued $1,500 million aggregate principal amount of 5.625% senior notes due 2021 (the “ Outstanding Notes ”) under an indenture (the “ Indenture ”) among the Issuers, Holdings and Wilmington Trust, National Association, as trustee (the “ Trustee ”) . The Outstanding Notes were issued in a private transaction that was not subject to the registration requirements of the Securities Act. The terms of the exchange notes to be issued in the exchange offer for such notes are substantially identical to the Outstanding Notes, except that the transfer restrictions, registration rights and additional interest provision relating to the Outstanding Notes will not apply to the exchange notes and the escrow and special mandatory redemption provisions are no longer applicable. In this section, we refer to the Outstanding Notes, together with the exchange notes offered hereby that are to be exchanged for the Outstanding Notes, as the “ Notes ”. Except as set forth herein, the terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act.
The following description is only a summary of the material provisions of the Indenture. It does not purport to be complete and is qualified in its entirety by reference to the provisions of the Indenture, including the definitions therein of certain terms used below. We urge you to read the Indenture because it, and not this description, defines your rights as Holders of the Notes. You may request copies of the Indenture at our address set forth under “Prospectus Summary—Corporate Information.”
The Issuers are jointly and severally liable for all obligations under the Notes. The Co-Issuer is a wholly owned Subsidiary of the Issuer that has been incorporated in Delaware as a special purpose finance subsidiary to facilitate the offering of the Notes and other debt securities of the Issuer. We believe that some prospective purchasers of the Notes may be restricted in their ability to purchase debt securities of partnerships or limited liability companies, such as the Issuer, unless the securities are jointly issued by a corporation. The Co-Issuer does not have any substantial operations or assets and does not have any revenues. Accordingly, you should not expect the Co-Issuer to participate in servicing the principal and interest obligations on the Notes.
Brief Description of the Notes
The Notes:
 
 	•	 	are general, unsecured, senior obligations of the Issuers;	
 
 	•	 	rank equally in right of payment with any existing and future Senior Indebtedness of the Issuers;	
 
 	•	 	are effectively subordinated to any existing and future Secured Indebtedness of the Issuer, to the extent of the value of the collateral securing such Secured Indebtedness, including the Senior Secured Credit Facilities;	
 
 	•	 	are senior in right of payment to any future obligations of the Issuers that are expressly subordinated in right of payment to the Notes; and	
 
 	•	 	are structurally subordinated to all existing and future Indebtedness, claims of holders of Preferred Stock and other liabilities of the Issuer’s Subsidiaries that do not guarantee the Notes.	
 
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Guarantees
The Guarantors, as primary obligors and not merely as sureties, jointly and severally guarantee, fully and unconditionally, on an unsecured senior basis, the performance and full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations of the Issuers under the Indenture and the Notes, whether for payment of principal of, premium, if any, or interest on the Notes or expenses, indemnification or otherwise, on the terms set forth in the Indenture by executing the Indenture.
The Guarantors guarantee the Notes and, in the future, subject to exceptions set forth under the caption “—Certain Covenants—Limitation on Guarantees of Indebtedness by Restricted Subsidiaries,” each direct and indirect U.S. Wholly Owned Subsidiary that is a Restricted Subsidiary of the Issuer that guarantees certain Indebtedness of the Issuer or any other Guarantor will guarantee the Notes, subject to certain exceptions and to release as provided below or elsewhere in this “Description of the Notes.” As of the date of this prospectus, none of our Foreign Subsidiaries, our non-Wholly Owned Subsidiaries that are Restricted Subsidiaries, our U.S. Wholly Owned Subsidiaries, substantially all of the assets of which consist of the Equity Interests of one or more Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code, our U.S. Wholly Owned Subsidiaries that are directly or indirectly owned by Foreign Subsidiaries or that conduct foreign operations, or our Unrestricted Subsidiaries guarantee the Notes, and no such Subsidiaries are expected to guarantee the Notes in the future.
Each of the Guarantees:
 
 	•	 	is a general, unsecured, senior obligation of each Guarantor;	
 
 	•	 	ranks equally in right of payment with all existing and future senior Indebtedness of that Guarantor;	
 
 	•	 	is effectively subordinated to any existing and future secured Indebtedness of that Guarantor that is secured to the extent of the value of the collateral securing such secured Indebtedness;	
 
 	•	 	is senior in right of payment to any future Indebtedness of that Guarantor that is expressly subordinated in right of payment to the Guarantee of that Guarantor; and	
 
 	•	 	is structurally subordinated to all existing and future Indebtedness, claims of holder of Preferred Stock and other liabilities of Subsidiaries of each Guarantor that do not Guarantee the Notes.	
As of June 30, 2014, the Issuers and the Guarantors had total indebtedness of $7,078 million, none of which was subordinated and $5,500 million of senior secured indebtedness outstanding, consisting of borrowings under our senior secured credit facilities. In addition, the Issuer had $952 million of availability to incur secured indebtedness under our Revolving Credit Facility (after giving effect to $48 million of outstanding letters of credit).
Only our U.S. Wholly Owned Subsidiaries that are Restricted Subsidiaries of the Issuer that guarantee Certain Indebtedness of the Issuer or any Guarantor guarantee the Notes. None of our Foreign Subsidiaries or non-wholly owned domestic restricted subsidiaries are or will be required to guarantee the Notes. None of our U.S. Wholly Owned Subsidiaries substantially all of the assets of which consist of the Equity Interests in one or more Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of Section 957 of the Code, and none of our U.S. Wholly Owned Subsidiaries directly or indirectly owned by Foreign Subsidiaries or that conduct foreign operations, are or will be required to guarantee the Notes. In addition, the PropCo entities and their Subsidiaries, which hold most of our U.S. owned real estate, are Unrestricted Subsidiaries and do not guarantee the Notes. The information in the following paragraph regarding non-U.S. revenues and assets does not include information about the Unrestricted Subsidiaries. See the discussion below and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Financial Data for Unrestricted U.S. Real Estate Subsidiaries” section of the prospectus for information about the Unrestricted Subsidiaries.
 
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The following table presents selected assets (liabilities) for our foreign operations as of June 30, 2014 and December 31, 2013:

 	  	June 30,
2014	 	  	December 31,
2013	 	
 	  	(in millions)	 	
Cash and cash equivalents	  	$	 204 	  	  	$	 238 	  	
Restricted cash and cash equivalents	  	 	1 	  	  	 	4 	  	
Accounts receivable, net	  	 	249 	  	  	 	198 	  	
Other current assets	  	 	15 	  	  	 	8 	  	
Property and equipment, net	  	 	775 	  	  	 	737 	  	
Financing receivables, net	  	 	24 	  	  	 	25 	  	
Investments in affiliates	  	 	59 	  	  	 	58 	  	
Other non-current assets	  	 	126 	  	  	 	84 	  	
Accounts payable, accrued expenses and other	  	 	(496)	  	  	 	(490)	  	
Current maturities of long-term debt (including non-recourse debt and capital lease obligations of consolidated variable interest entities)	  	 	(28)	  	  	 	(19)	  	
Long-term debt (including non-recourse debt and capital lease obligations of consolidated variable interest entities)	  	 	(341)	  	  	 	(337)	  	
Other long-term liabilities	  	 	(172)	  	  	 	(187)	  	
All of our Subsidiaries are “Restricted Subsidiaries” unless designated as Unrestricted Subsidiaries in accordance with the Indenture. As of the date of this prospectus, all of the Issuer’s Subsidiaries other than the PropCo entities and their Subsidiaries (collectively, the “ Unrestricted U.S. Real Estate Subsidiaries ”) are “Restricted Subsidiaries,” and PropCo entities and direct and indirect Subsidiaries of any PropCo entity are designated as Unrestricted Subsidiaries. In addition, under certain circumstances, we are permitted to designate certain of our other existing and future subsidiaries as “Unrestricted Subsidiaries.” Any Unrestricted Subsidiaries are not subject to any of the restrictive covenants in the Indenture and do not guarantee the Notes.
For the year ended December 31, 2013, our Unrestricted U.S. Real Estate Subsidiaries represented 19.3% of our total revenues, 44.8% of net income attributable to Hilton stockholders and 25.3% of our Adjusted EBITDA, and as of December 31, 2013, represented 32.6% of our total assets and 29.1% of our total liabilities. For the six months ended June 30, 2014, our Unrestricted U.S. Real Estate Subsidiaries represented 19.6% of our total revenues, 19.3% of net income attributable to Hilton stockholders and 24.6% of our Adjusted EBITDA, and as of June 30, 2014, represented 32.6% of our total assets and 29.9% of our total liabilities. For more information see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Financial Data for Unrestricted U.S. Real Estate Subsidiaries.”
In the event of a bankruptcy, liquidation, reorganization or similar proceeding of any of these non-guarantor Subsidiaries, the non-guarantor Subsidiaries will pay the holders of their debt and their trade creditors before they will be able to distribute any of their assets to the Issuer or a Guarantor. As a result, all of the existing and future liabilities of our non-guarantor Subsidiaries, including any claims of trade creditors, are effectively senior to the Notes. The Indenture does not limit the amount of liabilities that are not considered Indebtedness which may be incurred by the Issuers or its Restricted Subsidiaries, including the non-guarantor Restricted Subsidiaries.
The obligations of each Guarantor under its Guarantee are limited as necessary to prevent the Guarantee from constituting a fraudulent conveyance under applicable law. This provision may not, however, be effective to protect a Guarantee from being voided under fraudulent transfer law, or may reduce the applicable Guarantor’s obligation to an amount that effectively makes its Guarantee worthless. If a Guarantee were rendered voidable, it could be subordinated by a court to all other indebtedness (including guarantees and other contingent liabilities) of the Guarantor, and, depending on the amount of such indebtedness, a Guarantor’s liability on its Guarantee could be reduced to zero. See “Risk Factors—Risks Related to Our Indebtedness and the Notes—Federal and state statutes may allow courts, under specific circumstances, to void the notes and the guarantees, subordinate claims in respect of the notes and the guarantees and/or require holders of the notes to return payments received from us.”
 
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Any Guarantor that makes a payment under its Guarantee is entitled upon payment in full of all guaranteed obligations under the Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP.
Each Subsidiary Guarantor may consolidate with, amalgamate or merge with or into or sell all or substantially all its assets to the Issuer or another Guarantor without limitation or any other Person upon the terms and conditions set forth in the Indenture. See “—Certain Covenants—Merger, Consolidation or Sale of All or Substantially All Assets.”
Each Guarantee by a Subsidiary Guarantor provides by its terms that it will be automatically and unconditionally released and discharged upon:
(1) (a) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation, dividend, distribution or otherwise) of (i) the Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary or (ii) all or substantially all the assets of such Guarantor, in each case if such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of the Indenture;
(b) the release or discharge of the guarantee by such Subsidiary Guarantor of Indebtedness under the Senior Secured Credit Facilities, or the release or discharge of such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision, and that if any such Guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Guarantor would then be required to provide a Guarantee pursuant to the covenant described under “—Certain Covenants—Limitation on Guarantees of Indebtedness by Restricted Subsidiaries”);
(c) the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture;
(d) upon the merger or consolidation of any Guarantor with and into the Issuer or another Guarantor or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another Guarantor; or
(e) the exercise by the Issuers of their legal defeasance option or covenant defeasance option as described under “—Legal Defeasance and Covenant Defeasance” or the discharge of the Issuers’ obligations under the Indenture in accordance with the terms of the Indenture; and
(2) such Guarantor delivering to the Trustee an Officer’s Certificate of such Guarantor or the Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for in the Indenture relating to such transaction or release and discharge have been complied with.
The Guarantee by Holdings provides by its terms that it will be automatically and unconditionally released and discharged upon:
(1)(a) the release or discharge of the guarantee by Holdings of Indebtedness under the Senior Secured Credit Facilities (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision);
(b) the exercise by the Issuers of their legal defeasance option or covenant defeasance option as described under “—Legal Defeasance and Covenant Defeasance” or the discharge of the Issuers’ obligations under the Indenture in accordance with the terms of the Indenture; and
(2) Holdings delivering to the Trustee an Officer’s Certificate of Holdings or the Issuer and an Opinion of Counsel, each stating that all conditions precedent provided for in the Indenture relating to such release and discharge have been complied with.
Holdings is not subject to any restrictive covenants under the Indenture.
 
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Principal, Maturity and Interest
The Issuers issued an aggregate principal amount of $1,500 million of Outstanding Notes in a private transaction that was not subject to the registration requirements of the Securities Act. The Notes will mature on October 15, 2021.
Subject to compliance with the covenants described below under the caption “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” the Issuers may issue additional Notes (“ Additional Notes ”) from time to time under the Indenture; provided that if any Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number . All Notes including any Additional Notes subsequently issued under the Indenture will be treated as a single class for all purposes under the Indenture, including waivers, amendments, redemptions and offers to purchase. Unless the context requires otherwise, references to “ Notes ” for all purposes of the Indenture and this “Description of the Notes” include any Additional Notes that are actually issued.
The Notes will be issued in denominations of $2,000 and any integral multiples of $1,000 in excess of $2,000.
Interest on the Notes accrues at the rate of 5.625% per annum. Interest on the Notes is payable semiannually in arrears on each April 15 and October 15, commencing April 15, 2014 to the Holders of Notes of record on the immediately preceding April 1 and October 1, respectively. Interest on the Notes accrues from the most recent date to which interest has been paid or, if no interest has been paid, from and including the Issue Date. Interest on the Notes is computed on the basis of a 360-day year comprised of twelve 30-day months.
Payment of Principal, Premium and Interest
Cash payments of principal of, premium, if any, and interest on the Notes are payable at the office or agency of the Issuers maintained for such purpose or, at the option of the Issuers, cash payment of interest may be made through the paying agent by check mailed to the Holders of the Notes at their respective addresses set forth in the register of Holders; provided , that (a) all cash payments of principal, premium, if any, and interest with respect to the Notes represented by one or more global notes registered in the name of or held by The Depository Trust Company (“ DTC ”) or its nominee are made through the paying agent by wire transfer of immediately available funds to the accounts specified by the registered Holder or Holders thereof and (b) all cash payments of principal, premium, if any, and interest with respect to certificated Notes may, at the option of the Issuers, be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if the applicable Holder elects payment by wire transfer by giving written notice to the Trustee or the paying agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). Until otherwise designated by the Issuers, the Issuers’ office or agency will be the office of the Trustee maintained for such purpose.
Paying Agent and Registrar for the Notes
The Issuers will maintain one or more paying agents for the Notes. The initial paying agent for the Notes is the Trustee.
The Issuers will also maintain one or more registrars and a transfer agent. The initial registrar and transfer agent with respect to the Notes is the Trustee. The registrar will maintain a register reflecting ownership of the Notes outstanding from time to time. The paying agent will make payments on, and the transfer agent will facilitate transfer of, the Notes on behalf of the Issuers.
The Issuers may change the paying agent, the registrar or the transfer agent without prior notice to the Holders. The Issuer or any of its Subsidiaries may act as a paying agent, registrar or transfer agent.
 
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If any Notes are listed on an exchange and the rules of such exchange so require, the Issuers will satisfy any requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange in connection with any change of paying agent, registrar or transfer agent.
Transfer and Exchange
A Holder may transfer or exchange Notes in accordance with the Indenture. The registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of Notes. Holders will be required to pay all taxes due on transfer. The Issuer is not required to transfer or exchange any Note selected for redemption or tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer. Also, the Issuers are not required to transfer or exchange any Note for a period of 15 days before a selection of Notes to be redeemed. The registered Holder of a Note will be treated as the owner of the Note for all purposes.
Compliance with Trust Indenture Act
The Trust Indenture Act will become applicable to the Indenture upon the qualification of the Indenture under the Trust Indenture Act, which will occur at such time as the Notes have been registered under the Securities Act.
Mandatory Redemption; Offers to Purchase; Open Market Purchases
The Issuers are not required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Issuers may be required to offer to purchase Notes as described under the caption “—Repurchase at the Option of Holders.” The Issuers, the Investors and their respective Affiliates may, at their discretion, at any time and from time to time purchase Notes in the open market or otherwise.
Optional Redemption
Except as set forth below, the Issuers are not entitled to redeem the Notes at their option prior to October 15, 2016. At any time prior to October 15, 2016, the Issuers may on one or more occasions redeem all or a part of the Notes, upon notice as described under “—Selection and Notice,” at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (the “ Redemption Date ”), subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date.
On and after October 15, 2016, the Issuers may redeem the Notes, in whole or in part, upon notice as described under “—Selection and Notice,” at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on October 15 of each of the years indicated below:

Year	  	Percentage	 	
2016	  	 	102.813	% 	
2017	  	 	101.406	% 	
2018 and thereafter	  	 	100.000	% 	
In addition, prior to October 15, 2016, the Issuers may, at their option, and on one or more occasions, redeem up to 40% of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 105.625% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but
 
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excluding, the Redemption Date, subject to the right of Holders of Notes of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds received by it from one or more Equity Offerings or a contribution to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering; provided , that (a) at least 50% of (A) the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and (B) the aggregate principal amount of any Additional Notes issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption; and (b) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.
Notwithstanding the foregoing, in connection with any tender offer for the Notes, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuers, or any third party making a such tender offer in lieu of the Issuers, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the Redemption Date.
Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or other transaction. The Issuers, the Investors and their respective Affiliates may acquire the Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise.
Selection and Notice
If the Issuers are redeeming less than all of the Notes issued under the Indenture at any time, the Trustee will select the Notes to be redeemed (a) if the Notes are listed on an exchange, in compliance with the requirements of such exchange or (b) on a pro rata basis to the extent practicable, or, if the pro rata basis is not practicable for any reason by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in accordance with applicable procedures of DTC. No Notes of $2,000 or less can be redeemed in part.
Notices of redemption shall be delivered electronically or mailed by first-class mail, postage prepaid, at least 15 days but not more than 60 days before the redemption date to each Holder of Notes at such Holder’s registered address or otherwise in accordance with the procedures of DTC, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. If any Note is to be redeemed in part only, any notice of redemption that relates to such Note shall state the portion of the principal amount thereof that has been or is to be redeemed.
With respect to Notes represented by certificated notes, the Issuers will issue a new Note in a principal amount equal to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note; provided , that new Notes will only be issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Notes called for redemption become due on the date fixed for redemption, unless such redemption is conditioned on the happening of a future event. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption.
Repurchase at the Option of Holders
Change of Control Triggering Event
The Indenture provides that if a Change of Control Triggering Event occurs, unless the Issuers have previously or concurrently sent a redemption notice with respect to all the outstanding Notes as described under
 
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“Optional Redemption,” the Issuers will make an offer to purchase all of the Notes pursuant to the offer described below (the “ Change of Control Offer ”) at a price in cash (the “ Change of Control Payment ”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the right of Holders of the Notes of record on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control Triggering Event, the Issuers will send notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustees, to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC with the following information:
(1) that a Change of Control Offer is being made pursuant to the covenant entitled “Change of Control Triggering Event,” and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuers;
(2) the purchase price and the purchase date, which will be no earlier than 15 days nor later than 60 days from the date such notice is sent (the “ Change of Control Payment Date ”), except in the case of a conditional Change of Control Offer made in advance of a Change of Control Triggering Event as described below;
(3) that any Note not properly tendered will remain outstanding and continue to accrue interest;
(4) that unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date;
(5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;
(6) that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the paying agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Change of Control Offer, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;
(7) that Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any integral multiple of $1,000 in excess of $2,000;
(8) if such notice is delivered prior to the occurrence of a Change of Control Triggering Event, stating that the Change of Control Offer is conditional on the occurrence of such Change of Control Triggering Event; and
(9) the other instructions, as determined by the Issuers, consistent with the covenant described hereunder, that a Holder must follow.
The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of the Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in the Indenture by virtue thereof.
On the Change of Control Payment Date, the Issuers will, to the extent permitted by law:
(1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer;
 
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(2) deposit with the paying agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered; and
(3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers.
The Senior Secured Credit Facilities provide, and future credit agreements or other agreements relating to Indebtedness to which the Issuers become a party may provide, that certain change of control events with respect to the Issuers would constitute a default thereunder (including a Change of Control Triggering Event under the Indenture). If we experience a change of control that triggers a default under the Senior Secured Credit Facilities or any such future Indebtedness, we could seek a waiver of such default or seek to refinance the Senior Secured Credit Facilities. In the event we do not obtain such a waiver or do not refinance the Senior Secured Credit Facilities, such default could result in amounts outstanding under the Senior Secured Credit Facilities being declared due and payable.
Our ability to pay cash to the Holders of Notes following the occurrence of a Change of Control Triggering Event may be limited by our then-existing financial resources. Therefore, sufficient funds may not be available when necessary to make any required repurchases.
The Change of Control Triggering Event purchase feature of the Notes may in certain circumstances make more difficult or discourage a sale or takeover of us and, thus, the removal of incumbent management. We have no present intention to engage in a transaction involving a Change of Control Triggering Event, although it is possible that we could decide to do so in the future. Subject to the limitations discussed below, we could, in the future, enter into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control Triggering Event under the Indenture, but that could increase the amount of Indebtedness outstanding at such time or otherwise affect our capital structure or credit ratings. Restrictions on our ability to incur additional Indebtedness are contained in the covenants described under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” and “—Certain Covenants—Liens.” Such restrictions in the Indenture can be waived only with the consent of the Holders of a majority in principal amount of all the then outstanding Notes. Except for the limitations contained in such covenants, however, the Indenture does not contain any covenants or provisions that may afford Holders of the Notes protection in the event of a highly leveraged transaction.
The Issuers will not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making of the Change of Control Offer.
The definition of “ Change of Control Triggering Event ” includes a disposition of all or substantially all of the assets of the Issuers and their Subsidiaries, taken as a whole, to certain Persons. Although there is a limited body of case law interpreting the phrase “ substantially all ,” there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve a disposition of “ all or substantially all ” of the assets of the Issuers and their Subsidiaries, taken as a whole. As a result, it may be unclear as to whether a Change of Control Triggering Event has occurred and whether a Holder of Notes may require the Issuers to make an offer to repurchase the Notes as described above.
 
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The provisions under the Indenture relating to the Issuers’ obligation to make an offer to repurchase the Notes as a result of a Change of Control Triggering Event may be waived or modified with the written consent of the Holders of a majority in principal amount of all the then outstanding Notes.
Asset Sales
The Indenture provides that the Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless:
(1) the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market value (as determined in good faith by the Issuer at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and
(2) except in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset Sale, together with all other Asset Sales since the Issue Date (on a cumulative basis), received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of:
(a) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the footnotes thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or increase had taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the Notes, that are assumed by the transferee of any such assets pursuant to a written agreement which releases or indemnifies the Issuer or such Restricted Subsidiary from such liabilities;
(b) any securities, notes or other obligations or assets received by the Issuer or such Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into Cash Equivalents (to the extent of the Cash Equivalents received) within 180 days (450 days in the case of any securities, notes or other obligations or assets received in respect of any Asset Sale of the Specified Real Property Assets) following the closing of such Asset Sale; and
(c) any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed 5.0% of Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value,
shall be deemed to be Cash Equivalents for purposes of this provision and for no other purpose.
Within 450 days after the receipt of any Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale,
(1) to permanently reduce Indebtedness as follows:
(a) Obligations under the Senior Secured Credit Facilities, and to correspondingly reduce commitments with respect thereto;
(b) Obligations under Secured Indebtedness which is secured by a Lien that is permitted by the Indenture, and to correspondingly reduce commitments with respect thereto;
(c) Obligations under the Notes or any other Senior Indebtedness of the Issuer or any Restricted Subsidiary (and, in the case of other Senior Indebtedness, to correspondingly reduce any outstanding commitments with respect thereto, if applicable); provided that if the Issuer or any Restricted Subsidiary shall so repay any Senior Indebtedness other than the Notes, the Issuer will either
 
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(A) reduce Obligations under the Notes on a pro rata basis by, at its option, (i) redeeming Notes as described under “—Optional Redemption” or (ii) purchasing Notes through open-market purchases, or (B) make an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes on a ratable basis with such other Senior Indebtedness for no less than 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be repurchased; or
(d) if the assets subject of such Asset Sale are the property or assets of a Restricted Subsidiary that is not a Guarantor, to permanently reduce Indebtedness of (i) a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or any Restricted Subsidiary, or (ii) the Issuer or a Subsidiary Guarantor; or
(2) to make (a) an Investment in any one or more businesses, provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other assets, in each of (a), (b) and (c), used or useful in a Similar Business; or
(3) to make an Investment in (a) any one or more businesses, provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) properties or (c) acquisitions of other assets that, in each of (a), (b) and (c), replace the businesses, properties and/or assets that are the subject of such Asset Sale;
provided , that a binding commitment entered into not later than such 450th day shall be treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Issuer, or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an “ Acceptable Commitment ”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “ Second Commitment ”) within 180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds.
Any Net Proceeds from the Asset Sale that are not invested or applied as provided and within the time period set forth in the preceding paragraph will be deemed to constitute “ Excess Proceeds. When the aggregate amount of Excess Proceeds exceeds $200.0 million, the Issuers shall make an offer (an “ Asset Sale Offer”) to all Holders of the Notes and, if required by the terms of any Indebtedness that ranks pari passu with the Notes (“ Pari Passu Indebtedness ”), to the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness that is in an amount equal to at least $2,000, or an integral multiple of $1,000 thereafter, that may be purchased out of the Excess Proceeds at an offer price, in the case of the Notes, in cash in an amount equal to 100% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, and in the case of any Pari Passu Indebtedness at the offer price required by the terms thereof but not to exceed 100% of the principal amount thereof, plus accrued and unpaid interest, if any, in accordance with the procedures set forth in the Indenture. The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $200.0 million by delivering the notice required pursuant to the terms of the Indenture, with a copy to the Trustee. The Issuers may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Proceeds prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect to Excess Proceeds of $200.0 million or less.
To the extent that the aggregate amount of Notes and such Pari Passu Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining
 
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Excess Proceeds for any purposes not otherwise prohibited under the Indenture. If the aggregate principal amount of Notes or the Pari Passu Indebtedness, as the case may be, surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Issuers shall purchase the Notes and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness, as the case may be, tendered with adjustments as necessary so that no Notes or Pari Passu Indebtedness, as the case may be, will be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion). Additionally, the Issuers may, at their option, make an Asset Sale Offer using the proceeds from any Asset Sale at any time after the consummation of such Asset Sale. Upon consummation or expiration of any Asset Sale Offer, any remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuers may use such Net Proceeds for any purpose not otherwise prohibited under the Indenture.
Pending the final application of any Net Proceeds pursuant to this covenant, the holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility, including under the Senior Secured Credit Facilities, or otherwise invest such Net Proceeds in any manner not prohibited by the Indenture.
The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of the Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in the Indenture by virtue thereof.
The provisions under the Indenture relative to the Issuers’ obligation to make an offer to repurchase the Notes as a result of an Asset Sale may be waived or modified with the written consent of the Holders of a majority in principal amount of all the then outstanding Notes.
Our future credit agreements or other similar agreements to which the Issuers become parties may contain restrictions on the Issuers’ ability to repurchase Notes. In the event an Asset Sale occurs at a time when the Issuers are prohibited from purchasing Notes, the Issuers could seek the consent of its lenders to the repurchase of Notes or could attempt to refinance the borrowings that contain such prohibition. If the Issuers do not obtain such consent or repay such borrowings, the Issuers will remain prohibited from repurchasing Notes. In such a case, the Issuers’ failure to repurchase tendered Notes would constitute an Event of Default under the Indenture which would, in turn, likely constitute a default under such other agreements.
Certain Covenants
Set forth below are summaries of certain covenants contained in the Indenture that apply to the Issuers and the Issuers’ Restricted Subsidiaries. Holdings is not subject to any restrictive covenants under the Indenture.
If on any date (i) the Notes have an Investment Grade Rating from either of the Rating Agencies and (ii) no Default has occurred and is continuing under the Indenture, then, beginning on that day and continuing at all times thereafter regardless of any subsequent changes in the rating of the Notes, the covenants specifically listed under the following captions in this “Description of the Notes” section of this prospectus will no longer be applicable to the Notes:
(1) “—Repurchase at the Option of Holders—Asset Sales”;
(2) “—Limitation on Restricted Payments”;
(3) “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
 
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(4) clause (4) of the first paragraph of “—Merger, Consolidation or Sale of All or Substantially All Assets”;
(5) “—Transactions with Affiliates”;
(6) “—Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries”; and
(7) “—Limitation on Guarantees of Indebtedness by Restricted Subsidiaries.”
If the Issuer and its Restricted Subsidiaries are no longer subject to the Covenants listed above, the Notes will be entitled to substantially less covenant protection.
There can be no assurance that the Notes will ever achieve or maintain Investment Grade Rating.
Limitation on Restricted Payments
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:
(I) declare or pay any dividend or make any payment or distribution on account of the Issuer’s, or any of its Restricted Subsidiaries’ Equity Interests (in each case, solely in such Person’s capacity as holder of such Equity Interests), including any dividend, payment or distribution payable in connection with any merger, amalgamation or consolidation other than:
(a) dividends and distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer or in options, warrants or other rights to purchase such Equity Interests; or
(b) dividends and distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment or distribution in accordance with its Equity Interests in such class or series of securities;
(II) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent company of the Issuer, including any purchase, redemption, defeasance, acquisition or retirement in connection with any merger, amalgamation or consolidation;
(III) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than:
(a) Indebtedness permitted under clauses (7), (8) and (9) of the second paragraph of the covenant described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”; or
(b) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or
(IV) make any Restricted Investment
(all such payments and other actions set forth in clauses (I) through (IV) above (other than any exceptions thereto) being collectively referred to as “ Restricted Payments ”), unless, at the time of such Restricted Payment:
(1) no Default shall have occurred and be continuing or would occur as a consequence thereof;
(2) immediately after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of the covenant described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” (the “ Fixed Charge Coverage Test ”) ; and
 
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(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (1), 6(c) and (9) of the next succeeding paragraph (to the extent not deducted in calculating Consolidated Net Income), but excluding all other Restricted Payments permitted by the next succeeding paragraph), is less than the sum of (without duplication):
(a) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period and including the predecessor of the Issuer) beginning on July 1, 2013 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit; plus
(b) 100% of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by the Issuer since immediately after the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (12)(a) of the second paragraph of “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”) from the issue or sale of:
(i) (A) Equity Interests of the Issuer, including Treasury Capital Stock (as defined below), but excluding cash proceeds and the fair market value of marketable securities or other property received from the sale of:
(x) Equity Interests to any future, present or former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any direct or indirect parent company of the Issuer or any of the Issuer’s Subsidiaries after the Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with clause (4) of the next succeeding paragraph; and
(y) Designated Preferred Stock; and
(B) to the extent such net cash proceeds are actually contributed to the Issuer, Equity Interests of any of the Issuer’s direct or indirect parent companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of any such companies or contributions to the extent such amounts have been applied to Restricted Payments made in accordance with clause (4) of the next succeeding paragraph); or
(ii) Indebtedness of the Issuer or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests of the Issuer;
provided , that this clause (b) shall not include the proceeds from (W) Refunding Capital Stock (as defined below) applied in accordance with clause (2) of the next succeeding paragraph, (X) Equity Interests or convertible debt securities of the Issuer sold to a Restricted Subsidiary, (Y) Disqualified Stock or debt securities that have been converted into Disqualified Stock or (Z) Excluded Contributions; plus
(c) 100% of the aggregate amount of cash and the fair market value of marketable securities or other property contributed to the capital of the Issuer following the Issue Date (other than (i) net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (12)(a) of the second paragraph of “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” (ii) contributions by a Restricted Subsidiary and (iii) any Excluded Contributions); plus
 
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(d) 100% of the aggregate amount received in cash and the fair market value of marketable securities or other property received by the Issuer or any Restricted Subsidiary by means of:
(i) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of, or other returns on Investments from, Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Issuer or its Restricted Subsidiaries, in each case after the Issue Date; or
(ii) the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a dividend or distribution (other than an Excluded Contribution) from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (7) of the next succeeding paragraph or to the extent such Investment constituted a Permitted Investment), in each case, after the Issue Date; plus
(e) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date, the fair market value (as determined by the Issuer in good faith) of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets, other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (7) of the next succeeding paragraph or to the extent such Investment constituted a Permitted Investment.
The foregoing provisions will not prohibit:
(1) the payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or other distribution or redemption payment would have complied with the provisions of the Indenture;
(2) (a) the redemption, repurchase, defeasance, retirement or other acquisition of any Equity Interests, including any accrued and unpaid dividends thereon ( “Treasury Capital Stock” ) or Subordinated Indebtedness of the Issuer or any Restricted Subsidiary or any Equity Interests of any direct or indirect parent company of the Issuer, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the extent contributed to the Issuer (in each case, other than any Disqualified Stock) (“ Refunding Capital Stock ”), (b) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of the substantially concurrent sale or issuance (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its Subsidiaries) of Refunding Capital Stock, and (c) if, immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under clauses (6)(a) or (b) of this paragraph, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior to such retirement;
(3) the prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement (a) of Subordinated Indebtedness of the Issuers or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuers or a Guarantor or Disqualified Stock of the Issuers or a Guarantor or (b) Disqualified Stock of the Issuers or a Guarantor made by exchange for,
 
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or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of the Issuers or a Guarantor, that, in each case, is incurred or issued, as applicable, in compliance with “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” so long as:
(a) the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including tender premium) required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired, defeasance costs and any fees and expenses incurred in connection with the issuance of such new Indebtedness or Disqualified Stock;
(b) such new Indebtedness is subordinated to the Notes or the applicable Guarantee at least to the same extent as such Subordinated Indebtedness so defeased, redeemed, repurchased, exchanged, acquired or retired;
(c) such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or, if earlier, the date that is 91 days after the maturity date of the Notes); and
(d) such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed, repurchased, exchanged, acquired or retired (or requires no or nominal payments in cash prior to the date that is 91 days after the maturity date of the Notes);
(4) a Restricted Payment to pay for the repurchase, redemption or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Issuer or any direct or indirect parent company of the Issuer held by any future, present or former employee, director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Issuer or any direct or indirect parent company of the Issuer in connection with such repurchase, retirement or other acquisition); provided , that the aggregate amount of Restricted Payments made under this clause (4) do not exceed in any calendar year an amount equal to $75.0 million (which shall increase to $150.0 million subsequent to the consummation of an underwritten public Equity Offering by the Issuer or any direct or indirect parent entity of the Issuer) (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $150.0 million in any calendar year (which shall increase to $400.0 million subsequent to the consummation of an underwritten public Equity Offering by the Issuer or any direct or indirect parent corporation of the Issuer)); provided , further , that such amount in any calendar year under this clause may be increased by an amount not to exceed:
(a) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to the Issuer, the cash proceeds from the sale of Equity Interests of any of the Issuer’s direct or indirect parent companies, in each case to any future, present or former employees, directors, officers, members of management, or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (3) of the preceding paragraph; plus
 
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(b) the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries (or any direct or indirect parent company to the extent contributed to the Issuer) after the Issue Date; less
(c) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (a) and (b) of this clause (4);
and provided , further , that (i) cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any future, present or former employees, directors, officers, members of management or consultants of the Issuer (or their respective Controlled Investment Affiliates or Immediate Family Members), any of the Issuer’s direct or indirect parent companies or any of the Issuer’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parent companies and (ii) the repurchase of Equity Interests deemed to occur upon the exercise of options, warrants or similar instruments if such Equity Interests represents all or a portion of the exercise price thereof or payments, in lieu of the issuance of fractional Equity Interests or withholding to pay other taxes payable in connection therewith, in the case of each of clauses (i) and (ii), will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of the Indenture;
(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with the covenant described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” to the extent such dividends are included in the definition of “Fixed Charges”;
(6) (a) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Issuer or any of its Restricted Subsidiaries after the Issue Date;
(b) the declaration and payment of dividends to any direct or indirect parent company of the Issuer, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by such parent company after the Issue Date, provided that the amount of dividends paid pursuant to this clause (b) shall not exceed the aggregate amount of cash actually contributed to the Issuer from the sale of such Designated Preferred Stock; or
(c) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause (2) of this paragraph;
provided , in the case of each of (a), (b) and (c) of this clause (6), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance or declaration on a pro forma basis, the Issuer and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00;
(7) Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (7) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents), not to exceed 3.0% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value);
(8) payments made or expected to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer or any Restricted Subsidiary or any direct or indirect parent company of the Issuer and any repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other equity-based awards if such Equity Interests represent a portion of the exercise price of such options, warrants or awards;
 
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(9) the declaration and payment of dividends on the Issuer’s common stock (or the payment of dividends to any direct or indirect parent company of the Issuer to fund a payment of dividends on such company’s common stock), following the first public offering of the Issuer’s common stock or the common stock of any direct or indirect parent company of the Issuer after the Issue Date, in an amount not to exceed a sum of (A) up to 6% per annum of amount of net cash proceeds received by or contributed to the Issuer in or from any such public offering, other than public offerings with respect to the Issuer’s common stock registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded Contribution; and (B) an aggregate amount per annum not to exceed (x) 3.5% of Market Capitalization, if, after giving pro forma effect to the payment of any such Restricted Payment, the Consolidated Total Debt Ratio is greater than 5.50 to 1.00 and (y) 4.75% of Market Capitalization, so long as, after giving pro forma effect to the payment of any such Restricted Payment, the Consolidated Total Debt Ratio shall be less than or equal to 5.50 to 1.00;
(10) Restricted Payments that are made (a) in an amount equal to the amount of Excluded Contributions previously received or (b) without duplication with clause (a), in an amount equal to the Net Proceeds from an Asset Sale in respect of property or assets acquired after the Issue Date, if the acquisition of such property or assets was financed with Excluded Contributions;
(11)(i) Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (11)(i) (in the case of Restricted Investments, at the time outstanding (without giving effect to the sale of an Investment to the extent the proceeds of such sale do not consist of, or have not be subsequently sold or transferred for, Cash Equivalents)) not to exceed 3.00% of Total Assets at such time; and (ii) any Restricted Payments, so long as, after giving pro forma effect to the payment of any such Restricted Payment, the Consolidated Total Debt Ratio shall be no greater than 4.0 to 1.00;
(12) distributions or payments of Securitization Fees;
(13) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Issuer to permit payment by such parent company of such amounts), in each case to the extent permitted by the covenant described under “—Transactions with Affiliates”;
(14) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions similar to those described under the captions “—Repurchase at the Option of Holders—Change of Control Triggering Event” and “—Repurchase at the Option of Holders—Asset Sales”; provided , that if the Issuer shall have been required to make a Change of Control Offer or Asset Sale Offer, as applicable, to purchase the Notes on the terms provided in the Indenture applicable to Change of Control Offers or Asset Sale Offers, respectively, all Notes validly tendered by Holders of such Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, acquired or retired for value;
(15) the declaration and payment of dividends or distributions by the Issuer to, or the making of loans to, any direct or indirect parent company of the Issuer in amounts required for any direct or indirect parent company of the Issuer to pay, in each case without duplication:
(a) franchise, excise and similar taxes, and other fees and expenses, required to maintain their corporate existence;
(b) consolidated, combined or similar foreign, federal, state or local income or similar taxes of a tax group that includes the Issuer and/or its Subsidiaries and whose common parent is a direct or indirect parent of the Issuer, to the extent such income or similar taxes are attributable to the income of the Issuer and its Restricted Subsidiaries or, to the extent of any cash amounts actually received from its Unrestricted Subsidiaries for such purpose, to the income of such Unrestricted Subsidiaries; provided , that in each case the amount of such payments in respect of any fiscal year does not exceed the amount that the Issuer and/or its Restricted Subsidiaries (and, to the extent permitted above, its Unrestricted Subsidiaries), as applicable, would have been required to pay in respect of the relevant
 
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foreign, federal, state or local income or similar taxes for such fiscal year had the Issuer, its Restricted Subsidiaries and/or its Unrestricted Subsidiaries (to the extent described above), as applicable, (A) paid such taxes separately from any such parent company or (B) if the Issuer is treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period, were the Issuer a taxpayer and parent of a consolidated group and had paid such taxes for the Issuer, its Restricted Subsidiaries and/or its Unrestricted Subsidiaries (to the extent described above);
(c) customary salary, bonus and other benefits payable to employees, directors, officers and managers of any direct or indirect parent company of the Issuer to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries;
(d) general corporate operating and overhead costs and expenses and, following the first public offering of the Issuer’s common stock or the common stock of any direct or indirect parent company of the Issuer, listing fees and other costs and expenses attributable to being a publicly traded company, of any direct or indirect parent company of the Issuer;
(e) fees and expenses other than to Affiliates of the Issuer related to any unsuccessful equity or debt offering of such parent entity;
(f) amounts payable pursuant to the Support and Services Agreement (including any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the board of directors of the Issuer to the Holders when taken as a whole, as compared to the Support and Services Agreement as in effect immediately prior to such amendment or replacement), solely to the extent such amounts are not paid directly by the Issuer or its Subsidiaries;
(g) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Issuer or any direct or indirect parent company of the Issuer;
(h) to finance Investments that would otherwise be permitted to be made pursuant to this covenant if made by the Issuer; provided , that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (B) such direct or indirect parent company shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Issuer or one of its Restricted Subsidiaries or (2) the merger or amalgamation of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (to the extent not prohibited by the covenant described under the caption “—Merger, Consolidation or Sale of All or Substantially All Assets” below) in order to consummate such Investment, (C) such direct or indirect parent company and its Affiliates (other than the Issuer or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such payment in compliance with the Indenture, (D) any property received by the Issuer shall not increase amounts available for Restricted Payments pursuant to clause (3) of the preceding paragraph and (E) such Investment shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to another provision of this covenant (other than pursuant to clause (10) hereof) or pursuant to the definition of “Permitted Investments” (other than clause (9) thereof); and
(i) amounts that would be permitted to be paid by the Issuer under clauses (3), (4), (7), (8), (12), (13) and (16) of the covenant described under “—Transactions with Affiliates”; provided , that the amount of any dividend or distribution under this clause (15)(i) to permit such payment shall reduce, without duplication, Consolidated Net Income of the Issuer to the extent, if any, that such payment would have reduced Consolidated Net Income of the Issuer if such payment had been made directly by the Issuer and increase (or, without duplication of any reduction of Consolidated Net Income, decrease) EBITDA to the extent, if any, that Consolidated Net Income is reduced under this clause (15)(i) and
 
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such payment would have been added back to (or, to the extent excluded from Consolidated Net Income, would have been deducted from) EBITDA if such payment had been made directly by the Issuer, in each case, in the period such payment is made;
(16) the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary by (A) any PropCo entity or its Subsidiaries (or a Restricted Subsidiary that owns any PropCo entity, provided that such Restricted Subsidiary owns no assets other than Capital Stock of PropCo entities or their Subsidiaries); and (B) Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents); and
(17) Restricted Payments in an amount equal to the amount of net proceeds from a Timeshare Disposition (or Timeshare Disposition to the extent it is structured to constitute a Restricted Payment); provided that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of such Restricted Payment, after giving effect to any Timeshare Disposition and such Restricted Payment on a pro forma basis, the Issuer and its Restricted Subsidiaries on a consolidated basis would have had a Consolidated Total Debt Ratio of no more than 5.40 to 1.00;
provided , that at the time of, and after giving effect to, any Restricted Payment permitted under clause (11)(ii) above, no Event of Default shall have occurred and be continuing or would occur as a consequence thereof.
For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment (or a portion thereof) meets the criteria of clauses (1) through (17) above or is entitled to be made pursuant to the first paragraph of this covenant, the Issuer will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or a portion thereof) between such clauses (1) through (17) and such first paragraph in any manner that otherwise complies with this covenant.
As of the date of this prospectus, all of the Issuer’s Subsidiaries other than the PropCo entities and their Subsidiaries are Restricted Subsidiaries. The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted Subsidiary . ” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the penultimate sentence of the definition of “Investments . ” Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time, pursuant to this covenant or pursuant to the definition of “Permitted Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in the Indenture. For the avoidance of doubt, this covenant shall not restrict the making of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted to be incurred under the terms of the Indenture.
Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
The Issuer will not, and will not permit any of its Restricted Subsidiaries (including the Co-Issuer) to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “ incur ” and collectively, an “ incurrence ”) with respect to any Indebtedness (including Acquired Indebtedness) and the Issuer will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or any Restricted Subsidiary that is not a Guarantor to issue Preferred Stock; provided , that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and any Restricted Subsidiary that is not a Guarantor may issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis of the Issuer and its Restricted Subsidiaries’ for the most recently ended four fiscal quarters
 
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for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided that the then outstanding aggregate principal amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to this paragraph (plus any Refinancing Indebtedness in respect thereof) by Restricted Subsidiaries that are not Guarantors shall not exceed 4.25% of Total Assets (determined on the date of such incurrence).
The foregoing limitations will not apply to:
(1) Indebtedness incurred pursuant to any Credit Facilities by the Issuer or any Restricted Subsidiary and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided that immediately after giving effect to any such incurrence or issuance, the then outstanding aggregate principal amount of all Indebtedness incurred or issued under this clause (1) does not exceed $10,100 million;
(2) the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including any guarantee thereof, but excluding any Additional Notes);
(3) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (1) and (2));
(4) Indebtedness consisting of Capitalized Lease Obligations and Purchase Money Obligations in an aggregate principal amount (together any Refinancing Indebtedness in respect thereof) not to exceed 5.0% of Total Assets (determined at the date of incurrence or issuance); so long as such Indebtedness exists at the date of such purchase, lease or improvement, or is created within 365 days thereafter (for the avoidance of doubt, the purchase date for any asset shall be the later of the date of completion of construction or installation and the beginning of the full productive use of such asset);
(5) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance; provided , that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 Business Days following such drawing or incurrence;
(6) Indebtedness arising from (a) Permitted Intercompany Activities and (b) agreements of the Issuer or its Restricted Subsidiaries providing for indemnification, adjustment of purchase price, earnouts or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided , that such Indebtedness is not reflected on the balance sheet of the Issuer, or any of its Restricted Subsidiaries (Contingent Obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (6));
(7) Indebtedness of the Issuer to a Restricted Subsidiary; provided , that any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor is subordinated in right of payment to the Notes (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not a Co-Issuer or Guarantor shall be deemed to be expressly subordinated in right of payment to the Notes unless the terms of
 
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such Indebtedness expressly provide otherwise); provided , further , that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then outstanding) not permitted by this clause (7);
(8) Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided , that if a Subsidiary Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Co-Issuer or a Guarantor, such Indebtedness is subordinated in right of payment to the Guarantee of the Notes of such Subsidiary Guarantor (for the avoidance of doubt, any such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor shall be deemed to be expressly subordinated in right of payment to the Notes unless the terms of such Indebtedness expressly provide otherwise); provided , further , that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then outstanding) not permitted by this clause (8);
(9) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided , that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another of its Restricted Subsidiaries or any pledge of such Capital Stock constituting a Permitted Lien) shall be deemed in each case to be an issuance of such shares of Preferred Stock (to the extent such Preferred Stock is then outstanding) not permitted by this clause (9);
(10) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting interest rate risk with respect to any Indebtedness permitted to be incurred under the Indenture, exchange rate risk or commodity pricing risk;
(11) obligations in respect of self-insurance and obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Issuer or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice;
(12)(a) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount or liquidation preference up to 200% of the net cash proceeds received by the Issuer since immediately after the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each case, other than Excluded Contributions, proceeds of Disqualified Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with clauses (3)(b) and (3)(c) of the first paragraph of “—Limitation on Restricted Payments” to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments pursuant to the second paragraph of “—Limitation on Restricted Payments” or to make Permitted Investments specified in clauses (8), (11), (13), (28) or (29) of the definition thereof, and
(b) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (12)(b), does not at any time outstanding exceed the greater of (i) $800.0 million and (ii) 4.0% of Total Assets (in each case, determined on the date of such incurrence); it being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to this clause (12)(b) shall cease to be deemed incurred or outstanding for purposes of this clause (12)(b) but shall be deemed incurred for the purposes of the first
 
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paragraph of this covenant from and after the first date on which the Issuer or such Restricted Subsidiary could have incurred such Indebtedness, Disqualified Stock or Preferred Stock under the first paragraph of this covenant without reliance on this clause (12)(b);
(13) the incurrence or issuance by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued as permitted under the first paragraph of this covenant and clauses (2), (3), (4) and (12)(a) above, this clause (13) and clause (14) below or any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so extend, replace, refund, refinance, renew or defease such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance costs, and accrued interest, fees and expenses in connection therewith (the “ Refinancing Indebtedness ”) prior to its respective maturity; provided , that such Refinancing Indebtedness:
(a) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed or defeased (or requires no or nominal payments in cash prior to the date that is 91 days after the maturity date of the Notes);
(b) to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances, renews or defeases (i) Indebtedness subordinated in right of payment to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or the Guarantee thereof at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively; and
(c) shall not include:
(i) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not the Co-Issuer or a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer;
(ii) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not the Co-Issuer or a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary Guarantor; or
(iii) Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary;
and, provided , further , that subclause (a) of this clause (13) will not apply to any extension, replacement, refunding, refinancing, renewal or defeasance of any Credit Facilities or Secured Indebtedness;
(14)(a) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition (or other purchase of assets) or (b) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of the Indenture; provided , that in the case of clauses (a) and (b), after giving effect to such acquisition, merger, amalgamation or consolidation, (1) the aggregate amount of such Indebtedness does not exceed $100.0 million at any time outstanding or (2) either (x) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test set forth in the first paragraph of this covenant or (y) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition, merger, amalgamation or consolidation;
(15) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
 
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(16) Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit;
(17)(a) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of the Indenture,
(b) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer; provided , that such guarantee is incurred in accordance with the covenant described below under “—Limitation on Guarantees of Indebtedness by Restricted Subsidiaries,” or
(c) any incurrence by the Co-Issuer of Indebtedness as a co-issuer of Indebtedness of the Issuer that was permitted to be incurred by another provision of this covenant;
(18) (a) Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, present or former employees, directors, officers, managers and consultants thereof, their respective Controlled Investment Affiliates or Immediate Family Members, in each case to finance the purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the extent described in clause (4) of the second paragraph under the caption “—Limitation on Restricted Payments” and
(b) Indebtedness representing deferred compensation to employees of the Issuer (or any direct or indirect parent thereof) or any of its Restricted Subsidiaries incurred in the ordinary course of business;
(19) to the extent constituting Indebtedness, customer deposits and advance payments (including progress premiums) received in the ordinary course of business from customers for goods purchased in the ordinary course of business;
(20)(a) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Issuer and its Restricted Subsidiaries and (b) Indebtedness in respect of Bank Products;
(21) Indebtedness incurred by a Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange or the discounting or factoring of receivables or payables for credit management purposes, in each case incurred or undertaken consistent with past practice or in the ordinary course of business on arm’s length commercial terms;
(22) Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (a) the financing of insurance premiums or (b) take-or-pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business;
(23) the incurrence of Indebtedness of Restricted Subsidiaries of the Issuer that are not Guarantors in an amount outstanding under this clause (23) not to exceed together with any other Indebtedness incurred under this clause (23) 2.0% of Total Assets (in each case, determined on the date of such incurrence); it being understood that any Indebtedness deemed incurred pursuant to this clause (23) shall cease to be deemed incurred or outstanding for purposes of this clause (23) but shall be deemed incurred for the purposes of the first paragraph of this covenant from and after the first date on which the Issuer or such Restricted Subsidiaries could have incurred such Indebtedness under the first paragraph of this covenant without reliance on this clause (23);
(24) Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business; and
(25) Indebtedness of Foreign Subsidiaries of the Issuer in an amount not to exceed, at any one time outstanding and together with any other Indebtedness incurred under this clause (25), 10.0% of the total assets of the Foreign Subsidiaries on a consolidated basis as shown on the Issuer’s most recent balance sheet
 
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(it being understood that any Indebtedness incurred pursuant to this clause (25) shall cease to be deemed incurred or outstanding for purposes of this clause (25) but shall be deemed incurred for the purposes of the first paragraph of this covenant from and after the first date on which the Issuer or its Restricted Subsidiaries could have incurred such Indebtedness under the first paragraph of this covenant without reliance on this clause (25)).
For purposes of determining compliance with this covenant:
(1) in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (25) above or is entitled to be incurred pursuant to the first paragraph of this covenant, the Issuer, in its sole discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the above clauses or under the first paragraph of this covenant; provided , that all Indebtedness outstanding under the Senior Secured Credit Facilities on the Completion Date will be treated as incurred on the Completion Date under clause (1) of the second paragraph above; and
(2) the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in the first and second paragraphs above.
Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of the same class will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this covenant. Any Refinancing Indebtedness and any Indebtedness permitted to be incurred under the Indenture to refinance Indebtedness incurred pursuant to clauses (1) and (12)(b) above shall be deemed to include additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees and expenses in connection with such refinancing.
For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. Dollar Equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided , that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (a) the principal amount of such Indebtedness being refinanced plus (b) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with such refinancing.
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.
The Indenture provides that the Issuer will not, and will not permit the Co-Issuer or any Subsidiary Guarantor to, directly or indirectly, incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to any Indebtedness of the Issuer, the Co-Issuer or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Issuer, the Co-Issuer or such Guarantor, as the case may be.
 
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The Indenture does not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral or because it is guaranteed by other obligors.
Liens
The Issuer will not, and will not permit the Co-Issuer or any Subsidiary Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien (except Permitted Liens) that secures Obligations under any Indebtedness or any related guarantee of Indebtedness, on any asset or property of the Issuer, the Co-Issuer or any Subsidiary Guarantor, or any income or profits therefrom, or assign or convey any right to receive income therefrom, unless:
(1) in the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; and
(2) in all other cases, the Notes or the Guarantees are equally and ratably secured,
except that the foregoing shall not apply to or restrict Liens securing obligations in respect of the Notes and the related guarantees.
Any Lien created for the benefit of the Holders of the Notes pursuant to this covenant shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (1) and (2) above.
Merger, Consolidation or Sale of All or Substantially All Assets
The Issuer . The Issuer may not consolidate or merge with or into or wind up into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:
(1) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made, is a Person organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person, as the case may be, being herein called the “ Successor Company ”); provided , that in the case where the surviving Person is not a corporation, a co-obligor of the Notes is a corporation;
(2) the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under the Notes and the Registration Rights Agreement (if the exchange offer contemplated therein has not been consummated) pursuant to supplemental indentures or other documents or instruments;
(3) immediately after such transaction, no Default exists;
(4) immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of the applicable four-quarter period,
(a) the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test, or
(b) the Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction;
(5) each Guarantor, unless it is the other party to the transactions described above, in which case clause (1)(b) of the third succeeding paragraph shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under the Indenture, the Notes and the Registration Rights Agreement;
 
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(6) the Co-Issuer, unless it is the party to the transactions described above, shall have by supplemental indenture confirmed that it continues to be a co-obligor of the Notes; and
(7) the Issuer or, if applicable, the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture.
The Successor Company will succeed to, and be substituted for, the Issuer under the Indenture, the Guarantees and the Notes, as applicable.
Notwithstanding the immediately preceding clauses (3) and (4):
(1) any Restricted Subsidiary may consolidate or amalgamate with or merge with or into or transfer all or part of its properties and assets to the Issuer or a Subsidiary Guarantor; and
(2) the Issuer may merge with an Affiliate of the Issuer solely for the purpose of reincorporating the Issuer in the United States, any state thereof, the District of Columbia or any territory thereof so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby.
For the avoidance of doubt, the PropCo entities and their Subsidiaries and the Timeshare Disposition (individually or in the aggregate) shall be deemed not to constitute all or substantially all of the Issuer’s properties or assets for the purposes of this “Merger, Consolidation or Sale of All or Substantially All Assets” covenant.
Co-Issuer . The Co-Issuer may not, directly or indirectly, consolidate or merge with or into or windup into (whether or not the Co-Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Co-Issuer’s properties or assets, in one or more related transactions, to any Person, unless:
(1) (a) concurrently therewith, a corporate Wholly Owned Restricted Subsidiary of the Issuer organized and validly existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof (which may be the continuing Person as a result of such transaction) expressly assumes all the obligations of the Co-Issuer under the Notes and the Registration Rights Agreement (if the exchange offer contemplated therein has not been consummated) pursuant to supplemental indentures or other documents or instruments; or
(b) after giving effect thereto, at least one obligor on the Notes shall be a corporation organized and validly existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof;
(2) immediately after such transaction, no Default or Event of Default will have occurred and be continuing; and
(3) The Co-Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, comply with the Indenture.
Subsidiary Guarantors . Subject to certain limitations described in the Indenture governing release of a Guarantee upon the sale, disposition or transfer of a Subsidiary Guarantor, no Subsidiary Guarantor will, and the Issuer will not permit any Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless:
(1)(a) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under
 
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the laws of the jurisdiction of organization of such Guarantor, as applicable, or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such surviving Guarantor or such Person, as the case may be, being herein called the “ Successor Person ”);
(b) the Successor Person, if other than such Guarantor, expressly assumes all the obligations of such Guarantor under the Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments;
(c) immediately after such transaction, no Default exists; and
(d) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if any, comply with the Indenture; or
(2) the transaction is made in compliance with the first paragraph of the covenant described under “—Repurchase at the Option of Holders—Asset Sales”; or
(3) in the case of assets comprised of Equity Interests of Subsidiaries that are not Guarantors, such Equity Interests are sold, assigned, transferred, leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries.
Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for, such Guarantor under the Indenture and such Guarantor’s Guarantee.
Notwithstanding the foregoing, any Subsidiary Guarantor may (1) merge or consolidate with or into, wind up into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Issuer, (2) merge with an Affiliate of the Issuer solely for the purpose of reincorporating the Subsidiary Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof, (3) convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or (4) liquidate or dissolve or change its legal form if the Issuer determines in good faith that such action is in the best interests of the Issuer, in each case, without regard to the requirements set forth in the preceding paragraph. Holdings may merge with an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing Holdings in the United States, any state thereof, the District of Columbia or any territory thereof.
Corporate Realignment . Notwithstanding anything in this “Merger, Consolidation or Sale of All or Substantially All Assets” covenant, the Issuers and the Guarantors may consummate the Corporate Realignment.
Transactions with Affiliates
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “ Affiliate Transaction ”) involving aggregate payments or consideration in excess of $50.0 million, unless:
(1) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and
(2) the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $75.0 million, a resolution adopted by the majority of the board of directors of the Issuer approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) above.
 
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The foregoing provisions will not apply to the following:
(1) transactions between or among the Issuer or any of its Restricted Subsidiaries;
(2) Restricted Payments permitted by the provisions of the Indenture described above under the covenant “—Limitation on Restricted Payments” and the definition of “Permitted Investments”;
(3) the payment of management, consulting, monitoring, transaction, advisory and other fees, indemnities and expenses pursuant to the Support and Services Agreement (plus any unpaid management, consulting, monitoring, transaction, advisory and other fees, indemnities and expenses accrued in any prior year) and any termination fees (including any such cash lump sum or present value fee upon the consummation of a corporate event, including an initial public equity offering) pursuant to the Support and Services Agreement, or any amendment thereto or replacement thereof so long as any such amendment or replacement is not materially disadvantageous in the good faith judgment of the board of directors of the Issuer to the Holders when taken as a whole, as compared to the Support and Services Agreement as in effect immediately prior to such amendment or replacement;
(4) (A) employment agreements, employee benefit and incentive compensation plans and arrangements and (B) the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance arrangements provided on behalf of or for the benefit of, current or former employees, directors, officers, managers or consultants of the Issuer, any of its direct or indirect parent companies or any of its Restricted Subsidiaries;
(5) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, to the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis;
(6) any agreement or arrangement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect in the good faith judgment of the Issuer to the Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue Date);
(7) the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it (or any parent company of the Issuer) is a party as of the Issue Date and any similar agreements which it (or any parent company of the Issuer) may enter into thereafter; provided , that the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries (or such parent company) of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (7) to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous in any material respect in the good faith judgment of the Issuer to the Holders when taken as a whole;
(8) the Transactions and the payment of all fees and expenses related to the Transactions, including Transaction Expenses;
(9) transactions with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services that are Affiliates (including hotel management or franchise agreements entered into with any of the foregoing), in each case in the ordinary course of business or that are consistent with past practice and otherwise in compliance with the terms of the Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;
(10) the issuance or transfer of Equity Interests (other than Disqualified Stock) of the Issuer to any direct or indirect parent company of the Issuer or to any Permitted Holder or to any employee, director,
 
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officer, manager or consultant (or their respective Affiliates or Immediate Family Members) of the Issuer, any of its direct or indirect parent companies or any of its Restricted Subsidiaries;
(11) sales of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified Securitization Facility;
(12) payments by the Issuer or any of its Restricted Subsidiaries to any of the Investors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures which payments are approved by the Issuer in good faith;
(13) payments and Indebtedness and Disqualified Stock (and cancellation of any thereof) of the Issuer and its Restricted Subsidiaries and Preferred Stock (and cancellation of any thereof) of any Restricted Subsidiary to any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement that are, in each case, approved by the Issuer in good faith; and any employment agreements, stock option plans and other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) that are, in each case, approved by the Issuer in good faith;
(14) (i) investments by Permitted Holders in securities of the Issuer or any of its Restricted Subsidiaries (and payment of reasonable out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the investment is being offered by the Issuer or such Restricted Subsidiary generally to other investors on the same or more favorable terms, and (ii) payments to Permitted Holders in respect of securities of the Issuer or any of its Restricted Subsidiaries contemplated in the foregoing subclause (i) or that were acquired from Persons other than the Issuer and its Restricted Subsidiaries, in each case, in accordance with the terms of such securities;
(15) payments to or from, and transactions with, any joint venture in the ordinary course of business or consistent with past practice (including, without limitation, any cash management activities related thereto);
(16) payments by the Issuer (and any direct or indirect parent company thereof) and its Subsidiaries pursuant to tax sharing agreements among the Issuer (and any such parent company) and its Subsidiaries, to the extent such payments are permitted under clause (15)(b) of the second paragraph under the caption “—Limitation on Restricted Payments”;
(17) any lease entered into between the Issuer or any Restricted Subsidiary, as lessee, and any Affiliate of the Issuer, as lessor, which is approved by the Issuer in good faith;
(18) intellectual property licenses in the ordinary course of business;
(19) all payments to Holdings otherwise permitted under the Indenture;
(20) the payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to stockholders of the Issuer or any direct or indirect parent thereof pursuant to the stockholders agreement or the registration rights agreement entered into on the Issue Date in connection therewith;
(21) the pledge of Equity Interests of any Unrestricted Subsidiary to lenders to support the Indebtedness of such Unrestricted Subsidiary owed to such lenders;
(22) Permitted Intercompany Activities, the Corporate Realignment and related transactions; and
(23) any transactions with (A) any PropCo entity or any of its Subsidiaries; or (B) a joint venture which would constitute an Affiliate Transaction solely because the Issuer or its Restricted Subsidiary owns an equity interest or otherwise controls such joint venture or similar entity.
 
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Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
The Issuer will not, and will not permit any of its Restricted Subsidiaries that is not a Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:
(1) (a) pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries that is a Guarantor on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, or
(b) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries that is a Guarantor;
(2) make loans or advances to the Issuer or any of its Restricted Subsidiaries that is a Guarantor; or
(3) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries that is a Guarantor,
except (in each case) for such encumbrances or restrictions existing under or by reason of:
(a) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to Hedging Obligations and the related documentation, and contractual encumbrances or restrictions in effect on the Completion Date pursuant to the Senior Secured Credit Facilities;
(b) the Indenture, the Notes and the guarantees thereof;
(c) purchase money obligations for property acquired in the ordinary course of business and capital lease obligations that impose restrictions of the nature discussed in clause (3) above on the property so acquired;
(d) applicable law or any applicable rule, regulation or order;
(e) (i) in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary, any agreement or other instrument of such Unrestricted Subsidiary (but, in any such case, not created in contemplation thereof) and (ii) any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Issuer or any of its Restricted Subsidiaries in existence at the time of such acquisition or at the time it merges with or into the Issuer or any of its Restricted Subsidiaries or assumed in connection with the acquisition of assets from such Person (but, in any such case, not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person so acquired and its Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries or the property or assets so acquired;
(f) contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary;
(g) Secured Indebtedness otherwise permitted to be incurred pursuant to the covenants described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” and “—Liens” that limit the right of the debtor to dispose of the assets securing such Indebtedness;
(h) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business or arising in connection with any Permitted Liens;
(i) other Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not Guarantors permitted to be incurred subsequent to the Issue Date pursuant to the provisions of the covenant described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
(j) customary provisions in joint venture agreements and other similar agreements or arrangements relating to such joint venture;
 
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(k) customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to intellectual property and other agreements, in each case, entered into in the ordinary course of business;
(l) restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to which the Issuer or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided , that such agreement prohibits the encumbrance of solely the property or assets of the Issuer or such Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Issuer or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary;
(m) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary;
(n) customary provisions restricting assignment of any agreement entered into in the ordinary course of business;
(o) restrictions arising in connection with cash or other deposits permitted under the covenant “—Liens”;
(p) any agreement or instrument (A) relating to any Indebtedness, Disqualified or preferred stock permitted to be incurred or issued subsequent to the Issue Date pursuant to the covenant described under “—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” if the encumbrances and restrictions are not materially more disadvantageous, taken as a whole, to the Holders than is customary in comparable financings for similarly situated issuers (as determined in good faith by the Issuer) or is otherwise in effect on the Issue Date and (B) either (x) the Issuer determines that such encumbrance or restriction will not adversely affect the Issuer’s ability to make principal and interest payments on the Notes as and when they come due or (y) such encumbrances and restrictions apply only during the continuance of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness;
(q) restrictions created in connection with any Qualified Securitization Facility that in the good faith determination of the Issuer are necessary or advisable to effect such Qualified Securitization Facility; and
(r) any encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through (p) above; provided , that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially more restrictive with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.
Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
The Issuer will not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Subsidiaries if such non-Wholly Owned Subsidiaries guarantee other capital markets debt securities of the Issuer, the Co-Issuer or any Subsidiary Guarantor), other than a Subsidiary Guarantor, the Co-Issuer, a Foreign Subsidiary or a Securitization Subsidiary, to guarantee the payment of any Indebtedness of the Issuer, the Co-Issuer or any other Subsidiary Guarantor unless:
(1) such Restricted Subsidiary within 60 days executes and delivers a supplemental indenture to the Indenture providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the Issuer, the Co-Issuer or any Subsidiary Guarantor, if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes; and
 
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(2) such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other applicable rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; provided that this covenant shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 60 day period described in clause (1) above.
Reports and Other Information
Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Indenture requires the Issuer to file with the SEC from and after the Issue Date:
(1) within 90 days after the end of each fiscal year (or 120 days for the first fiscal year ending after the Issue Date), annual reports on Form 10-K, or any successor or comparable form (if the Issuer had been a reporting company under Section 15(d) of the Exchange Act), containing substantially all the information that would be required to be contained therein, or required in such successor or comparable form;
(2) within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or 60 days for the first three fiscal quarters ending after the Issue Date), reports on Form 10-Q or any successor or comparable form (if the Issuer had been a reporting company under Section 15(d) of the Exchange Act), containing substantially all quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable form;
(3) promptly after the occurrence of a material event which would have been required to be reported on a Form 8-K or any successor or comparable form (if the Issuer had been a reporting company under Section 15(d) of the Exchange Act), a current report relating to such event on Form 8-K or any successor or comparable form;
in each case, in a manner that complies in all material respects with the requirements specified in such form (except as described above or below and subject to exceptions consistent with the presentation of information in the Offering Memorandum); provided , however , that the Issuer shall not be so obligated to file such reports referred to in clauses (1), (2) and (3) above with the SEC (i) if the SEC does not permit such filing or (ii) prior to the consummation of an exchange offer or the effectiveness of a shelf registration statement as required by the Registration Rights Agreement, in which event the Issuer will make available such information to the Trustee, the Holders of the Notes and prospective purchasers of Notes, in each case within 15 days after the time the Issuer would be required to file such information with the SEC if it were subject to Section 15(d) of the Exchange Act; provided , further , that until such time as the consummation of an exchange offer or the effectiveness of a shelf registration statement as required by the Registration Rights Agreement, the Issuer shall not be required to (i) in the case of (x) clauses (1) and (2) provide any information beyond the financial information that would be required to be contained in an annual or quarterly report on Form 10-K or 10-Q, as applicable, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and (y) clause (3) make available any information regarding director and management compensation or the occurrence of any of the events set forth in Items 1.04, 2.01, 2.05, 2.06, 3 (other than Item 3.03), 5.01, 5.02(e)—(f), 5.03-5.08, 6, 7, 8 or 9 of Form 8-K, (ii) make available any information regarding the occurrence of any of the events set forth in Items 1.01 or 1.02 of Form 8-K if the Issuer determines in its good faith judgment that the event that would otherwise be required to be disclosed is not material to the holders of the Notes or the business, assets, operations, financial positions or prospects of the Issuer and its Restricted Subsidiaries taken as a whole, (iii) comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any “non-GAAP” financial information contained therein (other than providing
 
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reconciliations of such non-GAAP information to extent included in the Offering Memorandum), (iv) comply with Regulation S-X or (v) provide any information that is not otherwise similar to information currently included in the Offering Memorandum. In addition, notwithstanding the foregoing, the Issuer will not be required to (i) comply with Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002 or (ii) otherwise furnish any information, certificates or reports required by Items 307 or 308 of Regulation S-K prior to the consummation of an exchange offer or the effectiveness of a shelf registration statement. In addition, to the extent not satisfied by the foregoing, the Issuer will agree that, for so long as any Notes are outstanding, it will furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.
The Indenture permits the Issuer to satisfy its obligations in this covenant with respect to financial information relating to the Issuer by furnishing financial information relating to Holdings (or any parent entity of Holdings) as long as Holdings (or any such parent entity of Holdings) provides a Guarantee of the Notes.
If with respect to any reporting period(s) covered in the applicable report, the Issuer’s Unrestricted Subsidiaries would, individually or in the aggregate, constitute a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act (as such regulation is in effect on the Issue Date)), then the applicable annual and quarterly financial information required by clauses (1) and (2) above shall include a supplemental section in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” presenting (in a manner consistent with the presentation of information in the Offering Memorandum) selected financial measures of such Unrestricted Subsidiaries in the aggregate (separate from the financial information of the Issuer and its Restricted Subsidiaries).
Notwithstanding the foregoing, such requirements shall be deemed satisfied prior to the commencement of the exchange offer or the effectiveness of the shelf registration statement by (1) the filing with the SEC of the exchange offer registration statement or shelf registration statement (or any other similar registration statement), and any amendments thereto, with such financial information that satisfies Regulation S-X of the Securities Act, subject to exceptions consistent with the presentation of financial information in the Offering Memorandum, to the extent filed within the time periods specified above, or (2) by posting on the Issuer’s website or providing to the Trustee for distribution to the Holders within 15 days of the time periods after the Issuer would have been required to file annual and interim reports with the SEC, the financial information (including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section) that would be required to be included in such reports, subject to exceptions consistent with the presentation of financial information in the Offering Memorandum, to the extent filed or posted within the times specified above.
Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its obligations hereunder for purposes of clause (3) under “—Events of Default and Remedies” until 120 days after the receipt of the written notice delivered thereunder.
To the extent any information is not provided within the time periods specified in this section “—Reports and Other Information” and such information is subsequently provided, the Issuer will be deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured.
Limitation on Business Activities of the Co-Issuer
The Co-Issuer may not hold any assets, become liable for any obligations or engage in any business activities; provided that it may be a co-obligor with respect to the Notes or any other Indebtedness issued by the Issuer, and may engage in any activities related thereto or necessary in connection therewith. The Co-Issuer shall be a Wholly Owned Subsidiary of the Issuer at all times.
 
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Events of Default and Remedies
The Indenture provides that each of the following is an “ Event of Default ”:
(1) default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes;
(2) default for 30 days or more in the payment when due of interest on or with respect to the Notes;
(3) failure by the Issuer, the Co-Issuer or any Guarantor for 60 days after receipt of written notice given by the Trustee or the Holders of not less than 25% in aggregate principal amount of the then outstanding Notes to comply with any of its obligations, covenants or agreements (other than a default referred to in clause (1) or (2) above) contained in the Indenture or the Notes;
(4) default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of its Restricted Subsidiaries, other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both:
(a) such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to its stated maturity; and
(b) the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $225.0 million or more outstanding;
(5) failure by the Issuer, the Co-Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under “—Reports and Other Information”) would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $225.0 million (net of amounts covered by insurance policies issued by reputable insurance companies), which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;
(6) certain events of bankruptcy or insolvency with respect to the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under “—Reports and Other Information”) would constitute a Significant Subsidiary); and
(7) the Guarantee of Holdings or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under “—Reports and Other Information”) would constitute a Significant Subsidiary) shall for any reason cease to be in full force and effect or be declared null and void or any responsible officer of Holdings or any Guarantor that is a Significant Subsidiary (or the responsible officers of any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for a fiscal quarter end) would constitute a Significant Subsidiary), as the case may be, denies in writing that it has any further liability under its Guarantee or gives written notice to such effect, other than by reason of the termination of the Indenture or the release of any such Guarantee in accordance with the Indenture.
 
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If any Event of Default (other than of a type specified in clause (6) above) occurs and is continuing under the Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of all the then outstanding Notes may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately.
Upon the effectiveness of such declaration, such principal of and premium, if any, and interest will be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) of the first paragraph of this section, all outstanding Notes will become due and payable without further action or notice. The Indenture will provide that the Trustee may withhold from the Holders notice of any continuing Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. In addition, the Trustee will have no obligation to accelerate the Notes if in the judgment of the Trustee acceleration is not in the interests of the Holders of the Notes.
The Indenture provides that the Holders of a majority in aggregate principal amount of all the then outstanding Notes, by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its consequences under the Indenture (except a continuing Default in the payment of interest on, premium, if any, or the principal of any Note held by a non-consenting Holder) and rescind any acceleration with respect to the Notes and its consequences (except if such rescission would conflict with any judgment of a court of competent jurisdiction).
In the event of any Event of Default specified in clause (4) of the first paragraph of this section, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose:
(1) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged;
(2) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default; or
(3) the default that is the basis for such Event of Default has been cured.
In case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders of the Notes unless the Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder of a Note may pursue any remedy with respect to the Indenture or the Notes unless:
(1) such Holder has previously given the Trustee written notice that an Event of Default is continuing;
(2) the Holders of at least 25% in the aggregate principal amount of the then outstanding Notes have requested in writing the Trustee to pursue the remedy;
(3) Holders of the Notes have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense;
(4) the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and
(5) the Holders of a majority in principal amount of the all the then outstanding Notes have not given the Trustee a direction inconsistent with such written request within such 60-day period.
Subject to certain restrictions contained in the Indenture, the Holders of a majority in principal amount of all the then outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee,
 
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however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability.
The Indenture provides that the Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, within 20 Business Days, upon becoming aware of any Default, to deliver to the Trustee a statement specifying such Default.
No Personal Liability of Directors, Officers, Employees and Stockholders
No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuers or any Guarantor or any of their direct or indirect parent companies shall have any liability, for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.
Legal Defeasance and Covenant Defeasance
The obligations of the Issuers and the Guarantors under the Indenture, the Notes or the Guarantees, as the case may be, will terminate (other than certain obligations) and will be released upon payment in full of all of the Notes. The Issuers may, at their option and at any time, elect to have all of its obligations discharged with respect to the Notes and have each Guarantor’s obligation discharged with respect to its Guarantee (“ Legal Defeasance ”) and cure all then existing Events of Default except for:
(1) the rights of Holders of Notes to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due solely out of the trust created pursuant to the Indenture;
(2) the Issuers’ obligations with respect to Notes concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;
(3) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuers’ obligations in connection therewith; and
(4) the Legal Defeasance provisions of the Indenture.
In addition, the Issuers may, at their option and at any time, elect to have their obligations and those of each Guarantor released with respect to substantially all of the restrictive covenants that are described in the Indenture (“ Covenant Defeasance ”) and thereafter any omission to comply with such obligations shall not constitute a Default with respect to the Notes. In the event Covenant Defeasance occurs, certain events (not including bankruptcy, receivership, rehabilitation and insolvency events pertaining to the Issuers) described under “—Events of Default and Remedies” will no longer constitute an Event of Default with respect to the Notes.
In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:
(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest due on such Notes on the stated maturity date or on the redemption date, as the case may be, of such principal, premium, if any, or interest on such Notes and the Issuer must specify whether such Notes are being defeased to maturity or to a particular redemption date;
 
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provided , that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “ Applicable Premium Deficit ”) only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;
(2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions,
(a) the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or
(b) since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,
in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
(4) no Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit;
(5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Senior Secured Credit Facilities or any other material agreement or instrument (other than the Indenture) to which the Issuers or any Guarantor is a party or by which the Issuers or any Guarantor is bound (other than that resulting from any borrowing of funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness, and, in each case, the granting of Liens in connection therewith);
(6) the Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Guarantor or others; and
(7) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.
Satisfaction and Discharge
The Indenture will be discharged and will cease to be of further effect as to all Notes, when either:
(1) all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or
 
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(2) (a) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers have or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, U.S. dollar-denominated Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; provided , that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;
(b) no Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to the Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Senior Secured Credit Facilities or any other material agreement or instrument (other than the Indenture) to which the Issuers or any Guarantor is a party or by which the Issuers or any Guarantor is bound (other than resulting from any borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);
(c) the Issuers have paid or caused to be paid all sums payable by them under the Indenture; and
(d) the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be.
In addition, the Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.
Amendment, Supplement and Waiver
Except as provided in the next two succeeding paragraphs, the Indenture, any Guarantee and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of all the Notes then outstanding, including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, and any existing Default or compliance with any provision of the Indenture or the Notes issued thereunder may be waived with the consent of the Holders of a majority in principal amount of all the then outstanding Notes, other than Notes beneficially owned by the Issuers or their Affiliates (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes).
The Indenture provides that, without the consent of each affected Holder of Notes, an amendment or waiver may not, with respect to any Notes held by a non-consenting Holder:
(1) reduce the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;
(2) reduce the principal of or change the fixed final maturity of any such Note or alter or waive the provisions with respect to the redemption of such Notes (other than provisions relating to (a) notice periods (to the extent consistent with applicable requirements of clearing and settlement systems) for redemption and conditions to redemption and (b) the covenants described above under the caption “—Repurchase at the Option of Holders”);
 
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(3) reduce the rate of or change the time for payment of interest on any such Note;
(4) waive a Default in the payment of principal of or premium, if any, or interest on such Notes, except a rescission of acceleration of such Notes by the Holders of a majority in principal amount of all the then outstanding Notes, and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in the Indenture or any Guarantee which cannot be amended or modified without the consent of all affected Holders;
(5) make any such Note payable in money other than that stated therein;
(6) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on such Notes;
(7) make any change in these amendment and waiver provisions;
(8) impair the right of any Holder to receive payment of principal of, or premium, if any, or interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;
(9) make any change to or modify the ranking of such Notes that would adversely affect the Holders; or
(10) except as expressly permitted by the Indenture, modify the Guarantees of any Significant Subsidiary, or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant Subsidiary, in any manner materially adverse to the Holders of such Notes.
Notwithstanding the foregoing, the Issuers, any Guarantor (with respect to a Guarantee or the Indenture to which it is a party) and the Trustee may amend or supplement the Indenture and any Guarantee or Notes without the consent of any Holder:
(1) to cure any ambiguity, omission, mistake, defect or inconsistency;
(2) to provide for uncertificated Notes in addition to or in place of certificated Notes;
(3) to comply with the covenant relating to mergers, amalgamations, consolidations and sales of assets;
(4) to provide for the assumption of the Issuers’ or any Guarantor’s obligations to the Holders;
(5) to make any change that would provide any additional rights or benefits to the Holders or that does not materially adversely affect the legal rights under the Indenture of any such Holder;
(6) to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuers or any Guarantor;
(7) to provide for the issuance of Additional Notes in accordance with the terms of the Indenture;
(8) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act;
(9) to evidence and provide for the acceptance and appointment under the Indenture of a successor Trustee thereunder pursuant to the requirements thereof;
(10) to make any amendment to the provisions of the Indenture relating to the transfer or legending of the Notes or to provide for the issuance of exchange Notes or private exchange Notes, which are identical to exchange Notes except that they are not freely transferable;
(11) to add a Guarantor under the Indenture or to release a Guarantor in accordance with the terms of the Indenture;
(12) to conform the text of the Indenture, Guarantees or the Notes to any provision of the “Description of the Notes” section of the Offering Memorandum to the extent that such provision in the “Description of the Notes” section of the Offering Memorandum was intended to be a verbatim recitation of a provision of the Indenture, Guarantee or Notes as provided in an Officer’s Certificate;
 
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(13) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes as permitted by the Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided, however , that such amendment does not materially and adversely affect the rights of Holders to transfer Notes; or
(14) to effect the Corporate Realignment and related transactions.
The consent of the Holders is not necessary under the Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment.
Notices
Notices given by publication or electronic delivery will be deemed given on the first date on which publication is made and notices given by first-class mail, postage prepaid, will be deemed given five calendar days after mailing or transmitting.
Concerning the Trustee
The Indenture contains certain limitations on the rights of the Trustee thereunder, should it become a creditor of the Issuers, to obtain payment of claims in certain cases, or to realize on certain property received in respect of any such claim as security or otherwise. The Trustee is permitted to engage in other transactions; however, if it acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee (if the Indenture has been qualified under the Trust Indenture Act) or resign.
The Indenture provides that the Holders of a majority in principal amount of all the then outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee, subject to certain exceptions. The Indenture provides that in case an Event of Default shall occur (which shall not be cured), the Trustee is required, in the exercise of its power, to use the degree of care of a prudent person in the conduct of his own affairs. The Trustee is under no obligation to exercise any of its rights or powers under the Indenture at the request of any Holder of the Notes, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.
Governing Law
The Indenture, the Notes and any Guarantee are governed by and construed in accordance with the laws of the State of New York.
Certain Definitions
Set forth below are certain defined terms used in the Indenture. For purposes of the Indenture, unless otherwise specifically indicated, the term “ consolidated ” with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries.
“ Acquired Indebtedness ” means, with respect to any specified Person,
(1) Indebtedness of any other Person existing at the time such other Person is merged or consolidated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging or consolidating with or into or becoming a Restricted Subsidiary of such specified Person, and
(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
“ Additional Interest ” means all additional interest then owing pursuant to the Registration Rights Agreement.
 
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“ Affiliate ” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “ control ” (including, with correlative meanings, the terms “ controlling ,” “ controlled by ” and “ under common control with ”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.
“ Applicable Premium ” means, with respect to any Note on any Redemption Date, the greater of:
(1) 1.0% of the principal amount of such Note, and
(2) the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Note at October 15, 2016 (such redemption price being set forth in the table appearing above under the caption “Optional Redemption”), plus (ii) all required remaining scheduled interest payments due on such Note through October 15, 2016 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points over (b) the then outstanding principal amount of such Note.
“ Asset Sale ” means:
(1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions (including by way of a Sale and Lease-Back Transaction), of property or assets of the Issuer or any of its Restricted Subsidiaries (each referred to in this definition as a “ disposition ”); or
(2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued in compliance with the covenant described under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”), whether in a single transaction or a series of related transactions;
in each case, other than:
(a) any disposition of Cash Equivalents or Investment Grade Securities or obsolete or worn out property or equipment in the ordinary course of business or any disposition of inventory or goods (or other assets, including timeshare and residential assets) held for sale or no longer used or useful in the ordinary course of business;
(b) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to the provisions described above under “—Certain Covenants—Merger, Consolidation or Sale of All or Substantially All Assets” or any disposition that constitutes a Change of Control Triggering Event pursuant to the Indenture;
(c) the making of any Restricted Payment that is permitted to be made, and is made, under the covenant described above under “—Certain Covenants—Limitation on Restricted Payments” or any Permitted Investment;
(d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related transactions with an aggregate fair market value of less than $150.0 million;
(e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or the Co-Issuer, or by the Issuer, the Co-Issuer or a Restricted Subsidiary to a Restricted Subsidiary;
(f) to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, as amended, or comparable law or regulation, any exchange of like property (excluding any boot thereon) for use in a Similar Business;
(g) the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business;
 
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(h) any issuance or sale of Equity Interests in, or Indebtedness or other securities of, (A) any PropCo entity or its Subsidiaries (or a Restricted Subsidiary that owns any PropCo entity, provided that such Restricted Subsidiary owns no assets other than Capital Stock of PropCo entities or their Subsidiaries); and (B) an Unrestricted Subsidiary;
(i) foreclosures, condemnation, expropriation, forced dispositions or any similar action with respect to assets or the granting of Liens not prohibited by the Indenture;
(j) sales of accounts receivable, or participations therein, or Securitization Assets (other than royalties or other revenues (except accounts receivable)) or related assets, or any disposition of the Equity Interests in a Subsidiary, substantially all of the assets of which are Securitization Assets, in each case in connection with any Qualified Securitization Facility or the disposition of an account receivable in connection with the collection or compromise thereof in the ordinary course of business;
(k) any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations permitted by the Indenture;
(l) the sale, discount or other disposition of inventory, accounts receivable or notes receivable in the ordinary course of business or the conversion of accounts receivable to notes receivable;
(m) the licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business;
(n) any surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in the ordinary course of business;
(o) the unwinding of any Hedging Obligations;
(p) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;
(q) the abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good faith determination of the Issuer are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole;
(r) the issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by the covenant described under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
(s) the granting of a Lien that is permitted under the covenant described above under “—Certain Covenants—Liens”;
(t) the issuance of directors’ qualifying shares and shares issued to foreign nationals as required by applicable law;
(u) any conversions of hotel properties into timeshare or residential properties and the sale or other disposition of assets created in such conversions;
(v) Permitted Intercompany Activities, the Corporate Realignment and related transactions;
(w) a Timeshare Disposition; provided, however , that if the net proceeds therefrom (determined in accordance with the definition of “Net Proceeds” as if a Timeshare Disposition were an Asset Sale) are not applied in accordance with clause (17) of the covenant described under “—Certain Covenants—Limitation on Restricted Payments” within the time period provided for the application of Net Proceeds in the second paragraph of the covenant described under “—Repurchase at the Option of Holders—Asset Sales” (without giving effect to any extensions of such period permitted thereunder in connection with binding commitments), such disposition shall be deemed an Asset Sale, and the Net Proceeds therefrom shall be applied in accordance with the covenant described under “—Repurchase at the Option of Holders—Asset Sales”; and
 
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(x) transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event; provided that any Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect of such Casualty Event shall be deemed to be Net Proceeds of an Asset Sale, and such Net Proceeds shall be applied in accordance with the covenant described under “—Repurchase at the Option of Holders—Asset Sales”.
In the event that a transaction (or a portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted Payment or Permitted Investment, the Issuer, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Sale and/or one or more the types of permitted Restricted Payments or Permitted Investments.
“ Bank Products ” means any facilities or services related to cash management, including treasury, depository, overdraft, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements.
“ Blackstone Funds ” means, individually or collectively, Blackstone Capital Partners V, L.P., BCP V-S L.P., Blackstone Capital Partners V-AC L.P., BCP V Co-Investors L.P., Blackstone Family Investment Partnership V L.P., Blackstone Family Investment Partnership V-SMD L.P. and Blackstone Participation Partnership V L.P., each a Delaware limited partnership, Blackstone Real Estate Partners International II (AIV) L.P., Blackstone Real Estate Holdings International II-Q L.P. and Blackstone Family Real Estate Partnership International II-SMD L.P., each an English partnership, Blackstone Real Estate Partners VI L.P., Blackstone Real Estate Holdings VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P., Blackstone Real Estate Partners (AIV) VI L.P., Blackstone Real Estate Partners VI.F L.P., Blackstone Family Real Estate Partnership VI-SMD L.P. and Blackstone HLT Principal Transaction Partners L.P., each a Delaware limited partnership, and any other investment fund managed by an Affiliate of The Blackstone Group L.P., in each case, or any of their respective successors.
“ Business Day ” means each day which is not a Legal Holiday.
“ Capital Stock ” means:
(1) in the case of a corporation, corporate stock or shares in the capital of such corporation;
(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and
(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
“ Capitalized Lease Obligation ” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; provided that any obligations of the Issuer or its Restricted Subsidiaries either existing on the Issue Date or created prior to any recharacterization described below (i) that were not included on the consolidated balance sheet of the Issuer as capital lease obligations and (ii) that are subsequently recharacterized as capital lease obligations or indebtedness due to a change in accounting treatment or otherwise, shall for all purposes under the Indenture (including, without limitation, the calculation of Consolidated Net Income and EBITDA) not be treated as capital lease obligations, Capitalized Lease Obligations or Indebtedness.
“ Capitalized Software Expenditures ” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of
 
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licensed or purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries.
“ Captive Insurance Subsidiary ” means (i) any Subsidiary established by the Issuer for the primary purpose of insuring the businesses or properties owned or operated by the Issuer or any of its Subsidiaries or (ii) any Subsidiary of any such insurance subsidiary established for the same primary purpose described in clause (i) above.
“ Cash Equivalents ” means:
(1) United States dollars;
(2)(a) Canadian dollars, pounds sterling, yen, euros or any national currency of any participating member state of the EMU; or
(b) in such local currencies held by the Issuer or any Restricted Subsidiary from time to time in the ordinary course of business;
(3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition;
(4) certificates of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not less than $250.0 million in the case of U.S. banks and $100.0 million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks;
(5) repurchase obligations for underlying securities of the types described in clauses (3), (4), (7) and (8) entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;
(6) commercial paper and variable or fixed rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months after the date of creation thereof;
(7) marketable short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency);
(8) readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition;
(9) readily marketable direct obligations issued by any foreign government or any political subdivision or public instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition;
(10) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency);
 
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(11) securities with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above;
(12) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition; and
(13) investment funds investing at least 90% of their assets in securities of the types described in clauses (1) through (12) above.
In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents shall also include (a) investments of the type and maturity described in clauses (1) through (8) and clauses (10), (11), (12) and (13) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (13) and in this paragraph.
Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.
For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposed under the indenture regardless of the treatment of such items under GAAP.
“ Casualty Event ” means any event that gives rise to the receipt by the Issuer or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property.
“ Change of Control ” means the occurrence of any of the following after the Issue Date:
(1) the sale, lease, transfer, conveyance or other disposition in one or a series of related transactions (other than by merger, consolidation or amalgamation), of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, to any Person other than any Permitted Holder or any Subsidiary Guarantor; or
(2) the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the acquisition by (A) any Person (other than any Permitted Holder) or (B) Persons (other than any Permitted Holders) that are together a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the total voting power of the Voting Stock of the Issuer directly or indirectly through any of its direct or indirect parent holding companies, in each case, other than in connection with any transaction or series of transactions in which the Issuer shall become the Wholly Owned Subsidiary of a Parent Company.
For the avoidance of doubt, PropCo entities and their Subsidiaries and the Timeshare Disposition (individually or in the aggregate) shall be deemed not to constitute all or substantially all of the Issuer’s properties or assets for the purposes of this definition.
 
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“ Change of Control Triggering Event ” means the occurrence of a Change of Control, unless (A) a Ratings Improvement has occurred prior to the date of the completion of the transaction constituting the Change of Control or (B) pro forma for the Change of Control, the Consolidated Total Debt Ratio is less than 5.0 to 1.0.
“ Co-Issuer” refers to Hilton Worldwide Finance Corp., a Delaware corporation and a direct Subsidiary of the Issuer and not to any of its Subsidiaries or Affiliates.
“ Completion Date ” means October 25, 2013.
“ Consolidated Depreciation and Amortization Expense ” means with respect to any Person for any period, the total amount of depreciation and amortization expense and capitalized fees related to any Qualified Securitization Facility of such Person, including the amortization of intangible assets, deferred financing costs, debt issuance costs, commissions, fees and expenses and Capitalized Software Expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.
“ Consolidated Interest Expense ” means, with respect to any Person for any period, without duplication, the sum of:
(1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations, and (e) net payments, if any made (less net payments, if any, received), pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (q) annual agency fees paid to the administrative agents and collateral agents under any Credit Facilities, (r) costs associated with obtaining Hedging Obligations, (s) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting in connection with the Transactions or any acquisition, (t) penalties and interest relating to taxes, (u) any Additional Interest and any “additional interest” or “liquidated damages” with respect to other securities for failure to timely comply with registration rights obligations, (v) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance costs, commissions, fees and expenses and discounted liabilities, (w) any expensing of bridge, commitment and other financing fees and any other fees related to the Transactions or any acquisitions after the Issue Date, (x) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Securitization Facility and (y) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty); plus
(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less
(3) interest income of such Person and its Restricted Subsidiaries for such period.
For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.
“ Consolidated Net Income ” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided , that, without duplication:
(1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto), charges or expenses (including relating to any multi-year strategic initiatives), Transaction Expenses, restructuring and duplicative running costs, relocation costs, integration costs,
 
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facility consolidation and closing costs, severance costs and expenses, one-time compensation charges, costs relating to pre-opening and opening costs for facilities, signing, retention and completion bonuses, costs incurred in connection with any strategic initiatives, transition costs, costs incurred in connection with acquisitions and non-recurring product and intellectual property development, other business optimization expenses (including costs and expenses relating to business optimization programs and new systems design, retention charges, system establishment costs and implementation costs) and operating expenses attributable to the implementation of cost-savings initiatives, and curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded;
(2) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period shall be excluded;
(3) any net after-tax effect of gains or losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations, as applicable, shall be excluded;
(4) any net after-tax effect of gains or losses (less all fees, expenses and charges relating thereto) attributable to asset dispositions (including, for the avoidance of doubt, bulk subscriber contract sales) or abandonments or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business shall be excluded;
(5) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting shall be excluded; provided , that Consolidated Net Income of such Person shall be increased by the amount of dividends or distributions or other payments (other than Excluded Contributions) that are actually paid in cash (or to the extent converted into cash) to such Person or a Restricted Subsidiary thereof in respect of such period;
(6) solely for the purpose of determining the amount available for Restricted Payments under clause (3)(a) of the first paragraph of “—Certain Covenants—Limitation on Restricted Payments,” the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders (other than restrictions in the Notes or the Indenture), unless such restriction with respect to the payment of dividends or similar distributions has been legally waived, provided that Consolidated Net Income of such Person will be increased by the amount of dividends or other distributions or other payments actually paid in Cash Equivalents (or to the extent converted into Cash Equivalents) to such Person or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein;
(7) effects of adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation policy methods, including changes in capitalization of variances), property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation to the Transactions or any consummated acquisition or joint venture investment or the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be excluded;
(8) any after-tax effect of income (loss) from the early extinguishment or conversion of (i) Indebtedness, (ii) Hedging Obligations or (iii) other derivative instruments shall be excluded;
(9) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded;
 
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(10) any equity-based or non-cash compensation charge or expense including any such charge or expense arising from grants of stock appreciation or similar rights, stock options, restricted stock, profits interests or other rights or equity- or equity-based incentive programs (“equity incentives”), any one-time cash charges associated with the equity incentives or other long-term incentive compensation plans (including under the Issuer’s Tier I Equity Sharing Award Agreements and/or deferred compensation arrangements), rollover, acceleration, or payout of Equity Interests by management, other employees or business partners of the Issuer or any of its direct or indirect parent companies, shall be excluded;
(11) any fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition, recapitalization, Investment, Asset Sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses or charges related to the offering and issuance of the Notes and other securities and the syndication and incurrence of any Credit Facilities), issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (including any amendment or other modification of the Notes and other securities and any Credit Facilities) and including, in each case, any such transaction consummated on or prior to the Issue Date and any such transaction undertaken but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805, Business Combinations ), shall be excluded;
(12) accruals and reserves that are established or adjusted within twelve months after the Issue Date that are so required to be established or adjusted as a result of the Transactions (or within twenty four months after the closing of any acquisition that are so required to be established as a result of such acquisition) in accordance with GAAP or changes as a result of modifications of accounting policies shall be excluded;
(13) any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), shall be excluded;
(14) any noncash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation — Stock Compensation , shall be excluded;
(15) the following items shall be excluded:
(a) any net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the application of Accounting Standards Codification Topic No. 815, Derivatives and Hedging ,
(b) any net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk) and any other foreign currency translation gains and losses, to the extent such gain or losses are non-cash items,
(c) any adjustments resulting for the application of Accounting Standards Codification Topic No. 460, Guarantees , or any comparable regulation,
(d) effects of adjustments to accruals and reserves during a prior period relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks, and
(e) earn-out and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments thereof and purchase price adjustments;
(16) reserves established for the benefit of landlords of leased hotel properties for the acquisition of capitalized assets and equipment at such properties shall be excluded; and
 
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(17) if such Person is treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance with clause 15(b) under “—Certain Covenants—Limitation on Restricted Payments” shall be included in calculating Consolidated Net Income as though such amounts had been paid as taxes directly by such Person for such period.
In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance, transfer or other disposition of assets permitted under the Indenture.
Notwithstanding the foregoing, for the purpose of the covenant described under “—Certain Covenants—Limitation on Restricted Payments” only (other than clause (3)(d) of the first paragraph thereof), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to clause (3)(d) thereof.
“ Consolidated Secured Debt Ratio ” as of any date of determination means, the ratio of (1) Consolidated Total Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by Liens on the property of the Issuer and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of the Issuer as of the end of such most recent fiscal quarter to (2) EBITDA of the Issuer for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio.
“ Consolidated Total Debt Ratio ” as of any date of determination means, the ratio of (1) Consolidated Total Indebtedness of the Issuer and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur minus Cash Equivalents included on the consolidated balance sheet of the Issuer as of the end of such most recent fiscal quarter to (2) EBITDA of the Issuer for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio.
“ Consolidated Total Indebtedness ” means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations and debt obligations evidenced by promissory notes and similar instruments, as determined in accordance with GAAP (excluding for the avoidance of doubt all undrawn amounts under revolving credit facilities and letters of credit, and all obligations relating to Qualified Securitization Facilities) and (2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the
 
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greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of repurchase or purchase accounting in connection with the Transactions or any acquisition); provided , that Consolidated Total Indebtedness shall not include Indebtedness in respect of (A) any letter of credit, except to the extent of unreimbursed amounts under standby letters of credit and (B) Hedging Obligations existing on the Issue Date or otherwise permitted by clause (10) of the second paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”. For purposes hereof, the “ maximum fixed repurchase price ” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to the Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Issuer. The U.S. dollar-equivalent principal amount of any Indebtedness denominated in a foreign currency will reflect the currency translation effects, determined in accordance with GAAP, of Hedging Obligations for currency exchange risks with respect to the applicable currency in effect on the date of determination of the U.S. dollar-equivalent principal amount of such Indebtedness.
“ Contingent Obligations ” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“ primary obligations ”) of any other Person (the “ primary obligor ”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent,
(1) to purchase any such primary obligation or any property constituting direct or indirect security therefor;
(2) to advance or supply funds,
(a) for the purchase or payment of any such primary obligation; or
(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; or
(3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.
“ Controlled Investment Affiliate ” means, as to any Person, any other Person, other than any Investor, which directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Issuer and/or other companies.
“ Corporate Realignment ” means a corporate realignment of the non-U.S. assets and operations of the Issuer and its subsidiaries, substantially on the terms described in the Offering Memorandum under “Summary—Corporate Realignment,” including but not limited to transfers of certain assets and liabilities to non-U.S. subsidiaries of the Issuer.
“ Credit Agreement ” means that certain Credit Agreement, dated as of the Completion Date, by and among the Issuer, Holdings, Deutsche Bank AG, New York Branch, as administrative agent, and the lenders and other parties party thereto.
“ Credit Facilities ” means, with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior Secured Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees, collateral documents,
 
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instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof ( provided that such increase in borrowings or issuances is permitted under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or other holders.
“ Default ” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.
“ Designated Non-cash Consideration ” means the fair market value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the Issuer, less the amount of Cash Equivalents received in connection with a subsequent sale, redemption or repurchase of or collection or payment on such Designated Non-cash Consideration.
“ Designated Preferred Stock ” means Preferred Stock of the Issuer or any direct or indirect parent company thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the principal financial officer of the Issuer or the applicable parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (3) of the first paragraph of “—Certain Covenants—Limitation on Restricted Payments.”
“ Disqualified Stock ” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided , that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations; provided , further , that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of its Subsidiaries, any of its direct or indirect parent companies or any other entity in which the Issuer or a Restricted Subsidiary has an Investment and is designated in good faith as an “ affiliate ” by the board of directors of the Issuer (or the compensation committee thereof), in each case pursuant to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries or in order to satisfy applicable statutory or regulatory obligations.
“ EBITDA ” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period
(1) increased (without duplication) by the following, in each case (other than with respect to clauses (h) and (k)) to the extent deducted (and not added back) in determining Consolidated Net Income for such period:
(a) (x) provision for taxes based on income or profits or capital, including, without limitation, federal, state, franchise and similar taxes (such as the Delaware franchise tax, the Pennsylvania capital
 
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tax, Texas margin tax and provincial capital taxes paid in Canada) and foreign withholding taxes (including any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or arising from tax examinations), (y) if such Person is treated as a disregarded entity or partnership for U.S. federal, state and/or local income tax purposes for such period or any portion thereof, the amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance with clause 15(b) under “—Certain Covenants—Limitation on Restricted Payments” and (z) the net tax expense associated with any adjustments made pursuant to clauses (1) through (17) of the definition of “Consolidated Net Income”; plus
(b) Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, (y) bank fees and other financing fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (1)(q) through (z) in the definition thereof); plus
(c) Consolidated Depreciation and Amortization Expense of such Person for such period; plus
(d) the amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention charges (including charges or expenses in respect of incentive plans), start-up or initial costs for any project or new production line, division or new line of business or other business optimization expenses or reserves including, without limitation, costs or reserves associated with improvements to IT and accounting functions, integration and facilities opening costs or any one-time costs incurred in connection with acquisitions and Investments and costs related to the closure and/or consolidation of facilities; plus
(e) any other non-cash charges, including any write-offs or write-downs reducing Consolidated Net Income for such period ( provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the Issuer may elect not to add back such non-cash charge in the current period and (B) to the extent the Issuer elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus
(f) the amount of any non-controlling interest or minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary; plus
(g) the amount of management, monitoring, consulting, advisory fees and other fees (including termination fees) and indemnities and expenses paid or accrued in such period under the Support and Services Agreement (and related agreements or arrangements) or otherwise to the Investors to the extent otherwise permitted under “—Certain Covenants—Transactions with Affiliates”; plus
(h) the amount of “run-rate” cost savings, operating expense reductions and synergies projected by the Issuer in good faith to result from actions taken, committed to be taken or expected in good faith to be taken no later than twenty four (24) months after the end of such period (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of such period for which EBITDA is being determined and as if such cost savings, operating expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided , that such cost savings and synergies are reasonably identifiable and factually supportable (it is understood and agreed that “ run-rate ” means the full recurring benefit for a period that is associated with any action taken, committed to be taken or expected to be taken, net of the amount of actual benefits realized during such period from such actions); plus
(i) the amount of loss or discount on sale of receivables, Securitization Assets and related assets to any Securitization Subsidiary in connection with a Qualified Securitization Facility; plus
 
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(j) any costs or expense incurred by the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interest of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth in clause (3) of the first paragraph under “—Certain Covenants—Limitation on Restricted Payments”; plus
(k) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (2) below for any previous period and not added back; plus
(l) any net loss from disposed, abandoned or discontinued operations;
(2) decreased (without duplication) by the following, in each case to the extent included in determining Consolidated Net Income for such period:
(a) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in such prior period; plus
(b) any net income from disposed, abandoned or discontinued operations.
“ EMU ” means economic and monetary union as contemplated in the Treaty on European Union.
“ Equity Interests ” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.
“ Equity Offering ” means any public or private sale or issuance of common stock or Preferred Stock (excluding Disqualified Stock), of the Issuer or any of its direct or indirect parent companies other than:
(1) public offerings with respect to the Issuer’s or any direct or indirect parent company’s common stock registered on Form S-4 or Form S-8;
(2) issuances to any Subsidiary of the Issuer; and
(3) any such public or private sale or issuance that constitutes an Excluded Contribution.
“ euro ” means the single currency of participating member states of the EMU.
“ Exchange Act ” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.
“ Excluded Contribution ” means net cash proceeds, marketable securities or Qualified Proceeds received by the Issuer from
(1) contributions to its common equity capital;
(2) dividends, distributions, fees and other payments from (A) any PropCo entity and its Subsidiaries and (B) any joint ventures that are not Restricted Subsidiaries; and
(3) the sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer,
in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal financial officer of the Issuer within 180 days of the date such capital contributions are made, such dividends,
 
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distributions, fees or other payments are paid, or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in clause (3) of the first paragraph under “—Certain Covenants—Limitation on Restricted Payments.”
“ fair market value ” means, with respect to any asset or liability, the fair market value of such asset or liability as determined by the Issuer in good faith.
“ Fixed Charge Coverage Ratio ” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “ Fixed Charge Coverage Ratio Calculation Date ”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided , however , that the pro forma calculation of Fixed Charges for purposes of the first paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” (and for the purposes of other provisions of the Indenture that refer to such first paragraph) shall not give effect to any Indebtedness being incurred on such date (or expected to be incurred thereafter) pursuant to the second paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and issuance of Disqualified Stock and Preferred Stock.”
For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP) that have been made by the Issuer or any of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation had occurred at the beginning of the applicable four-quarter period.
For purposes of this definition, whenever pro forma effect is to be given to an Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation (including the Transactions), the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer (and may include, for the avoidance of doubt, cost savings, synergies and operating expense reductions resulting from such Investment, acquisition, merger, amalgamation or consolidation (including the Transactions) which is being given pro forma effect that have been or are expected to be realized based on actions taken, committed to be taken or expected in good faith to be taken within 18 months). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with
 
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GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.
“ Fixed Charges ” means, with respect to any Person for any period, the sum of, without duplication:
(1) Consolidated Interest Expense of such Person for such period;
(2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during such period; and
(3) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during such period.
“ Foreign Subsidiary ” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia, and any Restricted Subsidiary of such Foreign Subsidiary.
“ GAAP ” means (1) generally accepted accounting principles in the United States of America which are in effect on the Issue Date or (2) if elected by the Issuer by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards and interpretations (“ IFRS ”) adopted by the International Accounting Standard Board, as in effect on the first date of the period for which the Issuer is making such election; provided , that (a) any such election once made shall be irrevocable, (b) all financial statements and reports required to be provided after such election pursuant to the Indenture shall be prepared on the basis of IFRS, (c) from and after such election, all ratios, computations and other determinations based on GAAP contained in the Indenture shall be computed in conformity with IFRS, (d) in connection with the delivery of financial statements (x) for any of its first three financial quarters of any financial year, it shall restate its consolidated interim financial statements for such interim financial period and the comparable period in the prior year to the extent previously prepared in accordance with GAAP as in effect on the Issue Date and (y) for delivery of audited annual financial information, it shall provide consolidated historical financial statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent previously prepared in accordance with GAAP as in effect on the Issue Date.
“ guarantee ” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations.
“ Guarantee ” means the guarantee by any Guarantor of the Issuers’ Obligations under the Indenture and the Notes.
“ Guarantor ” means (i) Holdings and (ii) each Subsidiary of the Issuer, if any, that Guarantees the Notes in accordance with the terms of the Indenture. On the Issue Date, Holdings and each Restricted Subsidiary that guarantees any Indebtedness of the Issuer under the Senior Secured Credit Facilities will be a Guarantor.
“ Hedging Obligations ” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest rate, currency or commodity risks either generally or under specific contingencies.
“ Holder ” means the Person in whose name a Note is registered on the registrar’s books.
 
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“ Immediate Family Members ” means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother- in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.
“ Indebtedness ” means, with respect to any Person, without duplication:
(1) any indebtedness (including principal and premium) of such Person, whether or not contingent:
(a) in respect of borrowed money;
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof);
(c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except (i) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due and payable; or
(d) representing the net obligations under any Hedging Obligations,
if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided , that Indebtedness of any direct or indirect parent of the Issuer appearing upon the balance sheet of the Issuer solely by reason of push-down accounting under GAAP shall be excluded;
(2) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations of the type referred to in clause (1) of a third Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; and
(3) to the extent not otherwise included, the obligations of the type referred to in clause (1) of a third Person secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person;
provided , that notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred in the ordinary course of business, or (b) obligations under or in respect of Qualified Securitization Facilities, operating leases or Sale and Lease-Back Transactions (except any resulting Capitalized Lease Obligations); provided , further , that Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting Standards Codification Topic No. 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under the Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.
“ Independent Financial Advisor ” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized standing that is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged.
“ Initial Purchasers ” means the initial purchasers of the Notes on the Issue Date.
“ Investment Grade Rating ” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or if the applicable securities are not then rated by Moody’s or S&P an equivalent rating by any other Rating Agency.
 
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“ Investment Grade Securities ” means:
(1) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than Cash Equivalents);
(2) debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries;
(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment or distribution; and
(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments.
“ Investments ” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances to employees, directors, officers, managers and consultants, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “ Unrestricted Subsidiary ” and the covenant described under “—Certain Covenants—Limitation on Restricted Payments”:
(1) “ Investments ” shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; and
(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer.
The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in Cash Equivalents by the Issuer or a Restricted Subsidiary in respect of such Investment.
“ Investors ” means any of the Blackstone Funds and any of their Affiliates but not including, however, any of its or such Affiliates’ portfolio companies.
“ Issue Date ” means October 4, 2013.
“ Issuer ” means Hilton Worldwide Finance LLC, a Delaware limited liability company (and not any of its Subsidiaries), and its successors, and “ Issuers ” means, collectively, such entity and the Co-Issuer.
“ Legal Holiday ” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or at the place of payment. If a payment date is on a Legal Holiday, payment will be made on the next succeeding day that is not a Legal Holiday and no interest shall accrue for the intervening period.
“ Lien ” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided , that in no event shall an operating lease be deemed to constitute a Lien.
 
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“ Management Stockholders ” means the employees and members of management (and their Controlled Investment Affiliates and Immediate Family Members) of the Issuer (or its parent entities) who are holders of Equity Interests of any direct or indirect parent companies of the Issuer on the Issue Date.
“ Market Capitalization ” means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of Holdings on the date of the declaration of a Restricted Payment permitted pursuant to clause (9) of the second paragraph under “—Certain Covenants—Limitation on Restricted Payments” multiplied by (ii) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.
“ Moody’s ” means Moody’s Investors Service, Inc. and any successor to its rating agency business.
“ Net Income ” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.
“ Net Proceeds ” means the aggregate Cash Equivalents proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale, including any Cash Equivalents received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable law, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, other fees and expenses, including title and recordation expenses, taxes paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate a payment under the Indenture (after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness or amounts required to be applied to the repayment of Indebtedness secured by a Lien on such assets and required (other than required by clause (1) of the second paragraph of “—Repurchase at the Option of Holders—Asset Sales”) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.
“ Obligations ” means any principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness; provided , that any of the foregoing (other than principal and interest) shall no longer constitute “Obligations” after payment in full of such principal and interest except to the extent such obligations are fully liquidated and non-contingent on or prior to such payment in full.
“ Offering Memorandum ” means the confidential offering memorandum, dated September 20, 2013, relating to the initial sale of the Notes.
“ Officer ” means the Chairman of the board of directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer or any other officer of the Issuer designated by any such individuals.
“ Officer’s Certificate ” means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements set forth in the Indenture.
 
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“ Opinion of Counsel ” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee.
“ Parent Company ” means any Person so long as such Person directly or indirectly holds 100.0% of the total voting power of the Capital Stock of the Issuer, and at the time such Person acquired such voting power, no Person and no group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) (other than any Permitted Holder), shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of 50.0% or more of the total voting power of the Voting Stock of such Person.
“ Permitted Asset Swap ” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided , that any Cash Equivalents received must be applied in accordance with the covenant described under “—Repurchase at the Option of Holders—Asset Sales.”
“ Permitted Holders ” means any of the Investors and Management Stockholders and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided , that in the case of such group and without giving effect to the existence of such group or any other group, such Investors and Management Stockholders, collectively, have beneficial ownership of more than 50.0% of the total voting power of the Voting Stock of the Issuer or any of its direct or indirect parent companies. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of the Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.
“ Permitted Intercompany Activities ” means any transactions between or among the Issuer and its Subsidiaries (for the avoidance of doubt, including Unrestricted Subsidiaries) that are entered into in the ordinary course of business of the Issuer and its Subsidiaries and, in the good faith judgment of the Issuer are necessary or advisable in connection with the ownership or operation of the business of the Issuer and its Subsidiaries, including, but not limited to, (i) payroll, cash management, purchasing, insurance and hedging arrangements; (ii) management, technology and licensing arrangements; and (iii) HHonors and similar customer loyalty and rewards programs.
“ Permitted Investments ” means:
(1) any Investment in the Issuer or any of its Restricted Subsidiaries;
(2) any Investment in Cash Equivalents or Investment Grade Securities;
(3) any Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent constituting an Investment, in assets of a Person that represent substantially all of its assets or a division, business unit or product line, including research and development and related assets in respect of any product) that is engaged directly or through entities that will be Restricted Subsidiaries in a Similar Business if as a result of such Investment:
(a) such Person becomes a Restricted Subsidiary; or
(b) such Person, in one transaction or a series of related transactions, is amalgamated, merged or consolidated with or into, or transfers or conveys substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, the Issuer or a Restricted Subsidiary,
and, in each case, any Investment held by such Person; provided , that such Investment was not acquired by such Person in contemplation of such acquisition, merger, amalgamation, consolidation or transfer;
 
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(4) any Investment in securities or other assets, including earn-outs, not constituting Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to the first paragraph under “—Repurchase at the Option of Holders—Asset Sales” or any other disposition of assets not constituting an Asset Sale;
(5) any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting of any extension, modification or renewal of any such Investment or binding commitment existing on the Issue Date; provided , that the amount of any such Investment may be increased in such extension, modification or renewal only (a) as required by the terms of such Investment or binding commitment as in existence on the Issue Date (including as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities) or (b) as otherwise permitted under the Indenture;
(6) any Investment acquired by the Issuer or any of its Restricted Subsidiaries:
(a) consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;
(b) in exchange for any other Investment or accounts receivable, endorsements for collection or deposit held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable (including any trade creditor or customer); or
(c) in satisfaction of judgments against other Persons; or
(d) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;
(7) Hedging Obligations permitted under clause (10) of the covenant described in “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
(8) any Investment in a Similar Business taken together with all other Investments made pursuant to this clause (8) that are at that time outstanding not to exceed 4.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however , that if any Investment pursuant to this clause (8) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (8);
(9) Investments the payment for which consists of Equity Interests (other than Disqualified Stock) of the Issuer, or any of its direct or indirect parent companies; provided , that such Equity Interests will not increase the amount available for Restricted Payments under clause (3) of the first paragraph under the covenant described in “—Certain Covenants—Limitations on Restricted Payments”;
(10) guarantees of Indebtedness permitted under the covenant described in “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” performance guarantees and Contingent Obligations incurred in the ordinary course of business or consistent with past practice and the creation of Liens on the assets of the Issuer or any Restricted Subsidiary in compliance with the covenant described under “—Certain Covenants—Liens”;
(11) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of the second paragraph of the covenant described under “—Certain Covenants—Transactions with Affiliates” (except transactions described in clauses (2), (5), (9) and (23) of such paragraph);
(12) Investments consisting of purchases or other acquisitions of inventory, supplies, material or equipment or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;
 
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(13) Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (13) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed 4.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however , that if any Investment pursuant to this clause (13) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (13);
(14) Investments in or relating to a Securitization Subsidiary that, in the good faith determination of the Issuer are necessary or advisable to effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith;
(15) advances to, or guarantees of Indebtedness of, employees not in excess of $25.0 million outstanding in the aggregate;
(16) loans and advances to employees, directors, officers, managers and consultants (a) for business-related travel expenses, moving expenses and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent with past practices or (b) to fund such Person’s purchase of Equity Interests of the Issuer or any direct or indirect parent company thereof;
(17) advances, loans or extensions of trade credit in the ordinary course of business or consistent with past practice by the Issuer or any of its Restricted Subsidiaries;
(18) any Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with past practice;
(19) Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with past practice;
(20) Investments made in the ordinary course of business or consistent with past practice in connection with obtaining, maintaining or renewing client contacts;
(21) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with past practice;
(22) repurchases of Notes;
(23) Investments in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code Article 3 endorsements for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices;
(24) Investments consisting of promissory notes issued by the Issuer or any Guarantor to future, present or former officers, directors and employees, members of management, or consultants of the Issuer or any of its Subsidiaries or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent thereof, to the extent the applicable Restricted Payment is a permitted by the covenant described under “—Certain Covenants—Limitation on Restricted Payments”;
(25) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or consistent with past practice or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;
 
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(26) Investments (i) by the Captive Insurance Subsidiary made in the ordinary course of its business or consistent with past practice, and (ii) in the Captive Insurance Subsidiary in the ordinary course of business or required under statutory or regulatory authority applicable to such Captive Insurance Subsidiary;
(27) Investments made in connection with Permitted Intercompany Activities and the Corporate Realignment and related transactions;
(28) Investments in joint ventures of the Issuer or any of its Restricted Subsidiaries existing on the Issue Date; and
(29) Investments in joint ventures of the Issuer or any of its Restricted Subsidiaries, taken together with all other Investments made pursuant to this clause (29) that are at that time outstanding, not to exceed 2.0% of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value).
“ Permitted Liens ” means, with respect to any Person:
(1) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance, employers’ health tax, and other social security laws or similar legislation or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto) or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;
(2) Liens imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s and mechanics’ Liens, in each case for sums not yet overdue for a period of more than 45 days or, if more than 45 days overdue, that are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith by appropriate actions or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;
(3) Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or not yet payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;
(4) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or bankers acceptances issued, and completion guarantees provided for, in each case, issued pursuant to the request of and for the account of such Person in the ordinary course of its business or consistent with past practice prior to the Issue Date;
(5) minor survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries, taken as a whole, and exceptions on title policies insuring liens granted on Mortgaged Properties (as defined in the Senior Secured Credit Facilities);
(6) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (4), (12), (13), (14), (23) or (25) of the second paragraph under “—Certain Covenants—Limitation on
 
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Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”; provided , that (a) Liens securing Obligations relating to any Indebtedness, Disqualified Stock or Preferred Stock to be incurred pursuant to clause (4) of the second paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” extend only to the assets so purchased, leased or improved; (b) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (13) relate only to Obligations relating to Refinancing Indebtedness that (x) is secured by Liens on the same assets as the assets securing the Refinancing Indebtedness or (y) extends, replaces, refunds, refinances, renews or defeases Indebtedness incurred or Disqualified Stock or Preferred Stock issued under clauses (3), (4) or (12) of the second paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” (c) Liens securing Indebtedness permitted to be incurred pursuant to clause (14) shall only be permitted if such Liens are limited to all or part of the same property or assets, including Capital Stock (plus improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof) acquired, or of any Person acquired or merged or consolidated with or into the Issuer or any Restricted Subsidiary, in any transaction to which such Indebtedness relates and (d) Liens securing Indebtedness permitted to be incurred pursuant to clauses (23) and (25) shall only be permitted if such Liens extend only to the assets of Restricted Subsidiaries of the Issuer that are not Guarantors;
(7) Liens existing on the Issue Date (excluding Liens securing the Credit Agreement), including Liens securing any Refinancing Indebtedness of any Indebtedness secured by such Liens;
(8) Liens on property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary; provided , that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided , further , that such Liens may not extend to any other property or other assets owned by the Issuer or any of its Restricted Subsidiaries;
(9) Liens on property or other assets at the time the Issuer or a Restricted Subsidiary acquired the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided , that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, amalgamation, merger or consolidation; provided , further , that the Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries;
(10) Liens securing Obligations relating to any Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary permitted to be incurred in accordance with the covenant described under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
(11) Liens securing (x) Hedging Obligations and (y) obligations in respect of Bank Products;
(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s accounts payable or similar trade obligations in respect of bankers’ acceptances or documentary letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;
(13) leases, sub-leases, licenses or sub-licenses granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries, taken as a whole, and do not secure any Indebtedness;
(14) Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements or similar public filings;
(15) Liens in favor of the Issuer, the Co-Issuer or any Subsidiary Guarantor;
(16) Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business to the Issuer’s clients;
 
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(17) Liens on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization Facility;
(18) Liens to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), this clause (18) and clause (40) hereof; provided , that (a) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and proceeds and products thereof, and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), this clause (18) and clause (40) hereof at the time the original Lien became a Permitted Lien under the Indenture, and (ii) an amount necessary to pay any fees and expenses (including original issue discount, upfront fees or similar fees) and premiums (including tender premiums and accrued and unpaid interest), related to such modification, refinancing, refunding, extension, renewal or replacement;
(19) deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers;
(20) Liens securing obligations in an aggregate principal amount outstanding which does not exceed 2.0% of Total Assets (in each case, determined as of the date of such incurrence);
(21) security given to a public utility or any municipality or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business;
(22) Liens securing judgments for the payment of money not constituting an Event of Default under clause (5) under the caption “—Events of Default and Remedies”;
(23) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;
(24) Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (b) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking institutions arising as a matter of law or under general terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry;
(25) Liens deemed to exist in connection with Investments in repurchase agreements permitted under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock”;
(26) Liens encumbering reasonable customary deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
(27) Liens that are contractual rights of set-off or rights of pledge (a) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (c) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;
(28) Liens securing obligations owed by the Issuer or any Restricted Subsidiary to any lender under the Senior Secured Credit Facilities or any Affiliate of such a lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds;
(29) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;
 
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(30) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business;
(31) Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted by the Indenture;
(32) ground leases in respect of real property on which facilities owned or leased by the Issuer or any of its Subsidiaries are located;
(33) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;
(34) Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;
(35) Liens on the assets of non-guarantor Restricted Subsidiaries securing Indebtedness of such Subsidiaries that were permitted by the terms of the Indenture to be incurred;
(36) Liens on cash advances in favor of the seller of any property to be acquired in an Investment permitted under the Indenture to be applied against the purchase price for such Investment;
(37) any interest or title of a lessor, sub-lessor, licensor or sub-licensor or secured by a lessor’s, sub-lessor’s, licensor’s or sub-licensor’s interest under leases or licenses entered into by the Issuer or any of the Restricted Subsidiaries in the ordinary course of business;
(38) (A) deposits of cash with the owner or lessor of premises leased and operated by the Issuer or any of its Subsidiaries in the ordinary course of business of the Issuer and such Subsidiary to secure the performance of the Issuer’s or such Subsidiary’s obligations under the terms of the lease for such premises and (B) Liens with respect to property or assets of the Issuer and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of hotel collection accounts, operating accounts and reserve accounts;
(39) prior to the Escrow Redemption Date (as defined in the Indenture), Liens on escrow property securing the Notes (and the guarantees thereof);
(40) Liens securing Indebtedness (including Liens securing any Obligations in respect thereof) permitted to be incurred pursuant to the covenant under the caption “—Certain Covenants—Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” (including, without limitation, Indebtedness incurred under one or more Credit Facilities) so long as after giving effect to such incurrence and such Liens the Consolidated Secured Debt Ratio of the Issuer and its Restricted Subsidiaries shall be equal to or less than 5.20 to 1.00 for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such Lien is incurred; and
(41) Liens securing obligations in respect of (x) Indebtedness and other Obligations permitted to be incurred under Credit Facilities, including any letter of credit facility relating thereto, that was permitted by the terms of the Indenture to be incurred pursuant to clause (1) of the second paragraph under “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” and (y) obligations of the Issuer or any Subsidiary in respect of any Bank Products or Hedging Obligation provided by any lender party to any Credit Facility or any Affiliate of such lender (or any Person that was a lender or an Affiliate of a lender at the time the applicable agreements pursuant to which such Bank Products are provided were entered into).
For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness.
 
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“ Person ” means any individual, corporation, limited liability company, partnership (including a limited partnership), joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.
“ Preferred Stock ” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.
“ PropCo ” means the entities which, as of October 25, 2013, own the following hotels located in the U.S. (or Capital Stock of entities that own such hotels): (i) Pointe Hilton Squaw Peak Resort (Phoenix, AZ); (ii) DoubleTree Hotel San Jose (San Jose, CA); (iii) Hilton Garden Inn LAX/El Segundo (El Segundo, CA); (iv) Hilton San Francisco Union Square (San Francisco, CA); (v) Embassy Suites Washington D.C. (Washington, D.C.); (vi) Hilton Miami Airport (Miami, FL); (vii) Hilton Orlando Lake Buena Vista (Orlando, FL); (viii) Hilton Atlanta Airport (Atlanta, GA); (ix) Hilton Hawaiian Village Beach Resort & Spa (Honolulu, HI); (x) Hilton Waikoloa Village (Waikoloa, HI); (xi) Hilton Chicago (Chicago, IL); (xii) Hilton Garden Inn Chicago/Oak Brook (Oakbrook Terrace, IL); (xiii) Hilton Suites Chicago/Oak Brook (Oakbrook Terrace, IL); (xiv) Hilton New Orleans Airport (Kenner, LA); (xv) Hilton New Orleans Riverside (New Orleans, LA); (xvi) Hilton Boston Logan Airport (Boston, MA); (xvii) Hilton Short Hills (Short Hills, NJ); (xviii) Hilton New York (New York, NY); (xix) The Waldorf Astoria New York (New York, NY); (xx) Caribe Hilton (San Juan, PR); (xxi) Hampton Inn & Suites Memphis—Shady Grove (Memphis, TN); (xxii) DoubleTree Hotel Crystal City—National Airport (Arlington, VA); (xxiii) Hilton McLean Tysons Corner (McLean, VA); and (xxiv) Hilton Seattle Airport & Conference Center (Seattle, WA).
“ Purchase Money Obligations ” means any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets, and whether acquired through the direct acquisition of such property or assets, or otherwise (including through the purchase of Capital Stock of any Person owning such property or assets).
“ Qualified Proceeds ” means the fair market value of assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.
“ Qualified Securitization Facility ” means (A) any timeshare loan backed notes (such as notes issued by Hilton Grand Vacations Trust 2013-A pursuant to the indenture, dated as of August 8, 2013, between Hilton Grand Vacations Trust 2013-A, as issuer, and Wells Fargo Bank, National Association, as indenture trustee) and similar facilities; (B) any revolving non-recourse timeshare notes credit facility (such as the receivables loan agreement, dated May 9, 2013, among Hilton Grand Vacations Trust I LLC, Wells Fargo Bank, National Association, as paying agent, a commercial paper conduit lender, Deutsche Bank AG, New York Branch and Bank of America, N.A., as committed lenders and Deutsche Bank Securities Inc., as administrative agent) and similar facilities; and (C) any other Securitization Facility (a) constituting a securitization financing facility that meets the following conditions: (i) the board of directors or management of the Issuer shall have determined in good faith that such Securitization Facility is in the aggregate economically fair and reasonable to the Issuer and (ii) all sales and/or contributions of Securitization Assets and related assets to the applicable Securitization Subsidiary are made at fair market value (as determined in good faith by the Issuer) or (b) constituting a receivables or payables financing or factoring facility.
“ Rating Agencies ” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuers which shall be substituted for Moody’s or S&P or both, as the case may be.
“ Rating Categories ” means:
 
 	(1)	with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); and	
 
 	(2)	with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories).	
 
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“ Ratings Improvement ” means, with respect to a Change of Control, the obtaining of a rating of the Notes, taking into account the applicable transaction, representing an increase in the rating of the Notes by either Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories, but not including ratings outlook changes) over such rating as of the Issue Date. In determining whether the rating of the Notes has increased by one or more gradations, gradations within Ratings Categories, namely + or - for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating change either from BB to BB+ or from B+ to BB- will constitute an increase of one gradation.
“ Registration Rights Agreement ” means a registration rights agreement with respect to the Notes dated as of the Issue Date, among the Issuers and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements among the Issuers and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Issuer to the purchasers of Additional Notes to register such Additional Notes under the Securities Act.
“ Related Business Assets ” means assets (other than Cash Equivalents) used or useful in a Similar Business or any securities of a Person received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary; provided that any such securities shall not be deemed to be Related Business Assets, unless (i) upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary or (ii) such securities are received in respect of a transfer of the Specified Real Property Assets.
“ Restricted Investment ” means an Investment other than a Permitted Investment.
“ Restricted Subsidiary ” means, at any time, any direct or indirect Subsidiary of the Issuer (including the Co-Issuer and any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided , that upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”
“ S&P ” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.
“ Sale and Lease-Back Transaction ” means any arrangement providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in contemplation of such leasing.
“ SEC ” means the U.S. Securities and Exchange Commission.
“ Secured Indebtedness ” means any Indebtedness of the Issuers or any of its Restricted Subsidiaries secured by a Lien.
“ Securities Act ” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.
“ Securitization Assets ” means the accounts receivable, royalty or other revenue streams and other rights to payment and any other assets related thereto subject to a Qualified Securitization Facility and the proceeds thereof.
“ Securitization Facility ” means any of one or more receivables or securitization financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Securitization
 
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Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells or grants a security interest in its accounts receivable or Securitization Assets or assets related thereto to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary.
“ Securitization Fees ” means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization Facility.
“ Securitization Subsidiary ” means any Subsidiary formed for the purpose of, and that solely engages only in one or more Qualified Securitization Facilities and other activities reasonably related thereto.
“ Senior Indebtedness ” means:
(1) all Indebtedness of the Issuers or any Guarantor outstanding under the Senior Secured Credit Facilities and the Notes and related Guarantees (including interest accruing on or after the filing of any petition in bankruptcy or similar proceeding or for reorganization of the Issuers or any Guarantor (at the rate provided for in the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such proceedings)), and any and all other fees, expense reimbursement obligations, indemnification amounts, penalties, and other amounts (whether existing on the Issue Date or thereafter created or incurred) and all obligations of the Issuers or any Guarantor to reimburse any bank or other Person in respect of amounts paid under letters of credit, acceptances or other similar instruments;
(2) all (x) Hedging Obligations (and guarantees thereof) and (y) obligations in respect of Bank Products (and guarantees thereof) owing to a lender under the Senior Secured Credit Facilities or any Affiliate of such lender (or any Person that was a lender or an Affiliate of such lender at the time the applicable agreement giving rise to such Hedging Obligation was entered into); provided , that such Hedging Obligations and obligations in respect of Bank Products, as the case may be, are permitted to be incurred under the terms of the Indenture;
(3) any other Indebtedness of the Issuers or any Guarantor permitted to be incurred under the terms of the Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related Guarantee; and
(4) all Obligations with respect to the items listed in the preceding clauses (1), (2) and (3); provided that Senior Indebtedness shall not include:
(a) any obligation of such Person to the Issuers or any of the Issuers’ Subsidiaries;
(b) any liability for federal, state, local or other taxes owed or owing by such Person;
(c) any accounts payable or other liability to trade creditors arising in the ordinary course of business;
(d) any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; or
(e) that portion of any Indebtedness which at the time of incurrence is incurred in violation of the Indenture.
“ Senior Secured Credit Facilities ” means the revolving credit facility and other credit facilities under the Credit Agreement, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, refinancings or replacements thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or
 
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alters the maturity thereof ( provided that such increase in borrowings is permitted under the caption “—Certain Covenants—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock” above) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.
“ Significant Subsidiary ” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.
“ Similar Business ” means (1) any business conducted or proposed to be conducted by the Issuer or any of its Restricted Subsidiaries on the Issue Date, and any reasonable extension thereof, or (2) any business or other activities that are reasonably similar, ancillary, incidental, complementary or related to, or a reasonable extension, development or expansion of, the businesses in which the Issuer and its Restricted Subsidiaries are engaged or propose to be engaged on the Issue Date.
“ Specified Real Property Assets ” means any real property or assets of the Issuer or its Restricted Subsidiaries with an aggregate book value not to exceed 7.5% of Total Assets of the Issuer and its Restricted Subsidiaries.
“ Subordinated Indebtedness ” means, with respect to the Notes,
(1) any Indebtedness of the Issuers which is by its terms subordinated in right of payment to the Notes, and
(2) any Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity of the Notes.
“ Subsidiary ” means, with respect to any Person:
(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and
(2) any partnership, joint venture, limited liability company or similar entity of which:
(a) more than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise; and
(b) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.
For the avoidance of doubt, any entity that is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under the Indenture, regardless of whether such entity is consolidated on the Issuer’s or any Restricted Subsidiary’s financial statements.
“ Subsidiary Guarantor ” means each Guarantor other than Holdings.
“ Support and Services Agreement ” means the management services or similar agreements between certain of the management companies associated with one or more of the Investors or their advisors, if applicable, and the Issuer (and/or its direct or indirect parent companies), as in effect from time to time; provided that any management, monitoring, consulting and advisory fees payable in advance by the Issuer (and/or its direct or indirect parent companies) and its Restricted Subsidiaries shall not exceed an amount equal to (x) with respect to the period from the Closing Date to December 31, 2013, 2.0% of EBITDA for such period and (y) with respect to any fiscal year thereafter, 2.0% of EBITDA for such fiscal year.
 
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“ Timeshare Disposition ” means any future direct or indirect sale, transfer or other disposition of all or a portion of the timeshare business of the Issuer and its Restricted Subsidiaries, or all or substantially all of the assets thereof (for the avoidance of doubt, including a sale, transfer or other disposition of Capital Stock of any Person owning such assets, so long as substantially all of the assets of such Person consists of such assets).
“ Total Assets ” means the total assets of the Issuer and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Issuer or such other Person.
“ Transaction Expenses ” means any fees or expenses incurred or paid by the Blackstone Funds, Holdings, the Issuer or any of its (or their) Subsidiaries in connection with the Transactions (including expenses in connection with hedging transactions related to the Senior Secured Credit Facilities and any original issue discount or upfront fees), the Support and Services Agreement (to the extent accrued on or prior to the closing of the Senior Secured Credit Facilities), the Indenture, the Loan Documents (as defined in the Senior Secured Credit Facilities) and the transactions contemplated hereby and thereby.
“ Transactions ” means the issuance of the Notes and the guarantees thereof on the Issue Date, the borrowings under the Senior Secured Credit Facilities on or prior to the Completion Date, the repayment and refinancing of certain Indebtedness on the Completion Date as described in the Offering Memorandum, and the payment of Transaction Expenses.
“ Treasury Rate ” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to October 15, 2016; provided , that if the period from the Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.
“ Trust Indenture Act ” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).
“ Uniform Commercial Code ” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York.
“ Unrestricted Subsidiary ” means:
(1) any PropCo entity or any Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided below); and
(2) any Subsidiary of a PropCo entity or any other Unrestricted Subsidiary.
The Issuer may designate any Subsidiary of the Issuer other than the Co-Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any Subsidiary of the Issuer (other than solely any Subsidiary of the Subsidiary to be so designated); provided , that:
(1) any Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned, directly or indirectly, by the Issuer;
(2) such designation complies with the covenants described under “—Certain Covenants—Limitation on Restricted Payments”; and
 
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(3) each of (a) the Subsidiary to be so designated and (b) its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary, in each case, except any Permitted Intercompany Activities.
The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided , that, immediately after giving effect to such designation, no Default shall have occurred and be continuing and either:
(1) the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; or
(2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be equal to or greater than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation.
Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution of the board of directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions.
“ U.S. Dollar Equivalent ” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two business days prior to such determination.
“ U.S. Government Securities ” means securities that are:
(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged; or
(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,
which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such U.S. Government Securities or a specific payment of principal of or interest on any such U.S. Government Securities held by such custodian for the account of the holder of such depository receipt; provided , that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Securities or the specific payment of principal of or interest on the U.S. Government Securities evidenced by such depository receipt.
“ Voting Stock ” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.
“ Weighted Average Life to Maturity ” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing:
(1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by
(2) the sum of all such payments.
 
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provided , that for purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being extended, replaced, refunded, refinanced, renewed or defeased (the “ Applicable Indebtedness ”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date of the applicable extension, replacement, refunding, refinancing, renewal or defeasance shall be disregarded.
“ Wholly Owned Subsidiary ” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at the time be owned by such Person and/or by one or more Wholly Owned Subsidiaries of such Person.
 
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 THE EXCHANGE OFFER
Purpose and Effect of the Exchange Offer
The Issuers and the guarantors of the outstanding notes and the initial purchasers entered into a registration rights agreement pursuant to which each of the Issuers and the guarantors of the outstanding notes have agreed that it will, at its expense, for the benefit of the holders of outstanding notes, (i) file one or more registration statements on an appropriate registration form with respect to a registered offer to exchange the outstanding notes for new notes, guaranteed by the guarantors on a full and unconditional, joint and several senior unsecured basis, with terms substantially identical in all material respects to the outstanding notes and (ii) use its commercially reasonable efforts to cause the registration statement to be declared effective under the Securities Act. As of the date of this prospectus, $1,500,000,000 aggregate principal amount of the 5.625% Senior Notes due 2021 is outstanding, and the outstanding notes were issued on October 4, 2013.
Under the circumstances set forth below, the Issuers and the guarantors will use their commercially reasonable best efforts to cause the SEC to declare effective a shelf registration statement with respect to the resale of the outstanding notes within the time periods specified in the registration rights agreement and keep such registration statement effective for up to one year after the effective date of the shelf registration statement. These circumstances include:
 
 	•	 	if any change in law or in currently prevailing interpretations of the Staff of the SEC do not permit us to effect an exchange offer;	
 
 	•	 	if an exchange offer is not consummated within the registration period contemplated by the registration rights agreement;	
 
 	•	 	if, in certain circumstances, certain holders of unregistered exchange notes so request; or	
 
 	•	 	if in the case of any holder that participates in an exchange offer, such holder does not receive exchange notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an affiliate of ours within the meaning of the Securities Act).	
Under the registration rights agreement, if (A) we have neither (i) exchanged exchange notes for all notes validly tendered in accordance with the terms of an exchange offer nor (ii) had a shelf registration statement declared effective under the Securities Act, in either case on or prior to the 450th day after October 4, 2013, or (B) if applicable, a shelf registration statement has been declared effective and such shelf registration statement ceases to be effective at any time during the effectiveness period (subject to certain exceptions) (each such event referred to in clauses (A) and (B), a “Registration Default”), then additional interest (“Additional Interest”) shall accrue on the principal amount of the notes then outstanding at a rate of 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default (which rate will be increased by an additional 0.25% per annum for each subsequent 90-day period that such Additional Interest continues to accrue; provided that the rate at which such Additional Interest accrues may in no event exceed 1.00% per annum) (any such Additional Interest to be calculated by us) commencing on (x) the 451st day after October 4, 2013 (in the case of clause (A) above), or (y) the day such shelf registration statement ceases to be effective (in the case of clause (B) above); provided , however , that upon the exchange of exchange notes for all notes tendered (in the case of clause (A) above), or upon the effectiveness of a shelf registration statement that had ceased to remain effective (in the case of clause (B) above) or if the notes otherwise no longer constitute transfer restricted securities (as such term is defined in the registration rights agreement), Additional Interest on such notes as a result of such clause (or the relevant sub-clause thereof), as the case may be, shall cease to accrue.
If you wish to exchange your outstanding notes for exchange notes in the exchange offer, you will be required to make the following written representations:
 
 	•	 	you are not an affiliate of the Issuers or any guarantor within the meaning of Rule 405 of the Securities Act;	
 
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 	•	 	you have no arrangement or understanding with any person to participate in a distribution (within the meaning of the Securities Act) of the exchange notes in violation of the Securities Act;	
 
 	•	 	you are not engaged in, and do not intend to engage in, a distribution of the exchange notes; and	
 
 	•	 	you are acquiring the exchange notes in the ordinary course of your business.	
Each broker-dealer that receives exchange notes for its own account in exchange for outstanding notes, where the broker-dealer acquired the outstanding notes as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such exchange notes. Please see “Plan of Distribution.”
Resale of Exchange Notes
Based on interpretations by the SEC set forth in no-action letters issued to third parties, we believe that you may resell or otherwise transfer exchange notes issued in the exchange offer without complying with the registration and prospectus delivery provisions of the Securities Act, if:
 
 	•	 	you are not an affiliate of the Issuers or any guarantor within the meaning of Rule 405 under the Securities Act;	
 
 	•	 	you do not have an arrangement or understanding with any person to participate in a distribution of the exchange notes;	
 
 	•	 	you are not engaged in, and do not intend to engage in, a distribution of the exchange notes; and	
 
 	•	 	you are acquiring the exchange notes in the ordinary course of your business.	
If you are an affiliate of the Issuers or any guarantor, or are engaging in, or intend to engage in, or have any arrangement or understanding with any person to participate in, a distribution of the exchange notes, or are not acquiring the exchange notes in the ordinary course of your business:
 
 	•	 	you cannot rely on the position of the SEC set forth in Morgan Stanley & Co. Inc. (available June 5, 1991) and Exxon Capital Holdings Corp. (available May 13, 1988), as interpreted in the SEC’s letter to Shearman & Sterling (available July 2, 1993), or similar no-action letters; and	
 
 	•	 	in the absence of an exception from the position stated immediately above, you must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any resale of the exchange notes.	
This prospectus may be used for an offer to resell, resale or other transfer of exchange notes only as specifically set forth in this prospectus. With regard to broker-dealers, only broker-dealers that acquired the outstanding notes as a result of market-making activities or other trading activities may participate in the exchange offer. Each broker-dealer that receives exchange notes for its own account in exchange for outstanding notes, where such outstanding notes were acquired by such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of the exchange notes. Please read “Plan of Distribution” for more details regarding the transfer of exchange notes.
Terms of the Exchange Offer
On the terms and subject to the conditions set forth in this prospectus and in the accompanying letters of transmittal, the Issuers will accept for exchange in the exchange offer any outstanding notes that are validly tendered and not validly withdrawn prior to the expiration date. Outstanding notes may only be tendered in a principal amount of $2,000 and in integral multiples of $1,000 in excess thereof. The Issuers will issue $1,000 principal amount of exchange notes in exchange for each $1,000 principal amount of outstanding notes surrendered in the exchange offer.
 
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The form and terms of the exchange notes will be identical in all material respects to the form and terms of the outstanding notes except the exchange notes will be registered under the Securities Act, will not bear legends restricting their transfer and will not provide for any additional interest upon failure by the Issuers and the guarantors to fulfill their obligations under the registration rights agreement to complete the exchange offer, or file, and cause to be effective, a shelf registration statement, if required thereby, within the specified time period. The exchange notes will evidence the same debt as the outstanding notes. The exchange notes will be issued under and entitled to the benefits of the same indenture that governs the terms of the outstanding notes. For a description of the indenture, see “Description of the Notes.”
The exchange offer is not conditioned upon any minimum aggregate principal amount of outstanding notes being tendered for exchange.
This prospectus and the letter of transmittal are being sent to all registered holders of outstanding notes. There will be no fixed record date for determining registered holders of outstanding notes entitled to participate in the exchange offer. The Issuers and the guarantors intend to conduct the exchange offer in accordance with the provisions of the registration rights agreement, the applicable requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC. Outstanding notes that are not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest and will be entitled to the rights and benefits such holders have under the indenture and the registration rights agreement except the Issuers and the guarantors will not have any further obligation to you to provide for the registration of the outstanding notes under the registration rights agreement.
The Issuers will be deemed to have accepted for exchange properly tendered outstanding notes when the Issuers have given written notice of the acceptance to the exchange agent. The exchange agent will act as agent for the tendering holders for the purposes of receiving the exchange notes from the Issuers and delivering exchange notes to holders. Subject to the terms of the registration rights agreement, the Issuers expressly reserve the right to amend or terminate the exchange offer and to refuse to accept the occurrence of any of the conditions specified below under “—Conditions to the Exchange Offer.”
If you tender your outstanding notes in the exchange offer, you will not be required to pay brokerage commissions or fees or, subject to the instructions in the letter of transmittal, transfer taxes with respect to the exchange of outstanding notes. We will pay all charges and expenses, other than certain applicable taxes described below in connection with the exchange offer. It is important that you read “—Fees and Expenses” below for more details regarding fees and expenses incurred in the exchange offer.
Expiration Date; Extensions, Amendments
As used in this prospectus, the term “expiration date” means 5:00 p.m., New York City time, on                     , 2014, which is the 21st business day after the date of this prospectus. However, if the Issuers, in their sole discretion, extend the period of time for which the exchange offer is open, the term “expiration date” will mean the latest time and date to which the Issuers shall have extended the expiration of the exchange offer.
To extend the period of time during which the exchange offer is open, the Issuers will notify the exchange agent of any extension by written notice, followed by notification by press release or other public announcement to the registered holders of the outstanding notes no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled expiration date. The Issuers are generally required to extend the offering period for any material change, including the waiver of a material condition, so that at least five business days remain in the exchange offer after the change.
The Issuers reserve the right, in their sole discretion:
 
 	•	 	to delay accepting for exchange any outstanding notes (if the Issuers amend or extend the exchange offer);	
 
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 	•	 	to extend the exchange offer or to terminate the exchange offer if any of the conditions set forth below under “—Conditions to the Exchange Offer” have not been satisfied, by giving written notice of such delay, extension or termination to the exchange agent; and	
 
 	•	 	subject to the terms of the registration rights agreement, to amend the terms of the exchange offer in any manner.	
Any delay in acceptance, extension, termination or amendment will be followed as promptly as practicable by notice to the registered holders of the outstanding notes. If the Issuers amend the exchange offer in a manner that it determines to constitute a material change, the Issuers will promptly disclose the amendment in a manner reasonably calculated to inform the holders of applicable outstanding notes of that amendment.
Conditions to the Exchange Offer
Despite any other term of the exchange offer, the Issuers will not be required to accept for exchange, or to issue exchange notes in exchange for, any outstanding notes and the Issuers may terminate or amend the exchange offer as provided in this prospectus prior to the expiration date if in their reasonable judgment:
 
 	•	 	the exchange offer or the making of any exchange by a holder violates any applicable law or interpretation of the SEC; or	
 
 	•	 	any action or proceeding has been instituted or threatened in any court or by or before any governmental agency with respect to the exchange offer that, in their judgment, would reasonably be expected to impair their ability to proceed with the exchange offer.	
In addition, the Issuers will not be obligated to accept for exchange the outstanding notes of any holder that has not made to the Issuers:
 
 	•	 	the representations described under “—Purpose and Effect of the Exchange Offer,” “—Procedures for Tendering Outstanding Notes” and “Plan of Distribution;” or	
 
 	•	 	any other representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to make available to the Issuers an appropriate form for registration of the exchange notes under the Securities Act.	
The Issuers expressly reserve the right at any time or at various times to extend the period of time during which the exchange offer is open. Consequently, the Issuers may delay acceptance of any outstanding notes by giving written notice of such extension to their holders. The Issuers will return any outstanding notes that the Issuers do not accept for exchange for any reason without expense to their tendering holder promptly after the expiration or termination of the exchange offer.
The Issuers expressly reserve the right to amend or terminate the exchange offer and to reject for exchange any outstanding notes not previously accepted for exchange, upon the occurrence of any of the conditions of the exchange offer specified above. In addition, the Issuers are generally required to extend the offering period for any material change, including the waiver of a material condition, so that at least five business days remain in the exchange offer after the change. The Issuers will give written notice of any extension, amendment, non-acceptance or termination to the holders of the outstanding notes as promptly as practicable. In the case of any extension, such notice will be issued no later than 9:00 a.m. New York City time, on the next business day after the previously scheduled expiration date.
These conditions are for sole benefit of the Issuers and the Issuers may assert them regardless of the circumstances that may give rise to them or waive them in whole or in part at any or at various times prior to the expiration date in their sole discretion. If the Issuers fail at any time to exercise any of the foregoing rights, this failure will not constitute a waiver of such right. Each such right will be deemed an ongoing right that the Issuers may assert at any time or at various times prior to the expiration date.
 
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In addition, the Issuers will not accept for exchange any outstanding notes tendered, and will not issue exchange notes in exchange for any such outstanding notes, if at such time any stop order is threatened or in effect with respect to the registration statement of which this prospectus constitutes a part or the qualification of the indenture under the Trust Indenture Act of 1939 (the “TIA”).
Procedures for Tendering Outstanding Notes
To tender your outstanding notes in the exchange offer, you must comply with either of the following:
 
 	•	 	complete, sign and date the letter of transmittal, or a facsimile of the letter of transmittal, have the signature(s) on the letter of transmittal guaranteed if required by the letter of transmittal and mail or deliver such letter of transmittal or facsimile thereof to the exchange agent at the address set forth below under “—Exchange Agent” prior to the expiration date; or	
 
 	•	 	comply with DTC’s Automated Tender Offer Program procedures described below.	
In addition, either:
 
 	•	 	the exchange agent must receive certificates for outstanding notes along with the letter of transmittal prior to the expiration date;	
 
 	•	 	the exchange agent must receive a timely confirmation of book-entry transfer of outstanding notes into the exchange agent’s account at DTC according to the procedures for book-entry transfer described below or a properly transmitted agent’s message prior to the expiration date; or	
 
 	•	 	you must comply with the guaranteed delivery procedures described below.	
Your tender, if not withdrawn prior to the expiration date, constitutes an agreement between the Issuers and you upon the terms and subject to the conditions described in this prospectus and in the letter of transmittal.
The method of delivery of outstanding notes, letters of transmittal, and all other required documents to the exchange agent is at your election and risk. We recommend that instead of delivery by mail, you use an overnight or hand delivery service, properly insured. In all cases, you should allow sufficient time to assure timely delivery to the exchange agent before the expiration date. You should not send letters of transmittal or certificates representing outstanding notes to us. You may request that your broker, dealer, commercial bank, trust company or nominee effect the above transactions for you.
If you are a beneficial owner whose outstanding notes are registered in the name of a broker, dealer, commercial bank, trust company, or other nominee and you wish to tender your notes, you should promptly contact the registered holder and instruct the registered holder to tender on your behalf. If you wish to tender the outstanding notes yourself, you must, prior to completing and executing the letter of transmittal and delivering your outstanding notes, either:
 
 	•	 	make appropriate arrangements to register ownership of the outstanding notes in your name; or	
 
 	•	 	obtain a properly completed bond power from the registered holder of outstanding notes.	
The transfer of registered ownership may take considerable time and may not be able to be completed prior to the expiration date.
Signatures on the letter of transmittal or a notice of withdrawal, as the case may be, must be guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc., a commercial bank or trust company having an office or correspondent in the United States or another “eligible guarantor institution” within the meaning of Rule 17A(d)-15 under the Exchange Act unless the outstanding notes surrendered for exchange are tendered:
 
 	•	 	by a registered holder of the outstanding notes who has not completed the box entitled “Special Issuance Instructions” or “Special Delivery Instructions” in the letter of transmittal; or	
 
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 	•	 	for the account of an eligible guarantor institution.	
If the letter of transmittal is signed by a person other than the registered holder of any outstanding notes listed on the outstanding notes, such outstanding notes must be endorsed or accompanied by a properly completed bond power. The bond power must be signed by the registered holder as the registered holder’s name appears on the outstanding notes and an eligible guarantor institution must guarantee the signature on the bond power.
If the letter of transmittal or any certificates representing outstanding notes, or bond powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations, or others acting in a fiduciary or representative capacity, those persons should also indicate when signing and, unless waived by the Issuers, they should also submit evidence satisfactory to the Issuers of their authority to so act.
The exchange agent and DTC have confirmed that any financial institution that is a participant in DTC’s system may use DTC’s Automated Tender Offer Program to tender. Participants in the program may, instead of physically completing and signing the letter of transmittal and delivering it to the exchange agent, electronically transmit their acceptance of the exchange by causing DTC to transfer the outstanding notes to the exchange agent in accordance with DTC’s Automated Tender Offer Program procedures for transfer. DTC will then send an agent’s message to the exchange agent. The term “agent’s message” means a message transmitted by DTC, received by the exchange agent and forming part of the book-entry confirmation, which states that:
 
 	•	 	DTC has received an express acknowledgment from a participant in its Automated Tender Offer Program that is tendering outstanding notes that are the subject of the book-entry confirmation;	
 
 	•	 	the participant has received and agrees to be bound by the terms of the letter of transmittal, or in the case of an agent’s message relating to guaranteed delivery, that such participant has received and agrees to be bound by the notice of guaranteed delivery; and	
 
 	•	 	the Issuers may enforce that agreement against such participant.	
Acceptance of Exchange Notes
In all cases, the Issuers will promptly issue exchange notes for outstanding notes that they have accepted for exchange under the exchange offer only after the exchange agent timely receives:
 
 	•	 	outstanding notes or a timely book-entry confirmation of such outstanding notes into the exchange agent’s account at the book-entry transfer facility; and	
 
 	•	 	a properly completed and duly executed letter of transmittal and all other required documents or a properly transmitted agent’s message.	
By tendering outstanding notes pursuant to the exchange offer, you will represent to the Issuers that, among other things:
 
 	•	 	you are not an affiliate of the Issuers or the guarantors within the meaning of Rule 405 under the Securities Act;	
 
 	•	 	you do not have an arrangement or understanding with any person or entity to participate in a distribution of the exchange notes; and	
 
 	•	 	you are acquiring the exchange notes in the ordinary course of your business.	
In addition, each broker-dealer that is to receive exchange notes for its own account in exchange for outstanding notes must represent that such outstanding notes were acquired by that broker-dealer as a result of market-making activities or other trading activities and must acknowledge that it will deliver a prospectus that meets the requirements of the Securities Act in connection with any resale of the exchange notes. The letter of
 
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transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. See “Plan of Distribution.”
The Issuers will interpret the terms and conditions of the exchange offer, including the letters of transmittal and the instructions to the letters of transmittal, and will resolve all questions as to the validity, form, eligibility, including time of receipt, and acceptance of outstanding notes tendered for exchange. Determinations of the Issuers in this regard will be final and binding on all parties. The Issuers reserve the absolute right to reject any and all tenders of any particular outstanding notes not properly tendered or to not accept any particular outstanding notes if the acceptance might, in their or their counsel’s judgment, be unlawful. The Issuers also reserve the absolute right to waive any defects or irregularities as to any particular outstanding notes prior to the expiration date.
Unless waived, any defects or irregularities in connection with tenders of outstanding notes for exchange must be cured within such reasonable period of time as the Issuers determine. Neither the Issuers, the exchange agent, nor any other person will be under any duty to give notification of any defect or irregularity with respect to any tender of outstanding notes for exchange, nor will any of them incur any liability for any failure to give notification. Any outstanding notes received by the exchange agent that are not properly tendered and as to which the irregularities have not been cured or waived will be returned by the exchange agent to the tendering holder, unless otherwise provided in the letter of transmittal, promptly after the expiration date.
Book-Entry Delivery Procedures
Promptly after the date of this prospectus, the exchange agent will establish an account with respect to the outstanding notes at DTC, as book-entry transfer facilities, for purposes of the exchange offer. Any financial institution that is a participant in the book-entry transfer facility’s system may make book-entry delivery of the outstanding notes by causing the book-entry transfer facility to transfer those outstanding notes into the exchange agent’s account at the facility in accordance with the facility’s procedures for such transfer. To be timely, book-entry delivery of outstanding notes requires receipt of a confirmation of a book-entry transfer, a “book-entry confirmation,” prior to the expiration date. In addition, although delivery of outstanding notes may be effected through book-entry transfer into the exchange agent’s account at the book-entry transfer facility, the letter of transmittal or a manually signed facsimile thereof, together with any required signature guarantees and any other required documents, or an “agent’s message,” as defined below, in connection with a book-entry transfer, must, in any case, be delivered or transmitted to and received by the exchange agent at its address set forth on the cover page of the letter of transmittal prior to the expiration date to receive exchange notes for tendered outstanding notes, or the guaranteed delivery procedure described below must be complied with. Tender will not be deemed made until such documents are received by the exchange agent. Delivery of documents to the book-entry transfer facility does not constitute delivery to the exchange agent.
Holders of outstanding notes who are unable to deliver confirmation of the book-entry tender of their outstanding notes into the exchange agent’s account at the book-entry transfer facility or all other documents required by the letter of transmittal to the exchange agent on or prior to the expiration date must tender their outstanding notes according to the guaranteed delivery procedures described below.
Guaranteed Delivery Procedures
If you wish to tender your outstanding notes but your outstanding notes are not immediately available or you cannot deliver your outstanding notes, the letter of transmittal or any other required documents to the exchange agent or comply with the applicable procedures under DTC’s Automatic Tender Offer Program, prior to the expiration date, you may still tender if:
 
 	•	 	the tender is made through an eligible guarantor institution;	
 
 	•	 	prior to the expiration date, the exchange agent receives from such eligible guarantor institution either a properly completed and duly executed notice of guaranteed delivery, by facsimile transmission, mail,	
 
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 	or hand delivery or a properly transmitted agent’s message and notice of guaranteed delivery, that (1) sets forth your name and address, the certificate number(s) of such outstanding notes and the principal amount of outstanding notes tendered; (2) states that the tender is being made thereby; and (3) guarantees that, within three NYSE trading days after the expiration date, the letter of transmittal, or facsimile thereof, together with the outstanding notes or a book-entry confirmation, and any other documents required by the letter of transmittal, will be deposited by the eligible guarantor institution with the exchange agent; and	
 
 	•	 	the exchange agent receives the properly completed and executed letter of transmittal or facsimile thereof, as well as certificate(s) representing all tendered outstanding notes in proper form for transfer or a book-entry confirmation of transfer of the outstanding notes into the exchange agent’s account at DTC, and all other documents required by the letter of transmittal within three NYSE trading days after the expiration date.	
Upon request, the exchange agent will send to you a notice of guaranteed delivery if you wish to tender your outstanding notes according to the guaranteed delivery procedures.
Withdrawal Rights
Except as otherwise provided in this prospectus, you may withdraw your tender of outstanding notes at any time prior to 5:00 p.m., New York City time, on the expiration date.
For a withdrawal to be effective:
 
 	•	 	the exchange agent must receive a written notice, which may be by telegram, telex, facsimile or letter, of withdrawal at its address set forth below under “—Exchange Agent;” or	
 
 	•	 	you must comply with the appropriate procedures of DTC’s Automated Tender Offer Program system.	
Any notice of withdrawal must:
 
 	•	 	specify the name of the person who tendered the outstanding notes to be withdrawn;	
 
 	•	 	identify the outstanding notes to be withdrawn, including the certificate numbers and principal amount of the outstanding notes; and	
 
 	•	 	where certificates for outstanding notes have been transmitted, specify the name in which such outstanding notes were registered, if different from that of the withdrawing holder.	
If certificates for outstanding notes have been delivered or otherwise identified to the exchange agent, then, prior to the release of such certificates, you must also submit:
 
 	•	 	the serial numbers of the particular certificates to be withdrawn; and	
 
 	•	 	a signed notice of withdrawal with signatures guaranteed by an eligible institution unless you are an eligible guarantor institution.	
If outstanding notes have been tendered pursuant to the procedures for book-entry transfer described above, any notice of withdrawal must specify the name and number of the account at the book-entry transfer facility to be credited with the withdrawn outstanding notes and otherwise comply with the procedures of the facility. The Issuers will determine all questions as to the validity, form, and eligibility, including time of receipt of notices of withdrawal and their determination will be final and binding on all parties. Any outstanding notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the exchange offer. Any outstanding notes that have been tendered for exchange but that are not exchanged for any reason will be returned to their holder, without cost to the holder, or, in the case of book-entry transfer, the outstanding notes will be credited to an account at the book-entry transfer facility, promptly after withdrawal, rejection of tender or
 
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termination of the exchange offer. Properly withdrawn outstanding notes may be retendered by following the procedures described under “—Procedures for Tendering Outstanding Notes” above at any time on or prior to the expiration date.
Exchange Agent
Wilmington Trust, National Association has been appointed as the exchange agent for the exchange offer. Wilmington Trust, National Association also acts as trustee under the indenture governing the notes. You should direct all executed letters of transmittal and all questions and requests for assistance, requests for additional copies of this prospectus or of the letters of transmittal, and requests for notices of guaranteed delivery to the exchange agent addressed as follows:

By Mail or Overnight Courier:	 	By Facsimile:	 	By Hand Delivery:	
Wilmington Trust, National Association	 	(302) 636-4145	 	Wilmington Trust, National Association	
c/o Wilmington Trust Company	 	Attn: Workflow Management	 	c/o Wilmington Trust Company	
Corporate Capital Markets	 		 	Corporate Capital Markets	
Rodney Square North	 		 	Rodney Square North	
1100 North Market Street	 		 	1100 North Market Street	
Wilmington, Delaware 19890-1626	 		 	Wilmington, Delaware 19890-1626	
Attn: Workflow Management—5th Floor	 		 	Attn: Workflow Management—5th Floor	
			
	 	To Confirm by Email:	 		
	 	DTC2@wilmingtontrust.com	 		
	 	Attn: Workflow Management	 		
If you deliver the letter of transmittal to an address other than the one set forth above or transmit instructions via facsimile other than the one set forth above, that delivery or those instructions will not be effective.
Fees and Expenses
The registration rights agreement provides that we will bear all expenses in connection with the performance of our obligations relating to the registration of the exchange notes and the conduct of the exchange offer. These expenses include registration and filing fees, accounting and legal fees and printing costs, among others. We will pay the exchange agent reasonable and customary fees for its services and reasonable out-of-pocket expenses. We will also reimburse brokerage houses and other custodians, nominees and fiduciaries for customary mailing and handling expenses incurred by them in forwarding this prospectus and related documents to their clients that are holders of outstanding notes and for handling or tendering for such clients.
We have not retained any dealer-manager in connection with the exchange offer and will not pay any fee or commission to any broker, dealer, nominee or other person, other than the exchange agent, for soliciting tenders of outstanding unregistered notes pursuant to the exchange offer.
Accounting Treatment
We will record the exchange notes in our accounting records at the same carrying value as the outstanding notes, which is the aggregate principal amount as reflected in our accounting records on the date of exchanges, as the terms of the exchange notes are substantially identical to the terms of the outstanding notes. Accordingly, we will not recognize any gain or loss for accounting purposes upon the consummation of this exchange offer. We will capitalize the expenses relating to the exchange offer.
 
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Transfer Taxes
The Issuers and the guarantors will pay all transfer taxes, if any, applicable to the exchanges of outstanding notes under the exchange offer. The tendering holder, however, will be required to pay any transfer taxes, whether imposed on the registered holder or any other person, if:
 
 	•	 	certificates representing outstanding notes for principal amounts not tendered or accepted for exchange are to be delivered to, or are to be issued in the name of, any person other than the registered holder of outstanding notes tendered;	
 
 	•	 	tendered outstanding notes are registered in the name of any person other than the person signing the letter of transmittal; or	
 
 	•	 	a transfer tax is imposed for any reason other than the exchange of outstanding notes under the exchange offer.	
If satisfactory evidence of payment of such taxes is not submitted with the letter of transmittal, the amount of such transfer taxes will be billed to that tendering holder.
Holders who tender their outstanding notes for exchange will not be required to pay any transfer taxes. However, holders who instruct the Issuers to register exchange notes in the name of, or request that outstanding notes not tendered or not accepted in the exchange offer be returned to, a person other than the registered tendering holder will be required to pay any applicable transfer tax.
Consequences of Failure to Exchange
If you do not exchange your outstanding notes for exchange notes under the exchange offer, your outstanding notes will remain subject to the restrictions on transfer of such outstanding notes:
 
 	•	 	as set forth in the legend printed on the outstanding notes as a consequence of the issuances of the outstanding notes pursuant to the exemptions from, or in transactions not subject to, the registration requirements of the Securities Act and applicable state securities laws; and	
 
 	•	 	as otherwise set forth in the offering memorandum distributed in connection with the private offering of the outstanding notes.	
In general, you may not offer or sell your outstanding notes unless they are registered under the Securities Act or if the offer or sale is exempt from registration under the Securities Act and applicable state securities laws. Except as required by the registration rights agreement, we do not intend to register resales of the outstanding notes under the Securities Act.
Other
Participating in the exchange offer is voluntary, and you should carefully consider whether to accept. You are urged to consult your financial and tax advisors in making your own decision on what action to take.
We may in the future seek to acquire untendered outstanding notes in open market or privately negotiated transactions, through subsequent exchange offers or otherwise. We have no present plans to acquire any outstanding notes that are not tendered in the exchange offer or to file a registration statement to permit resales of any untendered outstanding notes.
 
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 CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
The exchange of outstanding notes for exchange notes in the exchange offer will not constitute a taxable event to holders for U.S. federal income tax purposes. Consequently, you will not recognize gain or loss upon receipt of an exchange note, the holding period of the exchange note will include the holding period of the outstanding note exchanged therefor and the basis of the exchange note will be the same as the basis of the outstanding note immediately before the exchange.
In any event, persons considering the exchange of outstanding notes for exchange notes should consult their own tax advisors concerning the U.S. federal income tax consequences in light of their particular situations as well as any consequences arising under the laws of any other taxing jurisdiction.
 
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 CERTAIN ERISA CONSIDERATIONS
The following is a summary of certain considerations associated with the acquisition and holding of the notes by employee benefit plans that are subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) or provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”), and entities whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”).
General Fiduciary Matters
ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section 4975 of the Code (an “ERISA Plan”) and prohibit certain transactions involving the assets of an ERISA Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of such an ERISA Plan or the management or disposition of the assets of such an ERISA Plan, or who renders investment advice for a fee or other compensation to such an ERISA Plan, is generally considered to be a fiduciary of the ERISA Plan.
In considering an investment in the notes of a portion of the assets of any Plan, a fiduciary should determine whether the investment is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary’s duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws.
Prohibited Transaction Issues
Section 406 of ERISA and Section 4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan assets with persons or entities who are “parties in interest,” within the meaning of ERISA, or “disqualified persons,” within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the ERISA Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The acquisition and/or holding of notes (including an exchange of outstanding notes for exchange notes) by an ERISA Plan with respect to which an Issuer or a guarantor is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions, or “PTCEs,” that may apply to the acquisition and holding of the notes. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers. In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide relief from the prohibited transaction provisions of ERISA and Section 4975 of the Code for certain transactions, provided that neither the issuer of the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any ERISA Plan involved in the transaction and provided further that the ERISA Plan pays no more than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions will be satisfied.
 
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Because of the foregoing, the notes should not be acquired or held by any person investing “plan assets” of any Plan, unless such acquisition and holding (and the exchange of outstanding notes for exchange notes) will not constitute a non-exempt prohibited transaction under ERISA and the Code or a similar violation of any applicable Similar Laws.
Representation
Accordingly, by acceptance of a note (including an exchange of outstanding notes for exchange notes), each purchaser and subsequent transferee of a note will be deemed to have represented and warranted that either (i) no portion of the assets used by such purchaser or transferee to purchase or hold the notes or any interest therein constitutes assets of any Plan or (ii) the purchase and holding of the notes or any interest therein by such purchaser or transferee will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or similar violation under any applicable Similar Laws.
The foregoing discussion is general in nature and is not intended to be all inclusive. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries, or other persons considering acquiring or holding the notes on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability of ERISA, Section 4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to the acquisition and holding of the notes.
 
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 PLAN OF DISTRIBUTION
Each broker-dealer that receives exchange notes for its own account pursuant to an exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of such exchange notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of exchange notes received in exchange for outstanding notes where such outstanding notes were acquired as a result of market-making activities or other trading activities. To the extent any such broker-dealer participates in the exchange offer, we have agreed that for a period of up to 90 days, we will make this prospectus, as amended or supplemented, available to such broker-dealer for use in connection with any such resale, and will deliver as many additional copies of this prospectus and each amendment or supplement to this prospectus and any documents incorporated by reference in this prospectus as such broker-dealer may reasonably request. In addition, all dealers effecting transactions in the exchange notes may be required to deliver a prospectus.
We will not receive any proceeds from any sale of exchange notes by broker-dealers. Exchange notes received by broker-dealers for their own accounts pursuant to an exchange offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the exchange notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or at negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such exchange notes. Any broker-dealer that resells exchange notes that were received by it for its own account pursuant to an exchange offer and any broker or dealer that participates in a distribution of such exchange notes may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit of any such resale of exchange notes and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The letter of transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.
We have agreed to pay all expenses incident to the exchange offer (including the expenses of one counsel for the holders of the outstanding notes) and will indemnify you (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.
 
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 LEGAL MATTERS
The validity and enforceability of the exchange notes will be passed upon for us by Simpson Thacher & Bartlett LLP, New York, New York. In rendering its opinion, Simpson Thacher & Bartlett LLP will rely upon the opinion of Dentons US LLP as to all matters governed by the laws of the states of Arizona, California, Kansas, Massachusetts, Missouri and Texas, the opinion of Hill, Ward & Henderson, P.A. as to all matters governed by the laws of the state of Florida, the opinion of Jones Walker LLP as to all matters governed by the laws of the state of Louisiana, the opinion of Snell & Wilmer L.L.P. as to all matters governed by the laws of the state of Nevada and the opinion of Bass, Berry & Sims PLC as to all matters governed by the laws of the state of Tennessee. An investment vehicle comprised of selected partners of Simpson Thacher & Bartlett LLP, members of their families, related persons and others owns an interest representing less than 1 percent of the capital commitments of funds affiliated with The Blackstone Group L.P.
 EXPERTS
The consolidated financial statements of Hilton Worldwide Holdings Inc. at December 31, 2013 and 2012, and for each of the three years in the period ended December 31, 2013, appearing in this prospectus and the registration statement of which this prospectus forms a part have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
 WHERE YOU CAN FIND MORE INFORMATION
We and our guarantor subsidiaries have filed with the SEC a registration statement on Form S-4 under the Securities Act with respect to the exchange notes. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. For further information about us, our guarantors and the exchange notes, we refer you to the registration statement and to its exhibits and schedules. Statements in this prospectus about the contents of any contract, agreement or other document are not necessarily complete and in each instance we refer you to the copy of such contract, agreement or document filed as an exhibit to the registration statement. Anyone may inspect the registration statement and its exhibits and schedules without charge at the public reference facilities the SEC maintains at 100 F Street, N.E., Washington, D.C. 20549. You may obtain copies of all or any part of these materials from the SEC upon the payment of certain fees prescribed by the SEC. You may obtain further information about the operation of the SEC’s Public Reference Room by calling the SEC at 1-800-SEC-0330. You may also inspect these reports and other information without charge at a website maintained by the SEC. The address of this site is http://www.sec.gov.
So long as we are subject to the periodic reporting requirements of the Exchange Act, we are required to furnish the information required to be filed with the SEC to the trustee and the holders of the outstanding notes. We have agreed that, even if we are not required under the Exchange Act to furnish such information to the SEC, we will nonetheless continue to furnish information that would be required to be furnished by us by Section 13 or 15(d) of the Exchange Act.
 
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 I  NDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	  	 	F-2	  	
Consolidated Financial Statements:	  				
Consolidated Balance Sheets as of December 31, 2013 and 2012	  	 	F-3	  	
Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011	  	 	F-4	  	
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2013, 2012 and 2011	  	 	F-5	  	
Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011	  	 	F-6	  	
Consolidated Statements of Equity (Deficit) for the years ended December 31, 2013, 2012 and 2011	  	 	F-7	  	
Notes to Consolidated Financial Statements	  	 	F-8	  	
Unaudited Condensed Consolidated Financial Statements:	  				
Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013	  	 	F-65	  	
Condensed Consolidated Statements of Operations for the six months ended June 30, 2014 and 2013	  	 	F-66	  	
Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June  30, 2014 and 2013	  	 	F-67	  	
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013	  	 	F-68	  	
Condensed Consolidated Statements of Equity for the six months ended June 30, 2014 and 2013	  	 	F-69	  	
Notes to Condensed Consolidated Financial Statements	  	 	F-70	  	
 
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 Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders of
Hilton Worldwide Holdings Inc.
We have audited the accompanying consolidated balance sheets of Hilton Worldwide Holdings Inc. as of December 31, 2013 and 2012, and the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Hilton Worldwide Holdings Inc. at December 31, 2013 and 2012, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
February 27, 2014
Except for Note 29, as to which the date is
September 10, 2014
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONSOLIDATED BALANCE SHEETS
(in millions, except share data)

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
ASSETS	  				  				
Current Assets:	  				  				
Cash and cash equivalents	  	$	594 	  	  	$	755 	  	
Restricted cash and cash equivalents	  	 	266 	  	  	 	550 	  	
Accounts receivable, net of allowance for doubtful accounts of $32 and $39	  	 	731 	  	  	 	719 	  	
Inventories	  	 	396 	  	  	 	415 	  	
Deferred income tax assets	  	 	23 	  	  	 	76 	  	
Current portion of financing receivables, net	  	 	94 	  	  	 	119 	  	
Current portion of securitized financing receivables, net	  	 	27 	  	  	 	— 	  	
Prepaid expenses	  	 	148 	  	  	 	153 	  	
Other	  	 	104 	  	  	 	40 	  	
	  	 	 	 	  	 	 	 	
Total current assets (variable interest entities—$97 and $49)	  	 	2,383 	  	  	 	2,827 	  	
	  	 	 	 	  	 	 	 	
Property, Investments and Other Assets:	  				  				
Property and equipment, net	  	 	9,058 	  	  	 	9,197 	  	
Financing receivables, net	  	 	635 	  	  	 	815 	  	
Securitized financing receivables, net	  	 	194 	  	  	 	— 	  	
Investments in affiliates	  	 	260 	  	  	 	291 	  	
Goodwill	  	 	6,220 	  	  	 	6,197 	  	
Brands	  	 	5,013 	  	  	 	5,029 	  	
Management and franchise contracts, net	  	 	1,452 	  	  	 	1,600 	  	
Other intangible assets, net	  	 	751 	  	  	 	744 	  	
Deferred income tax assets	  	 	193 	  	  	 	104 	  	
Other	  	 	403 	  	  	 	262 	  	
	  	 	 	 	  	 	 	 	
Total property, investments and other assets (variable interest entities—$408 and $168)	  	 	24,179 	  	  	 	24,239 	  	
	  	 	 	 	  	 	 	 	
TOTAL ASSETS	  	$	 26,562 	  	  	$	 27,066 	  	
	  	 	 	 	  	 	 	 	
LIABILITIES AND EQUITY	  				  				
Current Liabilities:	  				  				
Accounts payable, accrued expenses and other	  	$	2,079 	  	  	$	1,922 	  	
Current maturities of long-term debt	  	 	4 	  	  	 	392 	  	
Current maturities of non-recourse debt	  	 	48 	  	  	 	15 	  	
Income taxes payable	  	 	11 	  	  	 	20 	  	
	  	 	 	 	  	 	 	 	
Total current liabilities (variable interest entities—$86 and $51)	  	 	2,142 	  	  	 	2,349 	  	
Long-term debt	  	 	11,751 	  	  	 	15,183 	  	
Non-recourse debt	  	 	920 	  	  	 	405 	  	
Deferred revenues	  	 	674 	  	  	 	82 	  	
Deferred income tax liabilities	  	 	5,053 	  	  	 	4,948 	  	
Liability for guest loyalty program	  	 	597 	  	  	 	503 	  	
Other	  	 	1,149 	  	  	 	1,441 	  	
	  	 	 	 	  	 	 	 	
Total liabilities (variable interest entities—$583 and $485)	  	 	22,286 	  	  	 	24,911 	  	
			
Commitments and contingencies—see Note 25	  				  				
			
Equity:	  				  				
Preferred stock, $0.01 par value; 3,000,000,000 authorized shares, none issued or outstanding as of December 31, 2013; none authorized, issued or outstanding as of December 31, 2012	  	 	— 	  	  	 	— 	  	
Common stock, $0.01 par value; 30,000,000,000 authorized shares and 984,615,364 issued and outstanding as of December 31, 2013; 9,205,128,000 authorized shares and 920,512,800 issued and outstanding as of December 31, 2012 (1)	  	 	10 	  	  	 	1 	  	
Additional paid-in capital	  	 	9,948 	  	  	 	8,452 	  	
Accumulated deficit	  	 	(5,331)	  	  	 	(5,746)	  	
Accumulated other comprehensive loss	  	 	(264)	  	  	 	(406)	  	
	  	 	 	 	  	 	 	 	
Total Hilton stockholders’ equity	  	 	4,363 	  	  	 	2,301 	  	
Noncontrolling interests	  	 	(87)	  	  	 	(146)	  	
	  	 	 	 	  	 	 	 	
Total equity	  	 	4,276 	  	  	 	2,155 	  	
	  	 	 	 	  	 	 	 	
TOTAL LIABILITIES AND EQUITY	  	$	26,562 	  	  	$	27,066 	  	

(1)  	Common stock shares issued and outstanding as of December 31, 2012 have been adjusted for a 9,205,128-for-1 stock split, which occurred on December 17, 2013.	
See notes to consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
Revenues	  				  				  				
Owned and leased hotels	  	$	 4,046 	  	  	$	 3,979 	  	  	$	 3,898 	  	
Management and franchise fees and other	  	 	1,175 	  	  	 	1,088 	  	  	 	1,014 	  	
Timeshare	  	 	1,109 	  	  	 	1,085 	  	  	 	944 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	6,330 	  	  	 	6,152 	  	  	 	5,856 	  	
Other revenues from managed and franchised properties	  	 	3,405 	  	  	 	3,124 	  	  	 	2,927 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	9,735 	  	  	 	9,276 	  	  	 	8,783 	  	
				
Expenses	  				  				  				
Owned and leased hotels	  	 	3,147 	  	  	 	3,230 	  	  	 	3,213 	  	
Timeshare	  	 	730 	  	  	 	758 	  	  	 	668 	  	
Depreciation and amortization	  	 	603 	  	  	 	550 	  	  	 	564 	  	
Impairment losses	  	 	— 	  	  	 	54 	  	  	 	20 	  	
General, administrative and other	  	 	748 	  	  	 	460 	  	  	 	416 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	5,228 	  	  	 	5,052 	  	  	 	4,881 	  	
Other expenses from managed and franchised properties	  	 	3,405 	  	  	 	3,124 	  	  	 	2,927 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	8,633 	  	  	 	8,176 	  	  	 	7,808 	  	
				
Operating income	  	 	1,102 	  	  	 	1,100 	  	  	 	975 	  	
				
Interest income	  	 	9 	  	  	 	15 	  	  	 	11 	  	
Interest expense	  	 	(620)	  	  	 	(569)	  	  	 	(643)	  	
Equity in earnings (losses) from unconsolidated affiliates	  	 	16 	  	  	 	(11)	  	  	 	(145)	  	
Gain (loss) on foreign currency transactions	  	 	(45)	  	  	 	23 	  	  	 	(21)	  	
Gain on debt extinguishment	  	 	229 	  	  	 	— 	  	  	 	— 	  	
Other gain, net	  	 	7 	  	  	 	15 	  	  	 	19 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Income before income taxes	  	 	698 	  	  	 	573 	  	  	 	196 	  	
				
Income tax benefit (expense)	  	 	(238)	  	  	 	(214)	  	  	 	59 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	 	460 	  	  	 	359 	  	  	 	255 	  	
Net income attributable to noncontrolling interests	  	 	(45)	  	  	 	(7)	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	415 	  	  	$	352 	  	  	$	253 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Earnings per share:	  				  				  				
Basic and diluted	  	$	0.45 	  	  	$	0.38 	  	  	$	0.27 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
See notes to consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)

 	  	Year Ended December 31,	 	
 	  	  2013  	 	  	  2012  	 	  	  2011  	 	
Net income	  	$	  460 	  	  	$	  359 	  	  	$	  255 	  	
		
Other comprehensive income (loss), net of tax benefit (expense):	  				
Currency translation adjustment, net of tax of $39, $102, and $(2)	  	 	94 	  	  	 	138 	  	  	 	(82)	  	
Pension liability adjustment:	  				
Net actuarial gain (loss), net of tax of $(31), $20, and $10	  	 	48 	  	  	 	(35)	  	  	 	(21)	  	
Prior service credit (cost), net of tax of $(3), $4, and $(2)	  	 	6 	  	  	 	(8)	  	  	 	3 	  	
Amortization of net gain, net of tax of $(3), $(1), and $(2)	  	 	6 	  	  	 	2 	  	  	 	5 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total pension liability adjustment	  	 	60 	  	  	 	(41)	  	  	 	(13)	  	
Cash flow hedge adjustment, net of tax of $(4), $—, and $(1)	  	 	6 	  	  	 	—  	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total other comprehensive income (loss)	  	 	160 	  	  	 	97 	  	  	 	(94)	  	

Comprehensive income	  	 	620 	  	  	 	456 	  	  	 	161 	  	
Comprehensive loss (income) attributable to noncontrolling interests	  	 	(63)	  	  	 	(21)	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	557 	  	  	$	435 	  	  	$	162 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
See notes to consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
Operating Activities:	  				  				  				
Net income	  	$	460 	  	  	$	359 	  	  	$	255 	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				  				
Depreciation and amortization	  	 	603 	  	  	 	550 	  	  	 	564 	  	
Impairment losses	  	 	—  	  	  	 	54 	  	  	 	20 	  	
Equity in losses (earnings) from unconsolidated affiliates	  	 	(16)	  	  	 	11 	  	  	 	145 	  	
Loss (gain) on foreign currency transactions	  	 	45 	  	  	 	(23)	  	  	 	21 	  	
Gain on debt extinguishment	  	 	(229)	  	  	 	—  	  	  	 	—  	  	
Other gain, net	  	 	(7)	  	  	 	(15)	  	  	 	(19)	  	
Share-based compensation	  	 	262 	  	  	 	50 	  	  	 	19 	  	
Amortization of deferred financing costs and other	  	 	25 	  	  	 	(5)	  	  	 	6 	  	
Distributions from unconsolidated affiliates	  	 	27 	  	  	 	31 	  	  	 	13 	  	
Deferred income taxes	  	 	65 	  	  	 	73 	  	  	 	(187)	  	
Changes in operating assets and liabilities:	  				  				
Accounts receivable, net	  	 	(16)	  	  	 	(82)	  	  	 	(43)	  	
Inventories	  	 	19 	  	  	 	137 	  	  	 	119 	  	
Prepaid expenses	  	 	4 	  	  	 	(15)	  	  	 	(7)	  	
Other current assets	  	 	(65)	  	  	 	51 	  	  	 	(29)	  	
Accounts payable, accrued expenses and other	  	 	132 	  	  	 	71 	  	  	 	151 	  	
Income taxes payable	  	 	(8)	  	  	 	3 	  	  	 	—  	  	
Change in restricted cash and cash equivalents	  	 	91 	  	  	 	(79)	  	  	 	(14)	  	
Change in timeshare financing receivables	  	 	(15)	  	  	 	(68)	  	  	 	(53)	  	
Change in deferred revenues	  	 	592 	  	  	 	(8)	  	  	 	—  	  	
Change in liability for guest loyalty program	  	 	139 	  	  	 	6 	  	  	 	128 	  	
Change in other liabilities	  	 	14 	  	  	 	(48)	  	  	 	83 	  	
Other	  	 	(21)	  	  	 	57 	  	  	 	(5)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash provided by operating activities	  	 	2,101 	  	  	 	1,110 	  	  	 	1,167 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Investing Activities:	  				  				
Capital expenditures for property and equipment	  	 	(254)	  	  	 	(433)	  	  	 	(389)	  	
Acquisitions	  	 	(30)	  	  	 	—  	  	  	 	(12)	  	
Payments received on other financing receivables	  	 	5 	  	  	 	8 	  	  	 	7 	  	
Issuance of other financing receivables	  	 	(10)	  	  	 	(4)	  	  	 	—  	  	
Investments in affiliates	  	 	(4)	  	  	 	(3)	  	  	 	(11)	  	
Distributions from unconsolidated affiliates	  	 	33 	  	  	 	8 	  	  	 	23 	  	
Proceeds from asset dispositions	  	 	—  	  	  	 	—  	  	  	 	65 	  	
Contract acquisition costs	  	 	(44)	  	  	 	(31)	  	  	 	(53)	  	
Software capitalization costs	  	 	(78)	  	  	 	(103)	  	  	 	(93)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in investing activities	  	 	(382)	  	  	 	(558)	  	  	 	(463)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Financing Activities:	  				  				
Net proceeds from issuance of common stock	  	 	1,243 	  	  	 	—  	  	  	 	—  	  	
Borrowings	  	 	14,088 	  	  	 	96 	  	  	 	40 	  	
Repayment of debt	  	 	(17,203)	  	  	 	(854)	  	  	 	(726)	  	
Debt issuance costs	  	 	(180)	  	  	 	—  	  	  	 	—  	  	
Change in restricted cash and cash equivalents	  	 	193	  	  	 	187 	  	  	 	(25)	  	
Distributions to noncontrolling interests	  	 	(4)	  	  	 	(4)	  	  	 	(3)	  	
Acquisition of noncontrolling interests	  	 	—  	  	  	 	(1)	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in financing activities	  	 	(1,863)	  	  	 	(576)	  	  	 	(714)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	(17)	  	  	 	(2)	  	  	 	(5)	  	
Net decrease in cash and cash equivalents	  	 	(161)	  	  	 	(26)	  	  	 	(15)	  	
Cash and cash equivalents, beginning of period	  	 	755 	  	  	 	781 	  	  	 	796 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Cash and cash equivalents, end of period	  	$	594 	  	  	$	755 	  	  	$	781 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
For supplemental disclosures, see Note 27: “Supplemental Disclosures of Cash Flow Information.”
See notes to consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)

 	 	Equity Attributable to Hilton Stockholders	 	 	 	 	 	 	 	
 	 	 
Common Stock	 	 	Additional
Paid-in
Capital	 	 	Accumulated
Deficit	 	 	Accumulated
Other
Comprehensive
Loss	 	 	Noncontrolling
Interests	 	 	Total	 	
 	 	Shares (1)	 	 	Amount	 	 			 			 			 			 			
Balance as of December 31, 2010	 	 	921 	  	 	$	1 	  	 	$	8,454 	  	 	$	(6,351)	  	 	$	(398)	  	 	$	(162)	  	 	$	1,544 	  	
Net income	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	253 	  	 	 	—  	  	 	 	2 	  	 	 	255 	  	
Other comprehensive income (loss), net of tax:	 				 				 				 				 				 				 				
Currency translation adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(79)	  	 	 	(3)	  	 	 	(82)	  	
Pension liability adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(13)	  	 	 	—  	  	 	 	(13)	  	
Cash flow hedge adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1 	  	 	 	—  	  	 	 	1 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other comprehensive loss	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(91)	  	 	 	(3)	  	 	 	(94)	  	
Distributions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3)	  	 	 	(3)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2011	 	 	921 	  	 	 	  1 	  	 	 	    8,454 	  	 	 	(6,098)	  	 	 	(489)	  	 	 	(166)	  	 	 	1,702 	  	
Share-based compensation	 	 	—  	  	 	 	—  	  	 	 	2 	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2 	  	
Acquisition of noncontrolling interest	 	 	—  	  	 	 	—  	  	 	 	(4)	  	 	 	—  	  	 	 	—  	  	 	 	3 	  	 	 	(1)	  	
Net income	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	      352 	  	 	 	—  	  	 	 	7 	  	 	 	359 	  	
Other comprehensive income (loss), net of tax:	 				 				 				 				 				 				 				
Currency translation adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	    124 	  	 	 	14 	  	 	 	138 	  	
Pension liability adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(41)	  	 	 	—  	  	 	 	(41)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other comprehensive income	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	83 	  	 	 	14 	  	 	 	97 	  	
Distributions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4)	  	 	 	(4)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2012	 	 	921 	  	 	 	1 	  	 	 	8,452 	  	 	 	(5,746)	  	 	 	(406)	  	 	 	(146)	  	 	 	2,155 	  	
Issuance of common stock	 	 	64 	  	 	 	9 	  	 	 	1,234 	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,243 	  	
Share-based compensation	 	 	—  	  	 	 	—  	  	 	 	262 	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	      262 	  	
Net income	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	415 	  	 	 	—  	  	 	 	45 	  	 	 	460 	  	
Other comprehensive income (loss), net of tax:	 				 				 				 				 				 				 				
Currency translation adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	76 	  	 	 	18 	  	 	 	94 	  	
Pension liability adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	60 	  	 	 	—  	  	 	 	60 	  	
Cash flow hedge adjustment	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6 	  	 	 	—  	  	 	 	6 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other comprehensive income	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	142 	  	 	 	      18 	  	 	 	160 	  	
Distributions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4)	  	 	 	(4)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2013	 	 	    985 	  	 	$	        10 	  	 	$	9,948 	  	 	$	(5,331)	  	 	$	(264)	  	 	$	(87)	  	 	$	4,276 	  	

 

(1)	Common stock shares outstanding have been adjusted for a stock split which occurred on December 17, 2013.	
See notes to consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1: Organization
Hilton Worldwide Holdings Inc. (“Hilton” together with its subsidiaries, “we,” “us,” “our” or the “Company”) was incorporated in Delaware on March 18, 2010 to hold, directly or indirectly, all of the equity of Hilton Worldwide, Inc. (“HWI”). The accompanying financial statements present the consolidated financial position of Hilton, which includes consolidation of HWI. Hilton is one of the largest hospitality companies in the world based upon the number of hotel rooms and timeshare units under our 10 distinct brands. We are engaged in owning, leasing, managing, developing and franchising hotels, resorts and timeshare properties. As of December 31, 2013, we owned, leased, managed or franchised 4,073 hotel and resort properties, totaling 672,083 rooms in 91 countries and territories, as well as 42 timeshare properties comprising 6,547 units.
On October 24, 2007, HWI became a wholly owned subsidiary of BH Hotels Holdco, LLC (“BH Hotels”), an affiliate of The Blackstone Group L.P. (“Blackstone” or “our Sponsor”), following the completion of a merger (the “Merger”). BH Hotels and its subsidiaries subsequently formed Hilton Global Holdings, LLC (“HGH” or our “Parent”), which owned 100 percent of our stock. On December 17, 2013, we completed a 9,205,128-for-1 stock split on issued and outstanding shares, which is reflected in all share and per share data presented in the consolidated financial statements and accompanying notes, and an initial public offering (the “IPO”) in which we sold 64,102,564 newly issued shares of common stock and a selling stockholder of the Company sold 71,184,153 shares of existing common stock at a public offering price of $20.00 per share. As of December 31, 2013, our Sponsor beneficially owned approximately 76.4 percent of our common stock. The common stock is listed on the New York Stock Exchange under the symbol “HLT” and began trading publicly on December 12, 2013.
Note 2: Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
Principles of Consolidation
The consolidated financial statements include the accounts of Hilton, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. Entities in which we have a controlling financial interest generally comprise majority owned real estate ownership and management enterprises.
The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other ownership interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or have a controlling general partner interest of a partnership, assuming the absence of other factors determining control, including the ability of noncontrolling owners to participate in or block certain decisions. As of December 31, 2013, we consolidated six non-wholly owned entities in which we own more than 50 percent of the voting shares of the entities or we have determined we are the primary beneficiary of VIEs.
All material intercompany transactions and balances have been eliminated in consolidation. References in these financial statements to net income attributable to Hilton stockholders and Hilton stockholders’ equity do not include noncontrolling interests, which represent the outside ownership interests of our six consolidated, non-wholly owned entities and are reported separately.
 
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Use of Estimates
The preparation of financial statements in conformity with United States of America (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates.
Reclassifications
Certain prior year amounts have been reclassified to conform to current presentation.
Summary of Significant Accounting Policies
Revenue Recognition
Revenues are primarily derived from the following sources and are generally recognized as services are rendered and when collectibility is reasonably assured. Amounts received in advance of revenue recognition are deferred as liabilities.
 
 	•	 	Owned and leased hotel revenues primarily consist of room rentals and food and beverage sales from owned, leased and consolidated non-wholly owned hotel properties. Revenues are recorded when rooms are occupied or goods and services have been delivered or rendered.	
 
 	•	 	Management fees represent fees earned from hotels and timeshare properties that we manage, usually under long-term contracts with the property owner. Management fees from hotels usually include a base fee, which is generally a percentage of hotel revenues, and an incentive fee, which is typically based on a fixed or variable percentage of hotel profits and in some cases may be subject to a stated return threshold to the owner, normally over a one-calendar year period. Additionally, we receive one-time upfront fees upon execution of certain management contracts. We recognize base fees as revenue when earned in accordance with the terms of the management agreement. For incentive fees, we recognize those amounts that would be due if the contract was terminated at the financial statement date. One-time, upfront fees are recognized when all conditions have been substantially performed or satisfied by us. Management fees from timeshare properties are generally a fixed percent as stated in the management agreement and are recognized as the services are performed.	
 
 	•	 	Franchise fees represent fees earned in connection with the licensing of one of our hotel brands, usually under long-term contracts with the hotel owner. We charge a monthly franchise royalty fee, generally based on a percentage of room revenue, as well as application and initiation fees for new hotels entering the system. Royalty fees for our full-service brands may also include a percentage of gross food and beverage revenues and other revenues, where applicable. We recognize franchise fee revenue as the fees are earned, which is when all material services or conditions have been performed or satisfied.	
 
 	•	 	Other revenues include revenues generated by the incidental support of hotel operations for owned, leased, managed and franchised hotels and other rental income. This includes any revenues received for vendor rebate arrangements we participate in as a manager of hotel and timeshare properties.	
 
 	•	 	Timeshare revenues consist of revenues generated from our Hilton Grand Vacations timeshare business. Timeshare revenues are principally generated from the sale and financing of timeshare intervals. Revenue from a deeded timeshare sale is recognized when the customer has executed a binding sales contract, a minimum ten percent down payment has been received, certain minimum sales thresholds for a timeshare project have been attained, the purchaser’s period to cancel for a refund has expired and the related receivable is deemed to be collectible. We defer revenue recognition for sales that do not meet these criteria. During periods of construction, revenue from timeshare sales is recognized under the percentage-of-completion method. One of our timeshare products is accounted for as a long-term lease with a reversionary interest, rather than the sale of a deeded interest in real estate. In this case, sales revenue is recognized on a straight-line basis over the term of the lease. Revenue	
 
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 	from the financing of timeshare sales is recognized on the accrual method as earned based on the outstanding principal, interest rate and terms stated in each individual financing agreement. See “Financing Receivables” section below for further discussion of the policies applicable to our timeshare financing receivables. Additionally, we receive sales commissions from certain third-party developers that we assist in selling their timeshare inventory. We recognize revenue from commissions on these sales as intervals are sold and we fulfill the service requirements under the respective sales agreements with the developers. We also generate revenues from enrollment and other fees, rentals of timeshare units, food and beverage sales and other ancillary services at our timeshare properties that are recognized when units are rented or goods and services are delivered or rendered.	
 
 	•	 	Other revenues from managed and franchised properties represent payroll and related costs, certain other operating costs of the managed and franchised properties’ operations, marketing expenses and other expenses associated with our brands and shared services that are contractually reimbursed to us by the property owners or paid from fees collected in advance from these properties. The corresponding expenses are presented as other expenses from managed and franchised properties in our consolidated statements of operations, resulting in no effect on operating income (loss) or net income (loss).	
We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less.
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents include cash balances established as security for certain guarantees, lender reserves, ground rent and property tax escrows, reserves statutorily required to be held by our captive insurance subsidiary and advance deposits received on timeshare sales that are held in escrow until the contract is closed. For purposes of our consolidated statements of cash flows, changes in restricted cash and cash equivalents caused by changes in lender reserves due to restrictions under our loan agreements are shown as financing activities. The remaining changes in restricted cash and cash equivalents are the result of our normal operations, and, as such, are reflected in operating activities.
Allowance for Doubtful Accounts
An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions.
Inventories
Inventories comprise unsold timeshare intervals at our timeshare properties, as well as hotel inventories consisting of operating supplies that have a period of consumption of one year or less, guest room items and food and beverage items.
Timeshare inventory is carried at the lower of cost or market, based on the relative sales value or net realizable value. Capital expenditures associated with our non-lease timeshare products are reflected as inventory until the timeshare intervals are sold. Consistent with industry practice, timeshare inventory is classified as a
 
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current asset despite an operating cycle that exceeds 12 months. The majority of sales and marketing costs incurred to sell timeshare intervals are expensed when incurred. Certain direct and incremental selling and marketing costs are deferred on a contract until revenue from the interval sale has been recognized.
In accordance with the accounting standards for costs and the initial rental operations of real estate projects, we use the relative sales value method of costing our timeshare sales and relieving inventory. In addition, we continually assess our timeshare inventory and, if necessary, impose pricing adjustments to accelerate sales pace. It is possible that any future changes in our development and sales strategies could have a material effect on the carrying value of certain projects and inventory. We monitor our projects and inventory on an ongoing basis and complete an evaluation each reporting period to ensure that the inventory is stated at the lower of cost or market.
Hotel inventories are generally valued at the lower of cost (using “first-in, first-out”, or FIFO) or market.
Property and Equipment
Property and equipment are recorded at cost and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred.
Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years), furniture and equipment (3 to 8 years) and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the lives estimates above, or the lease term.
We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of operations within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers.
If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset.
Financing Receivables
We define financing receivables as financing arrangements that represent a contractual right to receive money either on demand or on fixed or determinable dates, which are recognized as an asset in our consolidated balance sheets. We record all financing receivables at amortized cost in current and long-term financing receivables. We recognize interest income as earned and provide an allowance for cancellations and defaults. We have divided our financing receivables into two portfolio segments based on the level of aggregation at which we develop and document a systematic methodology to determine the allowance for credit losses. Based on their initial measurement, risk characteristics and our method for monitoring and assessing credit risk, we have determined the classes of financing receivables to correspond to our identified portfolio segments as follows:
 
 	•	 	Timeshare financing receivables comprise loans related to our financing of timeshare interval sales and secured by the underlying timeshare properties. We determine our timeshare financing receivables to be past due based on the contractual terms of the individual mortgage loans. We recognize interest	
 
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 	income on our timeshare financing receivables as earned. The interest rate charged on the notes correlates to the risk profile of the borrower at the time of purchase and the percentage of the purchase that is financed, among other factors. We record an estimate of uncollectibility as a reduction of sales revenue at the time revenue is recognized on a timeshare interval sale. We evaluate this portfolio collectively, since we hold a large group of homogeneous timeshare financing receivables, which are individually immaterial. We monitor the credit quality of our receivables on an ongoing basis. There are no significant concentrations of credit risk with any individual counterparty or groups of counterparties. With the exception of the financing provided to customers of our timeshare business, we do not normally require collateral or other security to support credit sales. We use a technique referred to as static pool analysis as the basis for determining our general reserve requirements on our timeshare financing receivables. The adequacy of the related allowance is determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including assumed default rates, aging and historical write-offs of these receivables. The allowance is maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. Once a note is 90 days past due or is determined to be uncollectible prior to 90 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. We apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees, late charges, interest and principal. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 90 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 120 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process is complete and we receive the deed for the foreclosed unit.	
 
 	•	 	Other financing receivables primarily comprise individual loans and other types of unsecured financing arrangements provided to hotel owners. We individually assess all financing receivables in this portfolio for collectibility and impairment. We measure loan impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For impaired loans, we establish a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows. We do not recognize interest income on unsecured financing to hotel owners for notes that are greater than 90 days past due and only resume interest recognition if the financing receivable becomes current. We fully reserve unsecured financing to hotel owners when we determine that the receivables are uncollectible and when all commercially reasonable means of recovering the receivable balances have been exhausted.	
Investments in Affiliates
We hold investments in affiliates that primarily own or lease hotels under one of our nine distinct hotel brands. If the entity does not meet the definition of a VIE, we evaluate our voting interest or general partnership interest to determine if we have a controlling financial interest in the entity. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we own more than a minimal investment, but have no more than a 50 percent voting interest or do not otherwise control the investment. Investments in affiliates over which we are not able to exercise significant influence are accounted for under the cost method.
Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings (losses) from unconsolidated affiliates in our consolidated statements of operations. Distributions from investments in unconsolidated entities are presented as an operating activity in our consolidated statements of cash flows when such distributions are a return on investment. Distributions from unconsolidated affiliates are recorded as an investing activity in our consolidated statements of cash flows when such distributions are a return of investment.
 
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We assess the recoverability of our equity method and cost method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from unconsolidated affiliates for equity method investments or impairment losses for cost method investments in our consolidated statements of operations.
Goodwill
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We do not amortize goodwill, but rather evaluate goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below the carrying amount.
We review the carrying value of our goodwill by comparing the carrying value of our reporting units to their fair value. Our reporting units are the same as our operating segments as described in Note 24: “Business Segments”. We perform this evaluation annually or at an interim date if indicators of impairment exist. In any year we may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or we decide to bypass the qualitative assessment, we proceed to the two-step quantitative process. In the first step, we determine the fair value of each of our reporting units. The valuation is based on internal projections of expected future cash flows and operating plans, as well as market conditions relative to the operations of our reporting units. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. However, if the carrying amount of a reporting unit exceeds its estimated fair value, then the second step must be performed. In the second step, we estimate the implied fair value of goodwill, which is determined by taking the fair value of the reporting unit and allocating it to all of its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess.
Brands
We own, operate and franchise hotels under our portfolio of brands. There are no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of these brands and, accordingly, the useful lives of these brands are considered to be indefinite. Our hotel brand portfolio includes Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton (including DoubleTree Suites by Hilton), Embassy Suites Hotels, Hilton Garden Inn, Hampton Inn (including Hampton Inn & Suites and, outside of the U.S., Hampton by Hilton), Homewood Suites by Hilton and Home2 Suites by Hilton. In addition, we also develop and operate timeshare properties under our Hilton Grand Vacations brand.
At the time of the Merger, our brands were assigned a fair value based on a common valuation technique known as the relief from royalty approach. Home2 Suites by Hilton was launched post-Merger and, as such, it was not assigned a fair value. We evaluate our brands for impairment on an annual basis or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of the brand is below the carrying value. If a brand’s estimated current fair value is less than its respective carrying value, the excess of the carrying value over the estimated fair value is recorded in our consolidated statements of operations within impairment losses.
 
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Intangible Assets with Finite Useful Lives
We have certain finite lived intangible assets that were initially recorded at their fair value at the time of the Merger. These intangible assets consist of management agreements, franchise contracts, leases, certain proprietary technologies and our guest loyalty program, Hilton HHonors. Additionally, we capitalize management and franchise contract acquisition costs as finite-lived intangible assets. Intangible assets with finite useful lives are amortized using the straight-line method over their respective estimated useful lives.
We capitalize costs incurred to develop internal-use computer software. Internal and external costs incurred in connection with development of upgrades or enhancements that result in additional functionality are also capitalized. These capitalized costs are amortized on a straight-line basis over the estimated useful life of the software. These capitalized costs are recorded in other intangible assets in our consolidated balance sheets.
We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the fair value in our consolidated statements of operations.
Hilton HHonors
Hilton HHonors is a guest loyalty program provided to hotels. Most of our owned, leased, managed and franchised hotels and timeshare properties participate in the Hilton HHonors program. Hilton HHonors members earn points based on their spending at our participating hotel and timeshare properties and through participation in affiliated partner programs. When points are earned by Hilton HHonors members, the property or affiliated partner pays Hilton HHonors based on an estimated cost per point for the costs of operating the program, which include marketing, promotion, communication, administration and the estimated cost of award redemptions. Hilton HHonors member points are accumulated and may be redeemed for certificates that entitle the holder to the right to stay at participating properties, as well as other opportunities with third parties, including, but not limited to, airlines, car rentals, cruises, vacation packages, shopping and dining. We provide Hilton HHonors as a marketing program to participating hotels, with the objective of operating the program on a break-even basis to us.
Hilton HHonors defers revenue received from participating hotels and program partners in an amount equal to the estimated cost per point of the future redemption obligation. We engage outside actuaries to assist in determining the fair value of the future award redemption obligation using statistical formulas that project future point redemptions based on factors that include historical experience, an estimate of “breakage” (points that will never be redeemed), an estimate of the points that will eventually be redeemed and the cost of reimbursing hotels and other third parties in respect to other redemption opportunities available to members. Revenue is recognized by participating hotels and resorts only when points that have been redeemed for hotel stay certificates are used by members or their designees at the respective properties. Additionally, when members of the Hilton HHonors loyalty program redeem award certificates at our owned and leased hotels, we recognize room rental revenue.
Fair Value Measurements—Valuation Hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below:
 
 	•	 	Level 1 - Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.	
 
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 	•	 	Level 2 - Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument.	
 
 	•	 	Level 3 - Valuation is based upon other unobservable inputs that are significant to the fair value measurement.	
The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.
Derivative Instruments
We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates and foreign currency exchange rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. Under the terms of our loan agreements, we are required to maintain derivative financial instruments to manage interest rates. We do not enter into derivative financial instruments for trading or speculative purposes.
We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (cash flow hedge), a hedge of the fair value of a recognized asset or liability (fair value hedge), a hedge of our foreign currency exposure (net investment hedge) or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included as an investing activity in the consolidated statements of cash flows.
If we determine that we qualify for and will designate a derivative as a hedging instrument, at the designation date we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions, linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets, and determining the foreign currency exposure of net investment of the foreign operation for a net investment hedge.
On a quarterly basis, we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations via use of the Hypothetical Derivative Method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised.
 
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Currency Translation
The United States Dollar (“USD”) is our reporting currency and is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency for our consolidated and unconsolidated entities operating outside of the U.S. is the currency of the primary economic environment in which the respective entity operates. Assets and liabilities measured in foreign currencies are translated into USD at the prevailing exchange rates in effect as of the financial statement date and the related gains and losses, net of applicable deferred income taxes, are reflected in equity. Income and expense accounts are translated at the average exchange rate for the period. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables denominated in a currency other than an entity’s functional currency that are not of a long-term investment nature are reported as a component of gain (loss) on foreign currency transactions in our consolidated statements of operations.
Self-Insurance
We are self-insured for various levels of general liability, auto liability, workers’ compensation and employee health insurance coverage at our owned properties. Additionally, the majority of employees at managed hotels, of which we are the employer, participate in our workers’ compensation and employee health insurance coverage. Also, a number of our managed hotels participate in our general liability, auto liability, excess liability and property insurance programs. We purchase insurance coverage for claim amounts that exceed our self-insured retentions. Our insurance reserves are accrued based on estimates of the ultimate cost of claims that occurred during the covered period, which includes claims incurred but not reported. These estimates are prepared with the assistance of outside actuaries and consultants. The ultimate cost of claims for a covered period may differ from our original estimates. Our provision for insured events for the years ended December 31, 2013, 2012 and 2011 was $38 million, $27 million and $33 million, respectively. Our insured claims and adjustments paid for the years ended December 31, 2013, 2012 and 2011 were $36 million, $37 million and $33 million, respectively.
Share-based Compensation
We recognize the cost of services received in a share-based payment transaction with an employee as services are received and recognize either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria.
The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we are obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation cost for an award classified as an equity instrument is recognized ratably over the requisite service period, including an estimate of forfeitures. The requisite service period is the period during which an employee is required to provide service in exchange for an award.
Liability awards under a share-based payment arrangement are measured based on the award’s fair value, and the fair value is remeasured at each reporting date until the date of settlement. Compensation cost for each period until settlement is based on the change (or a portion of the change, depending on the percentage of the requisite service that has been rendered at the reporting date) in the fair value of the instrument for each reporting period, including an estimate of forfeitures.
Compensation cost for awards with performance conditions is recognized over the requisite service period if it is probable that the performance condition will be satisfied. If such performance conditions are not considered probable until they occur, no compensation expense for these awards is recognized.
 
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Income Taxes
We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized.
We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.
Recently Issued Accounting Pronouncements
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11 (“ASU 2013-11”), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists . This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists in the applicable jurisdiction to settle any additional income taxes that would result from disallowance of the tax position. The provisions of ASU 2013-11 are effective, prospectively, for reporting periods beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to materially affect our consolidated financial statements.
In March 2013, the FASB issued ASU No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity . The ASU clarifies when a cumulative translation adjustment should be released to net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate) within a foreign entity. The provisions of ASU 2013-05 are effective for reporting periods beginning after December 15, 2013. The adoption of ASU 2013-05 is not expected to materially affect our consolidated financial statements.
In February 2013, the FASB issued ASU No. 2013-02 (“ASU 2013-02”), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income . This ASU amends existing guidance by requiring companies to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income in the same reporting period. For amounts which are not required to be reclassified in their entirety to net income in the same reporting period, companies are required to cross reference other disclosures that provide information about those amounts. The provisions of ASU 2013-02 were effective, prospectively, for reporting periods beginning after December 15, 2012. The adoption of this ASU resulted in additional disclosures within Note 23: “Accumulated Other Comprehensive Loss.”
In July 2012, the FASB issued ASU No. 2012-02 (“ASU 2012-02”), Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment . This ASU permits an entity to first assess
 
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qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative impairment test. This ASU was effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 14, 2012. The adoption of ASU 2012-02 did not have a material effect on our consolidated financial statements.
Note 3: Acquisitions
In conjunction with business combinations, we record the assets acquired, liabilities assumed and noncontrolling interests at fair value as of the acquisition date, including any contingent consideration. Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets.
Hilton Bradford
In October 2013, we purchased the land and building associated with the Hilton Bradford, which we previously leased under a capital lease, for a cash payment of British Pound Sterling (“GBP”) 9 million, or approximately $15 million. As a result of the acquisition, we released our capital lease obligation of $17 million and recognized a gain of $2 million that was included in other gain, net in our consolidated statement of operations for the year ended December 31, 2013.
Land Parcel Acquisition
In April 2013, we acquired a parcel of land for $28 million, which we previously leased under a long-term ground lease.
Odawara Hilton Co., LTD
In December 2012, we purchased the remaining 53.5 percent ownership interest in Odawara Hilton Co., LTD (“OHC”), which leased the Hilton Odawara that we managed, for a cash payment of Japanese Yen (“JPY”) 155 million, or approximately $1 million. Prior to the acquisition, we had a 46.5 percent ownership interest in OHC, with the remaining interest held by nine stockholders each of whom had no more than a 10 percent ownership interest. We were considered to be the primary beneficiary of this VIE and, as such, OHC was consolidated in our consolidated financial statements. Upon completion of the acquisition of the remaining interests, we wholly own OHC. The equity transaction resulted in a decrease of approximately $4 million to additional paid-in capital.
In conjunction with this acquisition and predicated upon the fact that it would occur, in December 2012, OHC executed a binding purchase agreement with the owner of the Hilton Odawara to purchase the building and the surrounding land. However, the closing of the sale, which will include the exchange of cash and the acquisition of the title by Hilton, will not occur until December 2015. As a result of this purchase agreement and other factors, the Hilton Odawara lease, which was previously accounted for as an operating lease, was recorded as a capital lease asset and obligation of $15 million as of December 31, 2012.
Oakbrook Suites and Garden Inn, LLC
In August 2011, we purchased the remaining 50 percent ownership interest in Oakbrook Suites and Garden Inn, LLC (“Oakbrook LLC”), which owned the Hilton Suites Oakbrook and the Hilton Garden Inn Oakbrook Terrace, for a cash payment of $12 million. Prior to the acquisition, we had a 50 percent ownership interest in Oakbrook LLC, which was accounted for using the equity method. Upon completion of the acquisition of the remaining interests, we wholly owned Oakbrook LLC, and it was consolidated in our consolidated financial statements. The fair value of the net assets acquired was $24 million. Our cash paid for the acquisition, along with the carrying value of our investment in Oakbrook LLC, was allocated to the net assets acquired, which consisted primarily of land, buildings and furniture and equipment.
 
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Note 4: Disposals
Conrad Istanbul
In December 2013, we completed the sale of our 25 percent equity interest in a joint venture entity that owns the Conrad Istanbul for $17 million. As a result of the sale, we reclassified a currency translation adjustment of $14 million, which was previously included in accumulated other comprehensive loss, to earnings and included this in our calculation of the loss on sale of our equity interest. In total, we recognized a pre-tax loss on the sale of $1 million that was included in other gain, net in our consolidated statement of operations for the year ended December 31, 2013.
India Joint Venture
In December 2011, we completed the sale of our 26 percent interest in a hotel development joint venture located in India for GBP 15 million, or approximately $23 million. As a result of the sale, we reclassified the currency translation adjustment of $8 million, which was previously recognized in accumulated other comprehensive loss, to earnings within our consolidated statement of operations for the year ended December 31, 2011. Further, we recognized a related pre-tax loss on the sale of $10 million that was included in other gain, net in our consolidated statement of operations for the year ended December 31, 2011.
Beverly Hills Office Building
In January 2011, we completed the sale of our former corporate headquarters office building in Beverly Hills, California for approximately $65 million and recognized a pre-tax gain of $16 million that was included in other gain, net in our consolidated statement of operations for the year ended December 31, 2011.
Note 5: Inventories
Inventories were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Timeshare	  	$	       371	  	  	$	       389	  	
Hotel	  	 	25	  	  	 	26	  	
	  	 	 	 	  	 	 	 	
	  	$	396	  	  	$	415	  	
	  	 	 	 	  	 	 	 	
Note 6: Property and Equipment
Property and equipment were as follows:
									
 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Land	  	$	4,098 	  	  	$	4,090 	  	
Buildings and leasehold improvements	  	 	5,511 	  	  	 	5,450 	  	
Furniture and equipment	  	 	1,172 	  	  	 	1,111 	  	
Construction-in-progress	  	 	67 	  	  	 	88 	  	
	  	 	 	 	  	 	 	 	
	  	 	 10,848 	  	  	 	 10,739 	  	
Accumulated depreciation and amortization	  	 	(1,790)	  	  	 	(1,542)	  	
	  	 	 	 	  	 	 	 	
	  	$	9,058 	  	  	$	9,197 	  	
	  	 	 	 	  	 	 	 	
Depreciation and amortization expense on property and equipment, including amortization of assets recorded under capital leases, was $318 million, $290 million and $323 million during the years ended December 31, 2013, 2012 and 2011, respectively.
 
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As of December 31, 2013 and 2012, property and equipment included approximately $130 million and $157 million, respectively, of capital lease assets primarily consisting of buildings and leasehold improvements, net of $59 million and $71 million, respectively, of accumulated depreciation and amortization.
No impairment losses were recognized on property and equipment for the year ended December 31, 2013. The following table details the impairment losses recognized on our assets included in property and equipment, by property type, for the years ended December 31, 2012 and 2011:

 	  	Year Ended December 31,	 	
 	  	  2012  	 	  	  2011  	 	
 	  	(in millions)	 	
Owned and leased hotels	  	$	 42	  	  	$	 17	  	
Timeshare properties	  	 	—	  	  	 	3	  	
Corporate office facilities	  	 	11	  	  	 	—	  	
	  	 	 	 	  	 	 	 	
	  	$	53	  	  	$	20	  	
	  	 	 	 	  	 	 	 	
Note 7: Financing Receivables
Financing receivables were as follows:

 	  	December 31, 2013	 	
 	  	Securitized
Timeshare	 	  	Unsecuritized
Timeshare	 	  	    Other    	 	  	    Total    	 	
 	  	(in millions)	 	
Financing receivables	  	$	 205 	  	  	$	 654 	  	  	$	 49 	  	  	$	 908 	  	
Less: allowance	  	 	(11)	  	  	 	(67)	  	  	 	(1)	  	  	 	(79)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	194 	  	  	 	587 	  	  	 	48 	  	  	 	829 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Current portion of financing receivables	  	 	29 	  	  	 	106 	  	  	 	— 	  	  	 	135 	  	
Less: allowance	  	 	(2)	  	  	 	(12)	  	  	 	— 	  	  	 	(14)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	27 	  	  	 	94 	  	  	 	— 	  	  	 	121 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total financing receivables	  	$	221 	  	  	$	681 	  	  	$	48 	  	  	$	950 	  	

													
 	  	December 31, 2012	 	
 	  	Unsecuritized
Timeshare	 	  	    Other    	 	  	    Total    	 	
 	  	(in millions)	 	
Financing receivables	  	$	 853 	  	  	$	 44 	  	  	$	 897 	  	
Less: allowance	  	 	(81)	  	  	 	(1)	  	  	 	(82)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	772 	  	  	 	43 	  	  	 	815 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Current portion of financing receivables	  	 	131 	  	  	 	— 	  	  	 	131 	  	
Less: allowance	  	 	(12)	  	  	 	— 	  	  	 	(12)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	119 	  	  	 	— 	  	  	 	119 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total financing receivables	  	$	891 	  	  	$	43 	  	  	$	934 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Timeshare Financing Receivables
In August 2013, we completed a securitization of approximately $255 million of gross timeshare financing receivables and issued $250 million in aggregate principal amount of 2.28 percent notes with maturities of January 2026 (“Securitized Timeshare Debt”). The securitization transaction did not qualify as a sale for accounting purposes and, accordingly, no gain or loss was recognized and the proceeds were presented as debt. See Note 13: “Debt” for additional details.
 
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In May 2013, we entered into a revolving non-recourse timeshare financing receivables credit facility (“Timeshare Facility”) that is secured by certain of our timeshare financing receivables. As of December 31, 2013, we had $492 million of gross timeshare financing receivables secured under our Timeshare Facility. See Note 13: “Debt” for additional details.
As of December 31, 2013, we had 53,123 timeshare notes outstanding, including those which are collateral for our Securitized Timeshare Debt, with interest rates ranging from zero to 20.50 percent, an average interest rate of 11.97 percent, a weighted average remaining term of 7.5 years and maturities through 2025. As of December 31, 2013 and 2012, we had ceased accruing interest on timeshare notes with aggregate principal balances of $32 million and $30 million, respectively.
The changes in our allowance for uncollectible timeshare financing receivables were as follows:

 	  	(in millions)	 	
Balance as of December 31, 2010	  	$	 101 	  	
Write-offs	  	 	(36)	  	
Provision for uncollectibles on sales	  	 	32 	  	
	  	 	 	 	
Balance as of December 31, 2011	  	 	97 	  	
Write-offs	  	 	(33)	  	
Provision for uncollectibles on sales	  	 	29 	  	
	  	 	 	 	
Balance as of December 31, 2012	  	 	93 	  	
Write-offs	  	 	(25)	  	
Provision for uncollectibles on sales	  	 	24 	  	
	  	 	 	 	
Balance as of December 31, 2013	  	$	92 	  	
	  	 	 	 	
Our timeshare financing receivables as of December 31, 2013 mature as follows:

 	  	Securitized
Timeshare	 	  	Unsecuritized
Timeshare	 	
Year	  	(in millions)	 	
2014	  	$	29 	  	  	$	106 	  	
2015	  	 	29 	  	  	 	87 	  	
2016	  	 	30 	  	  	 	90 	  	
2017	  	 	30 	  	  	 	92 	  	
2018	  	 	30 	  	  	 	89 	  	
Thereafter	  	 	86 	  	  	 	296 	  	
	  	 	 	 	  	 	 	 	
	  	 	234 	  	  	 	760 	  	
Less: allowance	  	 	(13)	  	  	 	(79)	  	
	  	 	 	 	  	 	 	 	
	  	$	 221 	  	  	$	 681 	  	
	  	 	 	 	  	 	 	 	
The following table details an aged analysis of our gross timeshare financing receivables balance:

 	  	December 31,	 	
 	  	    2013    	 	  	    2012    	 	
 	  	(in millions)	 	
Current	  	$	 948	  	  	$	 940	  	
30 - 89 days past due	  	 	14	  	  	 	14	  	
90 - 119 days past due	  	 	4	  	  	 	4	  	
120 days and greater past due	  	 	28	  	  	 	26	  	
	  	 	 	 	  	 	 	 	
	  	$	994	  	  	$	984	  	

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Note 8: Investments in Affiliates
Investments in affiliates were as follows:

 	  	December 31,	 	
 	  	    2013    	 	  	    2012    	 	
 	  	(in millions)	 	
Equity investments	  	$	 245	  	  	$	 276	  	
Other investments	  	 	15	  	  	 	15	  	
	  	 	 	 	  	 	 	 	
	  	$	260	  	  	$	291	  	
	  	 	 	 	  	 	 	 	
We maintain investments in affiliates accounted for under the equity method, which are primarily investments in entities that owned or leased 30 and 32 hotels as of December 31, 2013 and 2012, respectively.
Our investments in affiliates accounted for under the equity method totaled $245 million and $276 million, representing approximately one percent of total assets as of December 31, 2013 and 2012. We are a partner in joint ventures with Felcor Hotels, LLC and affiliates that own 13 hotels in which our ownership interest ranges from 10 percent to 50 percent, as well as a management company in which we have a 50 percent interest. The total carrying amount of our investments with Felcor Hotels, LLC and affiliates was $99 million and $104 million as of December 31, 2013 and 2012, respectively. During the year ended December 31, 2013, we sold a joint venture investment with Felcor with a carrying value of $3 million. We are also partners in other significant joint ventures with the following ownership interests and carrying amounts: a 25 percent ownership interest in Ashford HHC Partners III, LP, which owns two hotels and had a carrying amount of $20 million and $37 million as of December 31, 2013 and 2012, respectively; and a 40 percent interest in Domhotel GmbH, Berlin, which owns one hotel and had a carrying amount of $38 million and $35 million as of December 31, 2013 and 2012, respectively. We also have investments in 14 other joint ventures in which our ownership interest ranges from 10 percent to 50 percent.
The equity investments had total debt of approximately $1.1 billion as of December 31, 2013 and 2012. Substantially all of the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us. We were the creditor on $17 million and $20 million of total debt from unconsolidated affiliates as of December 31, 2013 and 2012, respectively, which was included in financing receivables, net in our consolidated balance sheets.
We identified certain indicators of impairment in 2012 and 2011 relative to the carrying value of certain of our investments and, as a result, determined that we had impairments on these investments during the years ended December 31, 2012 and 2011. We recorded $19 million and $141 million of impairment losses on certain equity method investments during the years ended December 31, 2012 and 2011, respectively, which were included in equity in earnings (losses) from unconsolidated affiliates in our consolidated statements of operations. Additionally in 2012, we recorded a $1 million impairment loss on one of our other investments, which was included in impairment losses in our consolidated statement of operations for the year ended December 31, 2012.
In connection with the Merger, we recorded our equity method investments at their estimated fair value, which resulted in an increase to our historical basis in those entities, primarily as a result of an increase in the fair value of the real estate assets of the investee entities. The basis difference is being amortized as a component of equity in earnings (losses) from unconsolidated affiliates over a period of approximately 40 years and is also adjusted for impairment losses. The unamortized basis was $119 million and $120 million, as of December 31, 2013 and 2012, respectively. We estimate our future amortization expense to be approximately $3 million per year for the remaining amortization period.
 
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Note 9: Consolidated Variable Interest Entities
As of December 31, 2013, 2012 and 2011, we consolidated four, three and four VIEs, respectively. During the years ended December 31, 2013, 2012 and 2011, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future.
Two of our VIEs lease hotels from unconsolidated affiliates in Japan. We hold a significant ownership interest in these VIEs and have the power to direct the activities that most significantly affect their economic performance. Our consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised $42 million and $29 million of cash and cash equivalents, $26 million and $66 million of property and equipment, net and $284 million and $408 million of non-recourse debt as of December 31, 2013 and 2012, respectively. The assets of these entities are only available to settle the obligations of these entities. Interest expense related to the non-recourse debt of these two consolidated VIEs was $28 million during the year ended December 31, 2013 and $33 million during the years ended December 31, 2012 and 2011, and was included in interest expense in our consolidated statements of operations.
In February 2013, Osaka Hilton Co., Ltd., one of our consolidated VIEs in Japan, signed a Memorandum of Understanding to restructure the terms of their capital lease. The terms of the restructuring call for a reduction in future rent expense under the lease, as well as a commitment to fund capital improvements to the hotel. As of December 31, 2013, we no longer have a commitment to fund these capital improvements. The effect of the capital lease restructuring was recognized during the year ended December 31, 2013, resulting in a reduction in property and equipment, net of $44 million and a reduction in non-recourse debt of $48 million.
In 2012, we acquired the remaining ownership interest in OHC, which was previously one of our consolidated VIEs located in Japan. See Note 3: “Acquisitions” for further discussion of this transaction.
In 2011, two of our consolidated VIEs located in Japan restructured their lease agreements which were accounted for as capital leases. We recognized a gain associated with one of the lease restructurings of $13 million during the year ended December 31, 2011, resulting from the difference between the fair value of the new lease terms and the carrying value of the former lease. This gain was recognized in other gain, net, in our consolidated statement of operations for the year ended December 31, 2011. Additionally, $7 million of the gain was recognized as being attributable to noncontrolling interests based on their ownership interest in the VIE, and was included in net income attributable to noncontrolling interests in our consolidated statement of operations for the year ended December 31, 2011.
In August 2013, we formed a VIE to issue our Securitized Timeshare Debt. We are the primary beneficiary of this VIE as we have the power to direct the activities that most significantly affect the VIE’s economic performance, the obligation to absorb losses and the right to receive benefits that are significant to the VIE. As of December 31, 2013, our consolidated balance sheet included the assets and liabilities of this entity, which primarily comprised $8 million of restricted cash and cash equivalents, $221 million of securitized financing receivables, net and $222 million of non-recourse debt. Our consolidated statement of operations included interest income of $17 million, included in timeshare revenue, and interest expense of $3 million, included in interest expense, for the year ended December 31, 2013, related to this VIE. See Note 7: “Financing Receivables” and Note 13: “Debt” for additional details of the timeshare securitization transaction.
We have an additional VIE that owns one hotel that was immaterial to our consolidated financial statements.
Note 10 : Goodwill
As part of the purchase accounting for the Merger, we recorded $10.5 billion of goodwill representing the excess purchase price over the fair value of the other identified assets and liabilities. During the year ended December 31, 2008, we recognized approximately $4.3 billion of impairment charges relating to our goodwill, including impairment losses of $795 million on our goodwill assigned to our timeshare reporting unit, which had
 
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no remaining goodwill assigned to that reporting unit as of December 31, 2013, 2012 and 2011. In the fourth quarter of each year, we performed our annual assessment for impairment and concluded that there was no impairment of our goodwill for the years ended December 31, 2013, 2012 and 2011. Changes to our goodwill during the years ended December 31, 2013, 2012 and 2011 were due to foreign currency translations. Our goodwill balances, by reporting unit, were as follows:

 	  	Ownership	 	  	Management
and Franchise	 	  	Total	 	
 	  	(in millions)	 	
Goodwill	  	$	4,555 	  	  	$	5,147	  	  	$	9,702 	  	
Accumulated impairment losses	  	 	 (3,527)	  	  	 	—	  	  	 	 (3,527)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2011	  	 	1,028 	  	  	 	5,147	  	  	 	6,175 	  	
				
Foreign currency translation	  	 	4 	  	  	 	18	  	  	 	22 	  	
				
Goodwill	  	 	4,559 	  	  	 	5,165	  	  	 	9,724 	  	
Accumulated impairment losses	  	 	(3,527)	  	  	 	—	  	  	 	(3,527)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2012	  	 	1,032 	  	  	 	5,165	  	  	 	6,197 	  	
				
Foreign currency translation	  	 	4 	  	  	 	19	  	  	 	23 	  	
				
Goodwill	  	 	4,563 	  	  	 	5,184	  	  	 	9,747 	  	
Accumulated impairment losses	  	 	(3,527)	  	  	 	—	  	  	 	(3,527)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2013	  	$	1,036 	  	  	$	 5,184	  	  	$	6,220 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Note 11 : Other Intangible Assets
Other intangible assets were as follows:

 	  	December 31, 2013	 	
 	  	Gross Carrying
Amount	 	  	Accumulated
Amortization	 	  	Net Carrying
Amount	 	
 	  	(in millions)	 	
Amortizing Intangible Assets:	  				  				  				
Management and franchise agreements	  	$	2,573	  	  	$	(1,121)	  	  	$	1,452	  	
Leases	  	 	436	  	  	 	(132)	  	  	 	304	  	
Other (1)	  	 	727	  	  	 	(280)	  	  	 	447	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	 3,736	  	  	$	 (1,533)	  	  	$	 2,203	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Non-amortizing Intangible Assets:	  				  				  				
Brands	  	$	5,013	  	  	$	— 	  	  	$	5,013	  	

 	  	December 31, 2012	 	
 	  	Gross Carrying
Amount	 	  	Accumulated
Amortization	 	  	Net Carrying
Amount	 	
 	  	(in millions)	 	
Amortizing Intangible Assets:	  				  				  				
Management and franchise agreements	  	$	 2,542	  	  	$	(942)	  	  	$	 1,600	  	
Leases	  	 	408	  	  	 	(107)	  	  	 	301	  	
Other (1)	  	 	646	  	  	 	(203)	  	  	 	443	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	 3,596	  	  	$	 (1,252)	  	  	$	 2,344	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Non-amortizing Intangible Assets:	  				  				  				
Brands	  	$	5,029	  	  	$	— 	  	  	$	5,029	  	

(1)  	Includes capitalized software with a net balance of $218 million and $191 million as of December 31, 2013 and 2012, respectively, and the Hilton HHonors intangible with a net balance of $215 million and $236	
 
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 	million as of December 31, 2013 and 2012, respectively. We recorded amortization expense on capitalized software of $52 million, $30 million and $15 million for the years ended December 31, 2013, 2012 and 2011, respectively, and amortization expense on the Hilton HHonors intangible of $22 million for the years ended December 31, 2013, 2012 and 2011.	
Our amortizing intangible assets related to management and franchise agreements, leases, proprietary technologies, capitalized software and Hilton HHonors have finite lives and, accordingly, we recorded amortization expense of $285 million, $260 million and $241 million for the years ended December 31, 2013, 2012 and 2011, respectively. Changes to our brands intangible asset during the years ended December 31, 2013 and 2012 were due to foreign currency translations.
During the years ended December 31, 2013, 2012 and 2011, we recorded no impairment relating to our other intangible assets.
We estimate our future amortization expense for our amortizing intangible assets to be as follows:

Year	  	(in millions)	 	
2014	  	$	315	  	
2015	  	 	307	  	
2016	  	 	285	  	
2017	  	 	239	  	
2018	  	 	229	  	
Thereafter	  	 	828	  	
	  	 	 	 	
	  	$	 2,203	  	
	  	 	 	 	
Note 12 : Accounts Payable, Accrued Expenses and Other
Accounts payable, accrued expenses and other were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Accrued employee compensation and benefits	  	$	547	  	  	$	530	  	
Accounts payable	  	 	319	  	  	 	286	  	
Liability for guest loyalty program, current	  	 	366	  	  	 	321	  	
Deposit liabilities	  	 	195	  	  	 	169	  	
Deferred revenues, current	  	 	48	  	  	 	61	  	
Self-insurance reserves, current	  	 	52	  	  	 	47	  	
Other accrued expenses	  	 	552	  	  	 	508	  	
	  	 	 	 	  	 	 	 	
	  	$	 2,079	  	  	$	 1,922	  	
	  	 	 	 	  	 	 	 	
Deferred revenues and deposit liabilities are related to our timeshare business and hotel operations. Other accrued expenses consist of taxes, rent, interest and other accrued balances.
 
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Note 13: Debt
Long-term Debt
Long-term debt balances, including obligations for capital leases, and associated interest rates were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Senior secured term loan facility with a rate of 3.75%, due 2020	  	$	6,000 	  	  	$	— 	  	
Senior notes with a rate of 5.625%, due 2021	  	 	1,500 	  	  	 	— 	  	
Commercial mortgage-backed securities loan with an average rate of 4.05%, due 2018 (1)	  	 	3,500 	  	  	 	— 	  	
Mortgage loan with a rate of 2.32%, due 2018	  	 	525 	  	  	 	— 	  	
Senior mortgage loans with a rate of 2.51%, due 2015 (2)	  	 	— 	  	  	 	7,271 	  	
Secured mezzanine loans with an average rate of 4.12%, due 2015 (2)	  	 	— 	  	  	 	7,697 	  	
Secured mezzanine loans with a rate of 4.71%, due 2015 (2)	  	 	— 	  	  	 	240 	  	
Mortgage notes with an average rate of 6.13%, due 2014 to 2016	  	 	133 	  	  	 	134 	  	
Other unsecured notes with a rate of 7.50%, due 2017 (3)	  	 	53 	  	  	 	149 	  	
Capital lease obligations with an average rate of 5.88%, due 2015 to 2093	  	 	73 	  	  	 	83 	  	
Contingently convertible notes with a rate of 3.38%, due 2023 (4)	  	 	— 	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	
	  	 	11,784 	  	  	 	15,575 	  	
Less: current maturities of long-term debt	  	 	(4)	  	  	 	(392)	  	
Less: unamortized discount on senior secured term loan facility	  	 	(29)	  	  	 	— 	  	
	  	 	 	 	  	 	 	 	
	  	$	 11,751 	  	  	$	 15,183 	  	

(1)  	The initial maturity date of the $875 million variable-rate component of this borrowing is November 1, 2015. We have assumed all extensions, which are solely at our option, were exercised.	
(2)	The rates are as of December 31, 2012, since the senior mortgage and secured mezzanine loans were paid in full on October 25, 2013.	
(3)	The balance as of December 31, 2012, included $96 million of our 8 percent unsecured notes due 2031 that were paid in full on November 25, 2013.	
(4)	The balance was less than $1 million as of December 31, 2013.	
Debt Refinancing
In October 2013, we entered into the following borrowing arrangements:
 
 	•	 	a senior secured credit facility (the “Senior Secured Credit Facility”) consisting of a $1.0 billion senior secured revolving credit facility (the “Revolving Credit Facility”) and a $7.6 billion senior secured term loan facility (the “Term Loans”);	
 
 	•	 	$1.5 billion of 5.625% senior notes due in 2021 (the “Senior Notes”);	
 
 	•	 	a $3.5 billion commercial mortgage-backed securities loan secured by 23 of our U.S. owned real estate assets (the “CMBS Loan”); and	
 
 	•	 	a $525 million mortgage loan secured by our Waldorf Astoria New York property (the “Waldorf Astoria Loan”).	
On October 25, 2013, we used the cash proceeds from the transactions above and available cash to repay in full all $13.4 billion in borrowings outstanding, including accrued interest, under our senior mortgage loans and secured mezzanine loans (together, the “Secured Debt”).
 
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In addition, on October 25, 2013, we issued a notice of redemption to holders of all of the outstanding $96 million aggregate principal amount of our unsecured notes due 2031. These bonds were redeemed in full on November 25, 2013 at a redemption price equal to 100 percent of the principal amount and accrued and unpaid interest on the principal amount, to, but not including November 25, 2013. We refer to the transactions discussed above as the “Debt Refinancing.”
Upon completion of the Debt Refinancing, we recognized a $229 million gain on extinguishment of debt in our consolidated statement of operations as follows:

 	  	(in millions)	 	
Release of interest accrued under the interest method	  	$	 201 	  	
Release of unamortized yield adjustments related to prior debt modifications	  	 	43 	  	
Release of unamortized debt issuance costs	  	 	(15)	  	
	  	 	 	 	
	  	$	229 	  	
	  	 	 	 	
We also incurred $189 million of debt issuance costs across the respective arrangements, which will be amortized over the terms of each underlying debt agreement. As of December 31, 2013, the net balance of these debt issuance costs included in our consolidated balance sheet was $168 million.
Senior Secured Credit Facility
On October 25, 2013, we entered into our Senior Secured Credit Facility. Our Revolving Credit Facility, which matures on October 25, 2018, has a capacity of $1.0 billion and allows for up to $150 million to be drawn in the form of letters of credit. As of December 31, 2013, we had $43 million of letters of credit outstanding and $957 million of available borrowings under the Revolving Credit Facility. We are currently required to pay a commitment fee of 0.50 percent per annum under the Revolving Credit Facility in respect of the unused commitments thereunder. The commitment fee can be reduced upon achievement of certain leverage ratios.
The Term Loans, which mature on October 25, 2020, were issued with an original issue discount of 0.50 percent and required quarterly principal payments equal to 0.25 percent of the original principal amount. The Term Loans bear interest at variable rates, at our option, which is payable monthly or quarterly depending upon the variable rate that is chosen.
The obligations of the Senior Secured Credit Facility are unconditionally and irrevocably guaranteed by us and all of our direct or indirect wholly owned material domestic subsidiaries, excluding our subsidiaries that are prohibited from providing guarantees as a result of the agreements governing our Timeshare Facility and/or our Securitized Timeshare Debt and our subsidiaries that secure our CMBS Loan and our Waldorf Astoria Loan. Additionally, none of our foreign subsidiaries or our non-wholly owned domestic subsidiaries guarantee the Senior Secured Credit Facility.
In December 2013, we used the net proceeds of approximately $1,243 million received by us from our IPO and available cash to repay approximately $1,250 million of the Term Loans. Additionally, we have made voluntary prepayments of $350 million on our Term Loans since the date of the Debt Refinancing. As a result of the voluntary prepayments, the quarterly principal payments are no longer required for the remainder of the term of the loan. Additionally, with these repayments on the Term Loans, we paid down one tranche and released the debt issuance costs and unamortized original issue discount allocated to that tranche totaling $23 million, which was included in interest expense in our consolidated statement of operations for the year ended December 31, 2013.
 
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Senior Notes
On October 4, 2013, we issued $1.5 billion aggregate principal of 5.625% Senior Notes due 2021. Interest on the Senior Notes is payable semi-annually in cash in arrears on April 15 and October 15 of each year, beginning on April 15, 2014. The Senior Notes are guaranteed on a senior unsecured basis by us and certain of our wholly owned subsidiaries.
CMBS Loan
On October 25, 2013, we entered into the $3.5 billion CMBS Loan, which is secured by 23 of our U.S. owned hotels. The CMBS loan has a fixed-rate component in the amount of $2.625 billion bearing interest at 4.47 percent with a term of five years and a $875 million variable-rate component based on one-month LIBOR plus 265 basis points that has an initial term of two years with three one-year extensions solely at our option, for which the rate would increase by 25 basis points during the final extension period. Interest for both components is payable monthly. Under this loan, we are required to deposit with the lender certain cash reserves for restricted uses. As of December 31, 2013, our consolidated balance sheet included $29 million of restricted cash and cash equivalents related to the CMBS Loan.
Waldorf Astoria Loan
On October 25, 2013, we entered into the $525 million Waldorf Astoria Loan, secured by our Waldorf Astoria New York property. The Waldorf Astoria Loan matures on October 25, 2018 and bears interest at a variable-rate based on one-month LIBOR plus 215 basis points that is payable monthly.
Secured Debt
The Secured Debt, which we repaid in full during our Debt Refinancing, totaled $15.2 billion as of December 31, 2012. Interest under the Secured Debt was payable monthly and included both variable and fixed components. The Secured Debt was secured by substantially all of our consolidated assets in which we held an ownership interest and contained significant restrictions on the incurrence of any additional indebtedness by us, including the prohibition of any additional indebtedness for borrowed money evidenced by bonds, debentures, notes or other similar instruments, except for permission to borrow up to $400 million against our timeshare financing receivables pursuant to the Timeshare Facility; see further discussion below. Additionally, under the terms of our Secured Debt, we were restricted from declaring dividends.
We were required to deposit with the lender certain cash reserves that could, upon our request, be used for, among other things, debt service, capital expenditures and general corporate purposes. As of December 31, 2013, we did not have cash reserves on deposit with the lender, as we used the balance previously deposited to repay a portion of our Secured Debt, as permitted by the lender. As of December 31, 2012, the cash reserves on deposit with the lender totaled $147 million and were included in restricted cash and cash equivalents in our consolidated balance sheet as a current asset because we had the ability to access the cash within the 12 months following that date, subject to necessary lender notification.
As a result of our Debt Refinancing, we repaid our outstanding Secured Debt, including accrued interest though the next debt service period, on October 25, 2013, totaling $13.4 billion.
 
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Non-recourse Debt
Non-recourse debt, including obligations for capital leases, and associated interest rates were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026	  	$	      255 	  	  	$	      373 	  	
Non-recourse debt of consolidated VIEs with an average rate of 3.30%, due 2015 to 2018 (1)	  	 	41 	  	  	 	47 	  	
Timeshare Facility with a rate of 1.42%, due 2016	  	 	450 	  	  	 	— 	  	
Securitized Timeshare Debt with a rate of 2.28%, due 2026	  	 	222 	  	  	 	— 	  	
	  	 	 	 	  	 	 	 	
	  	 	968 	  	  	 	420 	  	
Less: current maturities of non-recourse debt	  	 	(48)	  	  	 	(15)	  	
	  	 	 	 	  	 	 	 	
	  	$	920 	  	  	$	405 	  	

(1)	Excludes the non-recourse debt of our VIE that issued the Securitized Timeshare Debt, as this is presented separately.	
Timeshare Facility
In May 2013, we entered into a receivables loan agreement that is secured by certain of our timeshare financing receivables. See Note 7: “Financing Receivables” for further discussion. Under the terms of the loan agreement we were permitted to borrow up to a maximum amount of approximately $400 million based on the amount and credit quality characteristics of the timeshare financing receivables securing the loan. In August 2013, we repaid $250 million of the outstanding $400 million using proceeds from the Securitized Timeshare Debt issuance. Further, in October 2013, we amended the Timeshare Facility to increase the maximum borrowings to $450 million.
The Timeshare Facility is a non-recourse obligation and is payable solely from the timeshare financing receivables securing the loan and any deposit payments received from customers on the pledged receivables. The loan agreement allows for us to borrow up to the maximum amount until May 2015, and all amounts borrowed must be repaid by May 2016. Interest on the loan, at a variable rate, is payable monthly.
We are required to deposit payments received from customers on the pledged timeshare financing receivables into a depository account maintained by a third party. On a monthly basis, the depository account will first be utilized to make required interest and other payments due under the receivables loan agreement. After payment of all amounts due under the receivables loan agreement, any remaining amounts will be remitted to us for use in our operations. The balance in the depository account, totaling $12 million as of December 31, 2013, was included in restricted cash and cash equivalents in our consolidated balance sheet.
Securitized Timeshare Debt
In August 2013, we completed a securitization of approximately $255 million of gross timeshare financing receivables and issued notes secured by such timeshare receivables with an aggregate principal amount of $250 million. The Securitized Timeshare Debt is backed by a pledge of assets, consisting primarily of a pool of timeshare financing receivables secured by first mortgages or deeds of trust on timeshare interests. See Note 7: “Financing Receivables” for further discussion. The Securitized Timeshare Debt bears interest at a fixed rate of 2.28 percent per annum and has a stated maturity of January 2026. The Securitized Timeshare Debt is a non-recourse obligation and is payable solely from the pool of timeshare financing receivables pledged as collateral to the Securitized Timeshare Debt and related assets. The net proceeds from the Securitized Timeshare Debt were used to repay a portion of the Timeshare Facility.
 
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We are required to deposit payments received from customers on the securitized timeshare financing receivables into a depository account maintained by a third party. On a monthly basis, the depository account will first be utilized to make required principal, interest and other payments due with respect to the Securitized Timeshare Debt. After payment of all amounts due with respect to the Securitized Timeshare Debt, any remaining amounts will be remitted to us for use in our operations. The balance in the depository account, totaling $8 million as of December 31, 2013, was included in restricted cash and cash equivalents in our consolidated balance sheet.
Debt Maturities
The contractual maturities of our long-term debt and non-recourse debt as of December 31, 2013 were as follows:

Year	  	(in millions)	 	
2014	  	$	52	  	
2015	  	 	69	  	
2016	  	 	622	  	
2017	  	 	96	  	
2018 (1)	  	 	4,068	  	
Thereafter	  	 	7,845	  	
	  	 	 	 	
	  	$	 12,752	  	

(1)	The CMBS Loan has three one-year extensions solely at our option that effectively extend maturity to November 1, 2018. We have assumed all extensions for purposes of calculating maturity dates.	
Note 14 : Deferred Revenues
Deferred revenues were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Hilton HHonors points sales	  	$	597	  	  	$	—	  	
Other	  	 	77	  	  	 	82	  	
	  	 	 	 	  	 	 	 	
	  	$	 674	  	  	$	82	  	
	  	 	 	 	  	 	 	 	
Hilton HHonors Points Sales
In October 2013, we sold Hilton HHonors points to American Express Travel Related Services Company, Inc. (“Amex”), and Citibank, N.A. (“Citi”), for $400 million and $250 million, respectively, in cash. Amex and Citi and their respective designees (collectively, the “co-branded card issuers”) may use the points in connection with Hilton HHonors co-branded credit cards and for promotions, rewards and incentive programs or certain other activities as they may establish or engage in from time to time. Upon receipt of the cash, we recognized deferred revenues of $650 million in our consolidated balance sheet, which is reduced as the co-branded card issuers use the points for these activities.
Other
Other deferred revenues is primarily related to our timeshare business and hotel operations.
 
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Note 15 : Other Liabilities
Other long-term liabilities were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Program surplus	  	$	314	  	  	$	263	  	
Pension obligations	  	 	138	  	  	 	262	  	
Other long-term tax liabilities	  	 	344	  	  	 	340	  	
Deferred employee compensation and benefits	  	 	147	  	  	 	129	  	
Self-insurance reserves	  	 	81	  	  	 	80	  	
Guarantee liability	  	 	51	  	  	 	57	  	
Other	  	 	74	  	  	 	310	  	
	  	 	 	 	  	 	 	 	
	  	$	 1,149	  	  	$	 1,441	  	
	  	 	 	 	  	 	 	 	
Program surplus represents obligations to operate our marketing, sales and brand programs on behalf of our hotel owners. Guarantee liability is related to obligations under our outstanding performance guarantees. Our obligations related to the self-insurance claims are expected to be satisfied, on average, over the next three years.
Note 16: Derivative Instruments and Hedging Activities
During the years ended December 31, 2013, 2012 and 2011, derivatives were used to hedge the interest rate risk associated with variable-rate debt. Under the terms of the CMBS Loan and Waldorf Astoria Loan entered into in connection with the Debt Refinancing, we are required to hedge interest rate risk using derivative instruments. Additionally, under the terms of the Secured Debt, we were required to hedge interest rate risk using derivative instruments with an aggregate notional amount equal to the principal amount of the Secured Debt.
Cash Flow Hedges
Term Loans Interest Rate Swaps
In October 2013, we entered into four interest rate swap agreements with an aggregate notional amount of $1.45 billion that expire in October 2018. These agreements swap three-month LIBOR to a fixed-rate of 1.87 percent. We have elected to designate these interest rate swaps as cash flow hedges for accounting purposes.
Secured Debt Interest Rate Caps
During the year ended December 31, 2011, we held eleven interest rate caps with an aggregate notional amount of $16.2 billion, of which eight interest rate caps with an aggregate notional amount of $14.6 billion were designated as effective hedging instruments, which expired in November 2011.
Non-designated Hedges
CMBS Interest Rate Caps
In October 2013, we entered into an interest rate cap agreement for a notional amount of $875 million for the variable-rate component of the CMBS Loan that expires in November 2015. This agreement caps one-month LIBOR at 6.0 percent. We did not elect to designate this interest rate cap as a hedging instrument.
Waldorf Astoria Interest Rate Cap
In October 2013, we entered into an interest rate cap agreement for a notional amount of $525 million that expires in November 2015. This agreement caps one-month LIBOR at 4.0 percent. We did not elect to designate this interest rate cap as a hedging instrument.
 
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Secured Debt Interest Rate Caps
During the year ended December 31, 2013, we held ten interest rate caps with an aggregate notional amount of $15.2 billion, which were executed in August 2012 and matured in November 2013. We did not elect to designate any of these ten interest rate caps as effective hedging instruments for accounting purposes.
During the year ended December 31, 2012, we held ten interest rate caps with an aggregate notional amount of $15.9 billion, which were executed in October 2011 and matured in November 2012. We did not elect to designate any of these ten interest rate caps as effective hedges for accounting purposes.
As of December 31, 2011, we held ten interest rate caps with an aggregate notional amount of $15.9 billion. We did not elect to designate any of these ten interest rate caps as effective hedges for accounting purposes. The caps were executed in October 2011 to replace our previous portfolio maturing in November 2011, which included eight interest rate caps designated as effective hedging instruments and three interest rate caps with an aggregate notional amount of $1.6 billion, which we did not elect to designate as effective hedges.
Fair Value of Derivative Instruments
The effects of our derivative instruments on our consolidated balance sheets were as follows:

 	  	December 31, 2013	 	  	December 31, 2012	 	
 	  	Balance Sheet
Classification	 	  	Fair Value	 	  	Balance Sheet
Classification	 	  	Fair Value	 	
 	  	 	 	  	(in millions)	 	  	 	 	  	(in millions)	 	
Cash Flow Hedges	  				  				  				  				
Interest rate swaps	  	 	Other assets	  	  	$	 10	  	  	 	N/A	  	  	$	 —	  	
					
Non-designated Hedges	  				  				  				  				
Interest rate caps (1)	  	 	Other assets	  	  	 	—	  	  	 	Other assets	  	  	 	—	  	

(1)	The fair values of our interest rate caps were immaterial as of December 31, 2013 and 2012.	
Earnings Effect of Derivative Instruments
The effects of our derivative instruments on our consolidated statements of operations and consolidated statements of comprehensive income (loss) before any effect for income taxes were as follows:

 	 	Classification of Gain (Loss)
Recognized	 	Amount of Gain (Loss) Recognized in Income	 	
 	 		 	      2013      	 	  	      2012      	 	  	      2011      	 	
 	 	 	 	(in millions)	 	
Cash Flow Hedges	 		 				  				  				
Interest rate swaps (1)	 	Other comprehensive income (loss)	 	$	 10	  	  	$	— 	  	  	$	— 	  	
Interest rate caps (2)	 	Other gain, net	 	 	—	  	  	 	— 	  	  	 	(2)	  	
					
Non-designated Hedges	 		 				  				  				
Interest rate caps (3)	 	Other gain, net	 	 	—	  	  	 	(1)	  	  	 	(1)	  	

(1)	There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the year ended December 31, 2013.	
(2)  	Relates to hedge ineffectiveness on the eight designated Secured Debt interest rate caps that were outstanding during the year ended December 31, 2011. No amounts were excluded from hedge effectiveness testing.	
(3)  	An immaterial loss was recorded during the year ended December 31, 2013.	

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Note 17: Fair Value Measurements
The carrying amounts and estimated fair values of our financial assets and liabilities, which included related current portions, were as follows:

 	  	December 31, 2013	 	
 	  	 	 	  	Hierarchy Level	 	
 	  	Carrying
Amount	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Assets:	  				  				  				  				
Cash equivalents	  	$	309	  	  	$	 —	  	  	$	309	  	  	$	—	  	
Restricted cash equivalents	  	 	107	  	  	 	—	  	  	 	107	  	  	 	—	  	
Timeshare financing receivables	  	 	994	  	  	 	—	  	  	 	—	  	  	 	996	  	
Interest rate swaps	  	 	10	  	  	 	—	  	  	 	10	  	  	 	—	  	
Liabilities:	  				  				  				  				
Long-term debt (1)(3)	  	 	 11,682	  	  	 	 57	  	  	 	 1,560	  	  	 	 10,358	  	
Non-recourse debt (2)(3)	  	 	672	  	  	 	—	  	  	 	—	  	  	 	670	  	

 	  	December 31, 2012	 	
 	  	 	 	  	Hierarchy Level	 	
 	  	Carrying
Amount	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Assets:	  				  				  				  				
Cash equivalents	  	$	561	  	  	$	 —	  	  	$	 561	  	  	$	—	  	
Restricted cash equivalents	  	 	322	  	  	 	—	  	  	 	322	  	  	 	—	  	
Timeshare financing receivables	  	 	984	  	  	 	—	  	  	 	—	  	  	 	987	  	
Liabilities:	  				  				  				  				
Long-term debt (1)(3)	  	 	 15,492	  	  	 	152	  	  	 	—	  	  	 	 15,716	  	

(1)	Excludes capital lease obligations with a carrying value of $73 million and $83 million as of December 31, 2013 and 2012, respectively.	
(2)	Represents the Securitized Timeshare Debt and the Timeshare Facility.	
(3)	Includes current maturities.	
We believe the carrying amounts of our current financial assets and liabilities and other financing receivables approximated fair value as of December 31, 2013 and 2012. Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair value. Proper classification of fair value measurements within the valuation hierarchy is considered each reporting period. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts.
Cash equivalents and restricted cash equivalents primarily comprise short-term interest-bearing money market funds with maturities of less than 90 days, time deposits and commercial paper. The estimated fair values were based on available market pricing information of similar financial instruments.
The estimated fair value of our timeshare financing receivables were based on the expected future cash flows discounted at risk-adjusted rates. The primary sensitivity in these estimates is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. An increase in the discount rate would result in a decrease in the fair value.
We measure our interest rate swaps at fair value which were estimated using an income approach. The primary inputs into our fair value estimate include interest rates and yield curves based on observable market inputs of similar instruments.
 
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The estimated fair value of our Level 1 long-term debt was based on prices in active debt markets. The estimated fair value of our Level 2 long-term debt was based on bid prices in a non-active debt market. The estimated fair values of our Level 3 fixed-rate long-term debt were estimated based on the expected future cash flows discounted at risk-adjusted rates. The primary sensitivity in these estimates is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. An increase in the discount rate would result in a decrease in the fair value. The estimated fair values of our Level 3 fixed-rate non-recourse debt were primarily based on indicative quotes received for similar issuances.
As of December 31, 2013, the carrying amounts of certain of our Level 3 variable-rate long-term debt and non-recourse debt approximated fair value as the interest rates under the loan agreements approximated current market rates. As of December 31, 2012, the estimated fair value of our Level 3 variable-rate long-term debt was based on estimates of market spreads when quoted market values did not exist, on the current rates offered to us for debt of the same maturities or quoted market prices for the same or similar issues. In determining the current market rate for the fixed rate debt, a market spread was added to the quoted yields on federal government treasury securities with similar maturity dates. The primary sensitivity in these estimates is based on the selection of appropriate market spreads. Fluctuations in these assumptions will result in different estimates of fair value. An increase in the market spread would result in a decrease in the fair value.
No financial or nonfinancial assets were measured at fair value on a nonrecurring basis as of December 31, 2013. The estimated fair values of our financial and nonfinancial assets that were measured at fair value on a nonrecurring basis as a result of impairment losses were as follows:

 	  	Year Ended December 31,	 	
 	  	2012	 	  	2011	 	
 	  	Fair Value (1)	 	  	Impairment
Losses	 	  	Fair Value (1)	 	  	Impairment
Losses	 	
 	  	(in millions)	 	
Property and equipment, net	  	$	   24	  	  	$	   53	  	  	$	5	  	  	$	20	  	
Investments in affiliates	  	 	29	  	  	 	20	  	  	 	 205	  	  	 	 141	  	

(1)  	Fair value measurements using significant unobservable inputs (Level 3).	
During the years ended December 31, 2012 and 2011, property and equipment, net with a carrying value of $77 million and $25 million before impairment, respectively, was reduced to its estimated fair value, resulting in impairment losses of $53 million and $20 million, respectively. Using estimates of undiscounted net cash flows, we concluded that the carrying values of the assets were not fully recoverable. We estimated the fair value of the assets using discounted cash flow analyses, with estimated stabilized growth rates ranging from 2 percent to 3 percent, a discounted cash flow term of 10 years, terminal capitalization rates ranging from 8 percent to 9 percent and discount rates ranging from 9 percent to 12 percent. The discount and terminal capitalization rates used for the fair value of the assets reflect the risk profile of the individual markets where the assets are located, and are not necessarily indicative of our hotel portfolio as a whole.
During the years ended December 31, 2012 and 2011, investments in affiliates with a carrying value of $49 million and $346 million before impairment, respectively, were reduced to their estimated fair value, resulting in impairment losses of $20 million and $141 million, respectively, related to our investments in entities that own or lease hotels. We estimated the fair value of the investments using discounted cash flow analyses, with estimated stabilized growth rates ranging from 3 percent to 7 percent, a discounted cash flow term of 10 years, terminal capitalization rates ranging from 8 percent to 12 percent and discount rates ranging from 10 percent to 22 percent. The discount and terminal capitalization rates used for the fair value of our investments reflect the risk profile of the individual markets where the assets subject to our investment are located, and are not necessarily indicative of our investment portfolio as a whole.
 
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Note 18 : Leases
We lease hotel properties, land, equipment and corporate office space under operating and capital leases. As of December 31, 2013 and 2012, we leased 70 hotels and 71 hotels, respectively, under operating leases and five hotels and seven hotels, respectively, under capital leases. As of December 31, 2013 and 2012, two of these capital leases were liabilities of VIEs that we consolidated and were non-recourse to us. Our leases expire at various dates from 2014 through 2196, with varying renewal options, and the majority expire before 2026.
Our operating leases may require minimum rent payments, contingent rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or contingent rent. In addition, we may be required to pay some, or all, of the capital costs for property and equipment in the hotel during the term of the lease.
The future minimum rent payments, under non-cancelable leases, due in each of the next five years and thereafter as of December 31, 2013, were as follows:

 	  	Operating
Leases	 	  	Capital
Leases	 	  	Non-Recourse
Capital Leases	 	
Year	  	(in millions)	 	
2014	  	$	264	  	  	$	8 	  	  	$	26 	  	
2015	  	 	251	  	  	 	16 	  	  	 	26 	  	
2016	  	 	243	  	  	 	6 	  	  	 	26 	  	
2017	  	 	230	  	  	 	6 	  	  	 	26 	  	
2018	  	 	223	  	  	 	6 	  	  	 	26 	  	
Thereafter	  	 	2,075	  	  	 	106 	  	  	 	272 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total minimum rent payments	  	$	 3,286	  	  	 	148 	  	  	 	402 	  	
	  	 	 	 	  				  				
Less: amount representing interest	  				  	 	(75)	  	  	 	(147)	  	
	  				  	 	 	 	  	 	 	 	
Present value of net minimum rent payments	  				  	$	      73 	  	  	$	    255 	  	
	  				  	 	 	 	  	 	 	 	
Amortization of assets recorded under capital leases is recorded in depreciation and amortization in our consolidated statements of operations and is recognized over the lease term.
Rent expense for all operating leases was as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Minimum rentals	  	$	   271	  	  	$	    286	  	  	$	    264	  	
Contingent rentals	  	 	148	  	  	 	161	  	  	 	175	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	419	  	  	$	447	  	  	$	439	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
During the year ended December 31, 2013, we purchased the land and building associated with the Hilton Bradford, which we previously leased under a capital lease. As a result of the acquisition, we released our capital lease obligation of $17 million as of the acquisition date. For further discussion, see Note 3: “Acquisitions.”
During the year ended December 31, 2012, we acquired the remaining ownership interest in one of our consolidated VIEs located in Japan, as well as restructured the lease agreement for the Hilton Odawara. In conjunction with the lease restructuring, we executed a binding purchase agreement with the owner to purchase the building and surrounding land at the end of the extended lease term. The Hilton Odawara lease, which was previously accounted for as an operating lease, was recorded as a capital lease asset and obligation of $15 million as of December 31, 2012. See Note 3: “Acquisitions” for discussion regarding the acquisition of the VIE.
 
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Note 19: Income Taxes
Our tax provision (benefit) includes federal, state and foreign income taxes payable. The domestic and foreign components of income before income taxes were as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	 	 	  	(in millions)	 	  	 	 	
U.S. income before tax	  	$	502	  	  	$	435	  	  	$	48	  	
Foreign income before tax	  	 	196	  	  	 	138	  	  	 	148	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Income before income taxes	  	$	   698	  	  	$	    573	  	  	$	    196	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
The components of our provision (benefit) for income taxes were as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	 	 	  	(in millions)	 	  	 	 	
Current:	  				
Federal	  	$	94 	  	  	$	71	  	  	$	50 	  	
State	  	 	15 	  	  	 	13	  	  	 	8 	  	
Foreign	  	 	64 	  	  	 	57	  	  	 	70 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total current	  	 	173 	  	  	 	141	  	  	 	128 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Deferred:	  				
Federal	  	 	160 	  	  	 	63	  	  	 	    (190)	  	
State	  	 	4 	  	  	 	2	  	  	 	(8)	  	
Foreign	  	 	(99)	  	  	 	8	  	  	 	11 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total deferred	  	 	65 	  	  	 	73	  	  	 	(187)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total provision (benefit) for income taxes	  	$	     238 	  	  	$	     214	  	  	$	(59)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
During 2013, based on our consideration of all available positive and negative evidence, we determined that it was more likely than not we would be able to realize the benefit of various foreign deferred tax assets and state net operating losses. Accordingly, as of December 31, 2013, we released valuation allowances of $109 million and $12 million, respectively, against our deferred tax assets related to our foreign deferred tax assets and state net operating losses.
During 2011, based on our consideration of all then-available positive and negative evidence, we believed that it was more likely than not we would be able to realize the benefit of our U.S. federal foreign tax credits. Accordingly, as of December 31, 2011, we released valuation allowances of $182 million against our deferred tax assets related to our U.S. foreign tax credits.
 
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Reconciliations of our tax provision at the U.S. statutory rate to the provision (benefit) for income taxes were as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	 	 	  	(in millions)	 	  	 	 	
Statutory U.S. federal income tax provision	  	$	244 	  	  	$	201 	  	  	$	69 	  	
State income taxes, net of U.S. federal tax benefit	  	 	31 	  	  	 	10 	  	  	 	6 	  	
Foreign income tax expense	  	 	74 	  	  	 	18 	  	  	 	50 	  	
Foreign losses not subject to U.S. tax	  	 	(24)	  	  	 	(24)	  	  	 	(26)	  	
Tax credits	  	 	(67)	  	  	 	(67)	  	  	 	(58)	  	
Change in deferred tax asset valuation allowance	  	 	(121)	  	  	 	56 	  	  	 	     (160)	  	
Change in basis difference in foreign subsidiaries	  	 	24 	  	  	 	18 	  	  	 	20 	  	
Provision for uncertain tax positions	  	 	(19)	  	  	 	(2)	  	  	 	35 	  	
Non-deductible equity based compensation	  	 	94 	  	  	 	— 	  	  	 	— 	  	
Other, net	  	 	2 	  	  	 	4 	  	  	 	5 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Provision (benefit) for income taxes	  	$	     238 	  	  	$	     214 	  	  	$	(59)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Deferred income tax assets—current	  	$	23 	  	  	$	76 	  	
Deferred income tax assets—non-current	  	 	193 	  	  	 	104 	  	
Deferred income tax liabilities—current (1)	  	 	— 	  	  	 	(1)	  	
Deferred income tax liabilities—non-current	  	 	(5,053)	  	  	 	(4,948)	  	
	  	 	 	 	  	 	 	 	
Net deferred taxes	  	$	 (4,837)	  	  	$	 (4,769)	  	

(1)	Included in the accounts payable, accrued expenses and other in our consolidated balance sheet.	
 
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The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax asset (liability) were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Deferred tax assets:	  				  				
Foreign tax credits	  	$	20 	  	  	$	227 	  	
Net operating loss carryforwards	  	 	573 	  	  	 	570 	  	
Compensation	  	 	187 	  	  	 	245 	  	
Deferred transaction costs	  	 	15 	  	  	 	25 	  	
Investments	  	 	56 	  	  	 	— 	  	
Other reserves	  	 	90 	  	  	 	198 	  	
Capital lease obligations	  	 	133 	  	  	 	188 	  	
Self-insurance reserves	  	 	51 	  	  	 	44 	  	
System funds	  	 	42 	  	  	 	23 	  	
Other tax credits	  	 	3 	  	  	 	48 	  	
Other	  	 	105 	  	  	 	72 	  	
	  	 	 	 	  	 	 	 	
Total gross deferred tax assets	  	 	1,275 	  	  	 	1,640 	  	
Less: valuation allowance	  	 	(503)	  	  	 	(769)	  	
	  	 	 	 	  	 	 	 	
Deferred tax assets	  	$	772 	  	  	$	871 	  	

Deferred tax liabilities:	  				  				
Property and equipment	  	$	 (2,075)	  	  	$	 (2,025)	  	
Brands	  	 	(1,910)	  	  	 	(1,916)	  	
Amortizable intangible	  	 	(616)	  	  	 	(659)	  	
Unrealized foreign currency gains	  	 	(279)	  	  	 	(301)	  	
Investments	  	 	— 	  	  	 	(70)	  	
Investment in foreign subsidiaries	  	 	(81)	  	  	 	(93)	  	
Deferred income	  	 	(648)	  	  	 	(576)	  	
	  	 	 	 	  	 	 	 	
Deferred tax liabilities	  	 	(5,609)	  	  	 	(5,640)	  	
	  	 	 	 	  	 	 	 	
Net deferred taxes	  	$	  (4,837)	  	  	$	  (4,769)	  	
	  	 	 	 	  	 	 	 	
As of December 31, 2013, we had state and foreign net operating loss carryforwards of $806 million and $2.0 billion, respectively, which resulted in deferred tax assets of $40 million for state jurisdictions and $533 million for foreign jurisdictions. Approximately $59 million of our deferred tax assets as of December 31, 2013 related to net operating loss carryforwards that will expire between 2014 and 2033 with $1 million of that amount expiring in 2014. Approximately $514 million of our deferred tax assets as of December 31, 2013 resulted from net operating loss carryforwards that are not subject to expiration. We believe that it is more likely than not that the benefit from certain state and foreign net operating loss carryforwards will not be realized. In recognition of this assessment, we provided a valuation allowance of $3 million and $440 million as of December 31, 2013 on the deferred tax assets relating to these state and foreign net operating loss carryforwards, respectively. Our valuation allowance decreased $266 million during the year ended December 31, 2013.
 
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We classify reserves for tax uncertainties within current income taxes payable and other long-term liabilities in our consolidated balance sheets. Reconciliations of the beginning and ending amount of unrecognized tax benefits were as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	 	 	  	(in millions)	 	  	 	 	
Balance at beginning of year	  	$	469 	  	  	$	436 	  	  	$	405 	  	
Additions for tax positions related to the prior year	  	 	1 	  	  	 	71 	  	  	 	60 	  	
Additions for tax positions related to the current year	  	 	5 	  	  	 	5 	  	  	 	5 	  	
Reductions for tax positions for prior years	  	 	(2)	  	  	 	(23)	  	  	 	(6)	  	
Settlements	  	 	(35)	  	  	 	(14)	  	  	 	(27)	  	
Lapse of statute of limitations	  	 	(2)	  	  	 	(6)	  	  	 	(2)	  	
Currency translation adjustment	  	 	(1)	  	  	 	— 	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Balance at end of year	  	$	 435 	  	  	$	 469 	  	  	$	 436 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
The changes to our unrecognized tax benefits during the years ended December 31, 2013 and 2012 were primarily the result of items identified, resolved, and settled as part of our ongoing U.S. federal audit. We recognize interest and penalties accrued related to uncertain tax positions in income tax expense. We accrued approximately $4 million, $8 million, and $6 million during the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, we had accrued approximately $45 million and $42 million, respectively, for the payment of interest and penalties. Included in the balance of uncertain tax positions as of December 31, 2013 and 2012 were $340 million and $374 million, respectively, associated with positions that if favorably resolved would provide a benefit to our effective tax rate. As a result of the expected resolution of examination issues with federal, state, and foreign tax authorities, we believe it is reasonably possible that during the next 12 months the amount of unrecognized tax benefits will decrease up to $15 million.
We file income tax returns, including returns for our subsidiaries, with federal, state and foreign jurisdictions. We are under regular and recurring audit by the Internal Revenue Service (“IRS”) on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, federal and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. We are no longer subject to U.S. federal income tax examination for years through 2004. As of December 31, 2013, we remain subject to federal examinations from 2005-2012, state examinations from 1999-2012 and foreign examinations of our income tax returns for the years 1996 through 2012. During 2009, the IRS commenced its audit of our predecessor’s consolidated U.S. income tax returns for the 2006 through October 2007 tax years. In 2013, we received Notices of Proposed Adjustment from the IRS for such years primarily relating to assertions by the IRS that: (1) certain foreign currency-denominated, intercompany loans from our foreign subsidiaries to certain U.S. subsidiaries should be recharacterized as equity for U.S. federal income tax purposes and constitute deemed dividends from such foreign subsidiaries to our U.S. subsidiaries; (2) in calculating the amount of U.S. taxable income resulting from our Hilton HHonors guest loyalty program, we should not reduce gross income by the estimated costs of future redemptions, but rather such costs would be deductible at the time the points are redeemed; and (3) certain foreign-currency denominated loans issued by one of our Luxembourg subsidiaries whose functional currency is the U.S. dollar, should instead be treated as issued by one of our Belgian subsidiaries whose functional currency is the Euro, and thus foreign currency gains and losses with respect to such loans should have been measured in Euros, instead of U.S. dollars. In total, the proposed adjustments sought by the IRS would result in additional U.S. federal tax owed of approximately $696 million, excluding interest and penalties and potential state income taxes. The portion of this amount related to our Hilton HHonors guest loyalty program would result in a decrease to our future tax liability when the points are redeemed. We disagree with the IRS’s position on each of these assertions and intend to vigorously contest them. We plan to pursue all available administrative remedies, and if we are not able to resolve these matters administratively, we plan to pursue judicial remedies. Accordingly, as of December 31, 2013, no accrual has been made for these amounts.
 
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State income tax returns are generally subject to examination for a period of three to five years after filing of the respective return; however, the state impact of any federal tax return changes remains subject to examination by various states for a period generally of up to one year after formal notification to the states. The statute of limitations for the foreign jurisdictions generally ranges from three to ten years after filing the respective tax return.
On September 13, 2013, Treasury and the IRS issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce or improve tangible property, as well as dispositions of such property, and are generally effective for tax years beginning on or after January 1, 2014. We have evaluated these regulations and determined they will not have a material effect on our consolidated results of operations, cash flows or financial position.
Note 20: Employee Benefit Plans
We sponsor multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation.
We have a noncontributory retirement plan in the U.S. (the “Domestic Plan”), which covers certain employees not earning union benefits. This plan was frozen for participant benefit accruals in 1996; therefore, the projected benefit obligation is equal to the accumulated benefit obligation. Plan assets will be used to pay benefits due to employees for service through December 31, 1996. As employees have not accrued additional benefits since that time, we do not utilize salary or pension inflation assumptions in calculating our benefit obligation for the Domestic Plan. The annual measurement date for the Domestic Plan is December 31.
We also have multiple employee benefit plans that cover many of our international employees. These include a plan that covers workers in the United Kingdom (the “U.K. Plan”) which was frozen to further accruals on November 30, 2013, and a number of smaller plans that cover workers in various countries around the world (the “International Plans”). The annual measurement date for all of these plans is December 31.
We are required to recognize the funded status (the difference between the fair value of plan assets and the projected benefit obligations) of our pension plans in our consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive loss, net of tax.
The following table presents the projected benefit obligation, fair value of plan assets, the funded status and the accumulated benefit obligation for the Domestic Plan, the U.K. Plan and the International Plans:

 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	    2013    	 	  	    2012    	 	  	    2013    	 	  	    2012    	 	  	    2013    	 	  	    2012    	 	
 	  	 	 	  	 	 	  	(in millions)	 	  	 	 	
Change in Projected Benefit Obligation:	  				  				  				  				  				  				
Benefit obligation at beginning of year	  	$	491 	  	  	$	449 	  	  	$	365 	  	  	$	312 	  	  	$	125 	  	  	$	119 	  	
Service cost	  	 	— 	  	  	 	— 	  	  	 	5 	  	  	 	5 	  	  	 	3 	  	  	 	4 	  	
Interest cost	  	 	18 	  	  	 	21 	  	  	 	16 	  	  	 	16 	  	  	 	4 	  	  	 	5 	  	
Employee contributions	  	 	— 	  	  	 	— 	  	  	 	2 	  	  	 	2 	  	  	 	— 	  	  	 	— 	  	
Actuarial loss (gain)	  	 	(51)	  	  	 	43 	  	  	 	(3)	  	  	 	28 	  	  	 	(6)	  	  	 	9 	  	
Settlements and curtailments	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(2)	  	  	 	— 	  	
Effect of foreign exchange rates	  	 	— 	  	  	 	— 	  	  	 	8 	  	  	 	14 	  	  	 	(4)	  	  	 	(2)	  	
Benefits paid	  	 	(45)	  	  	 	(22)	  	  	 	(13)	  	  	 	(12)	  	  	 	(8)	  	  	 	(10)	  	
Other (1)	  	 	11 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Benefit obligation at end of year	  	$	424 	  	  	$	491 	  	  	$	380 	  	  	$	365 	  	  	$	112 	  	  	$	125 	  	

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Change in Plan Assets:	  				  				  				  				  				  				
Fair value of plan assets at beginning of year	  	$	273 	  	  	$	249 	  	  	$	363 	  	  	$	318 	  	  	$	85 	  	  	$	83 	  	
Actual return on plan assets, net of expenses	  	 	32 	  	  	 	31 	  	  	 	20 	  	  	 	34 	  	  	 	9 	  	  	 	4 	  	
Employer contribution	  	 	40 	  	  	 	15 	  	  	 	5 	  	  	 	7 	  	  	 	6 	  	  	 	10 	  	
Employee contributions	  	 	— 	  	  	 	— 	  	  	 	2 	  	  	 	2 	  	  	 	— 	  	  	 	— 	  	
Effect of foreign exchange rates	  	 	— 	  	  	 	— 	  	  	 	8 	  	  	 	14 	  	  	 	(4)	  	  	 	(2)	  	
Benefits paid	  	 	(45)	  	  	 	(22)	  	  	 	(13)	  	  	 	(12)	  	  	 	(7)	  	  	 	(10)	  	
Settlements	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(2)	  	  	 	— 	  	
Other (1)	  	 	20 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Fair value of plan assets at end of year	  	 	320 	  	  	 	273 	  	  	 	385 	  	  	 	363 	  	  	 	87 	  	  	 	85 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Funded status at end of year (overfunded/(underfunded))	  	 	(104)	  	  	 	(218)	  	  	 	5 	  	  	 	(2)	  	  	 	(25)	  	  	 	(40)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Accumulated benefit obligation	  	$	   424 	  	  	$	  491 	  	  	$	 380 	  	  	$	 365 	  	  	$	 112 	  	  	$	 125 	  	

(1)	Includes projected benefit obligations of $11 million and plan assets of $20 million related to certain employees of former Hilton affiliates that were assumed during the year ended December 31, 2013.	
Amounts recognized in the consolidated balance sheets consisted of:

 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	    2013    	 	  	    2012    	 	  	    2013    	 	  	    2012    	 	  	    2013    	 	  	    2012    	 	
 	  	(in millions)	 	
Non-current asset	  	$	2 	  	  	$	— 	  	  	$	8 	  	  	$	— 	  	  	$	5 	  	  	$	3 	  	
Current liability	  	 	— 	  	  	 	— 	  	  	 	  — 	  	  	 	  — 	  	  	 	(1)	  	  	 	(1)	  	
Non-current liability	  	 	(106)	  	  	 	(218)	  	  	 	(3)	  	  	 	(2)	  	  	 	(29)	  	  	 	(42)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net amount recognized	  	$	 (104)	  	  	$	 (218)	  	  	$	5 	  	  	$	(2)	  	  	$	 (25)	  	  	$	 (40)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Amounts recognized in accumulated other comprehensive loss consisted of:

 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	  2013  	 	  	  2012  	 	  	  2011  	 	  	  2013  	 	  	  2012  	 	  	  2011  	 	  	  2013  	 	  	  2012  	 	  	  2011  	 	
 	  	(in millions)	 	
Net actuarial loss (gain)	  	$	 (67)	  	  	$	 29 	  	  	$	8 	  	  	$	 — 	  	  	$	 17 	  	  	$	 21 	  	  	$	 (12)	  	  	$	  9 	  	  	$	  2 	  	
Prior service cost (credit)	  	 	(12)	  	  	 	(4)	  	  	 	(4)	  	  	 	3 	  	  	 	16 	  	  	 	3 	  	  	 	— 	  	  	 	— 	  	  	 	(4)	  	
Amortization of net loss (gain)	  	 	(3)	  	  	 	1 	  	  	 	(4)	  	  	 	(4)	  	  	 	(3)	  	  	 	(1)	  	  	 	(2)	  	  	 	(1)	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net amount recognized	  	$	(82)	  	  	$	26 	  	  	$	 — 	  	  	$	(1)	  	  	$	30 	  	  	$	23 	  	  	$	(14)	  	  	$	8 	  	  	$	(4)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
The estimated unrecognized net losses and prior service cost (credit) that will be amortized into net periodic pension cost over the next fiscal year were as follows:

 	 	Domestic Plan	 	 	U.K. Plan	 	 	International Plans	 	
 	 	2013	 	 	2012	 	 	2011	 	 	2013	 	 	2012	 	 	2011	 	 	2013	 	 	2012	 	 	2011	 	
 	 	(in millions)	 	
Unrecognized net losses	 	$	1 	  	 	$	4 	  	 	$	6 	  	 	$	1 	  	 	$	4 	  	 	$	3 	  	 	$	1 	  	 	$	1 	  	 	$	1 	  	
Unrecognized prior service cost (credit)	 	 	4 	  	 	 	4 	  	 	 	4 	  	 	 	— 	  	 	 	   (3)	  	 	 	(16)	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Amount unrecognized	 	$	     5 	  	 	$	     8 	  	 	$	  10 	  	 	$	   1 	  	 	$	   1 	  	 	$	   (13)	  	 	$	    1 	  	 	$	    1 	  	 	$	    1 	  	

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The net periodic pension cost was as follows:

 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	2013	 	  	2012	 	  	2011	 	  	2013	 	  	2012	 	  	2011	 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Service cost	  	$	4 	  	  	$	— 	  	  	$	— 	  	  	$	5 	  	  	$	5 	  	  	$	4 	  	  	$	4 	  	  	$	4 	  	  	$	4 	  	
Interest cost	  	 	17 	  	  	 	21 	  	  	 	23 	  	  	 	17 	  	  	 	16 	  	  	 	17 	  	  	 	4 	  	  	 	5 	  	  	 	5 	  	
Expected return on plan assets	  	 	 (18)	  	  	 	 (17)	  	  	 	 (17)	  	  	 	 (23)	  	  	 	 (21)	  	  	 	 (21)	  	  	 	 (4)	  	  	 	 (4)	  	  	 	 (4)	  	
Amortization of prior service cost (credit)	  	 	4 	  	  	 	4 	  	  	 	4 	  	  	 	(3)	  	  	 	(16)	  	  	 	(3)	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	
Amortization of net loss (gain)	  	 	3 	  	  	 	(1)	  	  	 	4 	  	  	 	4 	  	  	 	3 	  	  	 	1 	  	  	 	1 	  	  	 	1 	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net periodic pension cost (credit)	  	 	10 	  	  	 	7 	  	  	 	14 	  	  	 	— 	  	  	 	(13)	  	  	 	(2)	  	  	 	5 	  	  	 	6 	  	  	 	6 	  	
Settlement losses	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net pension cost (credit)	  	$	   10 	  	  	$	7 	  	  	$	   14 	  	  	$	   — 	  	  	$	   (13)	  	  	$	   (2)	  	  	$	   5 	  	  	$	   6 	  	  	$	   7 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
The weighted-average assumptions used to determine benefit obligations were as follows:

 	  	Domestic Plan	 	  	U.K. Plan	 	 	International Plans	 	
 	  	    2013    	 	  	    2012    	 	  	    2013    	 	 	    2012    	 	 	    2013    	 	 	    2012    	 	
Discount rate	  	 	4.7%	  	  	 	3.9%	  	  	 	4.7	% 	 	 	4.7	% 	 	 	4.3	% 	 	 	3.8	% 	
Salary inflation	  	 	  N/A   	  	  	 	  N/A   	  	  	 	1.9	% 	 	 	1.9	% 	 	 	2.3	% 	 	 	2.2	% 	
Pension inflation	  	 	N/A   	  	  	 	N/A   	  	  	 	3.0	% 	 	 	2.8	% 	 	 	1.9	% 	 	 	2.0	% 	
The weighted-average assumptions used to determine net periodic pension cost (credit) were as follows:

 	 	Domestic Plan	 	 	U.K. Plan	 	 	International Plans	 	
 	 	   2013   	 	 	  2012  	 	 	  2011  	 	 	  2013  	 	 	   2012   	 	 	   2011   	 	 	  2013  	 	 	  2012  	 	 	  2011  	 	
Discount rate	 	 	3.9%	  	 	 	4.9%	  	 	 	5.4%	  	 	 	4.7%	  	 	 	5.0%	  	 	 	   5.7%	  	 	 	   3.8%	  	 	 	   4.6%	  	 	 	  5.0%	  	
Expected return on plan assets	 	 	7.5%	  	 	 	6.8%	  	 	 	6.8%	  	 	 	6.5%	  	 	 	6.5%	  	 	 	6.5%	  	 	 	6.3%	  	 	 	6.2%	  	 	 	6.2%	  	
Salary inflation	 	 	  N/A   	  	 	 	  N/A   	  	 	 	  N/A   	  	 	 	1.9%	  	 	 	1.7%	  	 	 	2.6%	  	 	 	2.2%	  	 	 	2.8%	  	 	 	3.3%	  	
Pension inflation	 	 	N/A   	  	 	 	N/A   	  	 	 	N/A   	  	 	 	2.8%	  	 	 	2.9%	  	 	 	3.0%	  	 	 	2.0%	  	 	 	1.8%	  	 	 	1.8%	  	
The investment objectives for the various plans are preservation of capital, current income and long-term growth of capital. All plan assets are managed by outside investment managers and do not include investments in Company stock. Asset allocations are reviewed periodically.
Expected long-term returns on plan assets are determined using historical performance for debt and equity securities held by our plans, actual performance of plan assets and current and expected market conditions. Expected returns are formulated based on the target asset allocation. The target asset allocation for the Domestic Plan as a percentage of total plan assets as of December 31, 2013 and 2012 was 60 percent and 50 percent, respectively, in funds that invest in equity securities, and 40 percent and 50 percent, respectively, in funds that invest in debt securities. The U.K. Plan and International Plans target asset allocation as a percentage of total plan assets as of December 31, 2013 was 65 percent in funds that invest in equity and debt securities and 35 percent in bond funds. As of December 31, 2012, the U.K. Plan and International Plans target asset allocations as a percentage of total plan assets was 36 percent in funds that invest in equity securities, 50 percent in funds that invest in debt securities, and 14 percent in property funds.
 
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The following table presents the fair value hierarchy of total plan assets measured at fair value by asset category. The fair value of Level 2 assets were based on available market pricing information of similar financial instruments.

 	  	December 31, 2013	 	
 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Cash and cash equivalents	  	$	   —	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	10	  	  	$	—	  	  	$	—	  	
Equity funds	  	 	70	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	5	  	  	 	9	  	  	 	—	  	
Debt securities	  	 	10	  	  	 	97	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	
Bond funds	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	16	  	  	 	—	  	
Real estate funds	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	—	  	
Common collective trusts	  	 	—	  	  	 	143	  	  	 	—	  	  	 	—	  	  	 	385	  	  	 	—	  	  	 	—	  	  	 	45	  	  	 	—	  	
Other	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	—	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	80	  	  	$	 240	  	  	$	   —	  	  	$	   —	  	  	$	 385	  	  	$	   —	  	  	$	   15	  	  	$	   72	  	  	$	   —	  	

																																					
 	  	December 31, 2012	 	
 	  	Domestic Plan	 	  	U.K. Plan	 	  	International Plans	 	
 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Cash and cash equivalents	  	$	   —	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	—	  	  	$	12	  	  	$	—	  	  	$	—	  	
Equity funds	  	 	54	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	4	  	  	 	9	  	  	 	—	  	
Debt securities	  	 	16	  	  	 	103	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	
Bond funds	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	15	  	  	 	—	  	
Common collective trusts	  	 	—	  	  	 	100	  	  	 	—	  	  	 	—	  	  	 	363	  	  	 	—	  	  	 	—	  	  	 	44	  	  	 	—	  	
Other	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	—	  	  	 	1	  	  	 	—	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	70	  	  	$	 203	  	  	$	   —	  	  	$	   —	  	  	$	 363	  	  	$	   —	  	  	$	   16	  	  	$	   69	  	  	$	   —	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
We expect to contribute approximately $9 million, $1 million and $6 million to the Domestic Plan, the U.K. Plan and the International Plans, respectively, in 2014.
As of December 31, 2013, the benefits expected to be paid in the next five years and in the aggregate for the five years thereafter were as follows:

 	  	Domestic Plan	 	  	U.K. Plan	 	  	International
Plans	 	
 	  	(in millions)	 	
Year	  				  				  				
2014	  	$	87	  	  	$	14	  	  	$	11	  	
2015	  	 	26	  	  	 	14	  	  	 	9	  	
2016	  	 	25	  	  	 	14	  	  	 	9	  	
2017	  	 	25	  	  	 	14	  	  	 	8	  	
2018	  	 	25	  	  	 	15	  	  	 	8	  	
2019 - 2023	  	 	125	  	  	 	76	  	  	 	43	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	 313	  	  	$	 147	  	  	$	   88	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Domestic Plan
As of January 1, 2007, the frozen Domestic Plan and plans maintained for certain domestic hotels currently or formerly managed by us were merged into a multiple employer plan. As of December 31, 2013, the multiple employer plan had combined assets of $342 million and a projected benefit obligation of $446 million.
 
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A class action lawsuit was filed in 1998 against Hilton and the Domestic Plan claiming that the Domestic Plan did not calculate benefit obligations in accordance with the terms of the plan nor were vesting rules followed in accordance with the plan. In May 2009, the U.S. District Court for the District of Columbia (the “District Court”) found in favor of the plaintiff in a summary judgment and required that we and the plaintiff enter into mediation to reach agreement on the amounts necessary for recognition of service and benefits for plan participants and in August 2011, the District Court issued a final order with respect to this lawsuit. We recorded an increase to our minimum additional pension obligation of $109 million as of December 31, 2012 to reflect the expected increase in benefit obligation relating to this case. The additional obligation will be recognized as additional pension expense, which will be amortized over the average remaining life expectancy of the plan participants as determined by our actuaries, with the unamortized portion of the obligation having been recognized in accumulated other comprehensive loss as an adjustment of the pension liability. As of December 31, 2013, the remaining unpaid projected benefit obligation related to this case was $86 million.
In November 2013, the District Court issued final administrative orders in regard to the lawsuit, which allowed Hilton to adopt an amendment to the Domestic Plan required by the Court. The adoption of the amendment required us to make a contribution of $31 million in November 2013, prior to the amendment to comply with minimum legal funding obligations of the Domestic Plan. We expect to commence benefit payments under the new plan document in early 2014, in accordance with the requirements of the court order. In February 2012, the District Court ordered us to post bond of $76 million under the litigation to support potential future plan contributions. We funded an account, which is classified as restricted cash and cash equivalents, with this amount to support this requirement, and expect that the bond will be released upon the commencement of benefit payments being made under the amended plan document in 2014.
U.K. Plan
In March 2012, we, along with the trustees of the U.K. Plan, adopted an agreement to freeze the defined benefit plan for enrollment to new employees effective immediately, and to freeze the accrual of benefits to existing employees, which was implemented on November 30, 2013. A defined contribution plan has been put in place for the affected employees. We recognized an acceleration of prior service credit of $13 million related to the adoption of this agreement during the year ended December 31, 2012.
In May 2011, we, along with the trustees for the U.K. Plan, reached a tentative agreement on the funded status and security for the U.K. Plan. This agreement extended our GBP 15 million guarantee (equivalent to $25 million as of December 31, 2013) to March 2014 and included a one-time voluntary cash contribution of GBP 5 million (equivalent to approximately $8 million) by us to the plan, which was funded during the year ended December 31, 2011.
Other Benefit Plans
We also have plans covering qualifying employees and non-officer directors (the “Supplemental Plans”). Benefits for the Supplemental Plans are based upon years of service and compensation. Since December 31, 1996, employees and non-officer directors have not accrued additional benefits under the Supplemental Plans. These plans are self-funded by us and, therefore, have no plan assets isolated to pay benefits due to employees. As of December 31, 2013 and 2012, these plans had benefit obligations of $14 million and $13 million, respectively, which were fully accrued in our consolidated balance sheets. Expense incurred under the Supplemental Plans for the years ended December 31, 2013, 2012 and 2011 was not significant.
We have various employee defined contribution investment plans whereby we contribute matching percentages of employee contributions. The aggregate expense under these plans totaled $20 million for the year ended December 31, 2013 and $18 million for each of the years ended December 31, 2012 and 2011.
 
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Multi-Employer Pension Plans
Certain employees are covered by union sponsored multi-employer pension plans pursuant to agreements between us and various unions. Our participation in these plans is outlined in the table below:

 	  	EIN/ Pension
Plan Number	 	  	Pension Protection
Act Zone Status	 	  	Contributions	 	
 	  			  			  			
Pension Fund	  			  	2013	 	  	2012	 	  	2013	 	  	2012	 	  	2011	 	
 	  	 	 	  	 	 	  	 	 	  	(in millions)	 	
New York Hotel Trades Council & Hotel Association of New York City, Inc. Pension Fund	  	 	13-1764242	  	  	 	Pending	  	  	 	Yellow	  	  	$	14	  	  	$	13	  	  	$	13	  	
Other plans	  				  				  				  	 	12	  	  	 	11	  	  	 	9	  	
	  				  				  				  	 	 	 	  	 	 	 	  	 	 	 	
Total contributions	  				  				  				  	$	 26	  	  	$	 24	  	  	$	 22	  	
	  				  				  				  	 	 	 	  	 	 	 	  	 	 	 	
Eligible employees at our owned hotels in New York City participate in the New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund (“New York Pension Fund”). Our contributions are based on a percentage of all union employee wages as dictated by the collective bargaining agreement that expires on June 30, 2019. Our contributions exceeded 5 percent of the total contributions to the New York Pension Fund in 2012, as indicated in the New York Pension Fund’s Annual Return/Report of Employee Benefit Plan on IRS Form 5500 for the year ended December 31, 2012. The New York Pension Fund has implemented a funding improvement plan, and we have not paid a surcharge.
Note 21: Share-Based Compensation
Promote Plan
Prior to December 11, 2013, certain members of our senior management team participated in an executive compensation plan (“the Promote plan”). The Promote plan provided for the grant of a Tier I liability award, or an alternative cash payment in lieu thereof, and a Tier II equity award. The Tier I liability award provided the participants the right to share in 2.75 percent of the equity value of Hilton up to $8.352 billion (or $230 million) based on the achievement of certain service and performance conditions. The majority of these payments were to be made in three installments for most plan participants. The Tier II equity awards allowed participants to share in Hilton’s equity growth above $8.352 billion and were also subject to service and performance conditions. As the vesting of a portion of the Tier I liability awards and all of the Tier II equity awards were previously subject to the achievement of a performance condition in the form of a liquidity event that was not probable, no expense was recognized related to these awards prior to their modification on December 11, 2013.
On December 11, 2013, in connection with our IPO, the Tier I liability awards of $52 million that remained outstanding became fully vested and were paid within 30 days. Additionally, the Tier II equity awards that remained outstanding were exchanged for restricted shares of common stock of equivalent economic value that vest as follows:
 
 	•	 	40 percent of each award vested on December 11, 2013, the pricing date of our IPO;	
 
 	•	 	40 percent of each award will vest on December 11, 2014, the first anniversary of the pricing date of our IPO, contingent upon continued employment through that date; and	
 
 	•	 	20 percent of each award will vest on the date that our Sponsor and its affiliates cease to own 50 percent or more of the shares of the Company, contingent upon continued employment through that date.	
 
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The following is a summary of the Tier II equity award activity during the year ended December 31, 2013:

 	  	Tier II Units	 	
Balance as of December 31, 2012	  	 	229,047,118 	  	
Granted	  	 	8,628,050 	  	
Forfeited	  	 	(13,810,744)	  	
Exchanged for restricted shares of common stock	  	 	(223,864,424)	  	
	  	 	 	 	
Balance as of December 31, 2013	  	 	— 	  	
	  	 	 	 	
The following table sets forth the number of Tier II equity units surrendered for shares of common stock on December 11, 2013:

 	  	Tier II Units	 	  	Shares of
Common
Stock	 	
Tier II awards exchanged for vested shares of common stock	  	 	89,545,770 	  	  	 	7,463,839 	  	
Tier II awards exchanged for unvested shares of common stock	  	 	134,318,654 	  	  	 	11,195,791 	  	
	  	 	 	 	  	 	 	 	
Total Tier II awards exchanged for vested shares and unvested restricted shares of common stock	  	 	223,864,424 	  	  	 	18,659,630 	  	
	  	 	 	 	  	 	 	 	
The grant date fair value was determined to be $20.00 per share based on the price of the common stock sold in our IPO. The fair value of the vested shares was immediately recognized in December 2013. The fair value of the unvested shares subject only to service conditions is recognized on a straight-line basis over the requisite service period for the entire award.
As a result of the modification, we recorded incremental share-based compensation expense of $306 million during the year ended December 31, 2013.
Cash Retention Award Offer
In November 2012, we offered certain members of our senior management team the opportunity to participate in a new cash retention award in exchange for cancellation of their participation in the Promote plan. There were 13 participants who accepted the cash retention award offer. The cash retention award was paid in two installments in December 2012 and December 2013, respectively.
Payments on Share-Based Compensation Plans
Total payments under the Promote plan, including cash retention awards, during the years ended December 31, 2013 and 2012 were $65 million and $95 million, respectively. No payments were made during the year ended December 31, 2011.
A number of participants in the Promote plan terminated their employment with us during the year ended December 31, 2012. We made separation payments related to the participants’ vested portion of the Promote plan totaling $6 million during the year ended December 31, 2012. One participant terminated their employment with us during the year ended December 31, 2013, but none of the separation payments were considered to be attributable to the participants’ vested portion of the Promote plan.
Summary of Share-Based Compensation Expense and Related Activity
Total compensation expense related to the Promote plan, including cash retention awards, and restricted shares of our common stock awarded in exchange for the Tier II equity awards was $313 million, $50 million and $19 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013,
 
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there was $95 million of unrecognized compensation expense related to the unvested restricted shares of common stock resulting from the Promote plan conversion, $23 million of which is expected to be recognized through December 2014 and $72 million of which is subject to the achievement of a performance condition, which is currently not considered to be probable of being met.
As of December 31, 2013, there was $4 million of liability awards outstanding. The liability awards were recorded at an estimated fair value of $18 million as of December 31, 2012, $13 million of which was included in accounts payable, accrued expenses and other in our consolidated balance sheet.
2013 Omnibus Incentive Plan
We reserved 80,000,000 shares of common stock for issuance under our new 2013 Omnibus Incentive Plan. The 2013 Omnibus Incentive Plan is administered by the compensation committee of the Board of Directors and enables us to grant equity incentive awards to eligible employees, officers, directors, consultants or advisors in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the 2013 Omnibus Incentive Plan terminates, lapses or is settled without the payment of the full number of shares subject to the award, the undelivered shares may be granted again under the 2013 Omnibus Incentive Plan.
On December 11, 2013, we granted 19,500 restricted stock units (“RSUs”) to three independent directors under the 2013 Omnibus Incentive Plan (the “2013 Director Grant”) as part of our regular annual compensation of our independent directors. The 2013 Director Grant vests in three equal installments on the first, second and third anniversaries of the grant date. The grant date fair value was $20.00 per RSU based on the price of common shares sold in our IPO on the grant date. The fair value of the RSUs will be recognized on a straight-line basis over the requisite service period for the entire award. Less than $1 million of compensation expense was recognized during the year ended December 31, 2013 related to the 2013 Director Grant. As of December 31, 2013, unrecognized compensation expense for the 2013 Director Grant was less than $1 million.
As of December 31, 2013, there were 79,980,500 shares of common stock available for future issuance under the 2013 Omnibus Incentive Plan.
Note 22 : Earnings Per Share
For periods prior to the IPO, we used the number of shares from our 9,205,128-for-1 stock split to compute earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the periods presented:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions, except per share amounts)	 	
Basic EPS:	  				  				  				
Numerator:	  				  				  				
Net income attributable to Hilton stockholders	  	$	415	  	  	$	352	  	  	$	253	  	
Denominator:	  				  				  				
Weighted average shares outstanding	  	 	923	  	  	 	921	  	  	 	921	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Basic EPS	  	$	  0.45	  	  	$	  0.38	  	  	$	  0.27	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Diluted EPS:	  				  				  				
Numerator:	  				  				  				
Net income attributable to Hilton stockholders	  	$	415	  	  	$	352	  	  	$	253	  	
Denominator:	  				  				  				
Weighted average shares outstanding (1)	  	 	923	  	  	 	921	  	  	 	921	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Diluted EPS	  	$	0.45	  	  	$	0.38	  	  	$	0.27	  	

(1)  	Includes the 19,500 RSUs granted on December 11, 2013 under the 2013 Director Grant.	
 
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Note 23: Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss, net of taxes, were as follows:

 	  	Currency
Translation
Adjustment (1)	 	  	Pension
Liability
Adjustment	 	  	Cash Flow
Hedge
Adjustment	 	  	Total	 	
 	  	(in millions)	 	
Balance as of December 31, 2010	  	 	$  (257)	  	  	 	$  (140)	  	  	 	$  (1)	  	  	 	$  (398)	  	
Other comprehensive loss before reclassifications	  	 	(79)	  	  	 	(21)	  	  	 	— 	  	  	 	(100)	  	
Amounts reclassified from accumulated other comprehensive loss	  	 	— 	  	  	 	8 	  	  	 	1 	  	  	 	9 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net current period other comprehensive income (loss)	  	 	(79)	  	  	 	(13)	  	  	 	1 	  	  	 	(91)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2011	  	 	(336)	  	  	 	(153)	  	  	 	— 	  	  	 	(489)	  	
Other comprehensive income (loss) before reclassifications	  	 	124 	  	  	 	(35)	  	  	 	— 	  	  	 	89 	  	
Amounts reclassified from accumulated other comprehensive loss	  	 	— 	  	  	 	(6)	  	  	 	— 	  	  	 	(6)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net current period other comprehensive income (loss)	  	 	124 	  	  	 	(41)	  	  	 	— 	  	  	 	83 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2012	  	 	(212)	  	  	 	(194)	  	  	 	— 	  	  	 	(406)	  	
Other comprehensive income before reclassifications	  	 	67 	  	  	 	54 	  	  	 	6 	  	  	 	127 	  	
Amounts reclassified from accumulated other comprehensive loss	  	 	9 	  	  	 	6 	  	  	 	— 	  	  	 	15 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net current period other comprehensive income	  	 	76 	  	  	 	60 	  	  	 	6 	  	  	 	142 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of December 31, 2013	  	 	$  (136)	  	  	 	$  (134)	  	  	 	$  6 	  	  	 	$  (264)	  	

(1)  	Includes net investment hedges.	
The following table presents additional information about reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2013:

 	  	(in millions)	 	
Currency translation adjustment:	  				
Sale and liquidation of foreign assets (1)	  	$	(15)	  	
Gains on net investment hedges (2)	  	 	1 	  	
Tax benefit (3)	  	 	5 	  	
	  	 	 	 	
Total currency translation adjustment reclassifications for the period, net of taxes	  	 	(9)	  	
	  	 	 	 	
Pension liability adjustment:	  				
Amortization of prior service cost (4)	  	 	(1)	  	
Amortization of net loss (4)	  	 	(8)	  	
Tax benefit (3)	  	 	3 	  	
	  	 	 	 	
Total pension liability adjustment reclassifications for the period, net of taxes	  	 	(6)	  	
	  	 	 	 	
Total reclassifications for the period, net of tax	  	$	(15)	  	

(1)  	Reclassified out of accumulated other comprehensive loss to other gain, net in the consolidated statement of operations. Amounts in parentheses indicate a loss in our consolidated statement of operations.	
(2)  	Reclassified out of accumulated other comprehensive loss to gain (loss) on foreign currency transactions in our consolidated statement of operations.	
(3)	Reclassified out of accumulated other comprehensive loss to income tax benefit (expense) in our consolidated statement of operations.	
(4)  	Reclassified out of accumulated other comprehensive loss to general, administrative and other in the consolidated statement of operations. These amounts were included in the computation of net periodic pension cost. See Note 20: “Employee Benefit Plans” for additional information. Amounts in parentheses indicate a loss in our consolidated statement of operations.	
 
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Note 24: Business Segments
We are a diversified hospitality company with operations organized in three distinct operating segments: ownership, management and franchise and timeshare. Each segment is managed separately because of its distinct economic characteristics.
The ownership segment includes all hotels that we wholly own or lease, as well as consolidated non-wholly owned entities and consolidated VIEs. As of December 31, 2013, this segment included 118 wholly owned and leased hotels and resorts, three non-wholly owned hotel properties and three hotels of consolidated VIEs. While we do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment revenues, we manage these investments in our ownership segment.
Our unconsolidated affiliates are primarily investments in entities that owned or leased 30 hotels and one condominium management company as of December 31, 2013.
The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels operated or managed by someone other than us under one of our proprietary brand names of our brand portfolio. As of December 31, 2013, this segment included 498 managed hotels and 3,420 franchised hotels. This segment also earns fees for managing properties in our ownership segment.
The timeshare segment includes the development of vacation ownership clubs and resorts, marketing and selling of timeshare intervals, providing timeshare customer financing and resort operations. This segment also provides assistance to third-party developers in selling their timeshare inventory. As of December 31, 2013, this segment included 42 timeshare properties.
Corporate and other represents revenues and related operating expenses generated by the incidental support of hotel operations for owned, leased, managed and franchised hotels and other rental income, as well as corporate assets and related expenditures.
The performance of our operating segments is evaluated primarily on Adjusted earnings before interest expense, taxes, depreciation and amortization (“EBITDA”), which should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. EBITDA, presented herein, is a non-GAAP financial measure that reflects net income attributable to Hilton stockholders, excluding interest expense, a provision for income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) furniture fixtures, and equipment (“FF&E”) replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based and certain other compensation expenses prior to and in connection with our IPO; (viii) severance, relocation and other expenses; and (ix) other items.
 
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The following table presents revenues and Adjusted EBITDA for our reportable segments, reconciled to consolidated amounts:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Revenues:	  				  				  				
Ownership (1)(4)	  	$	4,075 	  	  	$	4,006 	  	  	$	3,926 	  	
Management and franchise (2)	  	 	1,271 	  	  	 	1,180 	  	  	 	1,095 	  	
Timeshare	  	 	1,109 	  	  	 	1,085 	  	  	 	944 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Segment revenues	  	 	6,455 	  	  	 	6,271 	  	  	 	5,965 	  	
Other revenues from managed and franchised properties	  	 	3,405 	  	  	 	3,124 	  	  	 	2,927 	  	
Other revenues (3)	  	 	69 	  	  	 	66 	  	  	 	58 	  	
Intersegment fees elimination (1)(2)(3)(4)	  	 	(194)	  	  	 	(185)	  	  	 	(167)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	$	 9,735 	  	  	$	 9,276 	  	  	$	 8,783 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA:	  				  				  				
Ownership (1)(2)(3)(4)(5)	  	$	926 	  	  	$	793 	  	  	$	725 	  	
Management and franchise (2)	  	 	1,271 	  	  	 	1,180 	  	  	 	1,095 	  	
Timeshare (1)(2)	  	 	297 	  	  	 	252 	  	  	 	207 	  	
Corporate and other (3)(4)	  	 	(284)	  	  	 	(269)	  	  	 	(274)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	2,210 	  	  	$	1,956 	  	  	$	1,753 	  	

 

(1)	Includes charges to timeshare operations for rental fees and fees for other amenities, which are eliminated in our consolidated financial statements. These charges totaled $26 million, $24 million and $27 million for the years ended December 31, 2013, 2012 and 2011, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and a cost to timeshare Adjusted EBITDA.	
(2)  	Includes management, royalty and intellectual property fees of $100 million, $96 million and $88 million for the years ended December 31, 2013, 2012 and 2011, respectively. These fees are charged to consolidated owned and leased properties and are eliminated in our consolidated financial statements. Also includes a licensing fee of $56 million, $52 million and $43 million for the years ended December 31, 2013, 2012 and 2011, respectively, which is charged to our timeshare segment by our management and franchise segment and is eliminated in our consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and a cost to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.	
(3)	Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $9 million, $10 million and $9 million for the years ended December 31, 2013, 2012 and 2011, respectively. These charges are eliminated in our consolidated financial statements.	
(4)  	Includes various other intercompany charges of $3 million for the years ended December 31, 2013 and 2012.	
(5)	Includes unconsolidated affiliate Adjusted EBITDA.	
 
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The table below provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income attributable to Hilton stockholders:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Adjusted EBITDA	  	$	   2,210 	  	  	$	   1,956 	  	  	$	   1,753 	  	
Net income attributable to noncontrolling interests	  	 	(45)	  	  	 	(7)	  	  	 	(2)	  	
Gain (loss) on foreign currency transactions	  	 	(45)	  	  	 	23 	  	  	 	(21)	  	
FF&E replacement reserve	  	 	(46)	  	  	 	(68)	  	  	 	(57)	  	
Share-based compensation expense	  	 	(313)	  	  	 	(50)	  	  	 	(19)	  	
Impairment losses	  	 	— 	  	  	 	(54)	  	  	 	(20)	  	
Impairment losses included in equity in earnings (losses) from unconsolidated affiliates	  	 	— 	  	  	 	(19)	  	  	 	(141)	  	
Gain on debt extinguishment	  	 	229 	  	  	 	— 	  	  	 	— 	  	
Other gain, net	  	 	7 	  	  	 	15 	  	  	 	19 	  	
Other adjustment items (1)	  	 	(76)	  	  	 	(64)	  	  	 	(51)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
EBITDA	  	 	1,921 	  	  	 	1,732 	  	  	 	1,461 	  	
				
Interest expense	  	 	(620)	  	  	 	(569)	  	  	 	(643)	  	
Interest expense included in equity in earnings (losses) from unconsolidated affiliates	  	 	(13)	  	  	 	(13)	  	  	 	(12)	  	
Income tax benefit (expense)	  	 	(238)	  	  	 	(214)	  	  	 	59 	  	
Depreciation and amortization	  	 	(603)	  	  	 	(550)	  	  	 	(564)	  	
Depreciation and amortization included in equity in earnings (losses) from unconsolidated affiliates	  	 	(32)	  	  	 	(34)	  	  	 	(48)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	415 	  	  	$	352 	  	  	$	253 	  	

(1)  	Represents adjustments for legal expenses, severance and other items.	
The following table presents assets for our reportable segments, reconciled to consolidated amounts:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
Assets:	  				  				
Ownership	  	$	11,936	  	  	$	12,476	  	
Management and franchise	  	 	11,016	  	  	 	11,650	  	
Timeshare	  	 	1,871	  	  	 	1,911	  	
Corporate and other	  	 	1,739	  	  	 	1,029	  	
	  	 	 	 	  	 	 	 	
	  	$	 26,562	  	  	$	 27,066	  	
	  	 	 	 	  	 	 	 	
The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
Capital expenditures for property and equipment:	  				  				  				
Ownership	  	$	240	  	  	$	396	  	  	$	368	  	
Timeshare	  	 	8	  	  	 	28	  	  	 	12	  	
Corporate and other	  	 	6	  	  	 	9	  	  	 	9	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	    254	  	  	$	    433	  	  	$	    389	  	

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Revenues by country were as follows:

 	  	Year Ended December 31,	 	
 	  	2013	 	  	2012	 	  	2011	 	
 	  	(in millions)	 	
U.S.	  	$	7,262	  	  	$	6,743	  	  	$	6,293	  	
All other	  	 	2,473	  	  	 	2,533	  	  	 	2,490	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
	  	$	 9,735	  	  	$	 9,276	  	  	$	 8,783	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Other than the U.S., there were no countries that individually represented more than 10 percent of total revenues for the years ended December 31, 2013, 2012 and 2011.
Property and equipment, net by country were as follows:

 	  	December 31,	 	
 	  	2013	 	  	2012	 	
 	  	(in millions)	 	
U.S.	  	$	8,204	  	  	$	8,252	  	
All other	  	 	854	  	  	 	945	  	
	  	 	 	 	  	 	 	 	
	  	$	 9,058	  	  	$	 9,197	  	
	  	 	 	 	  	 	 	 	
Other than the U.S. there were no countries that individually represented over 10 percent of total property and equipment, net as of December 31, 2013 and 2012.
Note 25: Commitments and Contingencies
As of December 31, 2013, we had outstanding guarantees of $27 million, with remaining terms ranging from ten months to nine years, for debt and other obligations of third parties. We have two letters of credit, one supported by restricted cash and cash equivalents and the other under the Revolving Credit Facility, for a total of $27 million that have been pledged as collateral for two of these guarantees. Although we believe it is unlikely that material payments will be required under these guarantees or letters of credit, there can be no assurance that this will be the case.
We have also provided performance guarantees to certain owners of hotels that we operate under management contracts. Most of these guarantees allow us to terminate the contract, rather than fund shortfalls, if specified performance levels are not achieved. However, in limited cases, we are obligated to fund performance shortfalls. As of December 31, 2013, we had six contracts containing performance guarantees, with expirations ranging from 2018 to 2030, and possible cash outlays totaling approximately $150 million. Our obligations under these guarantees in future periods is dependent on the operating performance levels of these hotels over the remaining terms of the performance guarantees. We do not have any letters of credit pledged as collateral against these guarantees. As of December 31, 2013 and 2012, we recorded current liabilities of approximately $9 million and $30 million, respectively, and non-current liabilities of approximately $51 million and $57 million, respectively, in our consolidated balance sheets for obligations under our outstanding performance guarantees that are related to certain VIEs for which we are not the primary beneficiary.
As of December 31, 2013, we had outstanding commitments under third-party contracts of approximately $121 million for capital expenditures at certain owned and leased properties, including our consolidated VIEs. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract.
 
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We have entered into an agreement with a developer in Las Vegas, Nevada, whereby we have agreed to purchase residential units from the developer that we will convert to timeshare units to be marketed and sold under our Hilton Grand Vacations brand. Subject to certain conditions, we are required to purchase approximately $92 million of inventory ratably over a maximum period of four years, which is equivalent to purchases of approximately $6 million per quarter. We began purchasing inventory during the quarter ended March 31, 2013, and during the year ended December 31, 2013, we purchased $35 million of inventory under this agreement. As of December 31, 2013, our contractual obligations for the years ending December 31, 2014, 2015 and 2016, respectively, were $24 million, $24 million and $9 million.
During 2010, an affiliate of our Sponsor settled a $75 million liability on our behalf in conjunction with a lawsuit settlement by entering into service contracts with the plaintiff. We recorded the portion settled by this affiliate as a capital contribution. Additionally, as part of the settlement, we entered into a guarantee with the plaintiff to pay any shortfall that this affiliate does not fund related to those service contracts up to the value of the settlement amount made by the affiliate. The remaining potential exposure under this guarantee as of December 31, 2013 was approximately $48 million. We have not accrued a liability for this guarantee as we believe the likelihood of any material funding to be remote.
We are involved in other litigation arising from the normal course of business, some of which includes claims for substantial sums. Accruals are recorded when the outcome is probable and can be reasonably estimated in accordance with applicable accounting requirements regarding accounting for contingencies. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of December 31, 2013 will not have a material effect on our consolidated results of operations, financial position or cash flows.
Note 26 : Related Party Transactions
Investment in Affiliates
We hold investments in affiliates that own or lease properties that we manage or franchise. We recognized management and franchise fee revenue of $31 million, $29 million and $32 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to our agreements for these properties. We recognized reimbursements and reimbursable costs for these hotels, primarily related to payroll and marketing expenses, of $174 million, $172 million and $148 million in other revenues and expenses from managed and franchised properties in our consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, we had accounts receivable due from these properties related to these management and franchise fees and reimbursements of $21 million. Additionally, in certain cases we incur costs to acquire management contracts with our unconsolidated affiliates or provide loans or guarantees on behalf of these entities. We incurred immaterial contract acquisition costs for the year ended December 31, 2013, no contract acquisition costs for the year ended December 31, 2012 and $18 million for the year ended December 31, 2011 related to such contracts. As of December 31, 2013 and 2012, we had unamortized acquisition costs of $18 million recorded in management and franchise contracts, net in our consolidated balance sheets. As of December 31, 2013 and 2012, we had other financing receivables, net related to these properties of $15 million and $17 million, respectively. We recorded interest income on these other financing receivables of $3 million for the years ended December 31, 2013, 2012 and 2011. We generally own between 10 percent and 50 percent of these equity method investments. See Note 2: “Basis of Presentation and Summary of Significant Accounting Policies,” for further discussion.
The Blackstone Group
Blackstone directly and indirectly owns hotels that we manage or franchise and for which we receive fees in connection with the management and franchise agreements. We recognized management and franchise fee revenue of $42 million, $29 million and $23 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to our agreements for these hotels. We recognized reimbursements and reimbursable costs
 
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for these hotels, primarily related to payroll and marketing expenses, of $174 million, $135 million and $101 million in other revenues and expenses from managed and franchised properties in our consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, we had accounts receivable due from these hotels related to these management and franchise fees and reimbursements of $26 million and $28 million, respectively. Additionally, in certain cases, we incur costs to acquire management and franchise contracts with hotels owned by Blackstone. We incurred contract acquisition costs of $15 million and $5 million for the years ended December 31, 2013 and 2011 related to these contracts. Contract acquisition costs for the year ended December 31, 2012 related to these contracts were less than $1 million. As of December 31, 2013 and 2012, we had unamortized acquisition costs of $20 million and $6 million, respectively, recorded in management and franchise contracts, net in our consolidated balance sheets. As of December 31, 2013 and 2012, we had $14 million and $5 million, respectively, accrued in accounts payable, accrued expenses and other in our consolidated balance sheet related to contract acquisition costs for these hotels. Our maximum exposure to loss related to these hotels is limited to the amounts discussed above; therefore, our involvement with these hotels does not expose us to additional variability or risk of loss.
On January 14, 2014, we executed a Purchase and Sale Agreement with an affiliate of Blackstone for the sale of certain land and easement rights at the Hilton Hawaiian Village in connection with a timeshare project, for a total purchase price of approximately $25 million. See Note 30: “Subsequent Events” for additional details.
We also purchase products and services from entities affiliated with or owned by Blackstone. The fees paid for these products and services were $24 million, $26 million and $23 million during the years ended December 31, 2013, 2012 and 2011, respectively.
Note 27 : Supplemental Disclosures of Cash Flow Information
Interest paid during the years ended December 31, 2013, 2012 and 2011, was $535 million, $486 million and $470 million, respectively.
Income taxes, net of refunds, paid during the years ended December 31, 2013, 2012 and 2011 were $233 million, $103 million and $114 million, respectively.
In connection with our IPO in 2013, we incurred net underwriting discounts and commissions of $27 million and other offering expenses of $12 million, which are included in net proceeds from issuance of common stock in our consolidated statement of cash flows.
The following non-cash investing and financing activities were excluded from the consolidated statements of cash flows:
 
 	•	 	In 2013, one of our consolidated VIEs restructured the terms of its capital lease resulting in a reduction in our capital lease asset and obligation of $44 million and $48 million, respectively. See Note 9: “Consolidated Variable Interest Entities” for further discussion.	
 
 	•	 	In 2013, we incurred $189 million of debt issuance costs related to the Debt Refinancing, of which $9 million had not been paid as of December 31, 2013 and were included in accounts payable, accrued expenses and other in our consolidated balance sheet. See Note 13: “Debt” for further discussion.	
 
 	•	 	In 2012, we executed a capital lease in conjunction with the acquisition of OHC, for which we recorded a capital lease asset and obligation of $15 million as of December 31, 2012. See Note 3: “Acquisitions” for further discussion.	
 
 	•	 	In 2011, two of our consolidated VIEs restructured their debt resulting in a reduction of our capital lease assets and obligations of $76 million and $73 million, respectively, as of December 31, 2011. See Note 9: “Consolidated Variable Interest Entities” for further discussion.	
 
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Note 28 : Selected Quarterly Financial Information (unaudited)
The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period.

 	  	2013	 	
 	  	First
Quarter	 	  	Second
Quarter	 	  	Third
Quarter	 	  	Fourth
Quarter	 	  	Year	 	
 	  	(in millions, except per share data)	 	
Revenues	  	$	2,263	  	  	$	2,380	  	  	$	2,449	  	  	$	2,643	  	  	$	9,735	  	
Operating income	  	 	252	  	  	 	404	  	  	 	357	  	  	 	89	  	  	 	1,102	  	
Net income	  	 	38	  	  	 	157	  	  	 	203	  	  	 	62	  	  	 	460	  	
Net income attributable to Hilton stockholders	  	 	34	  	  	 	155	  	  	 	200	  	  	 	26	  	  	 	415	  	
Basic and diluted earnings per share	  	$	0.03	  	  	$	0.17	  	  	$	0.22	  	  	$	0.03	  	  	$	0.45	  	
		
 	  	2012	 	
 	  	First
Quarter	 	  	Second
Quarter	 	  	Third
Quarter	 	  	Fourth
Quarter	 	  	Year	 	
 	  	(in millions, except per share data)	 	
Revenues	  	$	2,131	  	  	$	2,390	  	  	$	2,417	  	  	$	2,338	  	  	$	9,276	  	
Operating income	  	 	194	  	  	 	298	  	  	 	345	  	  	 	263	  	  	 	1,100	  	
Net income	  	 	47	  	  	 	69	  	  	 	179	  	  	 	64	  	  	 	359	  	
Net income attributable to Hilton stockholders	  	 	48	  	  	 	66	  	  	 	177	  	  	 	61	  	  	 	352	  	
Basic and diluted earnings per share	  	$	0.05	  	  	$	0.07	  	  	$	0.19	  	  	$	0.07	  	  	$	0.38	  	
Note 29: Condensed Consolidating Guarantor Financial Information
In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (the “Subsidiary Issuers”), entities formed in August 2013 which are 100% owned by Hilton Worldwide Holdings Inc. (the “Parent”), issued the Senior Notes. The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent, and certain of the Parent’s 100% owned domestic restricted subsidiaries (the “Guarantors”). The indenture that governs the Senior Notes provides that any subsidiary of the Company that provides a guarantee of the Senior Secured Credit Facility will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, our non-wholly owned subsidiaries, our subsidiaries that secure the CMBS Loan and Waldorf Astoria Loan or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the “Non-Guarantors”).
The guarantees are full and unconditional, subject to certain customary release provisions. The indenture that governs the Senior Notes provides that any Guarantor may be released from its guarantee so long as: (a) the subsidiary is sold or sells all of its assets; (b) the subsidiary is released from its guaranty under the Senior Secured Credit Facility; (c) the subsidiary is declared “unrestricted” for covenant purposes; or (d) the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied.
The following schedules present the condensed consolidated financial information as of December 31, 2013 and 2012, and the years ended December 31, 2013, 2012 and 2011, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.
 
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 	 	December 31, 2013	 	
 	 	Parent	 	 	Subsidiary
Issuers	 	 	Guarantors	 	 	Non-
Guarantors	 	 	Eliminations	 	 	Total	 	
 	 	(in millions)	 	
ASSETS	 				 				 				 				 				 				
Current Assets:	 				 				 				 				 				 				
Cash and cash equivalents	 	$	—	  	 	$	—	  	 	$	329	  	 	$	265 	  	 	$	— 	  	 	$	594 	  	
Restricted cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	194	  	 	 	72 	  	 	 	— 	  	 	 	266 	  	
Accounts receivable, net	 	 	—	  	 	 	—	  	 	 	426	  	 	 	305 	  	 	 	— 	  	 	 	731 	  	
Inventories	 	 	—	  	 	 	—	  	 	 	370	  	 	 	26 	  	 	 	— 	  	 	 	396 	  	
Deferred income tax assets	 	 	—	  	 	 	—	  	 	 	6	  	 	 	17 	  	 	 	— 	  	 	 	23 	  	
Current portion of financing receivables, net	 	 	—	  	 	 	—	  	 	 	38	  	 	 	56 	  	 	 	— 	  	 	 	94 	  	
Current portion of securitized financing receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	27 	  	 	 	— 	  	 	 	27 	  	
Prepaid expenses	 	 	—	  	 	 	—	  	 	 	15	  	 	 	133 	  	 	 	— 	  	 	 	148 	  	
Other	 	 	—	  	 	 	—	  	 	 	101	  	 	 	26 	  	 	 	(23)	  	 	 	104 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current assets	 	 	—	  	 	 	—	  	 	 	1,479	  	 	 	927 	  	 	 	(23)	  	 	 	2,383 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property, Investments and Other Assets:	 				 				 				 				 				 				
Property and equipment, net	 	 	—	  	 	 	—	  	 	 	341	  	 	 	8,717 	  	 	 	— 	  	 	 	9,058 	  	
Financing receivables, net	 	 	—	  	 	 	—	  	 	 	199	  	 	 	436 	  	 	 	— 	  	 	 	635 	  	
Securitized financing receivables, net	 	 	—	  	 	 	—	  	 	 	—	  	 	 	194 	  	 	 	— 	  	 	 	194 	  	
Investments in affiliates	 	 	—	  	 	 	—	  	 	 	210	  	 	 	50 	  	 	 	— 	  	 	 	260 	  	
Investments in subsidiaries	 	 	4,528	  	 	 	11,942	  	 	 	5,253	  	 	 	— 	  	 	 	(21,723)	  	 	 	— 	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	3,847	  	 	 	2,373 	  	 	 	— 	  	 	 	6,220 	  	
Brands	 	 	—	  	 	 	—	  	 	 	4,405	  	 	 	608 	  	 	 	— 	  	 	 	5,013 	  	
Management and franchise contracts, net	 	 	—	  	 	 	—	  	 	 	1,143	  	 	 	309 	  	 	 	— 	  	 	 	1,452 	  	
Other intangible assets, net	 	 	—	  	 	 	—	  	 	 	511	  	 	 	240 	  	 	 	— 	  	 	 	751 	  	
Deferred income tax assets	 	 	21	  	 	 	—	  	 	 	—	  	 	 	193 	  	 	 	(21)	  	 	 	193 	  	
Other	 	 	—	  	 	 	121	  	 	 	133	  	 	 	149 	  	 	 	— 	  	 	 	403 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total property, investments and other assets	 	 	 4,549	  	 	 	 12,063	  	 	 	 16,042	  	 	 	 13,269 	  	 	 	 (21,744)	  	 	 	 24,179 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TOTAL ASSETS	 	$	4,549	  	 	$	12,063	  	 	$	17,521	  	 	$	14,196 	  	 	$	(21,767)	  	 	$	26,562 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	 				 				 				 				 				 				
Current Liabilities:	 				 				 				 				 				 				
Accounts payable, accrued expenses and other	 	$	—	  	 	$	60	  	 	$	1,335	  	 	$	684 	  	 	$	— 	  	 	$	2,079 	  	
Current maturities of long-term debt	 	 	—	  	 	 	—	  	 	 	—	  	 	 	4 	  	 	 	— 	  	 	 	4 	  	
Current maturities of non-recourse debt	 	 	—	  	 	 	—	  	 	 	—	  	 	 	48 	  	 	 	— 	  	 	 	48 	  	
Income taxes payable	 	 	—	  	 	 	—	  	 	 	3	  	 	 	31 	  	 	 	(23)	  	 	 	11 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current liabilities	 	 	—	  	 	 	60	  	 	 	1,338	  	 	 	767 	  	 	 	(23)	  	 	 	2,142 	  	
Long-term debt	 	 	—	  	 	 	7,470	  	 	 	54	  	 	 	4,227 	  	 	 	— 	  	 	 	11,751 	  	
Non-recourse debt	 	 	—	  	 	 	—	  	 	 	—	  	 	 	920 	  	 	 	— 	  	 	 	920 	  	
Deferred revenues	 	 	—	  	 	 	—	  	 	 	674	  	 	 	— 	  	 	 	— 	  	 	 	674 	  	
Deferred income tax liabilities	 	 	—	  	 	 	5	  	 	 	2,298	  	 	 	2,771 	  	 	 	(21)	  	 	 	5,053 	  	
Liability for guest loyalty program	 	 	—	  	 	 	—	  	 	 	597	  	 	 	— 	  	 	 	— 	  	 	 	597 	  	
Other	 	 	186	  	 	 	—	  	 	 	618	  	 	 	345 	  	 	 	— 	  	 	 	1,149 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	186	  	 	 	7,535	  	 	 	5,579	  	 	 	9,030 	  	 	 	(44)	  	 	 	22,286 	  	
Equity:	 				 				 				 				 				 				
Total Hilton stockholders’ equity	 	 	4,363	  	 	 	4,528	  	 	 	11,942	  	 	 	5,253 	  	 	 	(21,723)	  	 	 	4,363 	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	—	  	 	 	(87)	  	 	 	— 	  	 	 	(87)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	 	 	 4,363	  	 	 	 4,528	  	 	 	 11,942	  	 	 	 5,166 	  	 	 	 (21,723)	  	 	 	 4,276 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TOTAL LIABILITIES AND EQUITY	 	$	4,549	  	 	$	12,063	  	 	$	17,521	  	 	$	14,196 	  	 	$	(21,767)	  	 	$	26,562 	  	

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 	 	December 31, 2012	 	
 	 	Parent	 	 	Subsidiary
Issuers	 	 	Guarantors	 	 	Non-
Guarantors	 	 	Eliminations	 	 	Total	 	
 	 	(in millions)	 	
ASSETS	 				 				 				 				 				 				
Current Assets:	 				 				 				 				 				 				
Cash and cash equivalents	 	$	—	  	 	$	—	  	 	$	542 	  	 	$	213 	  	 	$	— 	  	 	$	755 	  	
Restricted cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	496 	  	 	 	54 	  	 	 	— 	  	 	 	550 	  	
Accounts receivable, net	 	 	—	  	 	 	—	  	 	 	414 	  	 	 	305 	  	 	 	— 	  	 	 	719 	  	
Intercompany interest receivable (1)	 	 	98	  	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(98	) 	 	 	— 	  	
Inventories	 	 	—	  	 	 	—	  	 	 	395 	  	 	 	20 	  	 	 	— 	  	 	 	415 	  	
Deferred income tax assets	 	 	—	  	 	 	—	  	 	 	64 	  	 	 	12 	  	 	 	— 	  	 	 	76 	  	
Current portion of financing receivables, net	 	 	—	  	 	 	—	  	 	 	119 	  	 	 	— 	  	 	 	— 	  	 	 	119 	  	
Prepaid expenses	 	 	—	  	 	 	—	  	 	 	22 	  	 	 	131 	  	 	 	— 	  	 	 	153 	  	
Other	 	 	—	  	 	 	—	  	 	 	51 	  	 	 	12 	  	 	 	(23	) 	 	 	40 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current assets	 	 	98	  	 	 	—	  	 	 	2,103 	  	 	 	747 	  	 	 	(121	) 	 	 	2,827 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property, Investments and Other Assets:	 				 				 				 				 				 				
Property and equipment, net	 	 	—	  	 	 	—	  	 	 	359 	  	 	 	8,838 	  	 	 	— 	  	 	 	9,197 	  	
Financing receivables, net	 	 	—	  	 	 	—	  	 	 	806 	  	 	 	9 	  	 	 	— 	  	 	 	815 	  	
Intercompany notes receivable (1)	 	 	3,787	  	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(3,787	) 	 	 	— 	  	
Investments in affiliates	 	 	—	  	 	 	—	  	 	 	244 	  	 	 	47 	  	 	 	— 	  	 	 	291 	  	
Investments in subsidiaries	 	 	—	  	 	 	—	  	 	 	9,364 	  	 	 	— 	  	 	 	(9,364	) 	 	 	— 	  	
Goodwill	 	 	—	  	 	 	—	  	 	 	3,847 	  	 	 	2,350 	  	 	 	— 	  	 	 	6,197 	  	
Brands	 	 	—	  	 	 	—	  	 	 	4,405 	  	 	 	624 	  	 	 	— 	  	 	 	5,029 	  	
Management and franchise contracts, net	 	 	—	  	 	 	—	  	 	 	1,285 	  	 	 	315 	  	 	 	— 	  	 	 	1,600 	  	
Other intangible assets, net	 	 	—	  	 	 	—	  	 	 	512 	  	 	 	232 	  	 	 	— 	  	 	 	744 	  	
Deferred income tax assets	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	104 	  	 	 	— 	  	 	 	104 	  	
Other	 	 	—	  	 	 	—	  	 	 	159 	  	 	 	103 	  	 	 	— 	  	 	 	262 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total property, investments and other assets	 	 	3,787	  	 	 	—	  	 	 	 20,981 	  	 	 	 12,622 	  	 	 	 (13,151)	  	 	 	 24,239 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TOTAL ASSETS	 	$	3,885	  	 	$	—	  	 	$	23,084 	  	 	$	13,369 	  	 	$	 (13,272)	  	 	$	27,066 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	 				 				 				 				 				 				
Current Liabilities:	 				 				 				 				 				 				
Accounts payable, accrued expenses and other	 	$	—	  	 	$	—	  	 	$	1,253 	  	 	$	669 	  	 	$	— 	  	 	$	1,922 	  	
Intercompany interest payable (1)	 	 	—	  	 	 	—	  	 	 	98 	  	 	 	— 	  	 	 	(98	) 	 	 	— 	  	
Current maturities of long-term debt	 	 	—	  	 	 	—	  	 	 	357 	  	 	 	35 	  	 	 	— 	  	 	 	392 	  	
Current maturities of non-recourse debt	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	15 	  	 	 	— 	  	 	 	15 	  	
Income taxes payable	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	43 	  	 	 	(23	) 	 	 	20 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total current liabilities	 	 	—	  	 	 	—	  	 	 	1,708 	  	 	 	762 	  	 	 	(121	) 	 	 	2,349 	  	
Long-term debt	 	 	—	  	 	 	—	  	 	 	15,001 	  	 	 	182 	  	 	 	— 	  	 	 	15,183 	  	
Non-recourse debt	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	405 	  	 	 	— 	  	 	 	405 	  	
Intercompany notes payable (1)	 	 	—	  	 	 	—	  	 	 	3,787 	  	 	 	— 	  	 	 	 (3,787	) 	 	 	— 	  	
Investments in subsidiaries	 	 	1,389	  	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(1,389	) 	 	 	— 	  	
Deferred revenues	 	 	—	  	 	 	—	  	 	 	82 	  	 	 	— 	  	 	 	— 	  	 	 	82 	  	
Deferred income tax liabilities	 	 	8	  	 	 	—	  	 	 	2,495 	  	 	 	2,445 	  	 	 	— 	  	 	 	4,948 	  	
Liability for guest loyalty program	 	 	—	  	 	 	—	  	 	 	503 	  	 	 	— 	  	 	 	— 	  	 	 	503 	  	
Other	 	 	187	  	 	 	—	  	 	 	897 	  	 	 	357 	  	 	 	— 	  	 	 	1,441 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	1,584	  	 	 	—	  	 	 	24,473 	  	 	 	4,151 	  	 	 	(5,297	) 	 	 	 24,911 	  	
Equity:	 				 				 				 				 				 				
Total Hilton stockholders’ equity	 	 	2,301	  	 	 	—	  	 	 	(1,389)	  	 	 	9,364 	  	 	 	(7,975	) 	 	 	2,301 	  	
Noncontrolling interests	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(146)	  	 	 	— 	  	 	 	(146)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	 	 	2,301	  	 	 	—	  	 	 	 (1,389)	  	 	 	 9,218 	  	 	 	(7,975	) 	 	 	2,155 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TOTAL LIABILITIES AND EQUITY	 	$	 3,885	  	 	$	      —	  	 	$	23,084 	  	 	$	13,369 	  	 	$	(13,272	) 	 	$	27,066 	  	

(1)  	Prior to June 30, 2013, a Guarantor had intercompany notes payable to the Parent (the “Notes Payable to Parent”). Interest under the Notes Payable to Parent was accrued and added to the principal balance through the date of maturity. On June 30, 2013, the Parent made a non-cash contribution of the Notes Payable to Parent, including the accrued interest, to the Guarantor, resulting in an increase to the Guarantor’s equity.	
 
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 	  	Year Ended December 31, 2013	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantor	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Revenues	  				  				  				  				  				  				
Owned and leased hotels	  	$	— 	  	  	$	— 	  	  	$	190 	  	  	$	3,882 	  	  	$	(26)	  	  	$	4,046 	  	
Management and franchise fees and other	  	 	— 	  	  	 	— 	  	  	 	587 	  	  	 	733 	  	  	 	(145)	  	  	 	1,175 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	1,052 	  	  	 	57 	  	  	 	— 	  	  	 	1,109 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,829 	  	  	 	4,672 	  	  	 	(171)	  	  	 	6,330 	  	
Other revenues from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,869 	  	  	 	351 	  	  	 	(815)	  	  	 	3,405 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	— 	  	  	 	— 	  	  	 	5,698 	  	  	 	5,023 	  	  	 	(986)	  	  	 	9,735 	  	
							
Expenses	  				  				  				  				  				  				
Owned and leased hotels	  	 	— 	  	  	 	— 	  	  	 	148 	  	  	 	3,058 	  	  	 	(59)	  	  	 	3,147 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	797 	  	  	 	12 	  	  	 	(79)	  	  	 	730 	  	
Depreciation and amortization	  	 	— 	  	  	 	— 	  	  	 	277 	  	  	 	326 	  	  	 	— 	  	  	 	603 	  	
General, administrative and other	  	 	— 	  	  	 	— 	  	  	 	620 	  	  	 	161 	  	  	 	(33)	  	  	 	748 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,842 	  	  	 	3,557 	  	  	 	(171)	  	  	 	5,228 	  	
Other expenses from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,869 	  	  	 	351 	  	  	 	(815)	  	  	 	3,405 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	— 	  	  	 	— 	  	  	 	5,711 	  	  	 	3,908 	  	  	 	(986)	  	  	 	8,633 	  	
							
Operating income (loss)	  	 	— 	  	  	 	— 	  	  	 	(13)	  	  	 	1,115 	  	  	 	— 	  	  	 	1,102 	  	
Interest income	  	 	217 	  	  	 	— 	  	  	 	7 	  	  	 	2 	  	  	 	(217)	  	  	 	9 	  	
Interest expense	  	 	— 	  	  	 	(105)	  	  	 	(642)	  	  	 	(90)	  	  	 	217 	  	  	 	(620)	  	
Equity in earnings from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	13 	  	  	 	3 	  	  	 	— 	  	  	 	16 	  	
Gain (loss) on foreign currency transactions	  	 	— 	  	  	 	— 	  	  	 	35 	  	  	 	(80)	  	  	 	— 	  	  	 	(45)	  	
Gain on debt extinguishment	  	 	— 	  	  	 	— 	  	  	 	229 	  	  	 	— 	  	  	 	— 	  	  	 	229 	  	
Other gain, net	  	 	— 	  	  	 	— 	  	  	 	2 	  	  	 	5 	  	  	 	— 	  	  	 	7 	  	

Income (loss) before income taxes and equity in earnings from subsidiaries	  	 	217 	  	  	 	(105)	  	  	 	(369)	  	  	 	955 	  	  	 	— 	  	  	 	698 	  	
Income tax benefit (expense)	  	 	(84)	  	  	 	40 	  	  	 	48 	  	  	 	(242)	  	  	 	— 	  	  	 	(238)	  	

Income (loss) before equity in earnings from subsidiaries	  	 	133 	  	  	 	(65)	  	  	 	(321)	  	  	 	713 	  	  	 	— 	  	  	 	460 	  	
Equity in earnings from subsidiaries	  	 	282 	  	  	 	347 	  	  	 	668 	  	  	 	— 	  	  	 	(1,297)	  	  	 	— 	  	

Net income	  	 	415 	  	  	 	282 	  	  	 	347 	  	  	 	713 	  	  	 	(1,297)	  	  	 	460 	  	
Net income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(45)	  	  	 	— 	  	  	 	(45)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	415 	  	  	$	282 	  	  	$	347 	  	  	$	668 	  	  	$	(1,297)	  	  	$	415 	  	

Comprehensive income	  	$	557 	  	  	$	288 	  	  	$	417 	  	  	$	797 	  	  	$	(1,439)	  	  	$	620 	  	
Comprehensive income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(63)	  	  	 	— 	  	  	 	(63)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	 557 	  	  	$	288 	  	  	$	417 	  	  	$	734 	  	  	$	(1,439)	  	  	$	557 	  	

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 	  	Year Ended December 31, 2012	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantor	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Revenues	  				  				  				  				  				  				
Owned and leased hotels	  	$	— 	  	  	$	— 	  	  	$	181 	  	  	$	3,821 	  	  	$	(23)	  	  	$	3,979 	  	
Management and franchise fees and other	  	 	— 	  	  	 	— 	  	  	 	459 	  	  	 	762 	  	  	 	(133)	  	  	 	1,088 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	1,081 	  	  	 	4 	  	  	 	— 	  	  	 	1,085 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,721 	  	  	 	4,587 	  	  	 	(156)	  	  	 	6,152 	  	
Other revenues from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,643 	  	  	 	295 	  	  	 	(814)	  	  	 	3,124 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	— 	  	  	 	— 	  	  	 	5,364 	  	  	 	4,882 	  	  	 	(970)	  	  	 	9,276 	  	
							
Expenses	  				  				  				  				  				  				
Owned and leased hotels	  	 	— 	  	  	 	— 	  	  	 	142 	  	  	 	3,141 	  	  	 	(53)	  	  	 	3,230 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	827 	  	  	 	4 	  	  	 	(73)	  	  	 	758 	  	
Depreciation and amortization	  	 	— 	  	  	 	— 	  	  	 	251 	  	  	 	299 	  	  	 	— 	  	  	 	550 	  	
Impairment losses	  	 	— 	  	  	 	— 	  	  	 	13 	  	  	 	41 	  	  	 	— 	  	  	 	54 	  	
General, administrative and other	  	 	— 	  	  	 	— 	  	  	 	342 	  	  	 	148 	  	  	 	(30)	  	  	 	460 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,575 	  	  	 	3,633 	  	  	 	(156)	  	  	 	5,052 	  	
Other expenses from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,643 	  	  	 	295 	  	  	 	(814)	  	  	 	3,124 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	— 	  	  	 	— 	  	  	 	5,218 	  	  	 	3,928 	  	  	 	(970)	  	  	 	8,176 	  	
							
Operating income	  	 	— 	  	  	 	— 	  	  	 	146 	  	  	 	954 	  	  	 	— 	  	  	 	1,100 	  	
Interest income	  	 	403 	  	  	 	— 	  	  	 	7 	  	  	 	8 	  	  	 	(403)	  	  	 	15 	  	
Interest expense	  	 	— 	  	  	 	— 	  	  	 	(916)	  	  	 	(56)	  	  	 	403 	  	  	 	(569)	  	
Equity in earnings (losses) from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	(12)	  	  	 	1 	  	  	 	— 	  	  	 	(11)	  	
Gain on foreign currency transactions	  	 	— 	  	  	 	— 	  	  	 	12 	  	  	 	11 	  	  	 	— 	  	  	 	23 	  	
Other gain, net	  	 	— 	  	  	 	— 	  	  	 	6 	  	  	 	9 	  	  	 	— 	  	  	 	15 	  	

Income (loss) before income taxes and equity in earnings from subsidiaries	  	 	403 	  	  	 	— 	  	  	 	(757)	  	  	 	927 	  	  	 	— 	  	  	 	573 	  	
Income tax benefit (expense)	  	 	(155)	  	  	 	— 	  	  	 	312 	  	  	 	(371)	  	  	 	— 	  	  	 	(214)	  	

Income (loss) before equity in earnings from subsidiaries	  	 	248 	  	  	 	— 	  	  	 	(445)	  	  	 	556 	  	  	 	— 	  	  	 	359 	  	
Equity in earnings from subsidiaries	  	 	104 	  	  	 	— 	  	  	 	549 	  	  	 	— 	  	  	 	(653)	  	  	 	— 	  	

Net income	  	 	352 	  	  	 	— 	  	  	 	104 	  	  	 	556 	  	  	 	(653)	  	  	 	359 	  	
Net income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(7)	  	  	 	— 	  	  	 	(7)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	352 	  	  	$	— 	  	  	$	104 	  	  	$	549 	  	  	$	(653)	  	  	$	352 	  	

Comprehensive income	  	$	435 	  	  	$	— 	  	  	$	126 	  	  	$	631 	  	  	$	(736)	  	  	$	456 	  	
Comprehensive income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(21)	  	  	 	— 	  	  	 	(21)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	435 	  	  	$	— 	  	  	$	126 	  	  	$	610 	  	  	$	(736)	  	  	$	435 	  	

F-59

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 	  	Year Ended December 31, 2011	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantor	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Revenues	  				  				  				  				  				  				
Owned and leased hotels	  	$	— 	  	  	$	— 	  	  	$	171 	  	  	$	3,751 	  	  	$	(24)	  	  	$	3,898 	  	
Management and franchise fees and other	  	 	— 	  	  	 	— 	  	  	 	383 	  	  	 	756 	  	  	 	(125)	  	  	 	1,014 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	940 	  	  	 	4 	  	  	 	— 	  	  	 	944 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,494 	  	  	 	4,511 	  	  	 	(149)	  	  	 	5,856 	  	
Other revenues from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,521 	  	  	 	196 	  	  	 	(790)	  	  	 	2,927 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	— 	  	  	 	— 	  	  	 	5,015 	  	  	 	4,707 	  	  	 	(939)	  	  	 	8,783 	  	
							
Expenses	  				  				  				  				  				  				
Owned and leased hotels	  	 	— 	  	  	 	— 	  	  	 	140 	  	  	 	3,124 	  	  	 	(51)	  	  	 	3,213 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	731 	  	  	 	4 	  	  	 	(67)	  	  	 	668 	  	
Depreciation and amortization	  	 	— 	  	  	 	— 	  	  	 	246 	  	  	 	318 	  	  	 	— 	  	  	 	564 	  	
Impairment losses	  	 	— 	  	  	 	— 	  	  	 	8 	  	  	 	12 	  	  	 	— 	  	  	 	20 	  	
General, administrative and other	  	 	— 	  	  	 	— 	  	  	 	301 	  	  	 	146 	  	  	 	(31)	  	  	 	416 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	1,426 	  	  	 	3,604 	  	  	 	(149)	  	  	 	4,881 	  	
Other expenses from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	3,521 	  	  	 	196 	  	  	 	(790)	  	  	 	2,927 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	— 	  	  	 	— 	  	  	 	4,947 	  	  	 	3,800 	  	  	 	(939)	  	  	 	7,808 	  	
							
Operating income	  	 	— 	  	  	 	— 	  	  	 	68 	  	  	 	907 	  	  	 	— 	  	  	 	975 	  	
Interest income	  	 	359 	  	  	 	— 	  	  	 	7 	  	  	 	4 	  	  	 	(359)	  	  	 	11 	  	
Interest expense	  	 	— 	  	  	 	— 	  	  	 	(948)	  	  	 	(54)	  	  	 	359 	  	  	 	(643)	  	
Equity in losses from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	(133)	  	  	 	(12)	  	  	 	— 	  	  	 	(145)	  	
Gain (loss) on foreign currency transactions	  	 	— 	  	  	 	— 	  	  	 	(26)	  	  	 	5 	  	  	 	— 	  	  	 	(21)	  	
Other gain, net	  	 	— 	  	  	 	— 	  	  	 	14 	  	  	 	5 	  	  	 	— 	  	  	 	19 	  	

Income (loss) before income taxes and equity in earnings from subsidiaries	  	 	359 	  	  	 	— 	  	  	 	(1,018)	  	  	 	855 	  	  	 	— 	  	  	 	196 	  	
Income tax benefit (expense)	  	 	(137)	  	  	 	— 	  	  	 	397 	  	  	 	(201)	  	  	 	— 	  	  	 	59 	  	

Income (loss) before equity in earnings from subsidiaries	  	 	222 	  	  	 	— 	  	  	 	(621)	  	  	 	654 	  	  	 	— 	  	  	 	255 	  	
Equity in earnings from subsidiaries	  	 	31 	  	  	 	— 	  	  	 	652 	  	  	 	— 	  	  	 	(683)	  	  	 	— 	  	

Net income	  	 	253 	  	  	 	— 	  	  	 	31 	  	  	 	654 	  	  	 	(683)	  	  	 	255 	  	
Net income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(2)	  	  	 	— 	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	253 	  	  	$	— 	  	  	$	31 	  	  	$	652 	  	  	$	(683)	  	  	$	253 	  	

Comprehensive income	  	$	162 	  	  	$	— 	  	  	$	30 	  	  	$	561 	  	  	$	(592)	  	  	$	161 	  	
Comprehensive loss attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	1 	  	  	 	— 	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	162 	  	  	$	— 	  	  	$	30 	  	  	$	562 	  	  	$	(592)	  	  	$	162 	  	

F-60

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 	  	Year Ended December 31, 2013	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantors	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Operating Activities:	  				  				  				  				  				  				
Net cash provided by operating activities	  	$	— 	  	  	$	— 	  	  	$	1,574 	  	  	$	630 	  	  	$	(103)	  	  	$	2,101 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investing Activities:	  				  				  				  				  				  				
Capital expenditures for property and equipment	  	 	— 	  	  	 	— 	  	  	 	(23)	  	  	 	(231)	  	  	 	— 	  	  	 	(254)	  	
Acquisitions	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(30)	  	  	 	— 	  	  	 	(30)	  	
Payments received on other financing receivables	  	 	— 	  	  	 	— 	  	  	 	4 	  	  	 	1 	  	  	 	— 	  	  	 	5 	  	
Issuance of other financing receivables	  	 	— 	  	  	 	— 	  	  	 	(6)	  	  	 	(4)	  	  	 	— 	  	  	 	(10)	  	
Investments in affiliates	  	 	— 	  	  	 	— 	  	  	 	(4)	  	  	 	— 	  	  	 	— 	  	  	 	(4)	  	
Distributions from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	33 	  	  	 	— 	  	  	 	— 	  	  	 	33 	  	
Contract acquisition costs	  	 	— 	  	  	 	— 	  	  	 	(14)	  	  	 	(30)	  	  	 	— 	  	  	 	(44)	  	
Software capitalization costs	  	 	— 	  	  	 	— 	  	  	 	(78)	  	  	 	— 	  	  	 	— 	  	  	 	(78)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in investing activities	  	 	— 	  	  	 	— 	  	  	 	(88)	  	  	 	(294)	  	  	 	— 	  	  	 	(382)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Financing Activities:	  				  				  				  				  				  				
Net proceeds from issuance of common stock	  	 	1,243 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	1,243 	  	
Borrowings	  	 	— 	  	  	 	9,062 	  	  	 	— 	  	  	 	5,026 	  	  	 	— 	  	  	 	14,088 	  	
Repayment of debt	  	 	— 	  	  	 	(1,600)	  	  	 	(15,245)	  	  	 	(358)	  	  	 	— 	  	  	 	(17,203)	  	
Debt issuance costs	  	 	— 	  	  	 	(123)	  	  	 	— 	  	  	 	(57)	  	  	 	— 	  	  	 	(180)	  	
Change in restricted cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	222 	  	  	 	(29)	  	  	 	— 	  	  	 	193 	  	
Intercompany transfers	  	 	(1,243)	  	  	 	(7,339)	  	  	 	13,324 	  	  	 	(4,742)	  	  	 	— 	  	  	 	— 	  	
Dividends paid to Guarantors	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(103)	  	  	 	103 	  	  	 	— 	  	
Distributions to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(4)	  	  	 	— 	  	  	 	(4)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in financing activities	  	 	— 	  	  	 	— 	  	  	 	(1,699)	  	  	 	(267)	  	  	 	103 	  	  	 	(1,863)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(17)	  	  	 	— 	  	  	 	(17)	  	
Net increase (decrease) in cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	(213)	  	  	 	52 	  	  	 	— 	  	  	 	(161)	  	
Cash and cash equivalents, beginning of period	  	 	— 	  	  	 	— 	  	  	 	542 	  	  	 	213 	  	  	 	— 	  	  	 	755 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Cash and cash equivalents, end of period	  	$	— 	  	  	$	— 	  	  	$	329 	  	  	$	265 	  	  	$	— 	  	  	$	594 	  	

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 	  	Year Ended December 31, 2012	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantors	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Operating Activities:	  				  				  				  				  				  				
Net cash provided by operating activities	  	$	        — 	  	  	$	        — 	  	  	$	271 	  	  	$	853 	  	  	$	(14)	  	  	$	1,110 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investing Activities:	  				  				  				  				  				  				
Capital expenditures for property and equipment	  	 	— 	  	  	 	— 	  	  	 	(57)	  	  	 	(376)	  	  	 	— 	  	  	 	(433)	  	
Payments received on other financing receivables	  	 	— 	  	  	 	— 	  	  	 	5 	  	  	 	3 	  	  	 	— 	  	  	 	8 	  	
Issuance of other financing receivables	  	 	— 	  	  	 	— 	  	  	 	(1)	  	  	 	(3)	  	  	 	— 	  	  	 	(4)	  	
Investments in affiliates	  	 	— 	  	  	 	— 	  	  	 	(3)	  	  	 	— 	  	  	 	— 	  	  	 	(3)	  	
Distributions from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	8 	  	  	 	— 	  	  	 	— 	  	  	 	8 	  	
Contract acquisition costs	  	 	— 	  	  	 	— 	  	  	 	(28)	  	  	 	(3)	  	  	 	— 	  	  	 	(31)	  	
Software capitalization costs	  	 	— 	  	  	 	— 	  	  	 	(103)	  	  	 	— 	  	  	 	— 	  	  	 	(103)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in investing activities	  	 	— 	  	  	 	— 	  	  	 	(179)	  	  	 	(379)	  	  	 	— 	  	  	 	(558)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Financing Activities:	  				  				  				  				  				  				
Borrowings	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	96 	  	  	 	— 	  	  	 	96 	  	
Repayment of debt	  	 	— 	  	  	 	— 	  	  	 	(735)	  	  	 	(119)	  	  	 	— 	  	  	 	(854)	  	
Change in restricted cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	193 	  	  	 	(6)	  	  	 	— 	  	  	 	187 	  	
Intercompany transfers	  	 	— 	  	  	 	— 	  	  	 	449 	  	  	 	(463)	  	  	 	14 	  	  	 	— 	  	
Distributions to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(4)	  	  	 	— 	  	  	 	(4)	  	
Acquisition of noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(1)	  	  	 	— 	  	  	 	(1)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in financing activities	  	 	— 	  	  	 	— 	  	  	 	(93)	  	  	 	(497)	  	  	 	14 	  	  	 	(576)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(2)	  	  	 	— 	  	  	 	(2)	  	
Net decrease in cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	(1)	  	  	 	(25)	  	  	 	— 	  	  	 	(26)	  	
Cash and cash equivalents, beginning of period	  	 	— 	  	  	 	— 	  	  	 	543 	  	  	 	238 	  	  	 	— 	  	  	 	781 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Cash and cash equivalents, end of period	  	$	— 	  	  	$	— 	  	  	$	   542 	  	  	$	   213 	  	  	$	     — 	  	  	$	755 	  	

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 	 	Year Ended December 31, 2011	 	
 	 	Parent	 	 	Subsidiary
Issuers	 	 	Guarantors	 	 	Non-
Guarantors	 	 	Eliminations	 	 	Total	 	
 	 	(in millions)	 	
Operating Activities:	 				 				 				 				 				 				
Net cash provided by operating activities	 	$	   — 	  	 	$	   — 	  	 	$	359 	  	 	$	812 	  	 	$	(4)	  	 	$	 1,167 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investing Activities:	 				 				 				 				 				 				
Capital expenditures for property and equipment	 	 	— 	  	 	 	— 	  	 	 	(43)	  	 	 	(346)	  	 	 	— 	  	 	 	(389)	  	
Acquisitions	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(12)	  	 	 	— 	  	 	 	(12)	  	
Payments received on other financing receivables	 	 	— 	  	 	 	— 	  	 	 	6 	  	 	 	1 	  	 	 	— 	  	 	 	7 	  	
Investments in affiliates	 	 	— 	  	 	 	— 	  	 	 	(11)	  	 	 	— 	  	 	 	— 	  	 	 	(11)	  	
Distributions from unconsolidated affiliates	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	23 	  	 	 	— 	  	 	 	23 	  	
Proceeds from asset dispositions	 	 	— 	  	 	 	— 	  	 	 	65 	  	 	 	—	  	 	 	— 	  	 	 	65 	  	
Contract acquisition costs	 	 	— 	  	 	 	— 	  	 	 	(23)	  	 	 	(30)	  	 	 	— 	  	 	 	(53)	  	
Software capitalization costs	 	 	— 	  	 	 	— 	  	 	 	(93)	  	 	 	— 	  	 	 	— 	  	 	 	(93)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	 	 	— 	  	 	 	— 	  	 	 	(99)	  	 	 	(364)	  	 	 	— 	  	 	 	(463)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financing Activities:	 				 				 				 				 				 				
Borrowings	 	 	— 	  	 	 	— 	  	 	 	24 	  	 	 	16 	  	 	 	— 	  	 	 	40 	  	
Repayment of debt	 	 	— 	  	 	 	— 	  	 	 	(697)	  	 	 	(29)	  	 	 	— 	  	 	 	(726)	  	
Change in restricted cash and cash equivalents	 	 	— 	  	 	 	— 	  	 	 	(19)	  	 	 	(6)	  	 	 	— 	  	 	 	(25)	  	
Intercompany transfers	 	 	— 	  	 	 	— 	  	 	 	422 	  	 	 	(426)	  	 	 	4 	  	 	 	— 	  	
Distributions to noncontrolling interests	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(3)	  	 	 	— 	  	 	 	(3)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	 	 	— 	  	 	 	— 	  	 	 	(270)	  	 	 	(448)	  	 	 	4 	  	 	 	(714)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(5)	  	 	 	— 	  	 	 	(5)	  	
Net decrease in cash and cash equivalents	 	 	— 	  	 	 	— 	  	 	 	(10)	  	 	 	(5)	  	 	 	— 	  	 	 	(15)	  	
Cash and cash equivalents, beginning of period	 	 	— 	  	 	 	— 	  	 	 	553 	  	 	 	243 	  	 	 	— 	  	 	 	796 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents, end of period	 	$	— 	  	 	$	— 	  	 	$	543 	  	 	$	238 	  	 	$	   — 	  	 	$	781 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note 30: Subsequent Events
HGV Grand Islander
In January 2014, we executed a Purchase and Sale Agreement (“PSA”) with an affiliate of Blackstone for the sale of certain land and easement rights at the Hilton Hawaiian Village in connection with a timeshare project, for a total purchase price of approximately $25 million. Additionally, the PSA provides for Blackstone to purchase from us the name, plans, contracts and other documents related to the timeshare project through reimbursement of certain costs already incurred by us and those incurred through the closing date. Blackstone will then develop and construct the timeshare property for which we expect to provide services through a sales and marketing agreement. The closing date is expected to occur in March 2014, subject to the satisfaction of the conditions of the agreement.
 
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Share-based Compensation
In February 2014, our board of directors approved a share-based payment award consisting of restricted stock units under our 2013 Omnibus Incentive Plan that will vest over one to two years based on service conditions to certain non-executive employees that had participated in an existing cash-based, long-term incentive plan. As this replacement award is in lieu of a cash payment that would have been made under the cash-based plan, the amount accrued as of December 31, 2013 will be reversed and is expected to result in a reduction of compensation expense of approximately $25 million during the first quarter of 2014. We expect the compensation expense incurred during 2014 resulting from the new share-based compensation awards to offset the reduction of compensation expense from the reversal of the replaced long- term incentive plan accrual, and the awards will not result in a material change to compensation expense in future years.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)

 	  	June 30,
2014	 	  	December 31,
2013	 	
 	  	(unaudited)	 	  	 	 	
ASSETS	  				  				
Current Assets:	  				  				
Cash and cash equivalents	  	$	545 	  	  	$	594 	  	
Restricted cash and cash equivalents	  	 	284 	  	  	 	266 	  	
Accounts receivable, net of allowance for doubtful accounts of $30 and $32	  	 	858 	  	  	 	731 	  	
Inventories	  	 	359 	  	  	 	396 	  	
Deferred income tax assets	  	 	23 	  	  	 	23 	  	
Current portion of financing receivables, net	  	 	52 	  	  	 	94 	  	
Current portion of securitized financing receivables, net	  	 	65 	  	  	 	27 	  	
Prepaid expenses	  	 	166 	  	  	 	148 	  	
Other	  	 	65 	  	  	 	104 	  	
	  	 	 	 	  	 	 	 	
Total current assets (variable interest entities - $216 and $97)	  	 	2,417 	  	  	 	2,383 	  	
	  	 	 	 	  	 	 	 	
Property, Investments and Other Assets:	  				  				
Property and equipment, net	  	 	9,036 	  	  	 	9,058 	  	
Financing receivables, net	  	 	359 	  	  	 	635 	  	
Securitized financing receivables, net	  	 	462 	  	  	 	194 	  	
Investments in affiliates	  	 	257 	  	  	 	260 	  	
Goodwill	  	 	6,227 	  	  	 	6,220 	  	
Brands	  	 	5,016 	  	  	 	5,013 	  	
Management and franchise contracts, net	  	 	1,390 	  	  	 	1,452 	  	
Other intangible assets, net	  	 	727 	  	  	 	751 	  	
Deferred income tax assets	  	 	196 	  	  	 	193 	  	
Other	  	 	410 	  	  	 	403 	  	
	  	 	 	 	  	 	 	 	
Total property, investments and other assets (variable interest entities - $694 and $408)	  	 	24,080 	  	  	 	24,179 	  	
	  	 	 	 	  	 	 	 	
TOTAL ASSETS	  	$	26,497 	  	  	$	26,562 	  	
	  	 	 	 	  	 	 	 	
LIABILITIES AND EQUITY	  				  				
Current Liabilities:	  				  				
Accounts payable, accrued expenses and other	  	$	1,999 	  	  	$	2,079 	  	
Current maturities of long-term debt	  	 	3 	  	  	 	4 	  	
Current maturities of non-recourse debt	  	 	107 	  	  	 	48 	  	
Income taxes payable	  	 	11 	  	  	 	11 	  	
	  	 	 	 	  	 	 	 	
Total current liabilities (variable interest entities - $219 and $86)	  	 	2,120 	  	  	 	2,142 	  	
			
Long-term debt	  	 	11,314 	  	  	 	11,751 	  	
Non-recourse debt	  	 	890 	  	  	 	920 	  	
Deferred revenues	  	 	593 	  	  	 	674 	  	
Deferred income tax liabilities	  	 	5,058 	  	  	 	5,053 	  	
Liability for guest loyalty program	  	 	630 	  	  	 	597 	  	
Other	  	 	1,145 	  	  	 	1,149 	  	
	  	 	 	 	  	 	 	 	
Total liabilities (variable interest entities - $987 and $583)	  	 	21,750 	  	  	 	22,286 	  	
			
Commitments and contingencies - see Note 16	  				  				
			
Equity:	  				  				
Preferred stock, $0.01 par value; 3,000,000,000 authorized shares, none issued or outstanding as of June 30, 2014 and December 31, 2013	  	 	— 	  	  	 	— 	  	
Common stock, $0.01 par value; 30,000,000,000 authorized shares, 984,617,365 issued and outstanding as of June 30, 2014 and 984,615,364 issued and outstanding as of December 31, 2013	  	 	10 	  	  	 	10 	  	
Additional paid-in capital	  	 	10,009 	  	  	 	9,948 	  	
Accumulated deficit	  	 	(4,999)	  	  	 	(5,331)	  	
Accumulated other comprehensive loss	  	 	(186)	  	  	 	(264)	  	
	  	 	 	 	  	 	 	 	
Total Hilton stockholders’ equity	  	 	4,834 	  	  	 	4,363 	  	
Noncontrolling interests	  	 	(87)	  	  	 	(87)	  	
	  	 	 	 	  	 	 	 	
Total equity	  	 	4,747 	  	  	 	4,276 	  	
	  	 	 	 	  	 	 	 	
TOTAL LIABILITIES AND EQUITY	  	$	  26,497 	  	  	$	  26,562 	  	
	  	 	 	 	  	 	 	 	
See notes to condensed consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)

 	  	Six Months Ended
June 30,	 	
 	  			
 	  	2014	 	  	2013	 	
Revenues	  				  				
Owned and leased hotels	  	$	 2,062 	  	  	$	 1,984 	  	
Management and franchise fees and other	  	 	666 	  	  	 	561 	  	
Timeshare	  	 	555 	  	  	 	507 	  	
	  	 	 	 	  	 	 	 	
	  	 	3,283 	  	  	 	3,052 	  	
Other revenues from managed and franchised properties	  	 	1,747 	  	  	 	1,591 	  	
	  	 	 	 	  	 	 	 	
Total revenues	  	 	5,030 	  	  	 	4,643 	  	
			
Expenses	  				  				
Owned and leased hotels	  	 	1,604 	  	  	 	1,547 	  	
Timeshare	  	 	365 	  	  	 	351 	  	
Depreciation and amortization	  	 	311 	  	  	 	309 	  	
General, administrative and other	  	 	230 	  	  	 	189 	  	
	  	 	 	 	  	 	 	 	
	  	 	2,510 	  	  	 	2,396 	  	
Other expenses from managed and franchised properties	  	 	1,747 	  	  	 	1,591 	  	
	  	 	 	 	  	 	 	 	
Total expenses	  	 	4,257 	  	  	 	3,987 	  	
			
Operating income	  	 	773 	  	  	 	656 	  	
Interest income	  	 	6 	  	  	 	3 	  	
Interest expense	  	 	(311)	  	  	 	(274)	  	
Equity in earnings from unconsolidated affiliates	  	 	12 	  	  	 	8 	  	
Gain (loss) on foreign currency transactions	  	 	46 	  	  	 	(82)	  	
Other gain, net	  	 	14 	  	  	 	6 	  	

Income before income taxes	  	 	540 	  	  	 	317 	  	
Income tax expense	  	 	(204)	  	  	 	(122)	  	
	  	 	 	 	  	 	 	 	
Net income	  	 	336 	  	  	 	195 	  	
Net income attributable to noncontrolling interests	  	 	(4)	  	  	 	(6)	  	
	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	332 	  	  	$	189 	  	

Earnings per share	  				  				
Basic and diluted	  	$	0.34 	  	  	$	0.20 	  	
	  	 	 	 	  	 	 	 	
See notes to condensed consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)

 	  	Six Months Ended
June 30,	 	
 	  			
 	  	2014	 	  	2013	 	
Net income	  	$	  336 	  	  	$	195 	  	
Other comprehensive income (loss), net of tax benefit (expense):	  				  				
Currency translation adjustment, net of tax of $102 and $(155)	  	 	81 	  	  	 	(181)	  	
Pension liability adjustment, net of tax of $(1) and $(7)	  	 	4 	  	  	 	12 	  	
Cash flow hedge adjustment, net of tax of $5 and $—	  	 	(9)	  	  	 	— 	  	
	  	 	 	 	  	 	 	 	
Total other comprehensive income (loss)	  	 	76 	  	  	 	(169)	  	
	  	 	 	 	  	 	 	 	
Comprehensive income	  	 	412 	  	  	 	26 	  	
Comprehensive income attributable to noncontrolling interests	  	 	(2)	  	  	 	(22)	  	
	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	410 	  	  	$	4 	  	
	  	 	 	 	  	 	 	 	
See notes to condensed consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 	  	Six Months Ended
June 30,	 	
 	  	    2014    	 	  	    2013    	 	
Operating Activities	  				  				
Net income	  	$	336 	  	  	$	195 	  	
Adjustments to reconcile net income to net cash provided by operating activities:	  				  				
Depreciation and amortization	  	 	311 	  	  	 	309 	  	
Equity in earnings from unconsolidated affiliates	  	 	(12)	  	  	 	(8)	  	
Loss (gain) on foreign currency transactions	  	 	(46)	  	  	 	82 	  	
Other gain, net	  	 	(14)	  	  	 	(6)	  	
Share-based compensation	  	 	41 	  	  	 	3 	  	
Distributions from unconsolidated affiliates	  	 	11 	  	  	 	10 	  	
Deferred income taxes	  	 	(42)	  	  	 	25 	  	
Change in restricted cash and cash equivalents	  	 	(1)	  	  	 	(46)	  	
Working capital changes and other	  	 	(72)	  	  	 	74 	  	
	  	 	 	 	  	 	 	 	
Net cash provided by operating activities	  	 	512 	  	  	 	638 	  	
	  	 	 	 	  	 	 	 	
Investing Activities	  				  				
Capital expenditures for property and equipment	  	 	(110)	  	  	 	(121)	  	
Acquisitions	  	 	— 	  	  	 	(30)	  	
Payments received on other financing receivables	  	 	2 	  	  	 	1 	  	
Issuance of other financing receivables	  	 	(1)	  	  	 	(7)	  	
Investments in affiliates	  	 	(5)	  	  	 	(3)	  	
Distributions from unconsolidated affiliates	  	 	11 	  	  	 	13 	  	
Proceeds from asset dispositions	  	 	35 	  	  	 	— 	  	
Contract acquisition costs	  	 	(21)	  	  	 	(10)	  	
Software capitalization costs	  	 	(32)	  	  	 	(26)	  	
	  	 	 	 	  	 	 	 	
Net cash used in investing activities	  	 	(121)	  	  	 	(183)	  	
	  	 	 	 	  	 	 	 	
Financing Activities	  				  				
Borrowings	  	 	350 	  	  	 	451 	  	
Repayment of debt	  	 	(783)	  	  	 	(952)	  	
Debt issuance costs	  	 	(2)	  	  	 	— 	  	
Change in restricted cash and cash equivalents	  	 	(17)	  	  	 	(30)	  	
Capital contribution	  	 	13 	  	  	 	— 	  	
Distributions to noncontrolling interests	  	 	(2)	  	  	 	(3)	  	
	  	 	 	 	  	 	 	 	
Net cash used in financing activities	  	 	(441)	  	  	 	(534)	  	
	  	 	 	 	  	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	  	 	1 	  	  	 	(15)	  	
Net decrease in cash and cash equivalents	  	 	(49)	  	  	 	(94)	  	
Cash and cash equivalents, beginning of period	  	 	594 	  	  	 	755 	  	
	  	 	 	 	  	 	 	 	
Cash and cash equivalents, end of period	  	$	545 	  	  	$	661 	  	
	  	 	 	 	  	 	 	 	
Supplemental Disclosures	  				  				
Cash paid during the year:	  				  				
Interest	  	$	257 	  	  	$	288 	  	
Income taxes, net of refunds	  	$	141 	  	  	$	40 	  	
Non-cash investing activity:	  				  				
Capital lease restructuring	  	$	11 	  	  	$	(44)	  	
Non-cash financing activity:	  				  				
Capital lease restructuring	  	$	11 	  	  	$	(48)	  	
See notes to condensed consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
(Unaudited)

 	 	Equity Attributable to Hilton Stockholders	 	 	Noncontrolling
Interests	 	 	Total	 	
 	 	Common Stock	 	 	Additional
Paid-in
Capital	 	 	Accumulated
Deficit	 	 	Accumulated
Other
Comprehensive
Loss	 	 			 			
 	 	Shares	 	 	Amount	 	 			 			 			 			 			
Balance as of December 31, 2013	 	 	985 	  	 	$	10 	  	 	$	9,948 	  	 	$	(5,331)	  	 	$	(264)	  	 	$	(87)	  	 	$	4,276 	  	
Net income	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	332 	  	 	 	— 	  	 	 	4 	  	 	 	336 	  	
Other comprehensive income (loss), net of tax:	 				 				 				 				 				 				 				
Currency translation adjustment	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	83 	  	 	 	(2)	  	 	 	81 	  	
Pension liability adjustment	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	4 	  	 	 	— 	  	 	 	4 	  	
Cash flow hedge adjustment	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(9)	  	 	 	— 	  	 	 	(9)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	78 	  	 	 	(2)	  	 	 	76 	  	
Share-based compensation	 	 	— 	  	 	 	— 	  	 	 	48 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	48 	  	
Capital contribution	 	 	— 	  	 	 	— 	  	 	 	13 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	13 	  	
Distributions	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(2)	  	 	 	(2)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of June 30, 2014	 	 	985 	  	 	$	      10 	  	 	$	 10,009 	  	 	$	 (4,999)	  	 	$	    (186)	  	 	$	    (87)	  	 	$	 4,747 	  	

																													
 	 	Equity Attributable to Hilton Stockholders	 	 	Noncontrolling
Interests	 	 	Total	 	
 	 	Common Stock	 	 	Additional
Paid-in
Capital	 	 	Accumulated
Deficit	 	 	Accumulated
Other
Comprehensive
Loss	 	 			 			
 	 	Shares (1)	 	 	Amount	 	 			 			 			 			 			
Balance as of December 31, 2012	 	 	921 	  	 	$	1 	  	 	$	 8,452 	  	 	$	 (5,746)	  	 	$	    (406)	  	 	$	    (146)	  	 	$	2,155 	  	
Net income	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	189 	  	 	 	— 	  	 	 	6 	  	 	 	195 	  	
Other comprehensive income (loss), net of tax:	 				 				 				 				 				 				 				
Currency translation adjustment	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(197)	  	 	 	16 	  	 	 	(181)	  	
Pension liability adjustment	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	12 	  	 	 	— 	  	 	 	12 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other comprehensive income (loss)	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(185)	  	 	 	16 	  	 	 	(169)	  	
Distributions	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	— 	  	 	 	(3)	  	 	 	(3)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of June 30, 2013	 	 	921 	  	 	$	      1 	  	 	$	8,452 	  	 	$	(5,557)	  	 	$	(591)	  	 	$	(127)	  	 	$	 2,178 	  	

 

(1)	Shares of common stock outstanding have been adjusted for a stock split which occurred in December 2013.	
See notes to condensed consolidated financial statements.
 
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HILTON WORLDWIDE HOLDINGS INC.
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Organization and Basis of Presentation
Organization
Hilton Worldwide Holdings Inc. (“Hilton” together with its subsidiaries, “we,” “us,” “our” or the “Company”), a Delaware corporation, is one of the largest hospitality companies in the world based upon the number of hotel rooms and timeshare units under our 11 distinct brands. We are engaged in owning, leasing, managing, developing and franchising hotels, resorts and timeshare properties. As of June 30, 2014, we owned, leased, managed or franchised 4,158 hotel and resort properties, totaling 687,222 rooms in 93 countries and territories, as well as 44 timeshare properties comprising 6,758 units.
In December 2013, we completed a 9,205,128-for-1 stock split on issued and outstanding shares, which is reflected in all share and per share data presented in our condensed consolidated financial statements and accompanying notes.
Basis of Presentation and Use of Estimates
The accompanying condensed consolidated financial statements for the six months ended June 30, 2014 and 2013 have been prepared in accordance with United States of America (“U.S.”) generally accepted accounting principles (“GAAP”) and are unaudited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
In our opinion, the accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions have been eliminated in consolidation.
Note 2: Recently Issued Accounting Pronouncements
Adopted Accounting Standards
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11 (“ASU 2013-11”), Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists . This ASU provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists in the applicable jurisdiction to settle any additional income taxes that would result from disallowance of the tax position. The provisions of ASU 2013-11 were effective, prospectively, for reporting periods beginning after December 15, 2013. As a result of our adoption of this ASU on January 1, 2014, $108 million of unrecognized tax benefits were reclassified against deferred income tax assets.
In March 2013, the FASB issued ASU No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity . This ASU clarifies when a
 
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cumulative translation adjustment should be released to net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate) within a foreign entity. The provisions of ASU 2013-05 were effective, prospectively, for reporting periods beginning after December 15, 2013. The adoption did not have a material effect on our condensed consolidated financial statements.
Accounting Standards Not Yet Adopted
In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) . This ASU supersedes the revenue recognition requirements in “ Revenue Recognition (Topic 605) ,” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The provisions of ASU 2014-09 are effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period and are to be applied retrospectively; early application is not permitted. We are currently evaluating the effect that this ASU will have on our consolidated financial statements.
In April 2014, the FASB issued ASU No. 2014-08 (“ASU 2014-08”), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU amends guidance on reporting discontinued operations only if the disposal of a component of an entity or group of components of an entity represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The provisions of ASU 2014-08 should be applied prospectively for all disposals of components of an entity and for all businesses that, on acquisition, are classified as held for sale that occurred within annual periods beginning on or after December 15, 2014, and interim periods within. The adoption of ASU 2014-08 is not expected to materially affect our consolidated financial statements.
Note 3: Property and Equipment
Property and equipment were as follows:

 	  	June 30,
2014	 	  	December 31,
2013	 	
	  			  			
 	  	(in millions)	 	
Land	  	$	4,097 	  	  	$	4,098 	  	
Buildings and leasehold improvements	  	 	5,609 	  	  	 	5,511 	  	
Furniture and equipment	  	 	1,193 	  	  	 	1,172 	  	
Construction-in-progress	  	 	81 	  	  	 	67 	  	
	  	 	 	 	  	 	 	 	
	  	 	 10,980 	  	  	 	 10,848 	  	
Accumulated depreciation and amortization	  	 	(1,944)	  	  	 	(1,790)	  	
	  	 	 	 	  	 	 	 	
	  	$	9,036 	  	  	$	9,058 	  	
	  	 	 	 	  	 	 	 	
Depreciation and amortization expense on property and equipment, including amortization of assets recorded under capital leases, was $156 million and $166 million during the six months ended June 30, 2014 and 2013, respectively.
As of June 30, 2014 and December 31, 2013, property and equipment included approximately $150 million and $130 million, respectively, of capital lease assets primarily consisting of buildings and leasehold improvements, net of $65 million and $59 million, respectively, of accumulated depreciation and amortization.
In April 2014, we completed the sale of certain land and easement rights to a related party in connection with a timeshare project. In addition, the related party acquired the rights to the name, plans, designs, contracts and other documents related to the timeshare project. The total consideration received for this transaction was
 
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approximately $37 million. We recognized $13 million, net of tax, as a capital contribution within additional paid-in capital, representing the excess of the fair value of the consideration received over the carrying value of the assets sold.
During the six months ended June 30, 2014, we completed the sale of one hotel for approximately $4 million and a vacant parcel of land for approximately $6 million. As a result of these sales, we recognized a pre-tax gain of $12 million, including the reclassification of a currency translation adjustment of $4 million, which was previously recognized in accumulated other comprehensive loss. The gain was included in other gain (loss), net in our condensed consolidated statement of operations.
During the six months ended June 30, 2013, we acquired a parcel of land for $28 million, which we previously leased under a long-term ground lease.
Note 4: Financing Receivables
Financing receivables were as follows:

 	  	June 30, 2014	 	
 	  	Securitized
Timeshare	 	  	Unsecuritized
Timeshare	 	  	    Other    	 	  	    Total    	 	
	  			  			  			  			
 	  	(in millions)	 	
Financing receivables	  	$	 491 	  	  	$	 370 	  	  	$	 40 	  	  	$	 901 	  	
Less: allowance	  	 	(29)	  	  	 	(50)	  	  	 	(1)	  	  	 	(80)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	462 	  	  	 	320 	  	  	 	39 	  	  	 	821 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Current portion of financing receivables	  	 	69 	  	  	 	58 	  	  	 	2 	  	  	 	129 	  	
Less: allowance	  	 	(4)	  	  	 	(8)	  	  	 	— 	  	  	 	(12)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	65 	  	  	 	50 	  	  	 	2 	  	  	 	117 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total financing receivables	  	$	527 	  	  	$	370 	  	  	$	41 	  	  	$	938 	  	

																	
 	  	December 31, 2013	 	
 	  	Securitized
Timeshare	 	  	Unsecuritized
Timeshare	 	  	    Other    	 	  	    Total    	 	
	  			  			  			  			
 	  	(in millions)	 	
Financing receivables	  	$	 205 	  	  	$	 654 	  	  	$	   49 	  	  	$	 908 	  	
Less: allowance	  	 	(11)	  	  	 	(67)	  	  	 	(1)	  	  	 	(79)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	194 	  	  	 	587 	  	  	 	48 	  	  	 	829 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Current portion of financing receivables	  	 	29 	  	  	 	106 	  	  	 	— 	  	  	 	135 	  	
Less: allowance	  	 	(2)	  	  	 	(12)	  	  	 	— 	  	  	 	(14)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	27 	  	  	 	94 	  	  	 	— 	  	  	 	121 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total financing receivables	  	$	221 	  	  	$	681 	  	  	$	48 	  	  	$	950 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Timeshare Financing Receivables
As of June 30, 2014, we had 51,840 timeshare financing receivables with interest rates ranging from zero to 20.50 percent, a weighted average interest rate of 12.16 percent, a weighted average remaining term of 7.4 years and maturities through 2025. As of June 30, 2014 and December 31, 2013, we had ceased accruing interest on timeshare financing receivables with aggregate principal balances of $31 million and $32 million, respectively.
In June 2014, we completed a securitization of approximately $357 million of gross timeshare financing receivables and issued approximately $304 million of 1.77 percent notes and approximately $46 million of 2.07
 
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percent notes, which have a stated maturity date in November 2026. The securitization transaction did not qualify as a sale for accounting purposes and, accordingly, no gain or loss was recognized. In August 2013, we completed a securitization of approximately $255 million of gross timeshare financing receivables and issued $250 million of 2.28 percent notes that have a stated maturity date in January 2026. The proceeds from both transactions are presented as debt (collectively, the “Securitized Timeshare Debt”). See Note 7: “Debt” for additional details.
In May 2013, we entered into a revolving non-recourse timeshare financing receivables credit facility (“Timeshare Facility”) that is secured by certain of our timeshare financing receivables. As of June 30, 2014 and December 31, 2013, we had $169 million and $492 million, respectively, of gross timeshare financing receivables secured under our Timeshare Facility.
The changes in our allowance for uncollectible timeshare financing receivables were as follows:

 	  	  Six Months Ended June 30,  	 	
 	  	      2014      	 	  	      2013      	 	
 	  	(in millions)	 	
Beginning balance	  	$	92 	  	  	$	93 	  	
Write-offs	  	 	    (16)	  	  	 	   (11)	  	
Provision for uncollectibles on sales	  	 	15 	  	  	 	13 	  	
	  	 	 	 	  	 	 	 	
Ending balance	  	$	91 	  	  	$	95 	  	
	  	 	 	 	  	 	 	 	
Our timeshare financing receivables as of June 30, 2014 mature as follows:

 	  	Securitized
Timeshare	 	  	Unsecuritized
Timeshare	 	
	  			  			
Year	  	(in millions)	 	
2014 (remaining)	  	$	34 	  	  	$	35 	  	
2015	  	 	70 	  	  	 	45 	  	
2016	  	 	73 	  	  	 	48 	  	
2017	  	 	75 	  	  	 	49 	  	
2018	  	 	75 	  	  	 	48 	  	
Thereafter	  	 	233 	  	  	 	203 	  	
	  	 	 	 	  	 	 	 	
	  	 	560 	  	  	 	428 	  	
Less: allowance	  	 	(33)	  	  	 	(58)	  	
	  	 	 	 	  	 	 	 	
	  	$	 527 	  	  	$	 370 	  	
	  	 	 	 	  	 	 	 	
The following table details an aged analysis of our gross timeshare financing receivables balance:

 	  	June 30,
2014	 	  	December 31,
2013	 	
	  			  			
 	  	(in millions)	 	
Current	  	$	 947 	  	  	$	 948 	  	
30 – 89 days past due	  	 	10 	  	  	 	14 	  	
90 – 119 days past due	  	 	3 	  	  	 	4 	  	
120 days and greater past due	  	 	28 	  	  	 	28 	  	
	  	 	 	 	  	 	 	 	
	  	$	988 	  	  	$	994 	  	

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Note 5: Investments in Affiliates
Investments in affiliates were as follows:

 	  	June 30,
2014	 	  	December 31,
2013	 	
	  			  			
 	  	(in millions)	 	
Equity investments	  	$	         240 	  	  	$	         245 	  	
Other investments	  	 	17 	  	  	 	15 	  	
	  	 	 	 	  	 	 	 	
	  	$	257 	  	  	$	260 	  	
	  	 	 	 	  	 	 	 	
We maintain investments in affiliates accounted for under the equity method, which are primarily investments in entities that owned or leased 27 and 30 hotels as of June 30, 2014 and December 31, 2013, respectively. These entities had total debt of approximately $1.0 billion and $1.1 billion as of June 30, 2014 and December 31, 2013, respectively. Substantially all of the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us. We were the creditor on $17 million of debt from unconsolidated affiliates as of June 30, 2014 and December 31, 2013, which was included in financing receivables, net in our condensed consolidated balance sheets.
Note 6: Consolidated Variable Interest Entities
As of June 30, 2014 and December 31, 2013, we consolidated five and four variable interest entities (“VIEs”), respectively. During the six months ended June 30, 2014 and 2013, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future.
Two of these VIEs lease hotels from unconsolidated affiliates in Japan. We hold a significant ownership interest in these VIEs and have the power to direct the activities that most significantly affect their economic performance. Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised $34 million and $42 million of cash and cash equivalents, $38 million and $26 million of property and equipment, net, and $287 million and $284 million of non-recourse debt as of June 30, 2014 and December 31, 2013, respectively. The assets of these entities are only available to settle the obligations of these entities. Interest expense related to the non-recourse debt of these two consolidated VIEs was $10 million and $15 million during the six months ended June 30, 2014 and 2013, respectively, and was included in interest expense in our condensed consolidated statements of operations.
In February 2013, one of our consolidated VIEs in Japan signed a Memorandum of Understanding to restructure the terms of its capital lease. The effect of the capital lease restructuring was recognized during the six months ended June 30, 2013, resulting in a reduction in property and equipment, net of $44 million and a reduction in non-recourse debt of $48 million.
In August 2013 and June 2014, we formed VIEs associated with each of our securitization transactions to issue our Securitized Timeshare Debt. We are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance, the obligation to absorb their losses and the right to receive benefits that are significant to them. As of June 30, 2014 and December 31, 2013, our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily comprised $22 million and $8 million of restricted cash and cash equivalents, $527 million and $221 million of securitized financing receivables, net and $548 million and $222 million of non-recourse debt, respectively. Our condensed consolidated statements of operations for the six months ended June 30, 2014 included interest income related to these VIEs of $19 million included in timeshare revenue, and interest expense related to these VIEs of $3 million included in interest expense. See Note 4: “Financing Receivables” and Note 7: “Debt” for additional details.
We have an additional consolidated VIE that owns one hotel that was immaterial to our condensed consolidated financial statements.
 
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Note 7: Debt
Long-term Debt
Long-term debt balances, including obligations for capital leases, and associated interest rates were as follows:

 	  	June 30,
2014	 	  	December 31,
2013	 	
	  			  			
 	  	(in millions)	 	
Senior secured term loan facility with a rate of 3.50%, due 2020	  	$	5,550 	  	  	$	6,000 	  	
Senior notes with a rate of 5.625%, due 2021	  	 	1,500 	  	  	 	1,500 	  	
Commercial mortgage-backed securities loan with an average rate of 4.05%, due 2018 (1)	  	 	3,500 	  	  	 	3,500 	  	
Mortgage loan with a rate of 2.30%, due 2018	  	 	525 	  	  	 	525 	  	
Mortgage notes with an average rate of 6.15%, due 2016	  	 	132 	  	  	 	133 	  	
Other unsecured notes with a rate of 7.50%, due 2017	  	 	54 	  	  	 	53 	  	
Capital lease obligations with an average rate of 6.04%, due 2015 to 2097	  	 	82 	  	  	 	73 	  	
	  	 	 	 	  	 	 	 	
	  	 	11,343 	  	  	 	11,784 	  	
Less: current maturities of long-term debt	  	 	(3)	  	  	 	(4)	  	
Less: unamortized discount on senior secured term loan facility	  	 	(26)	  	  	 	(29)	  	
	  	 	 	 	  	 	 	 	
	  	$	 11,314 	  	  	$	 11,751 	  	

(1)	The initial maturity date of the variable-rate component of this borrowing is November 1, 2015. We assumed all extensions, which are solely at our option, were exercised.	
During the six months ended June 30, 2014, we made voluntary prepayments of $450 million on our senior secured term loan facility (the “Term Loans”).
As of June 30, 2014, we had $48 million of letters of credit outstanding under our $1.0 billion senior secured revolving credit facility (the “Revolving Credit Facility”), and a borrowing capacity of $952 million.
Under our commercial mortgage-backed securities loan secured by 23 of our U.S. owned real estate assets (the “CMBS Loan”), we are required to deposit with the lender certain cash reserves for restricted uses. As of June 30, 2014 and December 31, 2013, our condensed consolidated balance sheets included $33 million and $29 million, respectively, of restricted cash and cash equivalents related to the CMBS Loan.
Non-recourse Debt
Non-recourse debt, including obligations for capital leases, and associated interest rates were as follows:

 	  	June 30,
2014	 	  	December 31,
2013	 	
	  			  			
 	  	(in millions)	 	
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026	  	$	 259 	  	  	$	 255 	  	
Non-recourse debt of consolidated VIEs with an average rate of 3.38%, due 2015 to 2018 (1)	  	 	40 	  	  	 	41 	  	
Timeshare Facility with a rate of 1.48%, due 2016	  	 	150 	  	  	 	450 	  	
Securitized Timeshare Debt with an average rate of 1.98%, due 2026	  	 	548 	  	  	 	222 	  	
	  	 	 	 	  	 	 	 	
	  	 	997 	  	  	 	968 	  	
Less: current maturities of non-recourse debt	  	 	(107)	  	  	 	(48)	  	
	  	 	 	 	  	 	 	 	
	  	$	890 	  	  	$	920 	  	

(1)	Excludes the non-recourse debt of our VIEs that issued the Securitized Timeshare Debt, as this is presented separately.	
 
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In June 2014, we issued approximately $304 million of 1.77 percent notes and $46 million of 2.07 percent notes due November 2026, which are secured by a pledge of certain assets, consisting primarily of a pool of our timeshare financing receivables that are secured by a first mortgage or first deed of trust on a timeshare interest. We are required to make monthly payments of principal and interest under the notes. A majority of the proceeds from the asset-backed notes were used to reduce the outstanding balance on our Timeshare Facility.
We are required to deposit payments received from customers on the pledged timeshare financing receivables and securitized timeshare financing receivables related to the Timeshare Facility and Securitized Timeshare Debt, respectively, into a depository account maintained by a third party. On a monthly basis, the depository account will first be utilized to make any required principal, interest and other payments due with respect to the Timeshare Facility and Securitized Timeshare Debt. After payment of all amounts due under the respective agreements, any remaining amounts will be remitted to us for use in our operations. The balance in the depository account, totaling $27 million and $20 million as of June 30, 2014 and December 31, 2013, respectively, was included in restricted cash and cash equivalents in our condensed consolidated balance sheets.
Debt Maturities
The contractual maturities of our long-term debt and non-recourse debt as of June 30, 2014 were as follows:

Year	  	(in millions)	 	
2014 (remaining)	  	$	61	  	
2015	  	 	109	  	
2016	  	 	363	  	
2017	  	 	139	  	
2018 (1)	  	 	4,110	  	
Thereafter	  	 	7,558	  	
	  	 	 	 	
	  	$	 12,340	  	

(1)	The CMBS Loan has three one-year extensions, solely at our option, that effectively extend maturity to November 1, 2018. We assumed all extensions for purposes of calculating maturity dates.	
Note 8: Derivative Instruments and Hedging Activities
During the six months ended June 30, 2014 and 2013, derivatives were used to hedge the interest rate risk associated with variable-rate debt. Certain of our loan agreements require us to hedge interest rate risk using derivative instruments.
Cash Flow Hedges
As of June 30, 2014, we held four interest rate swaps with an aggregate notional amount of $1.45 billion, which swap three-month LIBOR on the Term Loans to a fixed rate of 1.87 percent and expire in October 2018. We elected to designate these interest rate swaps as cash flow hedges for accounting purposes.
Non-designated Hedges
As of June 30, 2014, we held one interest rate cap in the notional amount of $875 million, for the variable-rate component of the CMBS Loan, that expires in November 2015 and caps one-month LIBOR at 6.0 percent. We also held one interest rate cap in the notional amount of $525 million that expires in November 2015 and caps one-month LIBOR on a mortgage loan secured by one property at 4.0 percent. We did not elect to designate either of these interest rate caps as hedging instruments.
As of June 30, 2013, we held ten interest rate caps with an aggregate notional amount of $15.2 billion, which matured in November 2013. We did not elect to designate any of these ten interest rate caps as effective hedging instruments.
 
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Fair Value of Derivative Instruments
The effects of our derivative instruments on our condensed consolidated balance sheets were as follows:

 	  	June 30, 2014	 	  	December 31, 2013	 	
 	  	Balance Sheet
Classification	  	Fair Value	 	  	Balance Sheet
Classification	  	Fair Value	 	
	  		  			  		  			
 	  	 	  	(in millions)	 	  	 	  	(in millions)	 	
Cash Flow Hedges:	  		  				  		  				
Interest rate swaps	  	Other liabilities	  	$	 5	  	  	Other assets	  	$	 10	  	
					
Non-designated Hedges:	  		  				  		  				
Interest rate caps	  	Other assets	  	 	—	  	  	Other assets	  	 	—	  	
Earnings Effect of Derivative Instruments
The effects of our derivative instruments on our condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (loss) before any effect for income taxes were as follows:

 	  	 	  	Six Months Ended
June 30,	 	
	  		  			
 	  	Classification of Loss Recognized	  	2014	 	  	2013	 	
 	  	 	  	(in millions)	 	  	 	 	
Cash Flow Hedges:	  		  				  				
Interest rate swaps (1)	  	Other comprehensive loss	  	 	$ (14)	  	  	 	$ —	  	
				
Non-designated Hedges:	  		  				  				
Interest rate caps	  	Other gain, net	  	 	— 	  	  	 	—	  	

(1)	There were no amounts recognized in earnings related to hedge ineffectiveness or amounts excluded from hedge effectiveness testing during the six months ended June 30, 2014.	
Note 9: Fair Value Measurements
The carrying amounts and estimated fair values of our financial assets and liabilities, including related current portions, were as follows:

 	  	June 30, 2014	 	
 	  	 	 	  	Hierarchy Level	 	
 	  	Carrying
Amount	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Assets:	  				  				  				  				
Cash equivalents	  	$	    291	  	  	$	—	  	  	$	291	  	  	$	—	  	
Restricted cash equivalents	  	 	94	  	  	 	—	  	  	 	94	  	  	 	—	  	
Timeshare financing receivables	  	 	988	  	  	 	—	  	  	 	—	  	  	 	990	  	
					
Liabilities:	  				  				  				  				
Long-term debt (1)	  	 	 11,235	  	  	 	59	  	  	 	 1,598	  	  	 	 9,862	  	
Non-recourse debt (2)	  	 	698	  	  	 	—	  	  	 	—	  	  	 	701	  	
Interest rate swaps	  	 	5	  	  	 	—	  	  	 	5	  	  	 	—	  	
 
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 	  	December 31, 2013	 	
 	  	 	 	  	Hierarchy Level	 	
 	  	Carrying
Amount	 	  	Level 1	 	  	Level 2	 	  	Level 3	 	
 	  	(in millions)	 	
Assets:	  				  				  				  				
Cash equivalents	  	$	309	  	  	$	—	  	  	$	309	  	  	$	—	  	
Restricted cash equivalents	  	 	107	  	  	 	—	  	  	 	107	  	  	 	—	  	
Timeshare financing receivables	  	 	994	  	  	 	—	  	  	 	—	  	  	 	996	  	
Interest rate swaps	  	 	10	  	  	 	—	  	  	 	10	  	  	 	—	  	
					
Liabilities:	  				  				  				  				
Long-term debt (1)	  	 	 11,682	  	  	 	57	  	  	 	 1,560	  	  	 	 10,358	  	
Non-recourse debt (2)	  	 	672	  	  	 	—	  	  	 	—	  	  	 	670	  	

(1)  	Excludes capital lease obligations with a carrying value of $82 million and $73 million as of June 30, 2014 and December 31, 2013, respectively.	
(2)  	Represents the Securitized Timeshare Debt and the Timeshare Facility.	
We believe the carrying amounts of our current financial assets and liabilities and other financing receivables approximated fair value as of June 30, 2014 and December 31, 2013. Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values. Proper classification of fair value measurements within the valuation hierarchy is considered each reporting period. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts.
Cash equivalents and restricted cash equivalents primarily consisted of short-term interest-bearing money market funds with maturities of less than 90 days, time deposits and commercial paper. The estimated fair values were based on available market pricing information of similar financial instruments.
The estimated fair values of our timeshare financing receivables were based on the expected future cash flows discounted at risk-adjusted rates. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. An increase in the discount rates would result in a decrease in the fair values.
We measure our interest rate swaps at fair value, which were estimated using an income approach. The primary inputs into our fair value estimate include interest rates and yield curves based on observable market inputs of similar instruments.
The estimated fair values of our Level 1 long-term debt were based on prices in active debt markets. The estimated fair values of our Level 2 long-term debt were based on bid prices in a non-active debt market. The estimated fair values of our Level 3 fixed-rate long-term debt were estimated based on the expected future cash flows discounted at risk-adjusted rates. The primary sensitivity in these estimates is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value. An increase in the discount rates would result in a decrease in the fair values. The carrying amounts of our Level 3 variable-rate long-term debt and non-recourse debt approximated fair value as the interest rates under the loan agreements approximated current market rates. The estimated fair values of our Level 3 fixed-rate non-recourse debt were primarily based on indicative quotes received for similar issuances.
No financial or nonfinancial assets were measured at fair value on a nonrecurring basis as of June 30, 2014.
 
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Note 10: Income Taxes
At the end of each quarter we estimate the effective tax rate expected to be applied for the full year. The effective income tax rate is determined by the level and composition of pre-tax income or loss, which is subject to federal, foreign, state and local income taxes and reflects income tax expense or benefit resulting from our significant operations outside of the U.S.
Our total unrecognized tax benefits as of June 30, 2014 and December 31, 2013 were $379 million and $435 million, respectively. We had accrued balances of approximately $17 million and $45 million for the payment of interest and penalties as of June 30, 2014 and December 31, 2013, respectively. We recognize interest and penalties accrued related to unrecognized tax benefits in income tax expense. The net decrease to unrecognized tax benefits of $56 million and accrued interest and penalties of $28 million relates to a reduction to uncertain tax positions for calendar years 2006 and 2007 that were effectively settled during the first six months of 2014 in connection with the receipt of a Revenue Agent Report from the Internal Revenue Service (“IRS”).
As a result of the expected resolution of examination issues with federal, state and foreign tax authorities, we believe it is reasonably possible that during the next 12 months the amount of unrecognized tax benefits will decrease up to $1 million. Included in the balance of unrecognized tax benefits as of June 30, 2014 and December 31, 2013 were $342 million and $340 million, respectively, associated with positions that, if favorably resolved, would provide a benefit to our effective tax rate.
We file income tax returns, including returns for our subsidiaries, with federal, state and foreign jurisdictions. We are under regular and recurring audit by the IRS on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, federal and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. We are no longer subject to U.S. federal income tax examination for years through 2004. As of June 30, 2014, we remain subject to federal examinations from 2005-2012, state examinations from 1999-2012 and foreign examinations of our income tax returns for the years 1996 through 2013. State income tax returns are generally subject to examination for a period of three to five years after filing the respective return; however, the state effect of any federal tax return changes remains subject to examination by various states for a period generally of up to one year after formal notification to the states. The statute of limitations for the foreign jurisdictions generally ranges from three to ten years after filing the respective tax return.
Note 11: Employee Benefit Plans
We sponsor multiple domestic and international employee benefit plans. Benefits are based upon years of service and compensation.
We have a noncontributory retirement plan in the U.S. (the “Domestic Plan”), which covers certain employees not earning union benefits. This plan was frozen for participant benefit accruals in 1996. We also have multiple employee benefit plans that cover many of our international employees. These include a plan that covers workers in the United Kingdom (the “U.K. Plan”), which was frozen to further accruals in November 2013, and a number of smaller plans that cover workers in various other countries around the world (the “International Plans”).
 
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The components of net periodic pension cost (credit) for the Domestic Plan, U.K. Plan and International Plans were as follows:

 	  	Six Months Ended June 30,	 	
 	  	2014	 	  	2013	 	
 	  	Domestic
Plan	 	  	U.K.
Plan	 	  	International
Plans	 	  	Domestic
Plan	 	  	U.K.
Plan	 	  	International
Plans	 	
 	  	(in millions)	 	
Service cost	  	$	    4 	  	  	$	    — 	  	  	$	    2 	  	  	$	    2 	  	  	$	    2 	  	  	$	    1 	  	
Interest cost	  	 	8 	  	  	 	9 	  	  	 	2 	  	  	 	9 	  	  	 	8 	  	  	 	2 	  	
Expected return on plan assets	  	 	(9)	  	  	 	(12)	  	  	 	(2)	  	  	 	(10)	  	  	 	(11)	  	  	 	(2)	  	
Amortization of prior service cost (credit)	  	 	2 	  	  	 	—  	  	  	 	—  	  	  	 	2 	  	  	 	(1)	  	  	 	—  	  	
Amortization of net loss	  	 	1 	  	  	 	—  	  	  	 	—  	  	  	 	2 	  	  	 	2 	  	  	 	1 	  	
Settlement losses	  	 	1 	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net periodic pension cost (credit)	  	$	7 	  	  	$	(3)	  	  	$	2 	  	  	$	5 	  	  	$	—  	  	  	$	3 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
We have an outstanding bond of $76 million under a class action lawsuit against Hilton and the Domestic Plan to support potential future plan contributions from us. We funded an account, which is classified as restricted cash and cash equivalents in our condensed consolidated balance sheets, to support this requirement. If the U.S. District Court for the District of Columbia approves of our compliance with the requirements of the ruling from the class action lawsuit, then the bond may be released in 2014.
Note 12: Share-Based Compensation
2013 Omnibus Incentive Plan
In February 2014, we issued time-vesting restricted stock units (“RSUs”), nonqualified stock options (“options”) and performance-vesting restricted stock units (“performance shares”) under the 2013 Omnibus Incentive Plan.
We recorded share-based compensation expense for awards granted under the 2013 Omnibus Incentive Plan of $35 million during the six months ended June 30, 2014 which includes amounts reimbursed by hotel owners. As of June 30, 2014, unrecognized compensation costs for unvested awards was approximately $146 million, which is expected to be recognized over a weighted-average period of 2.2 years on a straight-line basis.
As of June 30, 2014, there were 72,404,038 shares of common stock available for future issuance under the 2013 Omnibus Incentive Plan.
Restricted Stock Units
During the six months ended June 30, 2014, we issued 7,066,153 RSUs with a grant-date fair value of $21.53. The RSUs vest in annual installments over two or three years from the date of grant, subject to the individual’s continued employment through the applicable vesting date. Vested RSUs generally will be settled for our common stock, with the exception of certain awards that will be settled in cash.
Stock Options
During the six months ended June 30, 2014, we issued 1,003,591 options with an exercise price of $21.53. As of June 30, 2014, no options were exercisable. The options vest over three years in equal installments from the date of grant, subject to the individual’s continued employment through the applicable vesting date, and will terminate 10 years from the date of grant or earlier if the individual’s service terminates. The exercise price is equal to the closing price of the Company’s common stock on the date of grant. The grant date fair value of each of these option grants was $7.58, which was determined using the Black-Scholes-Merton option-pricing model.
 
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Performance Shares
During the six months ended June 30, 2014, we issued 1,078,908 performance shares. The performance shares are settled at the end of the three-year performance period with 50 percent of the shares subject to achievement based on a measure of (1) the Company’s total shareholder return relative to the total shareholder returns of members of a peer company group (“relative shareholder return”) and the other 50 percent of the shares subject to achievement based on (2) the Company’s earnings before interest expense, taxes and depreciation and amortization (“EBITDA”) compound annual growth rate (“EBITDA CAGR”). The total number of performance shares that vest based on each performance measure (relative shareholder return and EBITDA CAGR) is based on an achievement factor that in each case, ranges from a zero to 200 percent payout.
The grant date fair value of each of the performance shares based on relative shareholder return was $23.56, which was determined using a Monte Carlo simulation valuation model. The grant-date fair value of each of the performance shares based on our EBITDA CAGR was $21.53. For these shares, we determined that the performance condition is probable of achievement and during the six months ended June 30, 2014, we recognized compensation expense over the vesting period at the target amount of 100 percent. As of June 30, 2014, 1,078,908 performance shares were outstanding with a remaining life of 2.5 years.
Promote Plan
Prior to December 2013, certain members of our senior management team participated in an executive compensation plan (the “Promote plan”). Equity awards under the Promote plan were exchanged for restricted shares of common stock in connection with our initial public offering and vest as follows: (1) 40 percent vested immediately; (2) 40 percent of each award will vest on December 11, 2014, contingent upon employment through that date; and (3) 20 percent of each award will vest on the date that The Blackstone Group L.P. and its affiliates (“Blackstone” or “our Sponsor”) cease to own 50 percent or more of the shares of the Company, contingent on employment through that date.
In March 2014, the vesting conditions of these restricted shares of common stock for certain participants were modified such that the remaining 60 percent of each participant’s award vested in June 2014. As a result of this modification, we recorded incremental compensation expense of $7 million during the six months ended June 30, 2014. During the six months ended June 30, 2014, total compensation expense under the Promote plan was $19 million, and unrecognized compensation expense as of June 30, 2014 was $78 million, including $10 million that is expected to be recognized through December 2014 and $68 million that is subject to the achievement of a performance condition. No expense was recognized for the portion of the awards that are subject to the achievement of a performance condition in the form of a liquidity event, since such an event was not probable as of June 30, 2014.
We recorded compensation expense related to the Promote plan of $3 million during the six months ended June 30, 2013.
Cash-based Long-term Incentive Plan
In February 2014, we terminated a cash-based, long-term incentive plan and reversed the associated accruals resulting in a reduction of compensation expense of approximately $25 million for the six months ended June 30, 2014.
 
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Note 13: Earnings Per Share
The following table presents the calculation of basic and diluted earnings per share (“EPS”):

 	  	Six Months Ended June 30,	 	
 	  	      2014      	 	  	      2013      	 	
 	  	(in millions, except per share
amounts)	 	
Basic EPS:	  				  				
Numerator:	  				  				
Net income attributable to Hilton stockholders	  	$	    332 	  	  	$	    189 	  	
Denominator:	  				  				
Weighted average shares outstanding	  	 	985 	  	  	 	921 	  	
	  	 	 	 	  	 	 	 	
Basic EPS	  	$	0.34 	  	  	$	0.20 	  	
	  	 	 	 	  	 	 	 	
Diluted EPS:	  				  				
Numerator:	  				  				
Net income attributable to Hilton stockholders	  	$	332 	  	  	$	189 	  	
Denominator:	  				  				
Weighted average shares outstanding	  	 	985 	  	  	 	921 	  	
	  	 	 	 	  	 	 	 	
Diluted EPS	  	$	0.34 	  	  	$	0.20 	  	
	  	 	 	 	  	 	 	 	
Approximately 1 million options were excluded from the computation of diluted EPS for the six months ended June 30, 2014 because their effect would have been anti-dilutive under the treasury stock method.
Note 14: Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss, net of taxes, were as follows:

 	  	Currency
Translation
Adjustment (1)	 	  	Pension
Liability
Adjustment	 	  	Cash Flow
Hedge
Adjustment	 	  	Total	 	
 	  	(in millions)	 	
Balance as of December 31, 2013	  	$	(136)	  	  	$	(134)	  	  	$	    6 	  	  	$	(264)	  	
Other comprehensive income (loss) before reclassifications	  	 	        87 	  	  	 	          2 	  	  	 	(9)	  	  	 	      80 	  	
Amounts reclassified from accumulated other comprehensive loss	  	 	(4)	  	  	 	2 	  	  	 	—  	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net current period other comprehensive income (loss)	  	 	83 	  	  	 	4 	  	  	 	(9)	  	  	 	78 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of June 30, 2014	  	$	(53)	  	  	$	(130)	  	  	$	(3)	  	  	$	(186)	  	

													
 	  	Currency
Translation
Adjustment (1)	 	  	Pension
Liability
Adjustment	 	  	Total	 	
 	  	(in millions)	 	
Balance as of December 31, 2012	  	$	(212)	  	  	$	(194)	  	  	$	(406)	  	
Other comprehensive income (loss) before reclassifications	  	 	(197)	  	  	 	8 	  	  	 	(189)	  	
Amounts reclassified from accumulated other comprehensive loss	  	 	      —  	  	  	 	4 	  	  	 	4 	  	
Net current period other comprehensive income (loss)	  	 	(197)	  	  	 	12 	  	  	 	(185)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	
Balance as of June 30, 2013	  	$	(409)	  	  	$	(182)	  	  	$	(591)	  	

(1)  	Includes net investment hedges.	
 
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The following table presents additional information about reclassifications out of accumulated other comprehensive loss:

 	  	Six Months Ended June 30,	 	
 	  	      2014      	 	  	      2013      	 	
 	  	(in millions)	 	
Currency translation adjustment:	  				  				
Sale and liquidation of foreign assets (1)	  	$	          4 	  	  	$	(1)	  	
Gains on net investment hedges (2)	  	 	—  	  	  	 	          1 	  	
Tax benefit (3)(4)	  	 	—  	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	
Total currency translation adjustment reclassifications for the period, net of taxes	  	 	4 	  	  	 	—  	  	
	  	 	 	 	  	 	 	 	
Pension liability adjustment:	  				  				
Amortization of prior service cost (5)	  	 	(2)	  	  	 	(1)	  	
Amortization of net loss (5)	  	 	(1)	  	  	 	(5)	  	
Tax benefit (3)	  	 	1 	  	  	 	2 	  	
	  	 	 	 	  	 	 	 	
Total pension liability adjustment reclassifications for the period, net of taxes	  	 	(2)	  	  	 	(4)	  	
	  	 	 	 	  	 	 	 	
Total reclassifications for the period, net of tax	  	$	2 	  	  	$	(4)	  	

(1)	Reclassified out of accumulated other comprehensive loss to other gain, net in our condensed consolidated statements of operations. Amounts in parentheses indicate a loss in our condensed consolidated statements of operations.	
(2)	Reclassified out of accumulated other comprehensive loss to gain (loss) on foreign currency transactions in our condensed consolidated statements of operations.	
(3)	Reclassified out of accumulated other comprehensive loss to income tax expense in our condensed consolidated statements of operations.	
(4)	The respective tax benefit was less than $1 million for the six months ended June 30, 2013.	
(5)  	Reclassified out of accumulated other comprehensive loss to general, administrative and other in the condensed consolidated statements of operations. These amounts were included in the computation of net periodic pension cost. See Note 11: “Employee Benefit Plans” for additional information. Amounts in parentheses indicate a loss in our condensed consolidated statements of operations.	
Note 15: Business Segments
We are a diversified hospitality company with operations organized in three distinct operating segments: ownership, management and franchise and timeshare. Each segment is managed separately because of its distinct economic characteristics.
The ownership segment includes all hotels that we wholly own or lease, as well as consolidated non-wholly owned entities and consolidated VIEs. As of June 30, 2014, this segment included 118 wholly owned and leased hotels and resorts, three non-wholly owned hotel properties and three hotels of consolidated VIEs. While we do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment revenues, we manage these investments in our ownership segment. Our unconsolidated affiliates are primarily investments in entities that owned or leased 27 hotels and one condominium management company as of June 30, 2014.
The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all franchised hotels operated or managed by someone other than us under one of our proprietary brand names of our brand portfolio. As of June 30, 2014, this segment included 517 managed hotels and 3,489 franchised hotels. This segment also earns fees for managing properties in our ownership and timeshare segments.
 
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The timeshare segment includes the development of vacation ownership clubs and resorts, marketing and selling of timeshare intervals, providing timeshare customer financing and resort operations. This segment also provides assistance to third-party developers in selling their timeshare inventory. As of June 30, 2014, this segment included 44 timeshare properties.
Corporate and other represents revenues and related operating expenses generated by the incidental support of hotel operations for owned, leased, managed and franchised hotels and other rental income, as well as corporate assets and related expenditures.
The performance of our operating segments is evaluated primarily based on Adjusted EBITDA, which should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. EBITDA, presented herein, is a non-GAAP financial measure that reflects net income attributable to Hilton stockholders, excluding interest expense, a provision for income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) furniture, fixtures and equipment (“FF&E”) replacement reserves required under certain lease agreements; (vi) reorganization costs; (vii) share-based and certain other compensation expenses prior to and in connection with our initial public offering; (viii) severance, relocation and other expenses; and (ix) other items.
The following table presents revenues and Adjusted EBITDA for our reportable segments, reconciled to consolidated amounts:

 	  	Six Months Ended
June 30,	 	
 	  	    2014    	 	  	    2013    	 	
 	  	(in millions)	 	
Revenues	  				  				
Ownership (1)(2)	  	$	 2,078 	  	  	$	 1,998 	  	
Management and franchise (3)	  	 	702 	  	  	 	608 	  	
Timeshare	  	 	555 	  	  	 	507 	  	
	  	 	 	 	  	 	 	 	
Segment revenues	  	 	3,335 	  	  	 	3,113 	  	
Other revenues from managed and franchised properties	  	 	1,747 	  	  	 	1,591 	  	
Other revenues (4)	  	 	46 	  	  	 	30 	  	
Intersegment fees elimination (1)(2)(3)(4)	  	 	(98)	  	  	 	(91)	  	
	  	 	 	 	  	 	 	 	
Total revenues	  	$	5,030 	  	  	$	4,643 	  	
	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  				  				
Ownership (1)(2)(3)(4)(5)	  	$	470 	  	  	$	445 	  	
Management and franchise (3)	  	 	702 	  	  	 	608 	  	
Timeshare ( 1)(3)	  	 	154 	  	  	 	119 	  	
Corporate and other (2)(4)	  	 	(131)	  	  	 	(135)	  	
	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	1,195 	  	  	$	1,037 	  	

(1)	Includes charges to timeshare operations for rental fees and fees for other amenities, which were eliminated in our condensed consolidated financial statements. These charges totaled $14 million and $12 million for the six months ended June 30, 2014 and 2013, respectively. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the ownership segment and a cost to timeshare Adjusted EBITDA.	
(2)	Includes other intercompany charges of $2 million for the six months ended June 30, 2014 and 2013.	
(3)	Includes management, royalty and intellectual property fees of $56 million and $47 million for the six months ended June 30, 2014 and 2013, respectively. These fees are charged to consolidated owned and leased properties and were eliminated in our condensed consolidated financial statements. Also includes a licensing fee of $22 million and $25 million for the six months ended June 30, 2014	
 
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 	and 2013, respectively, which is charged to our timeshare segment by our management and franchise segment and was eliminated in our condensed consolidated financial statements. While the net effect is zero, our measures of segment revenues and Adjusted EBITDA include these fees as a benefit to the management and franchise segment and a cost to ownership Adjusted EBITDA and timeshare Adjusted EBITDA.	
(4)	Includes charges to consolidated owned and leased properties for services provided by our wholly owned laundry business of $4 million and $5 million for the six months ended June 30, 2014 and 2013, respectively. These charges were eliminated in our condensed consolidated financial statements.	
(5)	Includes unconsolidated affiliate Adjusted EBITDA.	
The following table provides a reconciliation of Adjusted EBITDA to EBITDA and EBITDA to net income attributable to Hilton stockholders:

 	  	Six Months Ended
June 30,	 	
 	  	    2014    	 	  	    2013    	 	
 	  	(in millions)	 	
Adjusted EBITDA	  	$	   1,195 	  	  	$	   1,037 	  	
Net income attributable to noncontrolling interests	  	 	(4)	  	  	 	(6)	  	
Gain (loss) on foreign currency transactions	  	 	46 	  	  	 	(82)	  	
FF&E replacement reserve	  	 	(23)	  	  	 	(17)	  	
Share-based compensation expense	  	 	(19)	  	  	 	(3)	  	
Other gain, net	  	 	14 	  	  	 	6 	  	
Other adjustment items	  	 	(30)	  	  	 	(20)	  	
	  	 	 	 	  	 	 	 	
EBITDA	  	 	1,179 	  	  	 	915 	  	
Interest expense	  	 	(311)	  	  	 	(274)	  	
Interest expense included in equity in earnings from unconsolidated affiliates	  	 	(6)	  	  	 	(6)	  	
Income tax expense	  	 	(204)	  	  	 	(122)	  	
Depreciation and amortization	  	 	(311)	  	  	 	(309)	  	
Depreciation and amortization included in equity in earnings from unconsolidated affiliates	  	 	(15)	  	  	 	(15)	  	
	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	332 	  	  	$	189 	  	
	  	 	 	 	  	 	 	 	
The following table presents assets for our reportable segments, reconciled to consolidated amounts:

 	  	June 30,
  2014  	 	  	December 31,
  2013  	 	
 	  	(in millions)	 	
Assets:	  				  				
Ownership	  	$	 11,851	  	  	$	 11,936	  	
Management and franchise	  	 	10,726	  	  	 	11,016	  	
Timeshare	  	 	1,836	  	  	 	1,871	  	
Corporate and other	  	 	2,084	  	  	 	1,739	  	
	  	 	 	 	  	 	 	 	
	  	$	26,497	  	  	$	26,562	  	

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The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts:

 	  	Six Months Ended
June 30,	 	
 	  	    2014    	 	  	    2013    	 	
 	  	(in millions)	 	
Capital expenditures for property and equipment:	  				  				
Ownership	  	$	 106	  	  	$	 116	  	
Timeshare	  	 	1	  	  	 	2	  	
Corporate and other	  	 	3	  	  	 	3	  	
	  	 	 	 	  	 	 	 	
	  	$	110	  	  	$	121	  	
	  	 	 	 	  	 	 	 	
Note 16: Commitments and Contingencies
As of June 30, 2014, we had outstanding guarantees of $27 million, with remaining terms ranging from four months to nine years, for debt and other obligations of third parties. We have two letters of credit for a total of $27 million that have been pledged as collateral for two of these guarantees. Although we believe it is unlikely that material payments will be required under these guarantees or letters of credit, there can be no assurance that this will be the case.
We have also provided performance guarantees to certain owners of hotels that we operate under management contracts. Most of these guarantees allow us to terminate the contract, rather than fund shortfalls, if specified performance levels are not achieved. However, in limited cases, we are obligated to fund performance shortfalls. As of June 30, 2014, we had six contracts containing performance guarantees, with expirations ranging from 2018 to 2030, and possible cash outlays totaling approximately $150 million. Our obligations under these guarantees in future periods are dependent on the operating performance levels of these hotels over the remaining terms of the performance guarantees. We do not have any letters of credit pledged as collateral against these guarantees. As of June 30, 2014 and December 31, 2013, we recorded current liabilities of approximately $9 million and non-current liabilities of approximately $46 million and $51 million, respectively, in our condensed consolidated balance sheets for obligations under our outstanding performance guarantees that are related to certain VIEs for which we are not the primary beneficiary.
As of June 30, 2014, we had outstanding commitments under third-party contracts of approximately $144 million for capital expenditures at certain owned and leased properties, including our consolidated VIEs. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract.
We have entered into an agreement with a developer in Las Vegas, Nevada, whereby we have agreed to purchase residential units from the developer that we will convert to timeshare units to be marketed and sold under our Hilton Grand Vacations brand. Subject to certain conditions, we are required to purchase approximately $92 million of inventory ratably over a maximum period of four years, which is equivalent to purchases of approximately $6 million per quarter. We began purchasing inventory during the quarter ended March 31, 2013, and as of June 30, 2014, we had purchased $46 million of inventory under this agreement. As of June 30, 2014, our contractual obligations pursuant to this agreement for the remainder of 2014 and the years ended December 31, 2015 and 2016 were $12 million, $24 million and $10 million, respectively.
During 2010, an affiliate of our Sponsor settled a $75 million liability on our behalf in conjunction with a lawsuit settlement by entering into service contracts with the plaintiff. We recorded the portion settled by this affiliate as a capital contribution. Additionally, as part of the settlement, we entered into a guarantee with the plaintiff to pay any shortfall that this affiliate does not fund related to those service contracts up to the value of
 
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the settlement amount made by the affiliate. The remaining potential exposure under this guarantee as of June 30, 2014 was approximately $37 million. We have not accrued a liability for this guarantee as we believe the likelihood of any material funding to be remote.
We are involved in other litigation arising from the normal course of business, some of which includes claims for substantial sums. Accruals are recorded when the outcome is probable and can be reasonably estimated in accordance with applicable accounting requirements regarding accounting for contingencies. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of June 30, 2014 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows.
Note 17: Condensed Consolidating Guarantor Financial Information
In October 2013, Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (the “Subsidiary Issuers”), entities formed in August 2013 which are 100% owned by Hilton Worldwide Holdings Inc. (the “Parent”), issued $1.5 billion of 5.625% senior notes due in 2021 (the “Senior Notes”). The obligations of the Subsidiary Issuers are guaranteed jointly and severally on a senior unsecured basis by the Parent, and certain of the Parent’s 100% owned domestic restricted subsidiaries (the “Guarantors”). The indenture that governs the Senior Notes provides that any subsidiary of the Company that provides a guarantee of the Senior Secured Credit Facility will guarantee the Senior Notes. None of our foreign subsidiaries or U.S. subsidiaries owned by foreign subsidiaries or conducting foreign operations, our non-wholly owned subsidiaries, our subsidiaries that secure the CMBS Loan and a $525 mortgage loan, or certain of our special purpose subsidiaries formed in connection with our Timeshare Facility and Securitized Timeshare Debt guarantee the Senior Notes (collectively, the “Non-Guarantors”).
The guarantees are full and unconditional, subject to certain customary release provisions. The indenture that governs the Senior Notes provides that any Guarantor may be released from its guarantee so long as: (a) the subsidiary is sold or sells all of its assets; (b) the subsidiary is released from its guaranty under the Senior Secured Credit Facility; (c) the subsidiary is declared “unrestricted” for covenant purposes; or (d) the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied.
 
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The following schedules present the condensed consolidated financial information as of June 30, 2014 and December 31, 2013 and for the six months ended June 30, 2014 and 2013, for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors.

 	  	June 30, 2014	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantors	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
ASSETS	  				  				  				  				  				  				
Current Assets:	  				  				  				  				  				  				
Cash and cash equivalents	  	$	—	  	  	$	—	  	  	$	292	  	  	$	253 	  	  	$	— 	  	  	$	545 	  	
Restricted cash and cash equivalents	  	 	—	  	  	 	—	  	  	 	195	  	  	 	89 	  	  	 	— 	  	  	 	284 	  	
Accounts receivable, net	  	 	—	  	  	 	—	  	  	 	501	  	  	 	357 	  	  	 	— 	  	  	 	858 	  	
Inventories	  	 	—	  	  	 	—	  	  	 	333	  	  	 	26 	  	  	 	— 	  	  	 	359 	  	
Deferred income tax assets	  	 	—	  	  	 	—	  	  	 	7	  	  	 	16 	  	  	 	— 	  	  	 	23 	  	
Current portion of financing receivables, net	  	 	—	  	  	 	—	  	  	 	32	  	  	 	20 	  	  	 	— 	  	  	 	52 	  	
Current portion of securitized financing receivables, net	  	 	—	  	  	 	—	  	  	 	—	  	  	 	65 	  	  	 	— 	  	  	 	65 	  	
Prepaid expenses	  	 	—	  	  	 	—	  	  	 	22	  	  	 	144 	  	  	 	— 	  	  	 	166 	  	
Other	  	 	—	  	  	 	—	  	  	 	33	  	  	 	32 	  	  	 	— 	  	  	 	65 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total current assets	  	 	—	  	  	 	—	  	  	 	1,415	  	  	 	1,002 	  	  	 	— 	  	  	 	2,417 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Property, Investments and Other Assets:	  				  				  				  				  				  				
Property and equipment, net	  	 	—	  	  	 	—	  	  	 	326	  	  	 	8,710 	  	  	 	— 	  	  	 	9,036 	  	
Financing receivables, net	  	 	—	  	  	 	—	  	  	 	209	  	  	 	150 	  	  	 	— 	  	  	 	359 	  	
Securitized financing receivables, net	  	 	—	  	  	 	—	  	  	 	—	  	  	 	462 	  	  	 	— 	  	  	 	462 	  	
Investments in affiliates	  	 	—	  	  	 	—	  	  	 	205	  	  	 	52 	  	  	 	— 	  	  	 	257 	  	
Investments in subsidiaries	  	 	5,004	  	  	 	11,984	  	  	 	5,471	  	  	 	— 	  	  	 	(22,459)	  	  	 	— 	  	
Goodwill	  	 	—	  	  	 	—	  	  	 	3,847	  	  	 	2,380 	  	  	 	— 	  	  	 	6,227 	  	
Brands	  	 	—	  	  	 	—	  	  	 	4,405	  	  	 	611 	  	  	 	— 	  	  	 	5,016 	  	
Management and franchise contracts, net	  	 	—	  	  	 	—	  	  	 	1,075	  	  	 	315 	  	  	 	— 	  	  	 	1,390 	  	
Other intangible assets, net	  	 	—	  	  	 	—	  	  	 	490	  	  	 	237 	  	  	 	— 	  	  	 	727 	  	
Deferred income tax assets	  	 	22	  	  	 	1	  	  	 	—	  	  	 	196 	  	  	 	(23)	  	  	 	196 	  	
Other	  	 	—	  	  	 	99	  	  	 	121	  	  	 	190 	  	  	 	— 	  	  	 	410 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total property, investments and other assets	  	 	5,026	  	  	 	12,084	  	  	 	16,149	  	  	 	13,303 	  	  	 	(22,482)	  	  	 	24,080 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
TOTAL ASSETS	  	$	 5,026	  	  	$	 12,084	  	  	$	 17,564	  	  	$	 14,305 	  	  	$	 (22,482)	  	  	$	 26,497 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
LIABILITIES AND EQUITY	  				  				  				  				  				  				
Current Liabilities:	  				  				  				  				  				  				
Accounts payable, accrued expenses and other	  	$	—	  	  	$	51	  	  	$	1,265	  	  	$	683 	  	  	$	— 	  	  	$	1,999 	  	
Current maturities of long-term debt	  	 	—	  	  	 	—	  	  	 	—	  	  	 	3 	  	  	 	— 	  	  	 	3 	  	
Current maturities of non-recourse debt	  	 	—	  	  	 	—	  	  	 	—	  	  	 	107 	  	  	 	— 	  	  	 	107 	  	
Income taxes payable	  	 	—	  	  	 	—	  	  	 	—	  	  	 	11 	  	  	 	— 	  	  	 	11 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total current liabilities	  	 	—	  	  	 	51	  	  	 	1,265	  	  	 	804 	  	  	 	— 	  	  	 	2,120 	  	
Long-term debt	  	 	—	  	  	 	7,024	  	  	 	54	  	  	 	4,236 	  	  	 	— 	  	  	 	11,314 	  	
Non-recourse debt	  	 	—	  	  	 	—	  	  	 	—	  	  	 	890 	  	  	 	— 	  	  	 	890 	  	
Deferred revenues	  	 	—	  	  	 	—	  	  	 	593	  	  	 	— 	  	  	 	— 	  	  	 	593 	  	
Deferred income tax liabilities	  	 	—	  	  	 	—	  	  	 	2,326	  	  	 	2,755 	  	  	 	(23)	  	  	 	5,058 	  	
Liability for guest loyalty program	  	 	—	  	  	 	—	  	  	 	630	  	  	 	— 	  	  	 	— 	  	  	 	630 	  	
Other	  	 	192	  	  	 	5	  	  	 	712	  	  	 	236 	  	  	 	— 	  	  	 	1,145 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	192	  	  	 	7,080	  	  	 	5,580	  	  	 	8,921 	  	  	 	(23)	  	  	 	21,750 	  	
Equity:	  				  				  				  				  				  				
Total Hilton stockholders’ equity	  	 	4,834	  	  	 	5,004	  	  	 	11,984	  	  	 	5,471 	  	  	 	(22,459)	  	  	 	4,834 	  	
Noncontrolling interests	  	 	—	  	  	 	—	  	  	 	—	  	  	 	(87)	  	  	 	— 	  	  	 	(87)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity	  	 	4,834	  	  	 	5,004	  	  	 	11,984	  	  	 	5,384 	  	  	 	(22,459)	  	  	 	4,747 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
TOTAL LIABILITIES AND EQUITY	  	$	5,026	  	  	$	12,084	  	  	$	17,564	  	  	$	14,305 	  	  	$	(22,482)	  	  	$	26,497 	  	

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 	  	December 31, 2013	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantors	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
ASSETS	  				  				  				  				  				  				
Current Assets:	  				  				  				  				  				  				
Cash and cash equivalents	  	$	— 	  	  	$	— 	  	  	$	329 	  	  	$	265 	  	  	$	— 	  	  	$	594 	  	
Restricted cash and cash equivalents	  	 	— 	  	  	 	— 	  	  	 	194 	  	  	 	72 	  	  	 	— 	  	  	 	266 	  	
Accounts receivable, net	  	 	— 	  	  	 	— 	  	  	 	426 	  	  	 	305 	  	  	 	— 	  	  	 	731 	  	
Inventories	  	 	— 	  	  	 	— 	  	  	 	370 	  	  	 	26 	  	  	 	— 	  	  	 	396 	  	
Deferred income tax assets	  	 	— 	  	  	 	— 	  	  	 	6 	  	  	 	17 	  	  	 	— 	  	  	 	23 	  	
Current portion of financing receivables, net	  	 	— 	  	  	 	— 	  	  	 	38 	  	  	 	56 	  	  	 	— 	  	  	 	94 	  	
Current portion of securitized financing receivables, net	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	27 	  	  	 	— 	  	  	 	27 	  	
Prepaid expenses	  	 	— 	  	  	 	— 	  	  	 	15 	  	  	 	133 	  	  	 	— 	  	  	 	148 	  	
Other	  	 	— 	  	  	 	— 	  	  	 	101 	  	  	 	26 	  	  	 	(23)	  	  	 	104 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total current assets	  	 	— 	  	  	 	— 	  	  	 	1,479 	  	  	 	927 	  	  	 	(23)	  	  	 	2,383 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Property, Investments and Other Assets:	  				  				  				  				  				  				
Property and equipment, net	  	 	— 	  	  	 	— 	  	  	 	341 	  	  	 	8,717 	  	  	 	— 	  	  	 	9,058 	  	
Financing receivables, net	  	 	— 	  	  	 	— 	  	  	 	199 	  	  	 	436 	  	  	 	— 	  	  	 	635 	  	
Securitized financing receivables, net	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	194 	  	  	 	— 	  	  	 	194 	  	
Investments in affiliates	  	 	— 	  	  	 	— 	  	  	 	210 	  	  	 	50 	  	  	 	— 	  	  	 	260 	  	
Investments in subsidiaries	  	 	4,528 	  	  	 	11,942 	  	  	 	5,253 	  	  	 	— 	  	  	 	(21,723)	  	  	 	— 	  	
Goodwill	  	 	— 	  	  	 	— 	  	  	 	3,847 	  	  	 	2,373 	  	  	 	— 	  	  	 	6,220 	  	
Brands	  	 	— 	  	  	 	— 	  	  	 	4,405 	  	  	 	608 	  	  	 	— 	  	  	 	5,013 	  	
Management and franchise contracts, net	  	 	— 	  	  	 	— 	  	  	 	1,143 	  	  	 	309 	  	  	 	— 	  	  	 	1,452 	  	
Other intangible assets, net	  	 	— 	  	  	 	— 	  	  	 	511 	  	  	 	240 	  	  	 	— 	  	  	 	751 	  	
Deferred income tax assets	  	 	21 	  	  	 	— 	  	  	 	— 	  	  	 	193 	  	  	 	(21)	  	  	 	193 	  	
Other	  	 	— 	  	  	 	121 	  	  	 	133 	  	  	 	149 	  	  	 	— 	  	  	 	403 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total property, investments and other assets	  	 	4,549 	  	  	 	12,063 	  	  	 	16,042 	  	  	 	13,269 	  	  	 	(21,744)	  	  	 	24,179 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
TOTAL ASSETS	  	$	 4,549 	  	  	$	 12,063 	  	  	$	 17,521 	  	  	$	 14,196 	  	  	$	 (21,767)	  	  	$	 26,562 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
LIABILITIES AND EQUITY	  				  				  				  				  				  				
Current Liabilities:	  				  				  				  				  				  				
Accounts payable, accrued expenses and other	  	$	— 	  	  	$	60 	  	  	$	1,335 	  	  	$	684 	  	  	$	— 	  	  	$	2,079 	  	
Current maturities of long-term debt	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	4 	  	  	 	— 	  	  	 	4 	  	
Current maturities of non-recourse debt	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	48 	  	  	 	— 	  	  	 	48 	  	
Income taxes payable	  	 	— 	  	  	 	— 	  	  	 	3 	  	  	 	31 	  	  	 	(23)	  	  	 	11 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total current liabilities	  	 	— 	  	  	 	60 	  	  	 	1,338 	  	  	 	767 	  	  	 	(23)	  	  	 	2,142 	  	
Long-term debt	  	 	— 	  	  	 	7,470 	  	  	 	54 	  	  	 	4,227 	  	  	 	— 	  	  	 	11,751 	  	
Non-recourse debt	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	920 	  	  	 	— 	  	  	 	920 	  	
Deferred revenues	  	 	— 	  	  	 	— 	  	  	 	674 	  	  	 	— 	  	  	 	— 	  	  	 	674 	  	
Deferred income tax liabilities	  	 	— 	  	  	 	5 	  	  	 	2,298 	  	  	 	2,771 	  	  	 	(21)	  	  	 	5,053 	  	
Liability for guest loyalty program	  	 	— 	  	  	 	— 	  	  	 	597 	  	  	 	— 	  	  	 	— 	  	  	 	597 	  	
Other	  	 	186 	  	  	 	— 	  	  	 	618 	  	  	 	345 	  	  	 	— 	  	  	 	1,149 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	186 	  	  	 	7,535 	  	  	 	5,579 	  	  	 	9,030 	  	  	 	(44)	  	  	 	22,286 	  	
							
Equity:	  				  				  				  				  				  				
Total Hilton stockholders’ equity	  	 	4,363 	  	  	 	4,528 	  	  	 	11,942 	  	  	 	5,253 	  	  	 	(21,723)	  	  	 	4,363 	  	
Noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(87)	  	  	 	— 	  	  	 	(87)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total equity	  	 	4,363 	  	  	 	4,528 	  	  	 	11,942 	  	  	 	5,166 	  	  	 	(21,723)	  	  	 	4,276 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
TOTAL LIABILITIES AND EQUITY	  	$	4,549 	  	  	$	12,063 	  	  	$	17,521 	  	  	$	14,196 	  	  	$	(21,767)	  	  	$	26,562 	  	

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 	  	Six Months Ended June 30, 2014	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantor	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Revenues	  				  				  				  				  				  				
Owned and leased hotels	  	$	— 	  	  	$	— 	  	  	$	103 	  	  	$	1,973 	  	  	$	(14)	  	  	$	2,062 	  	
Management and franchise fees and other	  	 	— 	  	  	 	— 	  	  	 	377 	  	  	 	361 	  	  	 	(72)	  	  	 	666 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	506 	  	  	 	49 	  	  	 	— 	  	  	 	555 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	986 	  	  	 	2,383 	  	  	 	(86)	  	  	 	3,283 	  	
Other revenues from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	1,975 	  	  	 	193 	  	  	 	(421)	  	  	 	1,747 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	— 	  	  	 	— 	  	  	 	2,961 	  	  	 	2,576 	  	  	 	(507)	  	  	 	5,030 	  	
							
Expenses	  				  				  				  				  				  				
Owned and leased hotels	  	 	— 	  	  	 	— 	  	  	 	75 	  	  	 	1,566 	  	  	 	(37)	  	  	 	1,604 	  	
Timeshare	  	 	— 	  	  	 	— 	  	  	 	390 	  	  	 	9 	  	  	 	(34)	  	  	 	365 	  	
Depreciation and amortization	  	 	— 	  	  	 	— 	  	  	 	150 	  	  	 	161 	  	  	 	— 	  	  	 	311 	  	
General, administrative and other	  	 	— 	  	  	 	— 	  	  	 	181 	  	  	 	64 	  	  	 	(15)	  	  	 	230 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	— 	  	  	 	796 	  	  	 	1,800 	  	  	 	(86)	  	  	 	2,510 	  	
Other expenses from managed and franchised properties	  	 	— 	  	  	 	— 	  	  	 	1,975 	  	  	 	193 	  	  	 	(421)	  	  	 	1,747 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	— 	  	  	 	— 	  	  	 	2,771 	  	  	 	1,993 	  	  	 	(507)	  	  	 	4,257 	  	
							
Operating income	  	 	— 	  	  	 	— 	  	  	 	190 	  	  	 	583 	  	  	 	— 	  	  	 	773 	  	
							
Interest income	  	 	— 	  	  	 	— 	  	  	 	4 	  	  	 	2 	  	  	 	— 	  	  	 	6 	  	
Interest expense	  	 	— 	  	  	 	(172)	  	  	 	(27)	  	  	 	(112)	  	  	 	— 	  	  	 	(311)	  	
Equity in earnings from unconsolidated affiliates	  	 	— 	  	  	 	— 	  	  	 	10 	  	  	 	2 	  	  	 	— 	  	  	 	12 	  	
Gain on foreign currency transactions	  	 	— 	  	  	 	— 	  	  	 	43 	  	  	 	3 	  	  	 	— 	  	  	 	46 	  	
Other gain, net	  	 	— 	  	  	 	— 	  	  	 	6 	  	  	 	8 	  	  	 	— 	  	  	 	14 	  	

Income (loss) before income taxes and equity in earnings from subsidiaries	  	 	— 	  	  	 	(172)	  	  	 	226 	  	  	 	486 	  	  	 	— 	  	  	 	540 	  	
							
Income tax benefit (expense)	  	 	(4)	  	  	 	66 	  	  	 	(92)	  	  	 	(174)	  	  	 	— 	  	  	 	(204)	  	

Income (loss) before equity in earnings from subsidiaries	  	 	(4)	  	  	 	(106)	  	  	 	134 	  	  	 	312 	  	  	 	— 	  	  	 	336 	  	
							
Equity in earnings from subsidiaries	  	 	336 	  	  	 	442 	  	  	 	308 	  	  	 	— 	  	  	 	(1,086)	  	  	 	— 	  	

Net income	  	 	332 	  	  	 	336 	  	  	 	442 	  	  	 	312 	  	  	 	(1,086)	  	  	 	336 	  	
Net income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(4)	  	  	 	— 	  	  	 	(4)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	332 	  	  	$	336 	  	  	$	442 	  	  	$	308 	  	  	$	(1,086)	  	  	$	332 	  	

Comprehensive income	  	$	410 	  	  	$	327 	  	  	$	415 	  	  	$	424 	  	  	$	(1,164)	  	  	$	412 	  	
Comprehensive income attributable to noncontrolling interests	  	 	— 	  	  	 	— 	  	  	 	— 	  	  	 	(2)	  	  	 	— 	  	  	 	(2)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	 410 	  	  	$	327 	  	  	$	415 	  	  	$	422 	  	  	$	(1,164)	  	  	$	410 	  	

F-90

Table of Contents

 	  	Six Months Ended June 30, 2013	 	
 	  	Parent	 	  	Subsidiary
Issuers	 	  	Guarantors	 	  	Non-
Guarantor	 	  	Eliminations	 	  	Total	 	
 	  	(in millions)	 	
Revenues	  				  				  				  				  				  				
Owned and leased hotels	  	$	— 	  	  	$	—	  	  	$	93 	  	  	$	1,903 	  	  	$	(12)	  	  	$	1,984 	  	
Management and franchise fees and other	  	 	— 	  	  	 	—	  	  	 	270 	  	  	 	358 	  	  	 	(67)	  	  	 	561 	  	
Timeshare	  	 	— 	  	  	 	—	  	  	 	492 	  	  	 	15 	  	  	 	— 	  	  	 	507 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	—	  	  	 	855 	  	  	 	2,276 	  	  	 	(79)	  	  	 	3,052 	  	
Other revenues from managed and franchised properties	  	 	— 	  	  	 	—	  	  	 	1,841 	  	  	 	155 	  	  	 	(405)	  	  	 	1,591 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	— 	  	  	 	—	  	  	 	2,696 	  	  	 	2,431 	  	  	 	(484)	  	  	 	4,643 	  	
							
Expenses	  				  				  				  				  				  				
Owned and leased hotels	  	 	— 	  	  	 	—	  	  	 	73 	  	  	 	1,501 	  	  	 	(27)	  	  	 	1,547 	  	
Timeshare	  	 	— 	  	  	 	—	  	  	 	382 	  	  	 	5 	  	  	 	(36)	  	  	 	351 	  	
Depreciation and amortization	  	 	— 	  	  	 	—	  	  	 	140 	  	  	 	169 	  	  	 	— 	  	  	 	309 	  	
General, administrative and other	  	 	— 	  	  	 	—	  	  	 	135 	  	  	 	70 	  	  	 	(16)	  	  	 	189 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
	  	 	— 	  	  	 	—	  	  	 	730 	  	  	 	1,745 	  	  	 	(79)	  	  	 	2,396 	  	
Other expenses from managed and franchised properties	  	 	— 	  	  	 	—	  	  	 	1,841 	  	  	 	155 	  	  	 	(405)	  	  	 	1,591 	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total expenses	  	 	— 	  	  	 	—	  	  	 	2,571 	  	  	 	1,900 	  	  	 	(484)	  	  	 	3,987 	  	
							
Operating income	  	 	— 	  	  	 	—	  	  	 	125 	  	  	 	531 	  	  	 	— 	  	  	 	656 	  	
							
Interest income	  	 	217 	  	  	 	—	  	  	 	3 	  	  	 	— 	  	  	 	(217)	  	  	 	3 	  	
Interest expense	  	 	— 	  	  	 	—	  	  	 	(462)	  	  	 	(29)	  	  	 	217	  	  	 	(274)	  	
Equity in earnings from unconsolidated affiliates	  	 	— 	  	  	 	—	  	  	 	8 	  	  	 	— 	  	  	 	— 	  	  	 	8 	  	
Loss on foreign currency transactions	  	 	— 	  	  	 	—	  	  	 	(39)	  	  	 	(43)	  	  	 	— 	  	  	 	(82)	  	
Other gain, net	  	 	— 	  	  	 	—	  	  	 	1 	  	  	 	5 	  	  	 	— 	  	  	 	6 	  	

Income (loss) before income taxes and equity in earnings from subsidiaries	  	 	217 	  	  	 	—	  	  	 	(364)	  	  	 	464 	  	  	 	— 	  	  	 	317 	  	
							
Income tax benefit (expense)	  	 	(85)	  	  	 	—	  	  	 	147 	  	  	 	(184)	  	  	 	— 	  	  	 	(122)	  	

Income (loss) before equity in earnings from subsidiaries	  	 	132 	  	  	 	—	  	  	 	(217)	  	  	 	280 	  	  	 	— 	  	  	 	195 	  	
							
Equity in earnings from subsidiaries	  	 	57 	  	  	 	—	  	  	 	274 	  	  	 	— 	  	  	 	(331)	  	  	 	— 	  	

Net income	  	 	189 	  	  	 	—	  	  	 	57 	  	  	 	280 	  	  	 	(331)	  	  	 	195 	  	
Net income attributable to noncontrolling interests	  	 	— 	  	  	 	—	  	  	 	— 	  	  	 	(6)	  	  	 	— 	  	  	 	(6)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net income attributable to Hilton stockholders	  	$	 189 	  	  	$	 —	  	  	$	57 	  	  	$	274 	  	  	$	 (331)	  	  	$	189 	  	

Comprehensive income	  	$	4 	  	  	$	—	  	  	$	10 	  	  	$	158 	  	  	$	(146)	  	  	$	26 	  	
Comprehensive income attributable to noncontrolling interests	  	 	— 	  	  	 	—	  	  	 	— 	  	  	 	(22)	  	  	 	— 	  	  	 	(22)	  	
	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Comprehensive income attributable to Hilton stockholders	  	$	4 	  	  	$	—	  	  	$	10 	  	  	$	136 	  	  	$	(146)	  	  	$	4 	  	

F-91

Table of Contents

 	 	Six Months Ended June 30, 2014	 	
 	 	Parent	 	 	Subsidiary
Issuers	 	 	Guarantors	 	 	Non-Guarantors	 	 	Eliminations	 	 	Total	 	
 	 	(in millions)	 	
Operating Activities:	 				 				 				 				 				 				
Net cash provided by operating activities	 	$	—	  	 	$	— 	  	 	$	384 	  	 	$	285 	  	 	$	(157)	  	 	$	512 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investing Activities:	 				 				 				 				 				 				
Capital expenditures for property and equipment	 	 	—	  	 	 	— 	  	 	 	(6)	  	 	 	(104)	  	 	 	— 	  	 	 	(110)	  	
Payments received on other financing receivables	 	 	—	  	 	 	— 	  	 	 	1 	  	 	 	1 	  	 	 	— 	  	 	 	2 	  	
Issuance of other financing receivables	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(1)	  	 	 	— 	  	 	 	(1)	  	
Investments in affiliates	 	 	—	  	 	 	— 	  	 	 	(5)	  	 	 	— 	  	 	 	— 	  	 	 	(5)	  	
Distributions from unconsolidated affiliates	 	 	—	  	 	 	— 	  	 	 	11 	  	 	 	— 	  	 	 	— 	  	 	 	11 	  	
Proceeds from asset dispositions	 	 	—	  	 	 	— 	  	 	 	4 	  	 	 	31	  	 	 	— 	  	 	 	35 	  	
Contract acquisition costs	 	 	—	  	 	 	— 	  	 	 	(3)	  	 	 	(18)	  	 	 	— 	  	 	 	(21)	  	
Software capitalization costs	 	 	—	  	 	 	— 	  	 	 	(32)	  	 	 	— 	  	 	 	— 	  	 	 	(32)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	 	 	—	  	 	 	— 	  	 	 	(30)	  	 	 	(91)	  	 	 	— 	  	 	 	(121)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financing Activities:	 				 				 				 				 				 				
Borrowings	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	350	  	 	 	— 	  	 	 	350 	  	
Repayment of debt	 	 	—	  	 	 	(450)	  	 	 	— 	  	 	 	(333)	  	 	 	— 	  	 	 	(783)	  	
Debt issuance costs	 	 	—	  	 	 	(1)	  	 	 	— 	  	 	 	(1)	  	 	 	— 	  	 	 	(2)	  	
Change in restricted cash and cash equivalents	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(17)	  	 	 	— 	  	 	 	(17)	  	
Intercompany transfers	 	 	—	  	 	 	451 	  	 	 	(391)	  	 	 	(60)	  	 	 	— 	  	 	 	— 	  	
Dividends paid to Guarantors	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(157)	  	 	 	157 	  	 	 	— 	  	
Capital contribution	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	13 	  	 	 	— 	  	 	 	13 	  	
Distributions to noncontrolling interests	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	(2)	  	 	 	— 	  	 	 	(2)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	 	 	—	  	 	 	— 	  	 	 	(391)	  	 	 	(207)	  	 	 	157 	  	 	 	(441)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	 	 	—	  	 	 	— 	  	 	 	— 	  	 	 	1 	  	 	 	— 	  	 	 	1 	  	
Net decrease in cash and cash equivalents	 	 	—	  	 	 	— 	  	 	 	(37)	  	 	 	(12)	  	 	 	— 	  	 	 	(49)	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	— 	  	 	 	329 	  	 	 	265 	  	 	 	— 	  	 	 	594 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents, end of period	 	$	     —	  	 	$	— 	  	 	$	292 	  	 	$	253 	  	 	$	— 	  	 	$	545 	  	

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 	 	Six Months Ended June 30, 2013	 	
 	 	Parent	 	 	Subsidiary
Issuers	 	 	Guarantors	 	 	Non-
Guarantors	 	 	Eliminations	 	 	Total	 	
 	 	(in millions)	 	
Operating Activities:	 				 				 				 				 				 				
Net cash provided by operating activities	 	$	—	  	 	$	—	  	 	$	454 	  	 	$	184 	  	 	$	—	  	 	$	638 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investing Activities:	 				 				 				 				 				 				
Capital expenditures for property and equipment	 	 	—	  	 	 	—	  	 	 	(10)	  	 	 	(111)	  	 	 	—	  	 	 	(121)	  	
Acquisitions	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(30)	  	 	 	—	  	 	 	(30)	  	
Payments received on other financing receivables	 	 	—	  	 	 	—	  	 	 	1 	  	 	 	— 	  	 	 	—	  	 	 	1 	  	
Issuance of other financing receivables	 	 	—	  	 	 	—	  	 	 	(6)	  	 	 	(1)	  	 	 	—	  	 	 	(7)	  	
Investments in affiliates	 	 	—	  	 	 	—	  	 	 	(3)	  	 	 	— 	  	 	 	—	  	 	 	(3)	  	
Distributions from unconsolidated affiliates	 	 	—	  	 	 	—	  	 	 	13 	  	 	 	— 	  	 	 	—	  	 	 	13 	  	
Contract acquisition costs	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(10)	  	 	 	—	  	 	 	(10)	  	
Software capitalization costs	 	 	—	  	 	 	—	  	 	 	(26)	  	 	 	— 	  	 	 	—	  	 	 	(26)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	 	 	—	  	 	 	—	  	 	 	(31)	  	 	 	(152)	  	 	 	—	  	 	 	(183)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financing Activities:	 				 				 				 				 				 				
Borrowings	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	451 	  	 	 	—	  	 	 	451 	  	
Repayment of debt	 	 	—	  	 	 	—	  	 	 	(894)	  	 	 	(58)	  	 	 	—	  	 	 	(952)	  	
Change in restricted cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(30)	  	 	 	—	  	 	 	(30)	  	
Intercompany transfers	 	 	—	  	 	 	—	  	 	 	367	  	 	 	(367)	  	 	 	—	  	 	 	— 	  	
Distributions to noncontrolling interests	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(3)	  	 	 	—	  	 	 	(3)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	 	 	—	  	 	 	—	  	 	 	(527)	  	 	 	(7)	  	 	 	—	  	 	 	(534)	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	— 	  	 	 	(15)	  	 	 	—	  	 	 	(15)	  	
Net increase (decrease) in cash and cash equivalents	 	 	—	  	 	 	—	  	 	 	(104)	  	 	 	10 	  	 	 	—	  	 	 	(94)	  	
Cash and cash equivalents, beginning of period	 	 	—	  	 	 	—	  	 	 	542 	  	 	 	213 	  	 	 	—	  	 	 	755 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents, end of period	 	$	 —	  	 	$	 —	  	 	$	   438 	  	 	$	   223 	  	 	$	 —	  	 	$	661 	  	
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note 18: Subsequent Events
Equity Method Investments Exchange
We have a portfolio of 11 hotels that we own through noncontrolling interests in equity method investments with one other partner. In July 2014, we entered into an agreement to exchange our ownership interest in six of these hotels for the remaining interest in the other five hotels. After the exchange, we will have a 100 percent ownership interest in five of the 11 hotels and will no longer hold a noncontrolling interest in the remaining six hotels. The transaction will be accounted for as a business combination achieved in stages, which will require us to remeasure our investments in these unconsolidated equity method investments at fair value and recognize a gain or loss if the fair value is in excess of or below our carrying value, respectively. Additionally, we will recognize the identifiable assets acquired, primarily property and equipment, and mortgage debt assumed at fair value upon consolidation of the five hotels in which we will hold a 100 percent ownership interest. We are unable to estimate the fair value at this time.
Debt Repayment
In July 2014, we made a voluntary prepayment of $150 million on our Term Loans.
 
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 20. Indemnification of Directors and Officers.
(a) The following entities are incorporated under the laws of the State of Arizona: DT Real Estate, Inc., DTM Atlanta/Legacy, Inc., DTM Coconut Grove, Inc., DTM Largo, Inc., DTM Maryland, Inc., DTM Walnut Creek, Inc., DTR FCH Holdings, Inc., DTR PAH Holding, Inc., DTR San Antonio, Inc. and DTR TM Holdings, Inc. (collectively, the “Arizona Corporations”).
Arizona Revised Statutes
Section 10-851 of the Arizona Revised Statutes, as amended (the “Arizona Revised Statutes”), authorizes a corporation to indemnify a director made a party to a proceeding in such capacity, provided that the individual’s conduct was in good faith and, when serving in an official capacity with the corporation, the individual reasonably believed that the conduct was in best interests of the corporation, or in all other cases, that the conduct was at least not opposed to its best interests. In the case of any criminal proceedings, indemnification is allowed if the individual had no reasonable cause to believe the conduct was unlawful. A corporation may also indemnify a director for conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation pursuant to section 10-202, subsection B, paragraph 2. Section 10-851 of the Arizona Revised Statutes also provides that a corporation may not indemnify a director in connection with a proceeding by or in the right of the corporation to procure a judgment in its favor in which the director was adjudged liable to the corporation or in connection with any other proceeding charging improper financial benefit to the director in which the director was adjudged liable on the basis that financial benefit was improperly received by the director. Indemnification permitted under Section 10-851 in connection with a proceeding by or in the right of the corporation to procure a judgment in its favor is limited to reasonable expenses incurred in connection with the proceeding.
Unless otherwise limited by its articles of incorporation, Section 10-852 of the Arizona Revised Statutes requires a corporation to indemnify (i) a director who was the prevailing party, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding, and (ii) an outside director, provided the proceeding is not one by or in the right of the corporation to procure a judgment in its favor in which the director was adjudged liable to the corporation, or one charging improper financial benefit to the director, whether or not involving action in the director’s official capacity, in which the director was adjudged liable on the basis that financial benefit was improperly received by the director. Section 10-856 of the Arizona Revised Statutes provides that a corporation may indemnify and advance expenses to an officer of the corporation who is a party to a proceeding because the individual is or was an officer of the corporation to the same extent as a director.
Organizational Documents of the Arizona Corporations
None of the articles of incorporation of the Arizona Corporations, except the articles of incorporation of DTR TM Holdings, Inc., contain any provisions on indemnification of directors and officers of the corporation.
The articles of incorporation of DTR TM Holdings, Inc. provide that no present or former director of the corporation shall be personally liable to the corporation or its shareholders for monetary damages for breach of his or her fiduciary duties as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the Arizona Revised Statues. If the Arizona Revised Statutes are amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the corporation will be eliminated or limited to the fullest extent permitted by the Arizona Revised Statutes as in effect after such amendment.
 
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The corporation indemnifies any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other entity, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the Arizona Revised Statutes. The articles of incorporation also provides that the corporation may adopt bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
To the extent that a director or officer of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the immediately preceding paragraph, or in defense of any claim, issue or matter therein, the articles of incorporation provides for indemnification of such person against expenses (including attorney’s fees and disbursements) actually and reasonably incurred by such person in connection therewith.
Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the corporation (or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or enterprise) shall be paid by the corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the corporation against such expenses as authorized by the relevant sections of the Arizona Revised Statutes. The articles of incorporation provide that the corporation may adopt bylaws or enter into agreement with such persons for the purpose of providing such advances.
The indemnification permitted under the articles of incorporation continue as to a person who has ceased to be a director or officer and inures to the benefit of the heirs, executors and administrators of such person. For the purposes of the indemnification provided in the articles of incorporation, Section 10-850 of the Arizona Revised Statutes is interpreted as follows: “employee benefit plan” is deemed to include such an employee benefit plan, including without limitation, any plan of the corporation which is governed by the Employee Retirement Income Security Act of 1974, as amended from time to time; the corporation is deemed to have requested a person to serve an employee benefit plan where the performance by such person of his or her duties to the corporation also impose duties on, or otherwise involve services, by such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to Employee Retirement Income Security Act of 1974, as amended from time to time, are deemed to be “fines.”
The bylaws each of the Arizona Corporations provide that the corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his or her employment as a director or officer of the corporation. The board of directors of the corporation must determine in good faith that such person did not act, fail to act, or refuse to act willfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
(b) Destination Resorts LLC, Doubletree Hotel Systems LLC, Doubletree Hotels LLC, DT Management LLC and DTM Santa Clara LLC are limited liability companies organized under the laws of the State of Arizona (collectively, the “Arizona Limited Liability Companies”).
 
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Arizona Revised Statutes
Section 29-610 of the Arizona Limited Liability Company Act, as amended (the “Arizona Limited Liability Company Act”), permits a domestic limited liability company to indemnify a member, manager, employee, officer or agent or any other person.
Section 29-651 of the Arizona Limited Liability Company Act provides that a member, manager, employee, officer or agent of a limited liability company is not liable, solely by reason of being a member, manager, employee, officer or agent, for the debts, obligations and liabilities of the limited liability company whether arising in contract or tort, under a judgment, decree or order of a court, or otherwise.
Organizational Documents of the Arizona Limited Liability Companies
The operating agreements of each of the Arizona Limited Liability Companies provide that the limited liability company shall indemnify its members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of the foregoing to the full extent permitted by law from and against all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnitee for, on behalf of, or otherwise in connection with, the limited liability company.
(c) The following entities are incorporated under the laws of the State of California: HIC Gaming California, Inc., HIC San Pablo Limited, Inc. and Hilton San Diego Corporation (collectively, the “California Corporations”).
California Corporation Code
Section 204(a)(10) and (11) of the California Corporations Code provides that a corporation may set forth in its articles of incorporation provisions (I) eliminating or limiting the personal liability of a director for monetary damages in an action brought by or in the right of the corporation for breach of a director’s duties to the corporation and its shareholders, as set forth in Section 309 of the California Corporations Code, so long as (A) such a provision may not eliminate or limit the liability of directors (i) for acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii) for acts or omissions that a director believes to be contrary to the best interests of the corporation or its shareholders or that involve the absence of good faith on the part of the director, (iii) for any transaction from which a director derived an improper personal benefit, (iv) for acts or omissions that show a reckless disregard for the director’s duty to the corporation or its shareholders in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing a director’s duties, of a risk of serious injury to the corporation or its shareholders, (v) for acts or omissions that constitute an unexcused pattern of inattention that amounts to an abdication of the director’s duty to the corporation or its shareholders, (vi) under Section 310 of the California Corporations Code, or (vii) under Section 316 of the California Corporations Code, (B) no such provision shall eliminate or limit the liability of a director for any act or omission occurring prior to the date when the provision becomes effective, and (C) no such provision shall eliminate or limit the liability of an officer for any act or omission as an officer, notwithstanding that the officer is also a director or that his or her actions, if negligent or improper, have been ratified by the directors and (II) authorizing, whether by by-law, agreement or otherwise, the indemnification of agents (as defined in Section 317 of the California Corporations Code) in excess of that expressly permitted by Section 317 for those agents of the corporation for breach of duty to the corporation and its stockholders, provided, however that the provision may not provide for indemnification of any agent for any acts or omissions or transactions from which a director may not be relieved of liability as set forth in the exception to paragraph (10) or as to circumstances in which indemnity is expressly prohibited by Section 317.
 
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Section 317(b) of the California Corporations Code provides that a corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right of the corporation to procure a judgment in its favor) by reason of the fact that the person is or was an agent of the corporation, against expenses, judgments, fines, settlements, and other amounts actually and reasonably incurred in connection with the proceeding if that person acted in good faith and in a manner the person reasonably believed to be in the best interests of the corporation and, in the case of a criminal proceeding, had no reasonable cause to believe the conduct of the person was unlawful. The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in the best interests of the corporation or that the person had reasonable cause to believe that the person’s conduct was unlawful.
Section 317(c) of the California Corporations Code provides that a corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was an agent of the corporation, against expenses actually and reasonably incurred by that person in connection with the defense or settlement of the action if the person acted in good faith, in a manner the person believed to be in the best interests of the corporation and its shareholders.
Organizational Documents of the California Corporations
Pursuant to Section 204(a)(10) of the California Corporations Code, the articles of both HIC Gaming California, Inc. and HIC San Pablo Limited, Inc. provide that the liability of directors of the corporations for monetary damages will be eliminated to the fullest extent permissible under California law. Furthermore, the articles provide that the corporations are authorized to provide indemnification of agents for breach of duty to the corporations and their shareholders through bylaw provisions, agreements with agents, vote of shareholders or disinterested directors, or otherwise, in excess of the indemnification otherwise permitted by Section 317 of the California Corporations Code, subject only to the applicable limits set forth in Section 204 of the California Corporations Code.
The bylaws of the California Corporations provide that the corporation shall indemnify any current or former director or officer of the corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the corporation or by reason of the fact that he is or was serving, at the request of the corporation , as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
(d) HIC San Pablo, L.P. is a limited partnership formed under the laws of the State of California (the “California Limited Partnership”).
California Uniform Limited Partnership Act
Section 15904.06(c) (Operative January 1, 2008) of the 2008 California Revised Limited Partnership Act addresses the rights of a general partner with respect to its management and conduct of partnership activities. The 2008 California Revised Limited Partnership Act provides that a limited partnership shall reimburse a general partner for payments made, and indemnify a general partner for liabilities incurred by, the general partner in the ordinary course of the activities of the partnership or for the preservation of its activities or property.
(e) The following entities are incorporated under the laws of the State of Delaware: Embassy Suites (Isla Verde), Inc., EPAM Corporation, HIC First Corporation, HIC Holdings Corporation, HIC Hotels U.S.A. Corporation, HIC Racing Corporation, HIC Second Corporation, Hilton Hawaii Corporation, Hilton International
 
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Holding Corporation, Hilton Resorts Corporation, Hilton Resorts Marketing Corp., Hilton Spring Corporation, Hilton Worldwide Finance Corp., Hilton Worldwide Holdings Inc., Hilton Worldwide, Inc., HLT ESP International Franchisor Corporation, HLT ESP International Management Corporation, HLT Lifestyle International Franchisor Corporation, HLT Lifestyle International Management Corporation, Hotels Statler Company, Inc., HPP Hotels USA, Inc., Promus Hotel Services, Inc., Promus Hotels Minneapolis, Inc., Promus/Kingston Development Corporation and Tex Holdings, Inc. (collectively, the “Delaware Corporations”).
Delaware General Corporation Law
Section 145(a) of the Delaware General Corporation Law provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person’s conduct was unlawful.
Section 145(b) of the Delaware General Corporation Law provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Delaware Court of Chancery or such other court shall deem proper.
Section 145(c) of the Delaware General Corporation Law provides that to the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 145(a) and (b), or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.
Section 145(d) of the Delaware General Corporation Law provides that any indemnification under Section 145(a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 145(a) and (b). Such determination shall be made, with respect to a person who is a director or officer of the corporation at the time of such determination (1) by a majority vote of the directors who were not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such directors
 
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designated by majority vote of such directors, even though less than a quorum; or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.
Section 145(e) of the Delaware General Corporation Law provides that expenses (including attorneys’ fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in Section 145. Such expenses (including attorneys’ fees) incurred by former directors and officers or other employees and agents of the corporation or by persons serving at the request of the corporation as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.
Section 145(f) of the Delaware General Corporation Law provides that the indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.
Section 145(g) of the Delaware General Corporation Law provides that a corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liability under Section 145.
Section 174 of the Delaware General Corporation Law provides, among other things, that a director, who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption, may be held liable for such actions at any time within six years of such actions. A director who was either absent when the unlawful actions were approved or dissented at the time, may avoid liability by causing his or her dissent to such actions to be entered in the books containing the minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent director receives notice of the unlawful acts.
Organizational Documents of Delaware Corporations
The articles of incorporation of HIC First Corporation, HIC Second Corporation and HIC Holdings Corporation provide that each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (as used in this paragraph, a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the
 
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corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may be amended (but, in the case of any such amendment, only to the extent that such amendment permits the corporation to provide broader indemnification rights than such law permitted the corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that, except as provided in the articles of incorporation, the corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the board of directors of the corporation. The right to indemnification conferred by the articles of incorporation includes the right to be paid by the corporation the expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation Law requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon delivery to the corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified. The corporation may, by action of its board of directors, provide indemnification to employees and agents of the corporation with the same scope and effect as the foregoing indemnification of directors and officers.
The articles of incorporation of Hilton Resorts Corporation provide that the corporation shall, to the fullest extent permitted by the provisions of Section 145 of the Delaware General Corporation Law, as the same may be amended and supplemented, indemnify any and all persons whom it shall have power to indemnify under said section from and against any and all of the expenses, liabilities, or other matters referred to in or covered by such section, and the indemnification provided for in the articles of incorporation shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.
The articles of incorporation of Hilton Spring Corporation, Hilton Worldwide Finance Corp., HLT ESP International Franchisor Corporation, HLT ESP International Management Corporation, HLT Lifestyle International Franchisor Corporation and HLT Lifestyle International Management Corporation provide that the corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the Delaware General Corporation Law, and the corporation may adopt bylaws or enter into agreements with any such person for the purpose of providing for such indemnification. To the extent that a director or officer of the corporation has been successful on the merits or otherwise in defense of any such action, suit or proceeding, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith. Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the corporation (or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the corporation in advance of the final disposition of such action, claim, suit or proceeding within ten
 
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business days of the corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the corporation against such expenses as authorized by the relevant sections of the Delaware General Corporation Law, and the corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
The articles of incorporation of Hilton Worldwide, Inc. provide that the corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law, Agent (as defined below) against costs, charges and expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Agent in connection with such action, suit or proceeding, and any appeal therefrom, if Agent acted in good faith and in a manner Agent reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding (whether by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent) shall not, of itself, create a presumption that the Agent did not act in good faith and in a manner which the Agent reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, that the Agent had reasonable cause to believe that the Agent’s conduct was unlawful. “Agent” means any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the corporation (other than a judicial action or suit brought by or in the right of the corporation) by reason of the fact that he or she is or was or has agreed to be a director, officer or employee of the corporation, or that, being or having been such a director, officer or employee, he or she is or was serving at the request of the corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise.
The articles of incorporation of Hilton Worldwide, Inc. further provide that the corporation shall also indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed judicial action or suit brought by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was an Agent, against costs, charges and expenses actually and reasonably incurred by an Agent in connection with the defense or settlement of such action or suit and any appeal therefrom if the Agent acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of the Agent’s duty to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Delaware Court of Chancery or other such court shall deem proper.
The articles of incorporation of Hilton Worldwide, Inc. further provide that any indemnification under the above paragraph (unless ordered by a court) shall be paid by the corporation unless a determination is reasonably and promptly made (i) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders, that such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe that his conduct was unlawful. Notwithstanding the other provisions of the indemnification section of the articles of incorporation, to the extent that an Agent has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, the settlement of an action without admission of liability, or the defense of any claim, issue or matter therein, or on appeal from any such proceeding, action, claim or matter, such Agent shall be indemnified against all costs, charges and expenses incurred in connection therewith.
 
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Except as limited by the articles of incorporation of Hilton Worldwide Inc., costs, charges, and expenses incurred by an Agent in any action, suit, proceeding or investigation or any appeal therefrom shall be paid by the corporation in advance of the final disposition of such matter, if the Agent shall undertake to repay such amount in the event that it is ultimately determined, as provided herein, that such person is not entitled to indemnification. Notwithstanding the foregoing, no advance shall be made by the corporation if a determination is reasonably and promptly made by the board of directors by a majority vote of a quorum of disinterested directors, or (if such a quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs) by independent legal counsel in a written opinion, that, based upon the facts known to the board of directors or counsel at the time such determination is made, the Agent acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any advance be made in instances where the board of directors or independent legal counsel reasonably determines that the Agent deliberately breached such person’s duty to the corporation or its stockholders.
The articles of incorporation of Hilton Hawaii Corporation provide that each director and officer of the corporation and any person serving at its request as director or officer of another corporation in which it owns shares of capital stock or of which it is a creditor shall be indemnified by the corporation against all expenses that may be reasonably incurred or paid by him in connection with any claim, or actual and threatened action, suit or proceeding in which he may be involved by reason of his being or having been such a director or officer or by reason of any action or omission or alleged action or omission by him in any such capacity and against any amount or amounts which may be paid by him (other than to the corporation) in reasonable settlement of any claim, action, suit or proceeding where it is in the interest of the corporation that such settlement be made.
The articles of incorporation of Hotels Statler Company, Inc. provide that the corporation shall indemnify any and all directors or officers or former directors or officers or any person who may have served at its request as a director or officer of another corporation in which it owns shares of capital stock or of which it is a creditor against expenses actually and necessarily incurred by them in connection with the defense of any action, suit or proceeding in which they, or any of them, are made parties, or a party, by reason of being or having been directors or officers or a director or officer of the corporation or of such other corporation, except in relation to matters as to which any such director, officer or person shall be adjudged in such action suit or proceeding to be liable for negligence or misconduct in the performance of duty.
The articles of incorporation of HPP Hotels USA, Inc. provide that, to the fullest extent permitted by Section 145 of the Delaware General Corporation Law, the corporation shall indemnify any and all persons whom it shall have power to indemnify under that section from and against any and all of the expenses, liabilities and other matters referred to or covered in Section 145.
The articles of incorporation of HIC Racing Corporation provide that the corporation shall, to the full extent permitted by Section 145 of the Delaware General Corporation Law, indemnify all persons whom it may indemnify pursuant thereto.
The bylaws of HIC Racing Corporation, Hilton Spring Corporation, Hilton Worldwide Finance Corp. and Promus Hotels Minneapolis, Inc. provide that, to the fullest extent permitted by the Delaware General Corporation Law, the corporation shall indemnify any current or former director or officer of the corporation and may, at the discretion of the board of directors, indemnify any current or former employee or agent of the corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the corporation or by reason of the fact that he is or was serving, at the request of the corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
 
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The bylaws of HIC First Corporation and HIC Second Corporation provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action or suit by or in the right of the corporation to procure a judgment in its favor) by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding.
The bylaws of Hilton New Jersey Service Corp., Hilton Resorts Marketing Corp., Tex Holdings, Inc. and HIC Hotels U.S.A. Corporation provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer (or an employee or agent in the case of HIC Hotels U.S.A. Corporation) of the corporation, or is or was serving at the request of the corporation as a director or officer (or an employee or agent in the case of HIC Hotels U.S.A. Corporation) of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The bylaws of Hilton New Jersey Service Corp., Hilton Resorts Marketing Corp., Tex Holdings, Inc. and HIC Hotels U.S.A. Corporation further provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer (or an employee or agent in the case of HIC Hotels U.S.A. Corporation) of the corporation, or is or was serving at the request of the corporation as a director or officer (or an employee or agent in the case of HIC Hotels U.S.A. Corporation) of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, provided that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Delaware Court of Chancery or such other court shall deem proper.
The bylaws of Hilton Resorts Corporation and HPP Hotels USA, Inc. provide that the corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the corporation (other than a judicial action or suit brought by or in the right of the corporation) by reason of the fact that he or she is or was or has agreed to be a director, officer, employee, agent or fiduciary of the corporation, or that, being or having been such a director, officer, employee, agent or fiduciary, he or she is or was serving at the request of the corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, against costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such indemnified person in connection with such action, suit or proceeding, and any appeal therefrom, if such indemnified person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful.
 
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The bylaws of Hilton Resorts Corporation and HPP Hotels USA, Inc. further provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit brought by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a or has agreed to be a director, officer, employee, agent or fiduciary of the corporation, or that, being or having been such a director, officer, employee, agent or fiduciary, he or she is or was serving at the request of the corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise against costs, charges and expenses (including attorneys’ fees) actually and reasonably incurred by such indemnified person in connection with the defense or settlement of such action or suit and any appeal therefrom if such person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of such person’s duty to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Delaware Court of Chancery or other such court shall deem proper.
The bylaws of Hilton Worldwide, Inc. provide that the corporation shall indemnify to the fullest extent permitted by law any person made or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person or such person’s testator or intestate is or was a director or officer of the corporation or serves or served, at the request of the corporation, any other corporation, partnership, limited liability company, joint venture, trust, association or other unincorporated organization or other entity or employee benefit plan, as a director or officer against expenses, including attorneys’ fees, incurred by any such person in defending any such action, suit or proceeding.
The bylaws of EPAM Corporation and Promus Hotel Services, Inc. provide that the corporation shall indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he is or was a director or officer of the corporation (or an employee in the case of EPAM Corporation), or while a director or officer of the corporation (or an employee in the case of EPAM Corporation), is or was serving at the request of the corporation as a director, officer, employee, agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, to the full extent permitted by applicable law.
The bylaws of Promus/Kingston Development Corporation provide that the corporation shall indemnify, in the manner and to the full extent permitted by law, any person (or the estate of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement, and, in the manner provided by law, any such expenses may be paid by the corporation in advance of the final disposition of such action, suit or proceeding.
The bylaws of Hilton International Holding Corporation provide that the corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law, any person (a “Covered Person” as used in this paragraph) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the corporation or, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit
 
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entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in the bylaws, the corporation shall be required to indemnify a Covered Person in connection with a proceeding (or part thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the board of directors of the corporation.
The bylaws of Hilton Worldwide Holdings Inc. (“Holdings”) provide that Holdings shall indemnify and hold harmless to the fullest extent permitted by Delaware law each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or an officer of the corporation or, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee, agent or trustee or in any other capacity while serving as a director, officer, employee, agent or trustee, against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in the corporation’s bylaws with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the board of directors.
The bylaws of Holdings further provide that an indemnitee shall also have the right to be paid by Holdings the expenses (including attorney’s fees) incurred in appearing at, participating in or defending any such proceeding in advance of its final disposition or in connection with a proceeding brought to establish or enforce a right to indemnification or advancement of expenses under the bylaws; provided, however, that, if (x) the Delaware General Corporation Law requires or (y) in the case of an advance made in a proceeding brought to establish or enforce a right to indemnification or advancement, an advancement of expenses incurred by an indemnitee in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made solely upon delivery to Holdings of an undertaking, by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined after final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to indemnification under the bylaws or otherwise. The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our amended and restated certificate of incorporation, our amended and restated bylaws, agreement, vote of stockholders or disinterested directors or otherwise.
The provision of indemnification to or the advancement of expenses and costs to any indemnitee under the bylaws of Holdings, or the entitlement of any indemnitee to indemnification or advancement of expenses and costs under the bylaws, shall not limit or restrict in any way the power of Holdings to indemnify or advance expenses and costs to such indemnitee in any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any indemnitee seeking indemnification or advancement of expenses and costs may be entitled under any law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such indemnitee’s capacity as an officer, director, employee or agent of Holdings and as to action in any other capacity.
Holdings maintains standard policies of insurance that provide coverage (i) to its directors and officers against losses arising from claims made by reason of breach of duty or other wrongful act and (ii) to Holdings with respect to indemnification payments that Holdings may make to such directors and officers.
 
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Holdings is a party to indemnification agreements with its directors and executive officers. These agreements require Holdings to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors or executive officers, we have been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy and is therefore unenforceable.
(f) 90210 Biltmore Management, LLC, 90210 Desert Resorts Management Co., LLC, 90210 Grand Wailea Management Co., LLC, 90210 LLC, 90210 Management Company, LLC, Andiamo’s O’Hare, LLC, Blue Bonnet Security, LLC, Compris Hotel LLC, Conrad Franchise LLC, Conrad International Manage (CIS) LLC, Conrad Management LLC, Doubletree DTWC LLC, Doubletree Franchise LLC, Doubletree LLC, Doubletree Management LLC, DTWC Spokane City Center SPE, LLC, EJP LLC, Embassy Development LLC, Embassy Equity Development LLC, Embassy Suites Franchise LLC, Embassy Syracuse Development LLC, Grand Vacations Realty, LLC, Grand Vacations Services LLC, Grand Vacations Title, LLC, Hampton Inns Franchise LLC, Hampton Inns LLC, Hampton Inns Management LLC, HHC BC Orlando, LLC, HHC One Park Boulevard, LLC, Hilton Beverage LLC, Hilton Chicago Beverage I LLC, Hilton Chicago Beverage II LLC, Hilton Chicago Beverage III LLC, Hilton Chicago Beverage IV LLC, Hilton Corporate Director LLC, Hilton El Con Management LLC, Hilton El Con Operator LLC, Hilton Electronic Distribution Systems, LLC, Hilton Energy Investments, LLC, Hilton Franchise Holding LLC, Hilton Franchise LLC, Hilton Garden Inns Franchise LLC, Hilton Garden Inns Management LLC, Hilton Grand Vacations Club, LLC, Hilton Grand Vacations Company, LLC, Hilton Grand Vacations Financing, LLC, Hilton HHonors Worldwide, L.L.C., Hilton Illinois Holdings LLC, Hilton Inns LLC, Hilton Kingsland 1, LLC, Hilton Management LLC, Hilton New Jersey Service Corp., Hilton OPB, LLC, Hilton Orlando Partners II, LLC, Hilton Orlando Partners III, LLC, Hilton Recreation LLC, Hilton Supply Management LLC, Hilton Systems Solutions, LLC, Hilton Systems, LLC, Hilton Worldwide Finance LLC, HLT Audubon LLC, HLT CA Hilton LLC, HLT Conrad Domestic LLC, HLT Conrad GP LLC, HLT Domestic JV Holdings LLC, HLT Domestic Owner LLC, HLT ESP Franchise LLC, HLT ESP International Franchise LLC, HLT ESP International Manage LLC, HLT ESP Manage LLC, HLT Franchise II Borrower LLC, HLT HQ SPE LLC, HLT HSM Holding LLC, HLT HSS Holding LLC, HLT JV Acquisition LLC, HLT JV I Borrower LLC, HLT Lifestyle Franchise LLC, HLT Lifestyle International Franchise LLC, HLT Lifestyle International Manage LLC, HLT Lifestyle Manage LLC, HLT Memphis Data LLC, HLT O’Hare LLC, HLT Operate DTWC LLC, HLT Owned II Holding LLC, HLT Owned II-A Borrower LLC, HLT Palmer LLC, HLT Timeshare Borrower I LLC, HLT Timeshare Borrower II LLC, Homewood Suites Franchise LLC, Homewood Suites Management LLC, HRC Islander LLC, HTGV, LLC, Innvision, LLC, Lockwood Palmer House, LLC, MeriTex, LLC, Potter’s Bar Palmer House, LLC, Promus Hotels Florida LLC, Promus Hotels LLC, Promus Hotels Parent LLC, Suite Life LLC, Promus Operating LLC, Samantha Hotel LLC, WA Collection International, LLC, Waldorf Astoria Franchise LLC and Waldorf=Astoria Management LLC are limited liability companies organized under the laws of the State of Delaware (collectively, the “Delaware Limited Liability Companies”).
Delaware Limited Liability Company Act
Section 18-108 of the Delaware Limited Liability Company Act empowers a Delaware limited liability company to indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever.
Organizational Documents of Delaware Limited Liability Companies
The limited liability company agreements of 90210 Biltmore Management, LLC, 90210 Desert Resorts Management Co., LLC and 90210 Grand Wailea Management Co., LLC provide that to the extent permitted by law, the company shall indemnify, defend and hold harmless the member and such officers, employees and agents of the company as the member identifies in writing as being entitled to indemnification from and against any and all debts, losses, claims, damages, costs, demands, fines, judgments, contracts (implied and expressed, written and unwritten), penalties, obligations, payments, liabilities of every type and nature (whether known or
 
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unknown, fixed or contingent), including, without limitation, those arising out of any lawsuit, action or proceeding, together with any reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, out-of-pocket expenses and other reasonable costs and expenses incurred in investigating, preparing or defending any pending or threatened lawsuit, acting or proceeding) incurred in connection with the foregoing suffered or sustained by such indemnified person by reason of any act, omission or alleged act or omission by such indemnified person arising out of such person’s activities taken primarily on behalf of the company, or at the request or with the approval of the company, or primarily in furtherance of the interests of the company, provided that the acts, omissions or alleged acts or omissions upon which such actual or threatened actions, proceedings or claims are based did not constitute willful misconduct or gross negligence.
The limited liability company agreements of 90210 LLC, Andiamo’s O’Hare, LLC, Blue Bonnet Security, LLC, Compris Hotel LLC, Conrad Franchise LLC, Conrad International Manage (CIS) LLC, Conrad Management LLC, Doubletree DTWC LLC, Doubletree Franchise LLC, Doubletree LLC, Doubletree Management LLC, DTWC Spokane City Center SPE, LLC, Embassy Equity Development LLC, Embassy Suites Franchise LLC, Embassy Syracuse Development LLC, Hampton Inns Franchise LLC, Hampton Inns LLC, Hampton Inns Management LLC, HHC One Park Boulevard, LLC, Hilton Chicago Beverage I LLC, Hilton Chicago Beverage II LLC, Hilton Chicago Beverage III LLC, Hilton Chicago Beverage IV LLC, Hilton Corporate Director LLC, Hilton El Con Management LLC, Hilton El Con Operator LLC, Hilton Electronic Distribution Systems, LLC, Hilton Energy Investments, LLC, Hilton Franchise Holding LLC, Hilton Franchise LLC, Hilton Garden Inns Franchise LLC, Hilton Garden Inns Management LLC, Hilton Grand Vacations Financing, LLC, Hilton HHonors Worldwide, L.L.C., Hilton Illinois Holdings LLC, Hilton Inns LLC, Hilton Kingsland 1, LLC, Hilton Management LLC, Hilton OPB, LLC, Hilton Orlando Partners II, LLC, Hilton Orlando Partners III, LLC, Hilton Recreation LLC, Hilton Supply Management LLC, Hilton Systems, LLC, Hilton Worldwide Finance, LLC, HLT Audubon LLC, HLT CA Hilton LLC, HLT Conrad Domestic LLC, HLT Conrad GP LLC, HLT Domestic JV Holdings LLC, HLT Domestic Owner LLC, HLT ESP Franchise LLC, HLT ESP International Franchise LLC, HLT ESP International Manage LLC, HLT ESP Manage LLC, HLT Franchise II Borrower LLC, HLT HQ SPE LLC, HLT HSM Holding LLC, HLT HSS Holding LLC, HLT JV Acquisition LLC, HLT JV I Borrower LLC, HLT Lifestyle Franchise LLC, HLT Lifestyle International Franchise LLC, HLT Lifestyle International Manage LLC, HLT Lifestyle Manage LLC, HLT Memphis Data LLC, HLT O’Hare LLC, HLT Operate DTWC LLC, HLT Owned II Holding LLC, HLT Owned II-A Borrower LLC, HLT Palmer LLC, HLT Timeshare Borrower I LLC, HLT Timeshare Borrower II LLC, Homewood Suites Franchise LLC, Homewood Suites Management LLC, HRC Islander LLC, HTGV, LLC, Innvision, LLC, MeriTex, LLC, Promus Hotels Florida LLC, Promus Hotels LLC, Promus Hotels Parent LLC, Promus Operating LLC, Samantha Hotel LLC, WA Collection International, LLC, Waldorf Astoria Franchise LLC and Waldorf=Astoria Management LLC provide that the company shall indemnify and hold harmless the members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnified person may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnified person for, on behalf of, or otherwise in connection with, the company.
The limited liability company agreement of 90210 Management Company, LLC provides that the company shall indemnify the officers, directors, employees, agents and controlling persons, on request by the indemnified party, and hold each of them harmless to the full extent permitted by law from and against all losses, costs, damages, liabilities, and expenses (including reasonable costs of suit and attorney’s fees), any indemnified person may incur as an officer or member of the company or as a controlling person of such member, in performing the obligations of an officer or member with respect to the company, as the case may be, including any matter arising out of or resulting from the indemnified person’s own simple, partial, or concurrent negligence, except for any such loss, cost, liability, damage or expense primarily attributable to the indemnified person’s reckless disregard of fiduciary duties, gross negligence, willful misconduct, or fraud.
 
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The limited liability company agreements of EJP LLC, Embassy Development LLC and Suite Life LLC provide that the company shall, to the fullest extent permitted by applicable law, indemnify and hold harmless each member and officer, in each case in his, her or its capacity as such, any affiliate of a member or officer and any entity of which an officer is an officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “Covered Person” as used in this paragraph) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the company or its controlled affiliates or the activities of such Covered Person on behalf of the company; provided, that indemnification thereunder and the advancement of expenses thereunder shall be recoverable only from the assets of the company and not from assets of the member.
The limited liability company agreements of Grand Vacations Realty, LLC, Grand Vacations Title, LLC, Hilton Grand Vacations Club, LLC and Hilton Grand Vacations Company, LLC provide that the company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the company) by reason of the fact that he is or was a member of the company, manager, employee or agent of the company or is or was serving at the request of the company, again expenses (including attorney’s fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit, or proceeding if the members determine that he acted in good faith and in a manager he reasonably believed to be in or not opposed to the best interest of the company and with respect to any criminal action proceeding, has no reason to believe his/her conduct was unlawful.
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the company, and with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
The limited liability company agreements of Grand Vacations Services LLC and Hilton Beverage LLC provide that to the fullest extent permitted by applicable law, the company shall indemnify and hold harmless each member, director and officer, in each case in his or its capacity as such, any affiliate of a member, manager, or officer, and any person of which a director or officer is an officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative, or agent of any of the foregoing from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such indemnified person from the company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever which may be imposed on, incurred by or asserted at any time against such indemnified person in connection with the business or affairs of the company or its controlled affiliates or the activities of such indemnified person on behalf of the company.
The limited liability company agreement of HHC BC Orlando, LLC states that the company shall indemnify the member and any officer, manager, employee, representative, agent, or affiliate of the company and any officer, director, manager, general partner, employee, representative, agent, or affiliate of the member against any loss, damage or claim incurred by reason of any act or omission performed or omitted by such indemnified person in good faith on behalf of the company and in a manner reasonably believed to be within the scope of the
 
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authority conferred on such person, except that such person will be liable for any such loss damage or claim incurred by reason of such person’s gross negligence or willful misconduct.
The limited liability company agreements of Hilton Systems Solutions, LLC, Lockwood Palmer House, LLC and Potter’s Bar Palmer House, LLC state that the company shall indemnify and hold harmless all officers of the company (and the members of the management committee in the case of Lockwood Palmer House, LLC and Potter’s Bar Palmer House, LLC) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnified person may be involved or threatened to be involved as a party or otherwise, relating to the performance or nonperformance of any act concerning the activities of the company, if (i) the indemnified person acted in a manner it believed to be in, or not contrary to, the best interests of the company, and (ii) the indemnified person’s conduct did not constitute gross negligence or willful misconduct.
(g) The following entity is incorporated under the laws of the State of Florida: Florida Conrad International Corp. (the “Florida Corporation”).
Florida Business Corporation Act
Section 607.0831 of the Florida Business Corporation Act, as amended (the “Florida Business Corporation Act”), provides, among other things, that a director is not personally liable for monetary damages to a corporation or any other person for any statement, vote, decision, or failure to act, regarding corporate management or policy, by the director, unless the director breached or failed to perform his or her duties as a director and such breach or failure constitutes (a) a violation of criminal law, unless the director had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; (b) a transaction from which the director derived an improper personal benefit; (c) a circumstance under which the liability provisions of Section 607.0834 of the Florida Business Corporation Act (relating to the liability of the directors for unlawful distributions) are applicable; (d) willful misconduct or a conscious disregard for the best interest of the corporation in the case of a proceeding by or in the right of the corporation to procure a judgment in its favor or by or in the right of a shareholder; or (e) recklessness or an act or omission in bad faith or with malicious purpose or in a manner exhibiting wanton and willful disregard of human rights, safety or property, in a proceeding by or in the right of someone other than such corporation or a shareholder.
Section 607.0850(1) of the Florida Business Corporation Act provides that a Florida corporation shall have the power to indemnify any person who was or is a party to any proceeding (other than an action by, or in the right of, the corporation), by reason of the fact that he is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against liability incurred in connection with such proceeding, including any appeal thereof, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Section 607.0850(2) of the Florida Business Corporation Act provides that a Florida corporation shall have the power to indemnify any person, who was or is a party to any proceeding by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses and amounts paid in settlement not exceeding, in the judgment of the board of directors, the estimated expense of litigating the proceeding to conclusion, actually and reasonably incurred in connection with the defense or settlement of such proceeding, including any appeal thereof. Such indemnification shall be authorized if such person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the
 
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corporation, except that no indemnification shall be made under that subsection in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable unless, and only to the extent that, the court in which such proceeding was brought, or any other court of competent jurisdiction, shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
Section 607.0850 of the Florida Business Corporation Act further provides that: (i) to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any proceeding referred to in subsection (1) or subsection (2), or in defense of any claim, issue, or matter therein, he or she shall be indemnified against expenses actually and reasonably incurred by him or her in connection therewith; and (ii) the corporation shall have the power to purchase and maintain insurance on behalf of a director, officer, employee or agent of the corporation against any liability asserted against him or her or incurred by him or her in any such capacity or arising out of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liabilities under Section 607.0850.
The Florida Business Corporation Act requires that a director, officer or employee be indemnified for actual and reasonable expenses (including attorneys’ fees) to the extent that he or she has been successful on the merits or otherwise in the defense of any proceeding. Florida law also allows expenses of defending a proceeding to be advanced by a corporation before the final disposition of the proceedings, provided that the officer, director or employee undertakes to repay such advance if it is ultimately determined that indemnification is not permitted.
The Florida Business Corporation Act states that the indemnification and advancement of expenses provided pursuant to Section 607.0850 is not exclusive and that indemnification may be provided by a corporation pursuant to other means, including agreements or bylaw provisions. Florida law prohibits indemnification or advancement of expenses, however, if a judgment or other final adjudication establishes that the actions of a director, officer, employee or agent constitute (i) a violation of criminal law, unless he or she had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; (ii) a transaction from which such person derived an improper personal benefit; (iii) willful misconduct or conscious disregard for the best interests of the corporation in the case of a derivative action or a proceeding by or in the right of a shareholder, or (iv) in the case of a director, a circumstance under which the liability provisions of Section 607.0834 of the Florida Business Corporation Act (relating to the liability of directors for improper distributions) are applicable.
Organizational Documents of the Florida Corporation
The articles of incorporation of the Florida Corporation provide that the corporation shall, to the fullest extent permitted by the provisions of the Florida Business Corporation Act, indemnify any and all persons it shall have power to indemnify under said provisions from and against any and all of the expenses, liabilities or other matters referred to in or covered by said provisions. The indemnification provided for in the articles of incorporation applies both as to action of the indemnitee in his or her official capacity and as to action in another capacity while holding such office. The corporation’s indemnification obligation continues as to a person who has ceased to be an officer, director, employee or agent of the corporation and inures to the benefit of such indemnitee’s heirs, executors and administrators.
The bylaws of the Florida Corporation provide that the corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he or she is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed
 
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to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
The bylaws also provide that the corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit. The indemnitee must have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification may be made in respect of any claim, issue or matter as to which such person is adjudged to be liable to the corporation unless and only to the extent that the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court deems proper.
Any indemnification under the foregoing two paragraphs (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the foregoing two paragraphs. Such determination must be made (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (ii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (iii) by the stockholders. The corporation must cause such determination to be made if so requested by any person indemnifiable under the bylaws of the corporation.
Expenses (including attorneys’ fees) incurred by any officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding must be paid by the corporation in advance of the final disposition of such action, suit or proceeding, upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the corporation under the bylaws of the corporation. The corporation’s indemnification obligation, unless otherwise provided when authorized or ratified, continues as to a person who has ceased to be an officer or director of the corporation and inures to the benefit of such indemnitee’s heirs, executors, and administrators.
The corporation shall be required to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the board of directors of the corporation.
(h) Hilton-OCCC Hotel, LLC and Hilton-OCCC Mezz Lender, LLC are limited liability companies organized under the laws of the State of Florida (collectively, the “Florida Limited Liability Companies”).
Florida Limited Liability Company Act and Florida Revised Limited Liability Company Act
The Florida Limited Liability Companies, having been formed prior to January 1, 2014, are currently subject to the Florida Limited Liability Company Act (in its current application, the “Florida Existing Limited Liability Company Act”, codified as Chapter 608 of the Florida Statutes). Effective January 1, 2015, the Florida Limited Liability Companies will become subject to the Florida Revised Limited Liability Company Act (the “Florida Revised Limited Liability Company Act”, codified as Chapter 605 of the Florida Statutes).
Section 608.4229 of the Florida Existing Limited Liability Company Act provides that subject to such standards and restrictions, if any, as are set forth in its articles of organization or operating agreement, a limited liability company may, and shall have the power to, but shall not be required to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever, provided
 
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that no judgment or other final adjudication establishes that the actions or omissions to act of the member, manager, managing member, officer, employee or agent were material to the cause of action so adjudicated and constitute any of the following: (1) a violation of criminal law (unless the member, manager, managing member, officer, employee or agent had no reasonable cause to believe such conduct was unlawful), (2) a transaction from which the member, manager, managing member, officer, employee or agent derived an improper personal benefit, (3) a circumstance under which the liability provisions of section 608.426 of the Florida Existing Limited Liability Company Act regarding conflicts of interest are applicable (in the case of a manager or managing member) or (4) willful misconduct or a conscious disregard for the best interests of the limited liability company in a proceeding by or in the right of the limited liability company to procure a judgment in its favor or in a proceeding by or in the right of a member.
Section 605.04091 of the Florida Revised Limited Liability Company Act specifies that each manager of a manager-managed limited liability company and each member of a member-managed limited liability company owes fiduciary duties of loyalty and care to the limited liability company and its members, and must exercise its duties and rights consistently with the obligation of good faith and fair dealing. Section 605.0408 of the Florida Revised Limited Liability Company Act provides that a limited liability company may indemnify and hold harmless a person with respect to a claim or demand against the person and a debt, obligation, or other liability incurred by the person by reason of the person’s former or present capacity as a member or manager if the claim, demand, debt, obligation or other liability does not arise from the person’s breach of the provisions of the Florida Revised Limited Liability Company Act governing limitations on distributions, management of the company, delegation of rights and powers to manage, selection and terms of managers in a manager-managed company, voting or agency rights of members and managers, or the standards of conduct expressed in Section 605.04091 (described above). Section 605.0408 of the Florida Revised Limited Liability Company Act furthermore permits a limited liability company to reimburse a member of a member-managed company or a manager of a manager-managed company for any payment made in the course of their activities on behalf of the company, if the member or manager complied with the requirements of that section and with the provisions of the Florida Revised Limited Liability Company Act governing management of the company, delegation of rights and powers to manage, selection and terms of managers in a manager-managed company, voting and agency rights of members and managers, and the standards of conduct expressed in Section 605.04091 (described above). In the ordinary course of its activities and affairs, a limited liability company may advance reasonable expenses, including attorney fees and costs, incurred by a person in connection with a demand or claim against that person by reason of his or her former or present capacity as a member or manager, so long as the person promises to repay the company if he or she is ultimately determined not to be entitled to indemnification.
Under the Florida Revised Limited Liability Company Act, a limited liability company may, in its limited liability company (operating) agreement, generally alter the indemnification limitations imposed by Section 605.0408, except that a limited liability company agreement may not provide for any indemnification for a member or manager for (1) conduct involving bad faith, willful or intentional misconduct, or a knowing violation of law, (2) a transaction from which the member or manager derived an improper personal benefit, (3) a circumstance under which the liability provisions of Section 605.0406 (liability for improper distributions by limited liability company) are applicable, or (4) a breach of duties or obligations under Section 605.04091 (standards of conduct for members and managers), taking into account a variation of such duties and obligations provided for in the limited liability company agreement to the extent permitted. Likewise, a limited liability company may not in its limited liability company agreement relieve or exonerate a person from liability for conduct involving bad faith, willful or intentional misconduct, or a knowing violation of law.
Section 605.0408 of the Florida Revised Limited Liability Company Act provides that a limited liability company may purchase and maintain insurance on behalf of a member or manager against liability asserted against or incurred by the member or manager in that capacity or arising from that status even in those situations in which the limited liability company agreement could not eliminate or limit that person’s liability to the company or could not provide for indemnification for the conduct giving rise to the liability, as described in the preceding paragraph.
 
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Organizational Documents of the Florida Limited Liability Companies
The limited liability company agreement of Hilton-OCCC Mezz Lender, LLC provides that the limited liability company shall indemnify its members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of the foregoing to the full extent permitted by law from and against all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnitee for, on behalf of, or otherwise in connection with, the limited liability company.
(i) The following entities are incorporated under the laws of the State of Kansas: Embassy Suites Club No. 1, Inc. and Hotel Clubs of Corporate Woods, Inc. (collectively, the “Kansas Corporations”).
Kansas General Corporation Code
The Kansas General Corporation Code, as amended (the “Kansas General Corporation Code”), Chapter 17, Articles 60 to 74 of the Kansas Statutes Annotated, provides in K.S.A. 17-6305(a) that a corporation shall have power to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, including attorney fees, if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation; and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person’s conduct was unlawful.
The Kansas General Corporation Code provides in K.S.A. 17-6305(b) that a corporation shall have power to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, including attorney fees, if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.
The Kansas General Corporation Code provides in K.S.A. 17-6305(c) that to the extent that a present or former director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of K.S.A. 17-6305, or in defense of any claim, issue or matter therein, such director, officer, employee or agent shall be indemnified against expenses actually and reasonably incurred by such person in connection therewith, including attorney fees.
 
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The Kansas General Corporation Code provides in K.S.A. 17-6305(d) that any indemnification under subsections (a) and (b) of K.S.A. 17-6305, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because such director, officer, employee or agent has met the applicable standard of conduct set forth in subsections (a) and (b) of K.S.A. 17-6305. Such determination shall be made, with respect to a person who is a director or officer at the time of such determination: (1) by a majority vote of the directors who were not parties to such action, suit or proceeding, even though less than a quorum; (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum; (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion; or (4) by the stockholders.
The Kansas General Corporation Code provides in K.S.A. 17-6305(e) that expenses, including attorney fees, incurred by a director or officer in defending a civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it is ultimately determined that the director or officer is not entitled to be indemnified by the corporation as authorized in K.S.A. 17-6305. Such expenses, including attorney fees, incurred by former directors and officers or incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the board of directors deems appropriate.
The Kansas General Corporation Code provides in K.S.A. 17-6305(f) that the indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of K.S.A. 17-6305 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in a person’s official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or a bylaw shall not be eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.
The Kansas General Corporation Code provides in K.S.A. 17-6305(g) that a corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liability under the provisions of K.S.A. 17-6305.
Organizational Documents of the Kansas Corporations
The articles of incorporation of Hotel Clubs of Corporate Woods, Inc. provide that the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding. He or she must have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
 
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The corporation shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit. He or she must have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification may be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to the extent that the court in which such action or suit is brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expense which the court shall deem proper.
Any indemnification under the foregoing two paragraphs (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the foregoing two paragraphs. Such determination shall be made (i) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, (ii) if such quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders.
The board of directors of the corporation may authorize the corporation to pay expenses incurred in defending a civil or criminal action, suit or proceeding in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount unless it is ultimately determined that he or she is entitled to be indemnified by the corporation as authorized under the articles of incorporation of the corporation.
The corporation’s indemnification obligation under the articles of incorporation applies to both as to action of the indemnitee as to such person’s official capacity and as to action in another capacity while holding such office. The corporation’s indemnification obligation continues as to a person who has ceased to be an officer or director of the corporation and inures to the benefit of such indemnitee’s heirs, executors, and administrators.
The bylaws of Hotel Clubs of Corporate Woods, Inc. provide that the corporation shall indemnify and advance expenses to each person who is or was a director or officer of the Corporation, or is or was serving at the request of the corporation as a director or officer of any other corporation, limited liability company, partnership, joint venture, trust or employee benefit plan (“Other Enterprise”), to the full extent permitted by Kansas laws.
The corporation shall indemnify each person who has been or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or appellate, other than an action by or in the right of the corporation, by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of any Other Enterprise, against all liabilities and expenses, including, without limitation, judgments, fines, amounts paid in settlement (provided that such settlement and all amounts paid in connection therewith are approved in advance by the corporation using the determination procedures described below, which approval shall not be unreasonably withheld or delayed), attorneys’ fees, ERISA excise taxes or penalties, and other expenses actually and reasonably incurred by such person in connection with such action, suit or proceeding (including without limitation, the investigation, defense, settlement or appeal of such action, suit or proceeding). Such person must have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful. However, the corporation shall not be required to indemnify or advance expenses to any such person or persons seeking indemnification or advancement of expenses in connection with an action, suit or proceeding initiated by such person or persons
 
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(including, without limitation, any cross-claim or counterclaim initiated by such person or persons) unless the initiation of such action, suit or proceeding was authorized by the board of directors of the corporation.
The corporation shall indemnify each person who has been or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding by or in the right of the corporation to procure judgment in its favor by reason of the fact that such person is or was a director or officer of the corporation or is or was serving at the corporation’s request as a director or officer of any Other Enterprise against all expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action, suit or proceeding (including, without limitation, the investigation, defense, settlement or appeal of such action, suit or proceeding) if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification may be made under this paragraph in respect of any claim, issue or matter as to which such person is adjudged to be liable to the corporation unless and only to the extent that the court in which the action, suit or proceeding was brought determines upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court deems proper.
Notwithstanding the other requirements of the bylaws, to the extent a person who is or was serving as a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of any Other Enterprise, is successful on the merits or otherwise in defense of any action, suit or proceeding referred to in the foregoing two paragraphs (including the dismissal of any such action, suit or proceeding without prejudice), or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.
Prior to indemnifying a person pursuant to the bylaws, unless ordered by a court and except as otherwise provided in the foregoing paragraph, the corporation shall determine that such person has met the applicable standard of conduct entitling such person to indemnification. Such determination is made (i) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, (ii) if such quorum is not obtainable, or even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders. Such determination shall be final and binding upon the corporation. However, if such determination is adverse to the person or persons to be indemnified under the bylaws, such person or persons have the right to maintain an action in any court of competent jurisdiction against the corporation to determine whether or not such person has met the requisite standard of conduct and is entitled to such indemnification under the bylaws. If such court action is successful and the person or persons are determined to be entitled to such indemnification, such person or persons shall be reimbursed by the corporation for all fees and expenses (including attorneys’ fees) actually and reasonably incurred in connection with any such action (including, without limitation, the investigation, defense, settlement or appeal of such action).
Expenses (including attorneys’ fees) actually and reasonably incurred by a person who may be entitled to indemnification under the bylaws in defending an action, suit or proceeding, whether civil, criminal, administrative, investigative or appellate, shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to indemnification by the corporation. Notwithstanding the foregoing, no advance shall be made by the corporation if a determination is made, according to the procedures set forth in the foregoing paragraph, that, based upon the facts known to the board of directors, independent legal counsel or stockholders at the time such determination is made, such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe such person’s conduct was unlawful. In no even shall any advancement of expenses be made in instances where the board of directors, independent legal counsel or stockholders reasonably determines that such person intentionally breached such person’s duty to the corporation or its stockholders.
 
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The corporation’s indemnification obligation continues as to a person who has ceased to be an officer or director of the corporation and inures to the benefit of such indemnitee’s heirs, executors and administrators.
(j) The following entity is incorporated under the laws of the State of Louisiana: Embassy Suites Club No. Three, Inc. (the “Louisiana Corporation”).
Business Corporation Law of the State of Louisiana
Section 83 of the Louisiana Business Corporation Law, as amended, gives Louisiana corporations broad powers to indemnify their present and former directors, officers, agents and employees and those of affiliated corporations against expenses incurred in the defense of any lawsuit to which they are, or might be, made parties by reason of being, or having been, such directors, officers, agents or employees; subject to specific conditions and exclusions, gives a director, officer, agent or employee who successfully defends an action the right to be so indemnified, and in some cases permits even those who unsuccessfully defend actions to be so indemnified; and authorizes Louisiana corporations to buy liability insurance on behalf of any current or former director, officer, agent or employee. Such indemnification is not exclusive of any other rights to which those indemnified may be entitled under any bylaw, agreement, authorization of shareholders or otherwise.
Organizational Documents of the Louisiana Corporation
The bylaws of Embassy Suites Club No. Three, Inc. provide that the corporation shall indemnify, in the manner and to the full extent permitted by law, any person (or the estate of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Where required by law, the indemnification provided for in the bylaws shall be made only as authorized in the specific case upon a determination, in the manner provided by law, that indemnification of the director or officer is proper in the circumstances.
To the full extent permitted by law, the indemnification provided under the bylaws shall include expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement, and, in the manner provided by law, any such expenses may be paid by the corporation in advance of the final disposition of such action, suit or proceeding. The corporation’s indemnification duty is in addition to any other rights to which an indemnitee may be entitled under any bylaw, agreement, or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.
(k) International Rivercenter Lessee, L.L.C. is a limited liability company organized under the laws of the State of Louisiana (the “Louisiana Limited Liability Company”).
Limited Liability Company Law of the State of Louisiana
Section 1315 of the Louisiana Limited Liability Company Act provides for indemnification of a member or members, or a manager or managers, for judgments, settlements, penalties, fines, or expenses incurred because he is or was a member or manager.
Organizational Documents of the Louisiana Limited Liability Company
The limited liability company agreement of International Rivercenter Lessee, L.L.C. provides that the limited liability company shall indemnify its members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of the foregoing to the full extent permitted by law from and against all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees
 
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and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnitee for, on behalf of, or otherwise in connection with, the limited liability company.
(l) The following entity is incorporated under the laws of the State of Massachusetts: DTM Cambridge, Inc. (the “Massachusetts Corporation”).
Massachusetts Business Corporation Act
Section 8.51 of Chapter 156D of the Massachusetts General Laws, as amended (the “Massachusetts General Laws”) provides that a corporation may indemnify a director against liability if (1)(i) he conducted himself in good faith; and (ii) he reasonably believed that his conduct was in the best interest of the corporation or that his conduct was at least not opposed to the best interests of the corporation; and (iii) in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful; or (2) he engaged in conduct for which he shall not be liable under a provision of the corporation’s articles of organization authorized by Section 2.02(b)(4) of Chapter 156D of the Massachusetts General Laws. Section 8.52 of Chapter 156D of the Massachusetts General Laws provides that a corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which he was a party because he was a director of the corporation against reasonable expenses incurred by him in connection with the proceeding.
Section 8.56 of Chapter 156D of the Massachusetts General Laws provides that a corporation may indemnify and advance expenses to an officer of the corporation who is a party to a proceeding because he is an officer of the corporation (1) to the same extent as a director; and (2) if he is an officer but not a director, to such further extent as may be provided by the articles of organization, the bylaws, a resolution of the board of directors, or contract except for liability arising out of acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law. Section 8.56 also provides that an officer of a corporation who is not a director is entitled to mandatory indemnification under Section 8.52, and that the officer may apply to a court for indemnification or an advance for expenses, in each case to the same extent to which a director may be entitled to indemnification or advance under those provisions. Section 8.57 of the Massachusetts General Laws also affords a Massachusetts corporation the power to obtain insurance on behalf of its directors and officers against liabilities incurred by them in these capacities.
Organizational Documents of the Massachusetts Corporation
The bylaws of DTM Cambridge, Inc. provide that the corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his or her employment as a director or officer of the corporation. The board of directors must determine in good faith that such person did not act, fail to act, or refuse to act willfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
(m) Chesterfield Village Hotel, LLC is a limited liability company organized under the laws of the State of Missouri (the “Missouri Limited Liability Company”).
Missouri Limited Liability Company Act
The Missouri Limited Liability Company Act (the “Missouri Limited Liability Company Act”), Sections 347.010 to 347.187 of the Revised Statutes of Missouri, provides in Section 347.057, RSMo., that a person who is a member, manager, or both, of a limited liability company is not liable, solely by reason of being
 
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a member or manager, or both, under a judgment, decree or order of a court, or in any other manner, for a debt, obligation or liability of the limited liability company, whether arising in contract, tort or otherwise or for the acts or omissions of any other member, manager, agent or employee of the limited liability company.
The Missouri Limited Liability Company Act provides in Section 347.088.1, RSMo., that except as otherwise provided in the operating agreement an authorized person shall discharge his or her duty under the Missouri Limited Liability Company Act and the operating agreement in good faith, with the care a corporate officer of like position would exercise under similar circumstances, in the manner a reasonable person would believe to be in the best interest of the limited liability company, and shall not be liable for any such action so taken or any failure to take such action, if he or she performs such duties in compliance with such subsection.
The Missouri Limited Liability Company Act provides in Section 347.088.2, RSMo., that to the extent that, at law or equity, a member or manager or other person has duties, including fiduciary duties, and liabilities relating to those duties to the limited liability company or to another member, manager, or other person that is party to or otherwise bound by an operating agreement: (1) any such member, manager, or other person acting under the operating agreement shall not be liable to the limited liability company or to any such other member, manager, or other person for the member’s, manager’s, or other person’s good faith reliance on the provisions of the operating agreement; and (2) the member’s, manager’s or other person’s duties and liabilities may be expanded or restricted by provision in the operating agreement.
Organizational Documents of the Missouri Limited Liability Company
The limited liability company agreement of the Missouri Limited Liability Company provides that the limited liability company shall indemnify its members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of the foregoing to the full extent permitted by law from and against all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnitee for, on behalf of, or otherwise in connection with, the limited liability company.
(n) The following entities are incorporated under the laws of the State of Nevada: Conrad International (Egypt) Resorts Corporation, Conrad International (Indonesia) Corporation, Conrad International Investment (Jakarta) Corporation and HPP International Corporation (collectively, the “Nevada Corporations”).
Nevada Revised Statutes
Under the Nevada General Corporation Law, as amended (the “Nevada General Corporation Law”), unless a corporation’s articles of incorporation provide for greater individual liability, a director or officer is not individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that: (a) The director’s or officer’s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and (b) The breach of those duties involved intentional misconduct, fraud or a knowing violation of law.
To the extent that an indemnitee is successful on the merits in defense of a suit or proceeding brought against him or her by reason of the fact that he or she is or was a director, officer, employee or agent of the registrant, the registrant shall indemnify him or her against expense (including attorneys’ fees) actually and reasonably incurred in connection with the defense.
If unsuccessful in defense of a third-party civil suit or a criminal suit, or if such a suit is settled, an indemnitee may be indemnified under Nevada law against expenses, including amounts paid in settlement and
 
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attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with the action, suit or proceeding if he or she is not liable pursuant to NRS 78.138 or if he or she acted in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the registrant, and, with respect to any criminal action, had no reasonable cause to believe his or her conduct was unlawful.
If unsuccessful in defense of a suit brought by or in the right of the registrant, or if such a suit is settled, an indemnitee may be indemnified under Nevada law against expenses including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by the person in connection with the defense or settlement of the action or suit if he or she is not liable pursuant to NRS 78.138 or if he or she acted in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the registrant except that if the indemnitee is adjudged to be liable to the registrant, he or she cannot be made whole even for expenses unless a court determines that he or she is fairly and reasonably entitled to indemnification for such expense.
Also under Nevada law, expense incurred by an officer or director in defending a civil or criminal action, suit or proceeding may be paid by the registrant in advance of the final disposition of the suit, action, or proceeding upon receipt of an undertaking by or on behalf of the officer or director to repay such amount if it is ultimately determined that he or she is not entitled to be indemnified by the registrant.
Organizational Documents of the Nevada Corporations
The articles of incorporation of Conrad International (Egypt) Resorts Corporation, Conrad International (Indonesia) Corporation, Conrad International Investment (Jakarta) Corporation and HPP International Corporation provide that the corporation shall indemnify to the fullest extent permitted by the Nevada General Corporation Law all persons whom it has power to indemnify under the Nevada General Corporation Law from and against all expenses, liabilities or other matters covered thereby. The corporation’s indemnification duty is in addition to any other rights to which an indemnitee may be entitled under any bylaw, agreement, or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office. The corporation’s duty to indemnify continues as to a person who has ceased to be an officer or director of the corporation and inures to the benefit of such indemnitee’s heirs, executors, and administrators.
The bylaws of Conrad International (Egypt) Resorts Corporation, Conrad International (Indonesia) Corporation and Conrad International Investment (Jakarta) Corporation provide that the corporation may indemnify against actually and reasonably incurred expenses. The indemnitee must be a party to or threatened to be made a party to action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of his or her current or former position with the corporation or by reason of the fact that he or she is or was serving, at the request of the corporation, as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The indemnitee must have acted in good faith and in a manner he or she reasonably believed to be in the best interests of the corporation, and, with respect to a criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Under the bylaws of the entities referred to in the preceding paragraph, the corporation may also indemnify against actually and reasonably incurred expenses of directors, officers, agents and employees who were or are a party to or threatened to be made a party to action or suit by or in the right of the corporation by reason of his or her current or former position with the corporation or by reason of the fact that he or she is or was serving, at the request of the corporation, as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. The indemnitee must have acted in good faith and in a manner which he reasonably believed to be in the best interests of the corporation. The corporation may not indemnify in respect of any claim as to which such person has been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to the extent that the court in which such action or suit is brought determines that such person is fairly and reasonably entitled to indemnity for such expenses in view of all the circumstances of the case.
 
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Any indemnification under the bylaws of the entities discussed in the preceding two paragraphs, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that the indemnification is proper under the circumstances because the director or officer met the applicable standard of conduct. Such determination must be made by the (i) stockholders; (ii) board of directors by majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding; (iii) if such quorum of disinterested directors so orders, by independent legal counsel in a written opinion; or (iv) if such quorum of disinterested directors cannot be obtained, by independent legal counsel in a written opinion. The board of directors of the corporation may authorize the corporation to pay expenses incurred in defending a civil or criminal action, suit or proceeding in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount unless it is ultimately determined that he or she is entitled to be indemnified by the corporation. The corporation’s indemnification obligation under the bylaws continues as to a person who has ceased to be an officer or director of the corporation and inures to the benefit of such indemnitee’s heirs, executors, and administrators.
(o) Bally’s Grand Property Sub I, LLC, Conrad International (Belgium) LLC, Hilton Grand Vacations Management, LLC, Hilton Holdings, LLC, Hilton Hospitality, LLC and Hilton Illinois, LLC are limited liability companies organized under the laws of the State of Nevada (collectively, the “Nevada Limited Liability Companies”).
Nevada Revised Statutes
Under Section 86.411 of Nevada’s Limited Liability Company Act, a limited liability company may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the company, by reason of the fact that he is or was a manager, member, employee or agent of the company, or is or was serving at the request of the company as a manager, member, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorney’s fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. In a proceeding other than by the company, the termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the limited liability company, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
Under Section 86.421 of Nevada’s Limited Liability Company Act, a limited liability company may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the company to procure a judgment in its favor by reason of the fact that the person is or was a manager, member, employee or agent of the company, or is or was serving at the request of the company as a manager, member, employee or agent of another limited-liability company, corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by the person in connection with the defense or settlement of the action or suit if the person acted in good faith and in a manner in which he or she reasonably believed to be in or not opposed to the best interests of the company. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the company or for amounts paid in settlement to the company, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
 
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Pursuant to Section 86.431 of Nevada’s Limited Liability Company Act, to the extent that a manager, member, employee or agent of a limited liability company has been successful on the merits or otherwise in defense of any action, suit or proceeding or in defense of any claim, issue or matter therein, the company shall indemnify him against expenses, including attorney’s fees, actually and reasonably incurred by him in connection with the defense.
Organizational Documents of the Nevada Limited Liability Companies
The Articles of Organization of Hilton Illinois, LLC and Bally’s Grand Property Sub I, LLC provide that the limited liability company may indemnify any member, manager, officer, employee or agent of the limited liability company to the fullest extent allowed by law.
The Operating Agreements of Hilton Illinois, LLC and Bally’s Grand Property Sub I, LLC provide that the Managing Member shall be entitled to indemnification as set forth in the Articles of Organization.
The Limited Liability Company Agreements of Conrad International (Belgium) LLC, Hilton Holdings, LLC, and Hilton Hospitality, LLC provide that the limited liability company shall indemnify the members of the limited liability company, their affiliates and subsidiaries, and all the officers, directors, partners, employees and agents of any of the foregoing to the full extent permitted by law against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorney’s fines and disbursements), judgments, fines, settlements and other amounts arising from any action, suit or proceeding, whether civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved, arising from or in connection with the performance of any action by such indemnitee on behalf of or otherwise in connection with the limited liability company.
The Limited Liability Company Agreements of Hilton Holdings, LLC and Hilton Hospitality, LLC further provide that the limited liability company shall pay the expenses of the managers and members of the limited liability company incurred in defending a civil or criminal action, suit or proceeding as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the managers or member to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the limited liability company.
The Limited Liability Company Agreement of Hilton Grand Vacations Management, LLC provides that the limited liability company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the company) by reason of the fact that he is or was a Member, Manager, employee or agent of the Company, or is or was serving at the request of the company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit, or proceeding if the Members determine that he acted in good faith and in a manner reasonably believed to be in or not opposed to the best interest of the company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.
(p) Peacock Alley Service Company, LLC and Washington Hilton, L.L.C. are limited liability companies organized under the laws of the State of New York (collectively, the “New York Limited Liability Companies”).
New York Limited Liability Company Law
Section 420 of the New York Limited Liability Company Law provides that a limited liability company may indemnify and hold harmless, and advance expenses to, any member, manager or other person, or any testator or intestate of such member, manager or other person, from and against any and all claims and demands whatsoever; provided, however, that no indemnification may be made to or on behalf of any member, manager or other person if a judgment or other final adjudication adverse to such member, manager or other person
 
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establishes (a) that his or her acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated or (b) that he or she personally gained in fact a financial profit or other advantage to which he or she was not legally entitled.
Organizational Documents of the New York Limited Liability Companies
The limited liability company agreement of Peacock Alley Service Company, LLC indemnifies any person who was or is a party defendant or is threatened to be made a party defendant to any pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the company) by reason of the fact that he is or was a member of the company, manager, employee or agent of the company, or is or was serving at the request of the company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the company, and with respect to any criminal action proceeding, has no reasonable cause to believe his or her conduct was unlawful.
The limited liability company agreement of Washington Hilton, L.L.C. provides that the company shall indemnify and hold harmless the member, its affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such indemnitee for, on behalf of, or otherwise in connection with, the company.
(q) The following entity is incorporated under the laws of the State of Tennessee: Embassy Memphis Corporation (the “Tennessee Corporation”).
Tennessee Business Corporation Act
The Tennessee Business Corporation Act, as amended (the “Tennessee Business Corporation Act”), provides that a corporation may indemnify an individual made a party to a proceeding because the individual is or was a director against liability incurred in the proceeding if: (a) the individual conducted himself or herself in good faith; (b) the individual reasonably believed (i) in the case of conduct in the individual’s official capacity with the corporation, that the individual’s conduct was in its best interest; and (ii) in all other cases, that the individual’s conduct was at least not opposed to its best interests, and (c) in the case of any criminal proceeding, the individual had no reasonable cause to believe the individual’s conduct was unlawful. Under the Tennessee Business Corporation Act, a corporation may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of the final disposition of the proceeding if: (1) the director furnishes the corporation a written affirmation of the director’s good faith belief that the director has met the standard of conduct described in the preceding sentence; (2) the director furnishes the corporation a written undertaking, executed personally or on the director’s behalf, to repay the advance if it is ultimately determined that the director is not entitled to indemnification; and (3) a determination is made that the facts then known to those making the determination would not preclude indemnification under the Tennessee Business Corporation Act. Unless a corporation’s charter provides otherwise, the corporation may indemnify and advance expenses to an officer, employee or agent of the corporation who is not a director to the same extent as to a director. A corporation may not indemnify a director under the statute (x) in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the corporation; or (y) in connection with any other proceeding charging improper personal benefit to the director, whether or not involving action in the director’s official capacity, in which the director was adjudged liable on the basis that personal benefit was improperly received by the director. Unless limited by its charter, a corporation must indemnify a director or officer who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which he or she was a party because he or she is or was a director or officer of the corporation against reasonable expenses incurred by him or her in connection with the proceeding. Notwithstanding the foregoing, unless a corporation’s charter provides otherwise, a court of competent jurisdiction, upon application, may order that a director or
 
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officer be indemnified for reasonable expense if, in consideration of all relevant circumstances, the court determines that such individual is fairly and reasonably entitled to indemnification, whether or not the standard of conduct set forth above was met. A corporation may also purchase and maintain insurance on behalf of an individual who is or was a director, officer, employee or agent of the corporation against liabilities asserted against or incurred by the individual in such capacity or arising from the individual’s status as a director, officer, employee or agent, whether or not the corporation would have the power to indemnify the individual against the same liability under the statute.
Organizational Documents of the Tennessee Corporation
The bylaws of the Tennessee Corporation provide that the corporation shall indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of the corporation or, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, employee, agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the full extent permitted by applicable law.
Expenses incurred by a person who is or was a director or officer of the corporation in appearing at, participating in or defending any such action, suit or proceeding shall be paid by the corporation at reasonable intervals in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the corporation as authorized by the bylaws.
If a claim under the bylaws is not paid in full by the corporation within ninety days after a written claim has been received by the corporation, the claimant may at any time thereafter bring suit against the corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the corporation) that the claimant has not met the standards of conduct which make it permissible under the Tennessee Business Corporation Act or other applicable law for the corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the corporation.
Neither the failure of the corporation (including its board of directors, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he has met the applicable standard of conduct set forth in the Tennessee Business Corporation Act or other applicable law, nor an actual determination by the corporation (including its board of directors, independent legal counsel or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
(r) Embassy Suites Club No. Two, Inc. is a corporation incorporated under the laws of the State of Texas (the “Texas Corporation”).
Texas Business Organizations Code
The provisions of Chapter 8 of the Texas Business Organizations Code, as amended (the “Texas Business Organizations Code”), on indemnification are equally applicable to all Texas business organizations or enterprises.
Under the provisions of Chapter 8 of the Texas Business Organizations Code, a corporation may indemnify its directors, officers, employees and agents and maintain liability insurance for those persons. Section 8.101 of the Texas Business Organizations Code provides that a corporation may indemnify a governing person, or delegate, who was, is or is threatened to be made a named defendant or respondent in a proceeding if it is determined that the person: (i) conducted himself in good faith, (ii) reasonably believed that (a) in the case of conduct in his official
 
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capacity that his conduct was in the corporation’s best interest and (b) in all other cases, that his conduct was at least not opposed to the corporation’s best interest, and (iii) in the case of any criminal proceeding, had no reasonable cause to believe his conduct was unlawful. However, if the person is found liable to the corporation, or if the person is found liable on the basis that he received an improper personal benefit, indemnification under Texas law is limited to the reimbursement of reasonable expenses actually incurred by the person in connection with the proceedings and does not include a judgment, a penalty, a fine, and an excise or similar tax, and no indemnification will be available if the person is found liable for willful or intentional misconduct, breach of the person’s duty of loyalty, or an act or omission not committed in good faith that constitutes a breach of a duty owed by the person to the corporation. Under Texas law, indemnification by the corporation is mandatory if the person is wholly successful on the merits or otherwise, in the defense of the proceeding.
Sections 8.101 and 8.102 of the Texas Business Organizations Code provide that any governing person, former governing person or delegate of a Texas enterprise may be indemnified against judgments and reasonable expenses actually incurred by the person in connection with a proceeding, in which he was, is, or is threatened to be made a respondent in a proceeding if it is determined, in accordance with Section 8.103 of the Texas Business Organizations Code, that: (i) he acted in good faith, (ii) he reasonably believed (a) in the case of conduct in the person’s official capacity, that the person’s conduct was in the enterprise’s best interests or (b) in any other case, that the person’s conduct was not opposed to the enterprise’s best interests, and (iii) in the case of a criminal proceeding, he did not have a reasonable cause to believe that his conduct was unlawful. Section 8.103 of the Texas Business Organizations Code provides that the determination as to whether indemnification should be paid must be made by disinterested members of the governing authority of the enterprise, special legal counsel selected by the governing authority, or the owners or members of the enterprise. If the person is wholly successful in the defense of the proceeding, on the merits or otherwise, or a court determines that the person is entitled to indemnification, such indemnification is mandatory in accordance with Section 8.051 of the Texas Business Organizations Code. In connection with any proceeding in which the person is (x) found liable because the person improperly received a personal benefit or (y) found liable to the enterprise, indemnification is limited to reasonable expenses actually incurred by the person in connection with the proceeding and will not include a judgment, penalty, fine, or an excise or similar tax. Indemnification may not be made in relation to a proceeding in which the person has been found liable for willful or intentional misconduct in the performance of the person’s duty to the enterprise, breach of the person’s duty of loyalty owed to the enterprise or an act or omission not committed in good faith that constitutes a breach of a duty owed by the person to the enterprise. To limit indemnification, liability must be established by an order and all appeals of the order must be exhausted or foreclosed by law.
Organizational Documents of the Texas Corporation
The articles of incorporation of Embassy Suites Club No. Two, Inc. provide that the corporation shall indemnify any director, officer or employee or former director, officer or employee of the corporation or any person who may have served at the corporation’s request as a director, officer or employee of another corporation in which the corporation owns shares of stock, or of which the corporation is a creditor, against expenses actually and necessarily incurred by him or her in any action, suit or proceeding, whether civil or criminal in nature, in which he or she is made party by reason of being or having been such a director, officer or employee (whether or not a director, officer or employee at the time such costs or expenses were incurred by or imposed upon him or her), except in relation to the matters as to which he or she shall be adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct. The corporation may also reimburse to any director, officer or employee the reasonable costs of settlement of any such action, suit or proceeding, if it shall be found by a majority of the committee of the directors not involved in the matter in controversy, whether or not a quorum, that it was to the interest of the corporation that such settlement be made and that such director, officer or employee was not guilty of gross negligence or willful misconduct.
The bylaws of Embassy Suites Club No. Two, Inc. provide that the corporation shall indemnify to the extent provided in the next paragraph (i) any director or officer of the corporation, (ii) any former director or officer of the corporation, and (iii) any person who may have served at the corporation’s request as a director or officer of another corporation in which the corporation owns or has owned stock or of which it is or has been a creditor.
 
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The indemnification shall be against expenses actually and necessarily incurred by such person, and any amount paid in satisfaction of judgments in connection with any action, suit or proceeding (whether civil or criminal) in which he or she is made a party by reason of being or having been a director or officer (whether or not such at the time the costs or expenses are incurred by or imposed on him or her) except in relation to matters as to which he or she shall be adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct in the performance of duty.
The corporation may reimburse to any such person the reasonable costs of settlement of any such action, suit or proceeding, if it is found by a majority of the board of directors not involved in the matter (whether or not a quorum) that (i) it was in the interests of the corporation to make such settlement and (ii) such person was not guilty of gross negligence or willful misconduct.
 
Item 21. Exhibits and Financial Statement Schedules.
(a) Exhibits

Exhibit No.	  	Description	
		
    3.1*	  	Certificate of Formation of Hilton Worldwide Finance LLC	
		
    3.2*	  	Limited Liability Company Agreement of Hilton Worldwide Finance LLC	
		
    3.3*	  	Certificate of Incorporation of Hilton Worldwide Finance Corp.	
		
    3.4*	  	Bylaws of Hilton Worldwide Finance Corp.	
		
    3.5*	  	Articles of Organization of Destination Resorts LLC, as amended	
		
    3.6*	  	Operating Agreement of Destination Resorts LLC	
		
    3.7*	  	Articles of Organization of Doubletree Hotel Systems LLC, as amended	
		
    3.8*	  	Operating Agreement of Doubletree Hotel Systems LLC	
		
    3.9*	  	Articles of Organization of Doubletree Hotels LLC, as amended	
		
    3.10*	  	Operating Agreement of Doubletree Hotels LLC	
		
    3.11*	  	Articles of Organization of DT Management LLC, as amended	
		
    3.12*	  	Operating Agreement of DT Management LLC	
		
    3.13*	  	Articles of Incorporation of DT Real Estate, Inc., as amended	
		
    3.14*	  	Bylaws of DT Real Estate, Inc.	
		
    3.15*	  	Articles of Incorporation of DTM Atlanta/Legacy, Inc., as amended	
		
    3.16*	  	Bylaws of DTM Atlanta/Legacy, Inc.	
		
    3.17*	  	Articles of Incorporation of DTM Coconut Grove, Inc.	
		
    3.18*	  	Bylaws of DTM Coconut Grove, Inc.	
		
    3.19*	  	Articles of Incorporation of DTM Largo, Inc., as amended	
		
    3.20*	  	Bylaws of DTM Largo, Inc.	
		
    3.21*	  	Articles of Incorporation of DTM Maryland, Inc., as amended	
		
    3.22*	  	Bylaws of DTM Maryland, Inc.	
		
    3.23*	  	Articles of Organization of DTM Santa Clara LLC, as amended	
		
    3.24*	  	Operating Agreement of DTM Santa Clara LLC	
 
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Exhibit No.	  	Description	
		
    3.25*	  	Articles of Incorporation of DTM Walnut Creek, Inc.	
		
    3.26*	  	Bylaws of DTM Walnut Creek, Inc.	
		
    3.27*	  	Articles of Incorporation of DTR FCH Holdings, Inc., as amended	
		
    3.28*	  	Amended and Restated Bylaws of DTR FCH Holdings, Inc.	
		
    3.29*	  	Articles of Incorporation of DTR PAH Holding, Inc.	
		
    3.30*	  	Bylaws of DTR PAH Holding, Inc.	
		
    3.31*	  	Articles of Incorporation of DTR San Antonio, Inc.	
		
    3.32*	  	Bylaws of DTR San Antonio, Inc.	
		
    3.33*	  	Amended and Restated Articles of Incorporation of DTR TM Holdings, Inc.	
		
    3.34*	  	Amended and Restated Bylaws of DTR TM Holdings, Inc.	
		
    3.35*	  	Articles of Incorporation of HIC Gaming California, Inc., as amended	
		
    3.36*	  	Amended and Restated Bylaws of HIC Gaming California, Inc.	
		
    3.37*	  	Articles of Incorporation of HIC San Pablo Limited, Inc., as amended	
		
    3.38*	  	Amended and Restated Bylaws of HIC San Pablo Limited, Inc.	
		
    3.39*	  	Certificate of Limited Partnership of HIC San Pablo, L.P., as amended	
		
    3.40*	  	Amended and Restated Limited Partnership Agreement of HIC San Pablo, L.P.	
		
    3.41*	  	Articles of Incorporation of Hilton San Diego Corporation, as amended	
		
    3.42*	  	Amended and Restated Bylaws of Hilton San Diego Corporation	
		
    3.43*	  	Certificate of Formation of 90210 Biltmore Management, LLC, as amended	
		
    3.44*	  	Operating Agreement of 90210 Biltmore Management, LLC	
		
    3.45*	  	Certificate of Formation of 90210 Desert Resorts Management Co., LLC, as amended	
		
    3.46*	  	Limited Liability Company Operating Agreement of 90210 Desert Resorts Management Co., LLC	
		
    3.47*	  	Certificate of Formation of 90210 Grand Wailea Management Co., LLC, as amended	
		
    3.48*	  	Operating Agreement of 90210 Grand Wailea Management Co., LLC	
		
    3.49*	  	Certificate of Formation of 90210 LLC	
		
    3.50*	  	Limited Liability Company Agreement of 90210 LLC	
		
    3.51*	  	Certificate of Formation of 90210 Management Company, LLC, as amended	
		
    3.52*	  	Limited Liability Company Agreement of 90210 Management Company, LLC, as amended	
		
    3.53*	  	Certificate of Formation of Andiamo’s O’Hare, LLC	
		
    3.54*	  	Amended and Restated Limited Liability Company Agreement of Andiamo’s O’Hare, LLC	
		
    3.55*	  	Certificate of Formation of Blue Bonnet Security, LLC	
		
    3.56*	  	Amended and Restated Limited Liability Company Agreement of Blue Bonnet Security, LLC	
		
    3.57*	  	Certificate of Formation of Compris Hotel LLC	
		
    3.58*	  	Limited Liability Company Agreement of Compris Hotel LLC	
 
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Exhibit No.	  	Description	
		
    3.59*	  	Certificate of Formation of Conrad Franchise LLC	
		
    3.60*	  	Second Amended and Restated Limited Liability Company Agreement of Conrad Franchise LLC	
		
    3.61*	  	Certificate of Formation of Conrad International Manage (CIS) LLC	
		
    3.62*	  	Amended and Restated Limited Liability Company Agreement of Conrad International Manage (CIS) LLC	
		
    3.63*	  	Certificate of Formation of Conrad Management LLC	
		
    3.64*	  	Second Amended and Restated Limited Liability Company Agreement of Conrad Management LLC	
		
    3.65*	  	Certificate of Formation of Doubletree DTWC LLC	
		
    3.66*	  	Limited Liability Company Agreement of Doubletree DTWC LLC	
		
    3.67*	  	Certificate of Formation of Doubletree Franchise LLC	
		
    3.68*	  	Second and Restated Limited Liability Company Agreement of Doubletree Franchise LLC	
		
    3.69*	  	Certificate of Formation of Doubletree LLC	
		
    3.70*	  	Limited Liability Company Agreement of Doubletree LLC	
		
    3.71*	  	Certificate of Formation of Doubletree Management LLC	
		
    3.72*	  	Second Amended and Restated Limited Liability Company Agreement of Doubletree Management LLC	
		
    3.73*	  	Certificate of Formation of DTWC Spokane City Center SPE, LLC	
		
    3.74*	  	Amended and Restated Limited Liability Company Agreement of DTWC Spokane City Center SPE, LLC	
		
    3.75*	  	Certificate of Formation of EJP LLC	
		
    3.76*	  	Limited Liability Company Agreement of EJP LLC	
		
    3.77*	  	Certificate of Formation of Embassy Development LLC	
		
    3.78*	  	Limited Liability Company Agreement of Embassy Development LLC	
		
    3.79*	  	Certificate of Formation of Embassy Equity Development LLC	
		
    3.80*	  	Limited Liability Company Agreement of Embassy Equity Development LLC	
		
    3.81*	  	Certificate of Incorporation of Embassy Suites (Isla Verde), Inc.	
		
    3.82*	  	Bylaws of Embassy Suites (Isla Verde), Inc.	
		
    3.83*	  	Certificate of Formation of Embassy Suites Franchise LLC	
		
    3.84*	  	Second Amended and Restated Limited Liability Company Agreement of Embassy Suites Franchise LLC	
		
    3.85*	  	Certificate of Formation of Embassy Syracuse Development LLC	
		
    3.86*	  	Limited Liability Company Agreement of Embassy Syracuse Development LLC	
		
    3.87*	  	Certificate of Incorporation of EPAM Corporation, as amended	
		
    3.88*	  	Bylaws of EPAM Corporation	
		
    3.89*	  	Certificate of Formation of Grand Vacations Realty, LLC, as amended	
 
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Exhibit No.	  	Description	
		
    3.90*	  	Second Amended and Restated Limited Liability Company Agreement of Grand Vacations Realty, LLC	
		
    3.91*	  	Certificate of Formation of Grand Vacations Services LLC	
		
    3.92*	  	Limited Liability Company Agreement of Grand Vacations Services LLC	
		
    3.93*	  	Certificate of Formation of Grand Vacations Title, LLC	
		
    3.94*	  	Second Amended and Restated Limited Liability Company Agreement of Grand Vacations Title, LLC	
		
    3.95*	  	Certificate of Formation of Hampton Inns Franchise LLC	
		
    3.96*	  	Second Amended and Restated Limited Liability Company Agreement of Hampton Inns Franchise LLC	
		
    3.97*	  	Certificate of Formation of Hampton Inns LLC	
		
    3.98*	  	Limited Liability Company Agreement of Hampton Inns LLC	
		
    3.99*	  	Certificate of Formation of Hampton Inns Management LLC	
		
    3.100*	  	Second Amended and Restated Limited Liability Company Agreement of Hampton Inns Management LLC	
		
    3.101*	  	Certificate of Formation of HHC BC Orlando, LLC	
		
    3.102*	  	Limited Liability Company Agreement of HHC BC Orlando, LLC	
		
    3.103*	  	Certificate of Formation of HHC One Park Boulevard, LLC, as amended	
		
    3.104*	  	Amended and Restated Limited Liability Company Agreement of HHC One Park Boulevard, LLC	
		
    3.105*	  	Certificate of Incorporation of HIC First Corporation, as amended	
		
    3.106*	  	Bylaws of HIC First Corporation	
		
    3.107*	  	Certificate of Incorporation of HIC Holdings Corporation, as amended	
		
    3.108*	  	Bylaws of HIC Holdings Corporation, as amended and restated	
		
    3.109*	  	Certificate of Incorporation of HIC Hotels U.S.A. Corporation, as amended	
		
    3.110*	  	Bylaws of HIC Hotels U.S.A. Corporation	
		
    3.111*	  	Certificate of Incorporation of HIC Racing Corporation, as amended	
		
    3.112*	  	Amended and Restated Bylaws of HIC Racing Corporation	
		
    3.113*	  	Certificate of Incorporation of HIC Second Corporation, as amended	
		
    3.114*	  	Bylaws of HIC Second Corporation	
		
    3.115*	  	Certificate of Formation of Hilton Beverage LLC	
		
    3.116*	  	Limited Liability Company Agreement of Hilton Beverage LLC	
		
    3.117*	  	Certificate of Formation of Hilton Chicago Beverage I LLC	
		
    3.118*	  	Limited Liability Company Agreement of Hilton Chicago Beverage I LLC	
		
    3.119*	  	Certificate of Formation of Hilton Chicago Beverage II LLC	
		
    3.120*	  	Limited Liability Company Agreement of Hilton Chicago Beverage II LLC	
		
    3.121*	  	Certificate of Formation of Hilton Chicago Beverage III LLC	
 
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Exhibit No.	  	Description	
		
    3.122*	  	Limited Liability Company Agreement of Hilton Chicago Beverage III LLC	
		
    3.123*	  	Certificate of Formation of Hilton Chicago Beverage IV LLC	
		
    3.124*	  	Limited Liability Company Agreement of Hilton Chicago Beverage IV LLC	
		
    3.125*	  	Certificate of Formation of Hilton Corporate Director LLC	
		
    3.126*	  	Amended and Restated Limited Liability Company Agreement of Hilton Corporate Director LLC	
		
    3.127*	  	Certificate of Formation of Hilton El Con Management LLC, as amended	
		
    3.128*	  	Amended and Restated Limited Liability Company Agreement of Hilton El Con Management LLC	
		
    3.129*	  	Certificate of Formation of Hilton El Con Operator LLC, as amended	
		
    3.130*	  	Limited Liability Company Agreement of Hilton El Con Operator LLC	
		
    3.131*	  	Certificate of Formation of Hilton Electronic Distribution Systems, LLC	
		
    3.132*	  	Amended and Restated Limited Liability Company Agreement of Hilton Electronic Distribution Systems, LLC	
		
    3.133*	  	Certificate of Formation of Hilton Energy Investments, LLC	
		
    3.134*	  	Amended and Restated Limited Liability Company Agreement of Hilton Energy Investments, LLC	
		
    3.135*	  	Certificate of Formation of Hilton Franchise Holding LLC	
		
    3.136*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Franchise Holding LLC	
		
    3.137*	  	Certificate of Formation of Hilton Franchise LLC	
		
    3.138*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Franchise LLC	
		
    3.139*	  	Certificate of Formation of Hilton Garden Inns Franchise LLC	
		
    3.140*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Garden Inns Franchise LLC	
		
    3.141*	  	Certificate of Formation of Hilton Garden Inns Management LLC	
		
    3.142*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Garden Inns Management LLC	
		
    3.143*	  	Certificate of Formation of Hilton Grand Vacations Club, LLC	
		
    3.144*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Club, LLC	
		
    3.145*	  	Certificate of Formation of Hilton Grand Vacations Company, LLC, as amended	
		
    3.146*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Company, LLC	
		
    3.147*	  	Certificate of Formation of Hilton Grand Vacations Financing, LLC	
		
    3.148*	  	Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Financing, LLC	
		
    3.149*	  	Certificate of Incorporation of Hilton Hawaii Corporation, as amended	
		
    3.150*	  	Bylaws of Hilton Hawaii Corporation	
 
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Exhibit No.	  	Description	
		
    3.151*	  	Certificate of Formation of Hilton HHonors Worldwide, L.L.C.	
		
    3.152*	  	Third Amended and Restated Limited Liability Company Agreement of Hilton HHonors Worldwide, L.L.C.	
		
    3.153*	  	Certificate of Formation of Hilton Illinois Holdings LLC	
		
    3.154*	  	Limited Liability Company Agreement of Hilton Illinois Holdings LLC	
		
    3.155*	  	Certificate of Formation of Hilton Inns LLC	
		
    3.156*	  	Limited Liability Company Agreement of Hilton Inns LLC	
		
    3.157*	  	Certificate of Incorporation of Hilton International Holding Corporation	
		
    3.158*	  	Bylaws of Hilton International Holding Corporation	
		
    3.159*	  	Certificate of Formation of Hilton Kingsland 1, LLC	
		
    3.160*	  	Amended and Restated Limited Liability Company Agreement of Hilton Kingsland 1, LLC	
		
    3.161*	  	Certificate of Formation of Hilton Management LLC	
		
    3.162*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Management LLC	
		
    3.163*	  	Certificate of Incorporation of Hilton New Jersey Service Corp., as amended	
		
    3.164*	  	Bylaws of Hilton New Jersey Service Corp.	
		
    3.165*	  	Certificate of Formation of Hilton OPB, LLC, as amended	
		
    3.166*	  	Amended and Restated Limited Liability Company Agreement of Hilton OPB, LLC	
		
    3.167*	  	Certificate of Formation of Hilton Orlando Partners II, LLC	
		
    3.168*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Orlando Partners II, LLC	
		
    3.169*	  	Certificate of Formation of Hilton Orlando Partners III, LLC	
		
    3.170*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Orlando Partners III, LLC	
		
    3.171*	  	Certificate of Formation of Hilton Recreation LLC	
		
    3.172*	  	Limited Liability Company Agreement of Hilton Recreation LLC	
		
    3.173*	  	Certificate of Incorporation of Hilton Resorts Corporation	
		
    3.174*	  	Bylaws of Hilton Resorts Corporation	
		
    3.175*	  	Certificate of Incorporation of Hilton Resorts Marketing Corp., as amended	
		
    3.176*	  	Bylaws of Hilton Resorts Marketing Corp.	
		
    3.177*	  	Amended and Restated Certificate of Incorporation of Hilton Spring Corporation	
		
    3.178*	  	Amended and Restated Bylaws of Hilton Spring Corporation	
		
    3.179*	  	Certificate of Formation of Hilton Supply Management LLC	
		
    3.180*	  	Limited Liability Company Agreement of Hilton Supply Management LLC	
		
    3.181*	  	Certificate of Formation of Hilton Systems Solutions, LLC	
		
    3.182*	  	Limited Liability Company Operating Agreement of Hilton Systems Solutions, LLC	
 
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Exhibit No.	  	Description	
		
    3.183*	  	Certificate of Formation of Hilton Systems, LLC	
		
    3.184*	  	Limited Liability Company Agreement of Hilton Systems, LLC	
		
    3.185	  	Certificate of Incorporation of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (No. 1-36243) filed on December 17, 2013)	
		
    3.186	  	Bylaws of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.2 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (No. 1-36243) filed on December 17, 2013)	
		
    3.187*	  	Amended and Restated Certificate of Incorporation of Hilton Worldwide, Inc., as amended	
		
    3.188*	  	Amended and Restated Bylaws of Hilton Worldwide, Inc.	
		
    3.189*	  	Certificate of Formation of HLT Audubon LLC	
		
    3.190*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Audubon LLC	
		
    3.191*	  	Certificate of Formation of HLT CA Hilton LLC	
		
    3.192*	  	Second Amended and Restated Limited Liability Company Agreement of HLT CA Hilton LLC	
		
    3.193*	  	Certificate of Formation of HLT Conrad Domestic LLC	
		
    3.194*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Conrad Domestic LLC	
		
    3.195*	  	Certificate of Formation of HLT Conrad GP LLC	
		
    3.196*	  	Limited Liability Company Agreement of HLT Conrad GP LLC	
		
    3.197*	  	Certificate of Formation of HLT Domestic JV Holdings LLC	
		
    3.198*	  	Limited Liability Company Agreement of HLT Domestic JV Holdings LLC	
		
    3.199*	  	Certificate of Formation of HLT Domestic Owner LLC	
		
    3.200*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Domestic Owner LLC	
		
    3.201*	  	Certificate of Formation of HLT ESP Franchise LLC	
		
    3.202*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP Franchise LLC	
		
    3.203*	  	Certificate of Formation of HLT ESP International Franchise LLC	
		
    3.204*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP International Franchise LLC	
		
    3.205*	  	Amended and Restated Certificate of Incorporation of HLT ESP International Franchisor Corporation	
		
    3.206*	  	Bylaws of HLT ESP International Franchisor Corporation	
		
    3.207*	  	Certificate of Formation of HLT ESP International Manage LLC	
		
    3.208*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP International Manage LLC	
		
    3.209*	  	Amended and Restated Certificate of Incorporation of HLT ESP International Management Corporation	
		
    3.210*	  	Bylaws of HLT ESP International Management Corporation	
 
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Exhibit No.	  	Description	
		
    3.211*	  	Certificate of Formation of HLT ESP Manage LLC	
		
    3.212*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP Manage LLC	
		
    3.213*	  	Certificate of Formation of HLT Franchise II Borrower LLC	
		
    3.214*	  	Amended and Restated Limited Liability Company Agreement of HLT Franchise II Borrower LLC	
		
    3.215*	  	Certificate of Formation of HLT HQ SPE LLC	
		
    3.216*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HQ SPE LLC	
		
    3.217*	  	Certificate of Formation of HLT HSM Holding LLC	
		
    3.218*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HSM Holding LLC	
		
    3.219*	  	Certificate of Formation of HLT HSS Holding LLC	
		
    3.220*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HSS Holding LLC	
		
    3.221*	  	Certificate of Formation of HLT JV Acquisition LLC	
		
    3.222*	  	Second Amended and Restated Limited Liability Company Agreement of HLT JV Acquisition LLC	
		
    3.223*	  	Certificate of Formation of HLT JV I Borrower LLC	
		
    3.224*	  	Amended and Restated Limited Liability Company Agreement of HLT JV I Borrower LLC	
		
    3.225*	  	Certificate of Formation of HLT Lifestyle Franchise LLC	
		
    3.226*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle Franchise LLC	
		
    3.227*	  	Certificate of Formation of HLT Lifestyle International Franchise LLC	
		
    3.228*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle International Franchise LLC	
		
    3.229*	  	Amended and Restated Certificate of Incorporation of HLT Lifestyle International Franchisor Corporation	
		
    3.230*	  	Bylaws of HLT Lifestyle International Franchisor Corporation	
		
    3.231*	  	Certificate of Formation of HLT Lifestyle International Manage LLC	
		
    3.232*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle International Manage LLC	
		
    3.233*	  	Amended and Restated Certificate of Incorporation of HLT Lifestyle International Management Corporation	
		
    3.234*	  	Bylaws of HLT Lifestyle International Management Corporation	
		
    3.235*	  	Certificate of Formation of HLT Lifestyle Manage LLC	
		
    3.236*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle Manage LLC	
		
    3.237*	  	Certificate of Formation of HLT Memphis Data LLC	
		
    3.238*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Memphis Data LLC	
		
    3.239*	  	Certificate of Formation of HLT O’Hare LLC	
 
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Exhibit No.	  	Description	
		
    3.240*	  	Second Amended and Restated Limited Liability Company Agreement of HLT O’Hare LLC	
		
    3.241*	  	Certificate of Formation of HLT Operate DTWC LLC	
		
    3.242*	  	Amended and Restated Limited Liability Company Agreement of HLT Operate DTWC LLC	
		
    3.243*	  	Certificate of Formation of HLT Owned II Holding LLC	
		
    3.244*	  	Limited Liability Company Agreement of HLT Owned II Holding LLC	
		
    3.245*	  	Certificate of Formation of HLT Owned II-A Borrower LLC	
		
    3.246*	  	Amended and Restated Limited Liability Company Agreement of HLT Owned II-A Borrower LLC	
		
    3.247*	  	Certificate of Formation of HLT Palmer LLC	
		
    3.248*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Palmer LLC	
		
    3.249*	  	Certificate of Formation of HLT Timeshare Borrower I LLC	
		
    3.250*	  	Amended and Restated Limited Liability Company Agreement of HLT Timeshare Borrower I LLC	
		
    3.251*	  	Certificate of Formation of HLT Timeshare Borrower II LLC	
		
    3.252*	  	Amended and Restated Limited Liability Company Agreement of HLT Timeshare Borrower II LLC	
		
    3.253*	  	Certificate of Formation of Homewood Suites Franchise LLC	
		
    3.254*	  	Second Amended and Restated Limited Liability Company Agreement of Homewood Suites Franchise LLC	
		
    3.255*	  	Certificate of Formation of Homewood Suites Management LLC	
		
    3.256*	  	Second Amended and Restated Limited Liability Company Agreement of Homewood Suites Management LLC	
		
    3.257*	  	Certificate of Incorporation of Hotels Statler Company, Inc.	
		
    3.258*	  	Bylaws of Hotels Statler Company, Inc.	
		
    3.259*	  	Certificate of Incorporation of HPP Hotels USA, Inc., as amended	
		
    3.260*	  	Bylaws of HPP Hotels USA, Inc.	
		
    3.261*	  	Certificate of Formation of HRC Islander LLC, as amended	
		
    3.262*	  	Second Amended and Restated Limited Liability Company Agreement of HRC Islander LLC	
		
    3.263*	  	Certificate of Formation of HTGV, LLC	
		
    3.264*	  	Amended and Restated Limited Liability Company Agreement of HTGV, LLC	
		
    3.265*	  	Certificate of Formation of Innvision, LLC	
		
    3.266*	  	Amended and Restated Limited Liability Company Agreement of Innvision, LLC	
		
    3.267*	  	Certificate of Formation of Lockwood Palmer House, LLC, as amended	
		
    3.268*	  	Limited Liability Company Operating Agreement of Lockwood Palmer House, LLC	
		
    3.269*	  	Certificate of Formation of MeriTex, LLC	
		
    3.270*	  	Second Amended and Restated Limited Liability Company Agreement of MeriTex, LLC	
 
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Exhibit No.	  	Description	
		
    3.271*	  	Certificate of Formation of Potter’s Bar Palmer House, LLC, as amended	
		
    3.272*	  	Limited Liability Company Operating Agreement of Potter’s Bar Palmer House, LLC	
		
    3.273*	  	Certificate of Incorporation of Promus Hotel Services, Inc.	
		
    3.274*	  	Bylaws of Promus Hotel Services, Inc.	
		
    3.275*	  	Certificate of Formation of Promus Hotels Florida LLC	
		
    3.276*	  	Limited Liability Company Agreement of Promus Hotels Florida LLC	
		
    3.277*	  	Certificate of Formation of Promus Hotels LLC	
		
    3.278*	  	Limited Liability Company Agreement of Promus Hotels LLC	
		
    3.279*	  	Certificate of Incorporation of Promus Hotels Minneapolis, Inc.	
		
    3.280*	  	Amended and Restated Bylaws of Promus Hotels Minneapolis, Inc.	
		
    3.281*	  	Certificate of Formation of Promus Hotels Parent LLC	
		
    3.282*	  	Limited Liability Company Agreement of Promus Hotels Parent LLC	
		
    3.283*	  	Certificate of Formation of Promus Operating LLC	
		
    3.284*	  	Limited Liability Company Agreement of Promus Operating LLC	
		
    3.285*	  	Certificate of Incorporation of Promus/Kingston Development Corporation	
		
    3.286*	  	Bylaws of Promus/Kingston Development Corporation	
		
    3.287*	  	Certificate of Formation of Samantha Hotel LLC	
		
    3.288*	  	Limited Liability Company Agreement of Samantha Hotel LLC	
		
    3.289*	  	Certificate of Formation of Suite Life LLC	
		
    3.290*	  	Limited Liability Company Agreement of Suite Life LLC	
		
    3.291*	  	Certificate of Incorporation of Tex Holdings, Inc.	
		
    3.292*	  	Bylaws of Tex Holdings, Inc.	
		
    3.293*	  	Certificate of Formation of WA Collection International, LLC	
		
    3.294*	  	Amended and Restated Limited Liability Company Agreement of WA Collection International, LLC	
		
    3.295*	  	Certificate of Formation of Waldorf Astoria Franchise LLC	
		
    3.296*	  	Second Amended and Restated Limited Liability Company Agreement of Waldorf Astoria Franchise LLC	
		
    3.297*	  	Certificate of Formation of Waldorf=Astoria Management LLC	
		
    3.298*	  	Second Amended and Restated Limited Liability Company Agreement of Waldorf=Astoria Management LLC	
		
    3.299*	  	Articles of Incorporation of Florida Conrad International Corp.	
		
    3.300*	  	Bylaws of Florida Conrad International Corp., as amended	
		
    3.301*	  	Articles of Organization of Hilton-OCCC Hotel, LLC	
		
    3.302*	  	Limited Liability Company Agreement of Hilton-OCCC Hotel, LLC	
		
    3.303*	  	Articles of Organization of Hilton-OCCC Mezz Lender, LLC, as amended	
 
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Exhibit No.	  	Description	
		
    3.304*	  	Amended and Restated Limited Liability Company Agreement of Hilton-OCCC Mezz Lender, LLC	
		
    3.305*	  	Articles of Incorporation of Embassy Suites Club No. 1, Inc., as amended	
		
    3.306*	  	Bylaws of Embassy Suites Club No. 1, Inc.	
		
    3.307*	  	Articles of Incorporation of Hotel Clubs of Corporate Woods, Inc.	
		
    3.308*	  	Amended and Restated Bylaws of Hotel Clubs of Corporate Woods, Inc.	
		
    3.309*	  	Articles of Incorporation of Embassy Suites Club No. Three, Inc.	
		
    3.310*	  	Amended and Restated Bylaws of Embassy Suites Club No. Three, Inc.	
		
    3.311*	  	Articles of Organization of International Rivercenter Lessee, L.L.C.	
		
    3.312*	  	Amended and Restated Limited Liability Company Agreement of International Rivercenter Lessee, L.L.C.	
		
    3.313*	  	Articles of Organization of DTM Cambridge, Inc.	
		
    3.314*	  	Bylaws of DTM Cambridge, Inc.	
		
    3.315*	  	Articles of Organization of Chesterfield Village Hotel, LLC	
		
    3.316*	  	Amended and Restated Limited Liability Company Agreement of Chesterfield Village Hotel, LLC	
		
    3.317*	  	Articles of Conversion and Organization of Bally’s Grand Property Sub I, LLC	
		
    3.318*	  	Operating Agreement of Bally’s Grand Property Sub I, LLC	
		
    3.319*	  	Articles of Organization of Conrad International (Belgium) LLC	
		
    3.320*	  	Limited Liability Company Agreement of Conrad International (Belgium) LLC	
		
    3.321*	  	Articles of Incorporation of Conrad International (Egypt) Resorts Corporation	
		
    3.322*	  	Bylaws of Conrad International (Egypt) Resorts Corporation	
		
    3.323*	  	Articles of Incorporation of Conrad International (Indonesia) Corporation, as amended	
		
    3.324*	  	Bylaws of Conrad International (Indonesia) Corporation	
		
    3.325*	  	Articles of Incorporation of Conrad International Investment (Jakarta) Corporation	
		
    3.326*	  	Bylaws of Conrad International Investment (Jakarta) Corporation	
		
    3.327*	  	Articles of Organization of Hilton Grand Vacations Management, LLC, as amended	
		
    3.328*	  	Second Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Grand Vacations Management, LLC	
		
    3.329*	  	Articles of Organization of Hilton Holdings, LLC	
		
    3.330*	  	Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Holdings, LLC	
		
    3.331*	  	Articles of Organization of Hilton Hospitality, LLC	
		
    3.332*	  	Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Hospitality, LLC	
		
    3.333*	  	Articles of Conversion and Organization of Hilton Illinois, LLC	
		
    3.334*	  	Operating Agreement of Hilton Illinois, LLC	
 
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Exhibit No.	  	Description	
		
    3.335*	  	Articles of Incorporation of HPP International Corporation, as amended	
		
    3.336*	  	Bylaws of HPP International Corporation, as amended	
		
    3.337*	  	Articles of Organization of Peacock Alley Service Company, LLC, as amended	
		
    3.338*	  	Limited Liability Company Operating Agreement of Peacock Alley Service Company, LLC	
		
    3.339*	  	Certificate of Conversion of Washington Hilton, L.L.C., as amended	
		
    3.340*	  	Amended and Restated Limited Liability Company Agreement of Washington Hilton, L.L.C.	
		
    3.341*	  	Charter of Embassy Memphis Corporation	
		
    3.342*	  	Bylaws of Embassy Memphis Corporation	
		
    3.343*	  	Articles of Incorporation of Embassy Suites Club No. Two, Inc.	
		
    3.344*	  	Bylaws of Embassy Suites Club No. Two, Inc.	
		
    4.1	  	Indenture, dated as of October 4, 2013, among Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. as issuers, Hilton Worldwide Holdings Inc., as guarantor and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.2	  	First Supplemental Indenture, dated as of October 25, 2013, among the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.3*	  	Second Supplemental Indenture, dated as of September 8, 2014, between Hilton International Holding Corporation and Wilmington Trust, National Association, as trustee.	
		
    4.4	  	Form of 5.625% Senior Note due 2021 (included in Exhibit 4.1).	
		
    4.5	  	Registration Rights Agreement, dated as of October 4, 2013, among Hilton Worldwide Finance LLC, Hilton Worldwide Finance Corp., Hilton Worldwide Holdings Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the several initial purchasers (incorporated by reference to Exhibit 10.10 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.6	  	Joinder Agreement, dated as of October 25, 2013, among the subsidiary guarantors party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the several initial purchasers (incorporated by reference to Exhibit 10.11 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    5.1*	  	Opinion of Simpson Thacher & Bartlett LLP.	
		
    5.2*	  	Opinion of Dentons US LLP.	
		
    5.3*	  	Opinion of Hill, Ward & Henderson, P.A.	
		
    5.4*	  	Opinion of Jones Walker LLP	
		
    5.5*	  	Opinion of Snell & Wilmer L.L.P.	
		
    5.6*	  	Opinion of Bass, Berry & Sims PLC.	
		
  10.1	  	Credit Agreement, dated as of October 25, 2013, among Hilton Worldwide Holdings Inc., as parent, Hilton Worldwide Finance LLC, as borrower, the other guarantors from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, collateral agent, swing line lender and L/C issuer, and the other lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
 
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Exhibit No.	  	Description	
		
  10.2	  	Security Agreement, dated as of October 25, 2013, among the grantors identified therein and Deutsche Bank AG New York Branch, as collateral agent (incorporated by reference to Exhibit 10.2 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.3	  	Loan Agreement, dated as of October 25, 2013, among the subsidiaries party thereto, collectively, as borrower and JPMorgan Chase Bank, National Association, German American Capital Corporation, Bank of America, N.A., GS Commercial Real Estate LP and Morgan Stanley Mortgage Capital Holdings LLC, collectively, as lender (incorporated by reference to Exhibit 10.3 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.4	  	Guaranty Agreement, dated as of October 25, 2013, among the guarantors named therein and JPMorgan Chase Bank, National Association, German American Capital Corporation, Bank of America, N.A., GS Commercial Real Estate LP and Morgan Stanley Mortgage Capital Holdings LLC, collectively, as lender (incorporated by reference to Exhibit 10.4 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.5	  	Loan Agreement, dated as of October 25, 2013, among HLT NY Waldorf LLC, as borrower, HSBC Bank USA, National Association, as agent, the lenders named therein, HSBC Bank USA, National Association and DekaBank Deutsche Girozentrale, as lead arrangers and HSBC Bank USA, National Association, as syndication agent (incorporated by reference to Exhibit 10.5 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.6	  	Guaranty of Recourse Carveouts, dated as of October 25, 2013, among the guarantors named therein and HSBC Bank USA, National Association, as agent and lender and any other co-lenders from time to time party thereto (incorporated by reference to Exhibit 10.6 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.7	  	Receivables Loan Agreement, dated as of May 9, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, the persons from time to time party thereto as conduit lenders, the financial institutions from time to time party thereto as committed lenders, the financial institutions from time to time party thereto as managing agents, and Deutsche Bank Securities, Inc., as administrative agent and structuring agent (incorporated by reference to Exhibit 10.7 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.8	  	Amendment No. 1 to Receivables Loan Agreement, effective as of July 25, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, Deutsche Bank AG, New York Branch, as a committed lender and a managing agent, Montage Funding, LLC, as a conduit lender, Deutsche Bank Securities, Inc., as administrative agent, and Bank of America, N.A., as assignee (incorporated by reference to Exhibit 10.8 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.9	  	Omnibus Amendment No. 2 to Receivables Loan Agreement, Amendment No. 1 to Sale and Contribution Agreement and Consent to Custody Agreement, effective as of October 25, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Grand Vacations Services, LLC, as servicer, Hilton Resorts Corporation, as seller, Wells Fargo Bank, National Association, as custodian, the financial institutions signatory thereto, as managing agents, and Deutsche Bank Securities, Inc., as administrative agent (incorporated by reference to Exhibit 10.9 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.10	  	Stockholders Agreement, dated as of December 17, 2013, by and among Hilton Worldwide Holdings Inc. and certain of its stockholders (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (File No. 1-36243) filed on December 17, 2013).	
 
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Exhibit No.	  	Description	
		
  10.11	  	Registration Rights Agreement, dated as of December 17, 2013, among Hilton Worldwide Holdings Inc. and certain of its stockholders (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (File No. 1-36243) filed on December 17, 2013).	
		
  10.12†	  	2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.15 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.13†	  	Form of Restricted Stock Grant and Acknowledgment (incorporated by reference to Exhibit 10.16 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.14†	  	Form of Director Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.17 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.15†	  	Form of Performance Share Agreement (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.16†	  	Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.2 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.17†	  	Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.3 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.18†	  	Severance Plan (incorporated by reference to Exhibit 10.18 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.19†	  	Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.19 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.20†	  	Separation Agreement and Release dated as of September 24, 2013, between Hilton Worldwide, Inc. and Thomas C. Kennedy (incorporated by reference to Exhibit 10.24 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.21†	  	2005 Executive Deferred Compensation Plan (as Amended and Restated Effective as of January 1, 2005) (incorporated by reference to Exhibit 10.20 to Hilton Worldwide Holdings Inc.’s Annual Report on Form 10-K (File No. 1-36243) filed on February 27, 2014).	
		
  12*	  	Computation of Ratio of Earnings to Fixed Charges.	
		
  21*	  	Subsidiaries of Hilton Worldwide Finance LLC.	
		
  23.1*	  	Consent of Ernst & Young LLP.	
		
  23.2*	  	Consent of Simpson Thacher & Bartlett LLP (included as part of Exhibit 5.1).	
		
  23.3*	  	Consent of Dentons US LLP (included as part of Exhibit 5.2).	
		
  23.4*	  	Consent of Hill, Ward & Henderson, P.A. (included as part of Exhibit 5.3).	
		
  23.5*	  	Consent of Jones Walker LLP (included as part of Exhibit 5.4).	
		
  23.6*	  	Consent of Snell & Wilmer L.L.P. (included as part of Exhibit 5.5).	
		
  23.7*	  	Consent of Bass, Berry & Sims PLC (included as part of Exhibit 5.6).	
		
  24*	  	Power of Attorney (included in signature pages to this Registration Statement).	
 
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Exhibit No.	 	Description	
		
  25.1*	 	Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of Wilmington Trust, National Association as trustee under the Indenture, dated as of October 4, 2013 (as amended by the First Supplemental Indenture, dated as of October 25, 2013, and the Second Supplemental Indenture, dated as of September 8, 2014), among Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp., as issuers, the guarantors named therein and Wilmington Trust, National Association, as trustee.	
		
  99.1*	 	Form of Letter of Transmittal.	
		
  99.2*	 	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.	
		
  99.3*	 	Form of Letter to Clients.	
		
  99.4*	 	Form of Notice of Guaranteed Delivery.	
		
101.INS**	 	XBRL Instance Document	
		
101.SCH**	 	XBRL Taxonomy Extension Schema Document.	
		
101.CAL**	 	XBRL Taxonomy Extension Calculation Linkbase Document.	
		
101.DEF**	 	XBRL Taxonomy Extension Definitions Linkbase Document.	
		
101.LAB**	 	XBRL Taxonomy Extension Label Linkbase Document.	
		
101.PRE**	 	XBRL Taxonomy Extension Presentation Linkbase Document.	

*	Filed herewith.	
**	These interactive data files shall not be deemed filed for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under those sections.	
†	Management contract or compensatory plan or arrangement.	
Item 22. Undertakings.
(a) Each of the undersigned registrants hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
 
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(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4) that, for the purpose of determining liability under the Securities Act to any purchaser, if the registrants are subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and
(5) that, for the purpose of determining liability of the registrants under the Securities Act to any purchaser in the initial distribution of the securities, each of the undersigned registrants undertakes that in a primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrants will be sellers to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) Each of the undersigned registrants hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.
(c) Each of the undersigned registrants hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became effective.
(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, or controlling persons of each of the registrants pursuant to the foregoing provisions, or otherwise, each of the registrants has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrants of expenses incurred or paid by a director, officer or controlling person of the registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person of the registrants in connection with the securities being registered, the registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by them is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON WORLDWIDE FINANCE LLC	
		
By:	 	HILTON WORLDWIDE HOLDINGS INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON WORLDWIDE FINANCE CORP.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DESTINATION RESORTS LLC	
		
By:	 	HILTON HOLDINGS, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE HOTEL SYSTEMS LLC	
		
By:	 	DOUBLETREE HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE HOTELS LLC	
		
By:	 	DOUBLETREE LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DT MANAGEMENT LLC	
		
By:	 	DOUBLETREE HOTELS LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DT REAL ESTATE, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM ATLANTA/LEGACY, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM COCONUT GROVE, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM LARGO, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM MARYLAND, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM SANTA CLARA LLC	
		
By:	 	DT MANAGEMENT LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM WALNUT CREEK, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTR FCH HOLDINGS, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTR PAH HOLDING, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTR SAN ANTONIO, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTR TM HOLDINGS, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC GAMING CALIFORNIA, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC SAN PABLO LIMITED, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC SAN PABLO, L.P.	
		
By:	 	HIC GAMING CALIFORNIA, INC., its
General Partner	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON SAN DIEGO CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

90210 BILTMORE MANAGEMENT, LLC	
		
By:	 	90210 MANAGEMENT COMPANY, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

90210 DESERT RESORTS MANAGEMENT CO., LLC	
		
By:	 	90210 MANAGEMENT COMPANY, LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

90210 GRAND WAILEA MANAGEMENT CO., LLC	
		
By:	 	90210 MANAGEMENT COMPANY, LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

90210 LLC	
		
By:	 	HILTON WORLDWIDE, INC., its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

90210 MANAGEMENT COMPANY, LLC	
		
By:	 	HILTON ILLINOIS HOLDINGS, LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

ANDIAMO’S O’HARE, LLC	
		
By:	 	HILTON ILLINOIS, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

BLUE BONNET SECURITY, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole
Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

COMPRIS HOTEL LLC	
		
By:	 	DOUBLETREE HOTEL SYSTEMS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD INTERNATIONAL MANAGE (CIS) LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE DTWC LLC	
		
By:	 	DOUBLETREE LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE LLC	
		
By:	 	PROMUS HOTELS PARENT LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DOUBLETREE MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTWC SPOKANE CITY CENTER SPE, LLC	
		
By:	 	DOUBLETREE DTWC LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EJP LLC
 
By: PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY DEVELOPMENT LLC
 
By: PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY EQUITY DEVELOPMENT LLC	
		
By:	 	PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SUITES (ISLA VERDE), INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SUITES FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SYRACUSE DEVELOPMENT LLC	
		
By:	 	EMBASSY EQUITY DEVELOPMENT LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EPAM CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

GRAND VACATIONS REALTY, LLC	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee (Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

GRAND VACATIONS SERVICES LLC	
		
By:	 	HILTON RESORTS CORPORATION, its
Sole Member	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee (Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

GRAND VACATIONS TITLE, LLC	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HAMPTON INNS FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HAMPTON INNS LLC	
		
By:	 	PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HAMPTON INNS MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HHC BC ORLANDO, LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HHC ONE PARK BOULEVARD, LLC	
		
By:	 	HILTON OPB, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC FIRST CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Stuart Beasley        
Stuart Beasley	  	Director	
		
/s/    Simon R. Vincent        
Simon R. Vincent	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC HOLDINGS CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Ian Russell Carter        
Ian Russell Carter	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC RACING CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HIC SECOND CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Stuart Beasley        
Stuart Beasley	  	Director	
		
/s/    Simon R. Vincent        
Simon R. Vincent	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON BEVERAGE LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON CHICAGO BEVERAGE I LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON CHICAGO BEVERAGE II LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON CHICAGO BEVERAGE III LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON CHICAGO BEVERAGE IV LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON CORPORATE DIRECTOR LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON EL CON MANAGEMENT LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON EL CON OPERATOR LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON ELECTRONIC DISTRIBUTION
SYSTEMS, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September11, 2014.

HILTON ENERGY INVESTMENTS, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON FRANCHISE HOLDING LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON GARDEN INNS FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON GARDEN INNS MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

HILTON GRAND VACATIONS CLUB, LLC	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

HILTON GRAND VACATIONS COMPANY, LLC	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

HILTON GRAND VACATIONS FINANCING, LLC	
		
By:	 	HILTON GRAND VACATIONS MANAGEMENT, LLC, its Member	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
		
By:	 	HILTON RESORTS CORPORATION, its Member	
		
By:	 	/s/ Mark D. Wang	
	 	Name:	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON HAWAII CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON HHONORS WORLDWIDE, L.L.C.	
		
By:	 	HLT FRANCHISE II BORROWER LLC, its Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
		
By:	 	HLT FRANCHISE V BORROWER LLC, its Member	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON ILLINOIS HOLDINGS LLC	
		
By:	 	HILTON HOLDINGS, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON INNS LLC	
		
By:	 	90210 LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON INTERNATIONAL HOLDING CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON KINGSLAND 1, LLC	
		
By:	 	HLT TIMESHARE BORROWER II LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON NEW JERSEY SERVICE CORP.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON OPB, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON ORLANDO PARTNERS II, LLC	
		
By:	 	HLT JV I BORROWER LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON ORLANDO PARTNERS III, LLC	
		
By:	 	HLT JV I BORROWER LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON RECREATION LLC	
		
By:	 	HILTON HOLDINGS, LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

HILTON RESORTS CORPORATION	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON RESORTS MARKETING CORP.	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON SPRING CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Director	
		
/s/    Frederick A. Schacknies        
Frederick A. Schacknies	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON SUPPLY MANAGEMENT LLC	
		
By:	 	HLT HSM HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON SYSTEMS SOLUTIONS, LLC	
		
By:	 	HLT HSS HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON SYSTEMS, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON WORLDWIDE HOLDINGS INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Jonathan D. Gray        
Jonathan D. Gray	  	Chairman of the Board of Directors	
		
/s/    Michael S. Chae        
Michael S. Chae	  	Director	
		
/s/    Tyler S. Henritze        
Tyler S. Henritze	  	Director	
		
/s/    Judith A. McHale        
Judith A. McHale	  	Director	
		
/s/    John G. Schreiber        
John G. Schreiber	  	Director	
 
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Signature	  	Title	
		
/s/    Elizabeth A. Smith        
Elizabeth A. Smith	  	Director	
		
/s/    Douglas M. Steenland        
Douglas M. Steenland	  	Director	
		
/s/    William. J. Stein        
William. J. Stein	  	Director	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON WORLDWIDE, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT AUDUBON LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT CA HILTON LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT CONRAD DOMESTIC LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT CONRAD GP LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT DOMESTIC JV HOLDINGS LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT DOMESTIC OWNER LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto         
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP INTERNATIONAL FRANCHISE LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP INTERNATIONAL FRANCHISOR CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/ Sean Dell’Orto
Sean Dell’Orto	 	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP INTERNATIONAL MANAGE LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP INTERNATIONAL MANAGEMENT CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT ESP MANAGE LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT FRANCHISE II BORROWER LLC	
		
By:	 	HLT FRANCHISE MEZZ II-A LLC, its Sole Member	
		
By:	 	/s/ Sean Dell’Orto	
	 	Name:  	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT HQ SPE LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT HSM HOLDING LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/     Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/     Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/     Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT HSS HOLDING LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT JV ACQUISITION LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT JV I BORROWER LLC	
		
By:	 	HLT JV MEZZ I-A LLC, its Sole Member	
		
By:	 	/s/ Sean Dell’Orto	
	 	Name:  	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President, Treasurer and Director (Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE INTERNATIONAL MANAGE LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President, Treasurer and Director
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT LIFESTYLE MANAGE LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT MEMPHIS DATA LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT O’HARE LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT OPERATE DTWC LLC	
		
By:	 	HLT OPERATING MEZZ I-A LLC, its
Sole Member	
		
By:	 	/s/ Sean Dell’Orto	
	 	Name:  	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT OWNED II HOLDING LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT OWNED II-A BORROWER LLC	
		
By:	 	HLT OWNED II HOLDING LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT PALMER LLC	
		
By:	 	HLT OWNED II-A BORROWER LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT TIMESHARE BORROWER I LLC	
		
By:	 	HLT TIMESHARE MEZZ I-A LLC, its
Sole Member	
		
By:	 	/s/ Sean Dell’Orto	
	 	Name:  	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HLT TIMESHARE BORROWER II LLC	
		
By:	 	HLT TIMESHARE MEZZ II-A LLC, its
Sole Member	
		
By:	 	/s/ Sean Dell’Orto	
	 	Name:  	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto         
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HOMEWOOD SUITES FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Paula Kuykendall        
Paula Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HOMEWOOD SUITES MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HOTELS STATLER COMPANY, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Theodore R. Ratcliffe        
Theodore R. Ratcliffe	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HPP HOTELS USA, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Orlando, Florida, on September 11, 2014.

HRC ISLANDER LLC	
		
By:	 	HILTON RESORTS CORPORATION, its
Sole Member	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Treasurer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HTGV, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

INNVISION, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

LOCKWOOD PALMER HOUSE, LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Member of the Management Committee	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

MERITEX, LLC	
		
By:	 	TEX HOLDINGS, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

POTTER’S BAR PALMER HOUSE, LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Member of Management Committee	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Member of Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS HOTEL SERVICES, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS HOTELS FLORIDA LLC	
		
By:	 	PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS HOTELS LLC	
		
By:	 	PROMUS OPERATING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS HOTELS MINNEAPOLIS, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS HOTELS PARENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS OPERATING LLC	
		
By:	 	PROMUS HOTELS PARENT LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PROMUS/KINGSTON DEVELOPMENT CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	 	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

SAMANTHA HOTEL LLC	
		
By:	 	DOUBLETREE LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

SUITE LIFE LLC	
	
By: EJP LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

TEX HOLDINGS, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Director
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	 	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	 	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

WA COLLECTION INTERNATIONAL, LLC	
		
By:	 	HPP INTERNATIONAL CORPORATION, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

WALDORF ASTORIA FRANCHISE LLC	
		
By:	 	HILTON FRANCHISE HOLDING LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Paula A. Kuykendall        
Paula A. Kuykendall	  	Senior Vice President
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

WALDORF=ASTORIA MANAGEMENT LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

FLORIDA CONRAD INTERNATIONAL CORP.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Justin Ray Hensley        
Justin Ray Hensley	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON-OCCC HOTEL, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON-OCCC MEZZ LENDER, LLC	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SUITES CLUB NO. 1, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HOTEL CLUBS OF CORPORATE WOODS, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SUITES CLUB NO. THREE, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

INTERNATIONAL RIVERCENTER LESSEE, L.L.C.	
		
By:	 	HLT JV ACQUISITION LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

DTM CAMBRIDGE, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CHESTERFIELD VILLAGE HOTEL, LLC	
		
By:	 	PROMUS HOTELS LLC, its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

BALLY’S GRAND PROPERTY SUB I, LLC	
		
By:	 	HILTON ILLINOIS HOLDINGS, LLC, its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President, Chief Executive Officer and Director
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD INTERNATIONAL (BELGIUM) LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Manager (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Kristin A. Campbell        
Kristin A. Campbell	  	Manager	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD INTERNATIONAL (INDONESIA) CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON GRAND VACATIONS MANAGEMENT, LLC	
		
By:	 	/s/ Mark D. Wang	
	 	Name:  	 	Mark D. Wang	
	 	Title:	 	President	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Mark D. Wang        
Mark D. Wang	  	President and Member of the Management Committee
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Senior Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Robert Shaw        
Robert Shaw	  	Vice President
(Principal Accounting Officer)	
		
/s/    Kim Robert Kreiger        
Kim Robert Kreiger	  	Member of the Management Committee	
		
/s/    Rebecca L. Sloan        
Rebecca L. Sloan	  	Member of the Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON HOLDINGS LLC	
		
By:	 	HILTON WORLDWIDE, INC., its
Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON HOSPITALITY LLC	
		
By:	 	90210 LLC, its Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
		
By:	 	HAMPTON INNS LLC, its Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
		
By:	 	PROMUS HOTELS LLC, its Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
		
By:	 	DOUBLETREE HOTELS LLC, its Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
 
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Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HILTON ILLINOIS, LLC	
		
By:	 	Hilton Worldwide, Inc., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

HPP INTERNATIONAL CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President, Chief Financial Officer and Director (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

PEACOCK ALLEY SERVICE COMPANY, LLC	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	 	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	 	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	 	Executive Vice President, Chief Financial Officer and Member of Management Committee (Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	 	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	 	Member of Management Committee	
		
/s/    W. Steven Standefer        
W. Steven Standefer	 	Member of Management Committee	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

WASHINGTON HILTON, L.L.C.	
		
By:	 	HILTON WORLDWIDE, INC., its Sole Member	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Simon R. Vincent        
Simon R. Vincent	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY MEMPHIS CORPORATION	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in McLean, Virginia, on September 11, 2014.

EMBASSY SUITES CLUB NO. TWO, INC.	
		
By:	 	/s/ Christopher J. Nassetta	
	 	Name:  	 	Christopher J. Nassetta	
	 	Title:	 	President and Chief Executive Officer	
POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints Christopher J. Nassetta, Kevin J. Jacobs and Kristin A. Campbell and each of them, any of whom may act without joinder of the other, the individual’s the true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any and all amendments, including post-effective amendments to this Registration Statement, including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and anything necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute, or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney has been signed by the following persons in the capacities indicated on the 11 th day of September, 2014.

Signature	  	Title	
		
/s/    Christopher J. Nassetta        
Christopher J. Nassetta	  	President and Chief Executive Officer
(Principal Executive Officer)	
		
/s/    Kevin J. Jacobs        
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer
(Principal Financial Officer)	
		
/s/    Sean Dell’Orto        
Sean Dell’Orto	  	Senior Vice President and Treasurer
(Principal Accounting Officer)	
		
/s/    Joseph Berger        
Joseph Berger	  	Director	
		
/s/    Keith Clampet        
Keith Clampet	  	Director	
		
/s/    W. Steven Standefer        
W. Steven Standefer	  	Director	
 
II-222

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EXHIBIT INDEX

Exhibit No.	  	Description	
		
    3.1*	  	Certificate of Formation of Hilton Worldwide Finance LLC	
		
    3.2*	  	Limited Liability Company Agreement of Hilton Worldwide Finance LLC	
		
    3.3*	  	Certificate of Incorporation of Hilton Worldwide Finance Corp.	
		
    3.4*	  	Bylaws of Hilton Worldwide Finance Corp.	
		
    3.5*	  	Articles of Organization of Destination Resorts LLC, as amended	
		
    3.6*	  	Operating Agreement of Destination Resorts LLC	
		
    3.7*	  	Articles of Organization of Doubletree Hotel Systems LLC, as amended	
		
    3.8*	  	Operating Agreement of Doubletree Hotel Systems LLC	
		
    3.9*	  	Articles of Organization of Doubletree Hotels LLC, as amended	
		
    3.10*	  	Operating Agreement of Doubletree Hotels LLC	
		
    3.11*	  	Articles of Organization of DT Management LLC, as amended	
		
    3.12*	  	Operating Agreement of DT Management LLC	
		
    3.13*	  	Articles of Incorporation of DT Real Estate, Inc., as amended	
		
    3.14*	  	Bylaws of DT Real Estate, Inc.	
		
    3.15*	  	Articles of Incorporation of DTM Atlanta/Legacy, Inc., as amended	
		
    3.16*	  	Bylaws of DTM Atlanta/Legacy, Inc.	
		
    3.17*	  	Articles of Incorporation of DTM Coconut Grove, Inc.	
		
    3.18*	  	Bylaws of DTM Coconut Grove, Inc.	
		
    3.19*	  	Articles of Incorporation of DTM Largo, Inc., as amended	
		
    3.20*	  	Bylaws of DTM Largo, Inc.	
		
    3.21*	  	Articles of Incorporation of DTM Maryland, Inc., as amended	
		
    3.22*	  	Bylaws of DTM Maryland, Inc.	
		
    3.23*	  	Articles of Organization of DTM Santa Clara LLC, as amended	
		
    3.24*	  	Operating Agreement of DTM Santa Clara LLC	
		
    3.25*	  	Articles of Incorporation of DTM Walnut Creek, Inc.	
		
    3.26*	  	Bylaws of DTM Walnut Creek, Inc.	
		
    3.27*	  	Articles of Incorporation of DTR FCH Holdings, Inc., as amended	
		
    3.28*	  	Amended and Restated Bylaws of DTR FCH Holdings, Inc.	
		
    3.29*	  	Articles of Incorporation of DTR PAH Holding, Inc.	
		
    3.30*	  	Bylaws of DTR PAH Holding, Inc.	
		
    3.31*	  	Articles of Incorporation of DTR San Antonio, Inc.	
		
    3.32*	  	Bylaws of DTR San Antonio, Inc.	
		
    3.33*	  	Amended and Restated Articles of Incorporation of DTR TM Holdings, Inc.	
		
    3.34*	  	Amended and Restated Bylaws of DTR TM Holdings, Inc.	

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Exhibit No.	  	Description	
		
    3.35*	  	Articles of Incorporation of HIC Gaming California, Inc., as amended	
		
    3.36*	  	Amended and Restated Bylaws of HIC Gaming California, Inc.	
		
    3.37*	  	Articles of Incorporation of HIC San Pablo Limited, Inc., as amended	
		
    3.38*	  	Amended and Restated Bylaws of HIC San Pablo Limited, Inc.	
		
    3.39*	  	Certificate of Limited Partnership of HIC San Pablo, L.P., as amended	
		
    3.40*	  	Amended and Restated Limited Partnership Agreement of HIC San Pablo, L.P.	
		
    3.41*	  	Articles of Incorporation of Hilton San Diego Corporation, as amended	
		
    3.42*	  	Amended and Restated Bylaws of Hilton San Diego Corporation	
		
    3.43*	  	Certificate of Formation of 90210 Biltmore Management, LLC, as amended	
		
    3.44*	  	Operating Agreement of 90210 Biltmore Management, LLC	
		
    3.45*	  	Certificate of Formation of 90210 Desert Resorts Management Co., LLC, as amended	
		
    3.46*	  	Limited Liability Company Operating Agreement of 90210 Desert Resorts Management Co., LLC	
		
    3.47*	  	Certificate of Formation of 90210 Grand Wailea Management Co., LLC, as amended	
		
    3.48*	  	Operating Agreement of 90210 Grand Wailea Management Co., LLC	
		
    3.49*	  	Certificate of Formation of 90210 LLC	
		
    3.50*	  	Limited Liability Company Agreement of 90210 LLC	
		
    3.51*	  	Certificate of Formation of 90210 Management Company, LLC, as amended	
		
    3.52*	  	Limited Liability Company Agreement of 90210 Management Company, LLC, as amended	
		
    3.53*	  	Certificate of Formation of Andiamo’s O’Hare, LLC	
		
    3.54*	  	Amended and Restated Limited Liability Company Agreement of Andiamo’s O’Hare, LLC	
		
    3.55*	  	Certificate of Formation of Blue Bonnet Security, LLC	
		
    3.56*	  	Amended and Restated Limited Liability Company Agreement of Blue Bonnet Security, LLC	
		
    3.57*	  	Certificate of Formation of Compris Hotel LLC	
		
    3.58*	  	Limited Liability Company Agreement of Compris Hotel LLC	
		
    3.59*	  	Certificate of Formation of Conrad Franchise LLC	
		
    3.60*	  	Second Amended and Restated Limited Liability Company Agreement of Conrad Franchise LLC	
		
    3.61*	  	Certificate of Formation of Conrad International Manage (CIS) LLC	
		
    3.62*	  	Amended and Restated Limited Liability Company Agreement of Conrad International Manage (CIS) LLC	
		
    3.63*	  	Certificate of Formation of Conrad Management LLC	
		
    3.64*	  	Second Amended and Restated Limited Liability Company Agreement of Conrad Management LLC	
		
    3.65*	  	Certificate of Formation of Doubletree DTWC LLC	
		
    3.66*	  	Limited Liability Company Agreement of Doubletree DTWC LLC	
		
    3.67*	  	Certificate of Formation of Doubletree Franchise LLC	
		
    3.68*	  	Second and Restated Limited Liability Company Agreement of Doubletree Franchise LLC	

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Exhibit No.	  	Description	
		
    3.69*	  	Certificate of Formation of Doubletree LLC	
		
    3.70*	  	Limited Liability Company Agreement of Doubletree LLC	
		
    3.71*	  	Certificate of Formation of Doubletree Management LLC	
		
    3.72*	  	Second Amended and Restated Limited Liability Company Agreement of Doubletree Management LLC	
		
    3.73*	  	Certificate of Formation of DTWC Spokane City Center SPE, LLC	
		
    3.74*	  	Amended and Restated Limited Liability Company Agreement of DTWC Spokane City Center SPE, LLC	
		
    3.75*	  	Certificate of Formation of EJP LLC	
		
    3.76*	  	Limited Liability Company Agreement of EJP LLC	
		
    3.77*	  	Certificate of Formation of Embassy Development LLC	
		
    3.78*	  	Limited Liability Company Agreement of Embassy Development LLC	
		
    3.79*	  	Certificate of Formation of Embassy Equity Development LLC	
		
    3.80*	  	Limited Liability Company Agreement of Embassy Equity Development LLC	
		
    3.81*	  	Certificate of Incorporation of Embassy Suites (Isla Verde), Inc.	
		
    3.82*	  	Bylaws of Embassy Suites (Isla Verde), Inc.	
		
    3.83*	  	Certificate of Formation of Embassy Suites Franchise LLC	
		
    3.84*	  	Second Amended and Restated Limited Liability Company Agreement of Embassy Suites Franchise LLC	
		
    3.85*	  	Certificate of Formation of Embassy Syracuse Development LLC	
		
    3.86*	  	Limited Liability Company Agreement of Embassy Syracuse Development LLC	
		
    3.87*	  	Certificate of Incorporation of EPAM Corporation, as amended	
		
    3.88*	  	Bylaws of EPAM Corporation	
		
    3.89*	  	Certificate of Formation of Grand Vacations Realty, LLC, as amended	
		
    3.90*	  	Second Amended and Restated Limited Liability Company Agreement of Grand Vacations Realty, LLC	
		
    3.91*	  	Certificate of Formation of Grand Vacations Services LLC	
		
    3.92*	  	Limited Liability Company Agreement of Grand Vacations Services LLC	
		
    3.93*	  	Certificate of Formation of Grand Vacations Title, LLC	
		
    3.94*	  	Second Amended and Restated Limited Liability Company Agreement of Grand Vacations Title, LLC	
		
    3.95*	  	Certificate of Formation of Hampton Inns Franchise LLC	
		
    3.96*	  	Second Amended and Restated Limited Liability Company Agreement of Hampton Inns Franchise LLC	
		
    3.97*	  	Certificate of Formation of Hampton Inns LLC	
		
    3.98*	  	Limited Liability Company Agreement of Hampton Inns LLC	
		
    3.99*	  	Certificate of Formation of Hampton Inns Management LLC	
		
    3.100*	  	Second Amended and Restated Limited Liability Company Agreement of Hampton Inns Management LLC	

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Exhibit No.	  	Description	
		
    3.101*	  	Certificate of Formation of HHC BC Orlando, LLC	
		
    3.102*	  	Limited Liability Company Agreement of HHC BC Orlando, LLC	
		
    3.103*	  	Certificate of Formation of HHC One Park Boulevard, LLC, as amended	
		
    3.104*	  	Amended and Restated Limited Liability Company Agreement of HHC One Park Boulevard, LLC	
		
    3.105*	  	Certificate of Incorporation of HIC First Corporation, as amended	
		
    3.106*	  	Bylaws of HIC First Corporation	
		
    3.107*	  	Certificate of Incorporation of HIC Holdings Corporation, as amended	
		
    3.108*	  	Bylaws of HIC Holdings Corporation, as amended and restated	
		
    3.109*	  	Certificate of Incorporation of HIC Hotels U.S.A. Corporation, as amended	
		
    3.110*	  	Bylaws of HIC Hotels U.S.A. Corporation	
		
    3.111*	  	Certificate of Incorporation of HIC Racing Corporation, as amended	
		
    3.112*	  	Amended and Restated Bylaws of HIC Racing Corporation	
		
    3.113*	  	Certificate of Incorporation of HIC Second Corporation, as amended	
		
    3.114*	  	Bylaws of HIC Second Corporation	
		
    3.115*	  	Certificate of Formation of Hilton Beverage LLC	
		
    3.116*	  	Limited Liability Company Agreement of Hilton Beverage LLC	
		
    3.117*	  	Certificate of Formation of Hilton Chicago Beverage I LLC	
		
    3.118*	  	Limited Liability Company Agreement of Hilton Chicago Beverage I LLC	
		
    3.119*	  	Certificate of Formation of Hilton Chicago Beverage II LLC	
		
    3.120*	  	Limited Liability Company Agreement of Hilton Chicago Beverage II LLC	
		
    3.121*	  	Certificate of Formation of Hilton Chicago Beverage III LLC	
		
    3.122*	  	Limited Liability Company Agreement of Hilton Chicago Beverage III LLC	
		
    3.123*	  	Certificate of Formation of Hilton Chicago Beverage IV LLC	
		
    3.124*	  	Limited Liability Company Agreement of Hilton Chicago Beverage IV LLC	
		
    3.125*	  	Certificate of Formation of Hilton Corporate Director LLC	
		
    3.126*	  	Amended and Restated Limited Liability Company Agreement of Hilton Corporate Director LLC	
		
    3.127*	  	Certificate of Formation of Hilton El Con Management LLC, as amended	
		
    3.128*	  	Amended and Restated Limited Liability Company Agreement of Hilton El Con Management LLC	
		
    3.129*	  	Certificate of Formation of Hilton El Con Operator LLC, as amended	
		
    3.130*	  	Limited Liability Company Agreement of Hilton El Con Operator LLC	
		
    3.131*	  	Certificate of Formation of Hilton Electronic Distribution Systems, LLC	
		
    3.132*	  	Amended and Restated Limited Liability Company Agreement of Hilton Electronic Distribution Systems, LLC	
		
    3.133*	  	Certificate of Formation of Hilton Energy Investments, LLC	
		
    3.134*	  	Amended and Restated Limited Liability Company Agreement of Hilton Energy Investments, LLC	

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Exhibit No.	  	Description	
		
    3.135*	  	Certificate of Formation of Hilton Franchise Holding LLC	
		
    3.136*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Franchise Holding LLC	
		
    3.137*	  	Certificate of Formation of Hilton Franchise LLC	
		
    3.138*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Franchise LLC	
		
    3.139*	  	Certificate of Formation of Hilton Garden Inns Franchise LLC	
		
    3.140*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Garden Inns Franchise LLC	
		
    3.141*	  	Certificate of Formation of Hilton Garden Inns Management LLC	
		
    3.142*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Garden Inns Management LLC	
		
    3.143*	  	Certificate of Formation of Hilton Grand Vacations Club, LLC	
		
    3.144*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Club, LLC	
		
    3.145*	  	Certificate of Formation of Hilton Grand Vacations Company, LLC, as amended	
		
    3.146*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Company, LLC	
		
    3.147*	  	Certificate of Formation of Hilton Grand Vacations Financing, LLC	
		
    3.148*	  	Amended and Restated Limited Liability Company Agreement of Hilton Grand Vacations Financing, LLC	
		
    3.149*	  	Certificate of Incorporation of Hilton Hawaii Corporation, as amended	
		
    3.150*	  	Bylaws of Hilton Hawaii Corporation	
		
    3.151*	  	Certificate of Formation of Hilton HHonors Worldwide, L.L.C.	
		
    3.152*	  	Third Amended and Restated Limited Liability Company Agreement of Hilton HHonors Worldwide, L.L.C.	
		
    3.153*	  	Certificate of Formation of Hilton Illinois Holdings LLC	
		
    3.154*	  	Limited Liability Company Agreement of Hilton Illinois Holdings LLC	
		
    3.155*	  	Certificate of Formation of Hilton Inns LLC	
		
    3.156*	  	Limited Liability Company Agreement of Hilton Inns LLC	
		
    3.157*	  	Certificate of Incorporation of Hilton International Holding Corporation	
		
    3.158*	  	Bylaws of Hilton International Holding Corporation	
		
    3.159*	  	Certificate of Formation of Hilton Kingsland 1, LLC	
		
    3.160*	  	Amended and Restated Limited Liability Company Agreement of Hilton Kingsland 1, LLC	
		
    3.161*	  	Certificate of Formation of Hilton Management LLC	
		
    3.162*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Management LLC	
		
    3.163*	  	Certificate of Incorporation of Hilton New Jersey Service Corp., as amended	
		
    3.164*	  	Bylaws of Hilton New Jersey Service Corp.	

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Exhibit No.	  	Description	
		
    3.165*	  	Certificate of Formation of Hilton OPB, LLC, as amended	
		
    3.166*	  	Amended and Restated Limited Liability Company Agreement of Hilton OPB, LLC	
		
    3.167*	  	Certificate of Formation of Hilton Orlando Partners II, LLC	
		
    3.168*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Orlando Partners II, LLC	
		
    3.169*	  	Certificate of Formation of Hilton Orlando Partners III, LLC	
		
    3.170*	  	Second Amended and Restated Limited Liability Company Agreement of Hilton Orlando Partners III, LLC	
		
    3.171*	  	Certificate of Formation of Hilton Recreation LLC	
		
    3.172*	  	Limited Liability Company Agreement of Hilton Recreation LLC	
		
    3.173*	  	Certificate of Incorporation of Hilton Resorts Corporation	
		
    3.174*	  	Bylaws of Hilton Resorts Corporation	
		
    3.175*	  	Certificate of Incorporation of Hilton Resorts Marketing Corp., as amended	
		
    3.176*	  	Bylaws of Hilton Resorts Marketing Corp.	
		
    3.177*	  	Amended and Restated Certificate of Incorporation of Hilton Spring Corporation	
		
    3.178*	  	Amended and Restated Bylaws of Hilton Spring Corporation	
		
    3.179*	  	Certificate of Formation of Hilton Supply Management LLC	
		
    3.180*	  	Limited Liability Company Agreement of Hilton Supply Management LLC	
		
    3.181*	  	Certificate of Formation of Hilton Systems Solutions, LLC	
		
    3.182*	  	Limited Liability Company Operating Agreement of Hilton Systems Solutions, LLC	
		
    3.183*	  	Certificate of Formation of Hilton Systems, LLC	
		
    3.184*	  	Limited Liability Company Agreement of Hilton Systems, LLC	
		
    3.185	  	Certificate of Incorporation of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (No. 1-36243) filed on December 17, 2013)	
		
    3.186	  	Bylaws of Hilton Worldwide Holdings Inc. (incorporated by reference to Exhibit 3.2 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (No. 1-36243) filed on December 17, 2013)	
		
    3.187*	  	Amended and Restated Certificate of Incorporation of Hilton Worldwide, Inc., as amended	
		
    3.188*	  	Amended and Restated Bylaws of Hilton Worldwide, Inc.	
		
    3.189*	  	Certificate of Formation of HLT Audubon LLC	
		
    3.190*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Audubon LLC	
		
    3.191*	  	Certificate of Formation of HLT CA Hilton LLC	
		
    3.192*	  	Second Amended and Restated Limited Liability Company Agreement of HLT CA Hilton LLC	
		
    3.193*	  	Certificate of Formation of HLT Conrad Domestic LLC	
		
    3.194*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Conrad Domestic LLC	
		
    3.195*	  	Certificate of Formation of HLT Conrad GP LLC	

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Exhibit No.	  	Description	
		
    3.196*	  	Limited Liability Company Agreement of HLT Conrad GP LLC	
		
    3.197*	  	Certificate of Formation of HLT Domestic JV Holdings LLC	
		
    3.198*	  	Limited Liability Company Agreement of HLT Domestic JV Holdings LLC	
		
    3.199*	  	Certificate of Formation of HLT Domestic Owner LLC	
		
    3.200*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Domestic Owner LLC	
		
    3.201*	  	Certificate of Formation of HLT ESP Franchise LLC	
		
    3.202*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP Franchise LLC	
		
    3.203*	  	Certificate of Formation of HLT ESP International Franchise LLC	
		
    3.204*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP International Franchise LLC	
		
    3.205*	  	Amended and Restated Certificate of Incorporation of HLT ESP International Franchisor Corporation	
		
    3.206*	  	Bylaws of HLT ESP International Franchisor Corporation	
		
    3.207*	  	Certificate of Formation of HLT ESP International Manage LLC	
		
    3.208*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP International Manage LLC	
		
    3.209*	  	Amended and Restated Certificate of Incorporation of HLT ESP International Management Corporation	
		
    3.210*	  	Bylaws of HLT ESP International Management Corporation	
		
    3.211*	  	Certificate of Formation of HLT ESP Manage LLC	
		
    3.212*	  	Amended and Restated Limited Liability Company Agreement of HLT ESP Manage LLC	
		
    3.213*	  	Certificate of Formation of HLT Franchise II Borrower LLC	
		
    3.214*	  	Amended and Restated Limited Liability Company Agreement of HLT Franchise II Borrower LLC	
		
    3.215*	  	Certificate of Formation of HLT HQ SPE LLC	
		
    3.216*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HQ SPE LLC	
		
    3.217*	  	Certificate of Formation of HLT HSM Holding LLC	
		
    3.218*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HSM Holding LLC	
		
    3.219*	  	Certificate of Formation of HLT HSS Holding LLC	
		
    3.220*	  	Second Amended and Restated Limited Liability Company Agreement of HLT HSS Holding LLC	
		
    3.221*	  	Certificate of Formation of HLT JV Acquisition LLC	
		
    3.222*	  	Second Amended and Restated Limited Liability Company Agreement of HLT JV Acquisition LLC	
		
    3.223*	  	Certificate of Formation of HLT JV I Borrower LLC	
		
    3.224*	  	Amended and Restated Limited Liability Company Agreement of HLT JV I Borrower LLC	
		
    3.225*	  	Certificate of Formation of HLT Lifestyle Franchise LLC	

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Exhibit No.	  	Description	
		
    3.226*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle Franchise LLC	
		
    3.227*	  	Certificate of Formation of HLT Lifestyle International Franchise LLC	
		
    3.228*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle International Franchise LLC	
		
    3.229*	  	Amended and Restated Certificate of Incorporation of HLT Lifestyle International Franchisor Corporation	
		
    3.230*	  	Bylaws of HLT Lifestyle International Franchisor Corporation	
		
    3.231*	  	Certificate of Formation of HLT Lifestyle International Manage LLC	
		
    3.232*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle International Manage LLC	
		
    3.233*	  	Amended and Restated Certificate of Incorporation of HLT Lifestyle International Management Corporation	
		
    3.234*	  	Bylaws of HLT Lifestyle International Management Corporation	
		
    3.235*	  	Certificate of Formation of HLT Lifestyle Manage LLC	
		
    3.236*	  	Amended and Restated Limited Liability Company Agreement of HLT Lifestyle Manage LLC	
		
    3.237*	  	Certificate of Formation of HLT Memphis Data LLC	
		
    3.238*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Memphis Data LLC	
		
    3.239*	  	Certificate of Formation of HLT O’Hare LLC	
		
    3.240*	  	Second Amended and Restated Limited Liability Company Agreement of HLT O’Hare LLC	
		
    3.241*	  	Certificate of Formation of HLT Operate DTWC LLC	
		
    3.242*	  	Amended and Restated Limited Liability Company Agreement of HLT Operate DTWC LLC	
		
    3.243*	  	Certificate of Formation of HLT Owned II Holding LLC	
		
    3.244*	  	Limited Liability Company Agreement of HLT Owned II Holding LLC	
		
    3.245*	  	Certificate of Formation of HLT Owned II-A Borrower LLC	
		
    3.246*	  	Amended and Restated Limited Liability Company Agreement of HLT Owned II-A Borrower LLC	
		
    3.247*	  	Certificate of Formation of HLT Palmer LLC	
		
    3.248*	  	Second Amended and Restated Limited Liability Company Agreement of HLT Palmer LLC	
		
    3.249*	  	Certificate of Formation of HLT Timeshare Borrower I LLC	
		
    3.250*	  	Amended and Restated Limited Liability Company Agreement of HLT Timeshare Borrower I LLC	
		
    3.251*	  	Certificate of Formation of HLT Timeshare Borrower II LLC	
		
    3.252*	  	Amended and Restated Limited Liability Company Agreement of HLT Timeshare Borrower II LLC	
		
    3.253*	  	Certificate of Formation of Homewood Suites Franchise LLC	
		
    3.254*	  	Second Amended and Restated Limited Liability Company Agreement of Homewood Suites Franchise LLC	
		
    3.255*	  	Certificate of Formation of Homewood Suites Management LLC	

Table of Contents

Exhibit No.	  	Description	
		
    3.256*	  	Second Amended and Restated Limited Liability Company Agreement of Homewood Suites Management LLC	
		
    3.257*	  	Certificate of Incorporation of Hotels Statler Company, Inc.	
		
    3.258*	  	Bylaws of Hotels Statler Company, Inc.	
		
    3.259*	  	Certificate of Incorporation of HPP Hotels USA, Inc., as amended	
		
    3.260*	  	Bylaws of HPP Hotels USA, Inc.	
		
    3.261*	  	Certificate of Formation of HRC Islander LLC, as amended	
		
    3.262*	  	Second Amended and Restated Limited Liability Company Agreement of HRC Islander LLC	
		
    3.263*	  	Certificate of Formation of HTGV, LLC	
		
    3.264*	  	Amended and Restated Limited Liability Company Agreement of HTGV, LLC	
		
    3.265*	  	Certificate of Formation of Innvision, LLC	
		
    3.266*	  	Amended and Restated Limited Liability Company Agreement of Innvision, LLC	
		
    3.267*	  	Certificate of Formation of Lockwood Palmer House, LLC, as amended	
		
    3.268*	  	Limited Liability Company Operating Agreement of Lockwood Palmer House, LLC	
		
    3.269*	  	Certificate of Formation of MeriTex, LLC	
		
    3.270*	  	Second Amended and Restated Limited Liability Company Agreement of MeriTex, LLC	
		
    3.271*	  	Certificate of Formation of Potter’s Bar Palmer House, LLC, as amended	
		
    3.272*	  	Limited Liability Company Operating Agreement of Potter’s Bar Palmer House, LLC	
		
    3.273*	  	Certificate of Incorporation of Promus Hotel Services, Inc.	
		
    3.274*	  	Bylaws of Promus Hotel Services, Inc.	
		
    3.275*	  	Certificate of Formation of Promus Hotels Florida LLC	
		
    3.276*	  	Limited Liability Company Agreement of Promus Hotels Florida LLC	
		
    3.277*	  	Certificate of Formation of Promus Hotels LLC	
		
    3.278*	  	Limited Liability Company Agreement of Promus Hotels LLC	
		
    3.279*	  	Certificate of Incorporation of Promus Hotels Minneapolis, Inc.	
		
    3.280*	  	Amended and Restated Bylaws of Promus Hotels Minneapolis, Inc.	
		
    3.281*	  	Certificate of Formation of Promus Hotels Parent LLC	
		
    3.282*	  	Limited Liability Company Agreement of Promus Hotels Parent LLC	
		
    3.283*	  	Certificate of Formation of Promus Operating LLC	
		
    3.284*	  	Limited Liability Company Agreement of Promus Operating LLC	
		
    3.285*	  	Certificate of Incorporation of Promus/Kingston Development Corporation	
		
    3.286*	  	Bylaws of Promus/Kingston Development Corporation	
		
    3.287*	  	Certificate of Formation of Samantha Hotel LLC	
		
    3.288*	  	Limited Liability Company Agreement of Samantha Hotel LLC	
		
    3.289*	  	Certificate of Formation of Suite Life LLC	
		
    3.290*	  	Limited Liability Company Agreement of Suite Life LLC	

Table of Contents

Exhibit No.	  	Description	
		
    3.291*	  	Certificate of Incorporation of Tex Holdings, Inc.	
		
    3.292*	  	Bylaws of Tex Holdings, Inc.	
		
    3.293*	  	Certificate of Formation of WA Collection International, LLC	
		
    3.294*	  	Amended and Restated Limited Liability Company Agreement of WA Collection International, LLC	
		
    3.295*	  	Certificate of Formation of Waldorf Astoria Franchise LLC	
		
    3.296*	  	Second Amended and Restated Limited Liability Company Agreement of Waldorf Astoria Franchise LLC	
		
    3.297*	  	Certificate of Formation of Waldorf=Astoria Management LLC	
		
    3.298*	  	Second Amended and Restated Limited Liability Company Agreement of Waldorf=Astoria Management LLC	
		
    3.299*	  	Articles of Incorporation of Florida Conrad International Corp.	
		
    3.300*	  	Bylaws of Florida Conrad International Corp., as amended	
		
    3.301*	  	Articles of Organization of Hilton-OCCC Hotel, LLC	
		
    3.302*	  	Limited Liability Company Agreement of Hilton-OCCC Hotel, LLC	
		
    3.303*	  	Articles of Organization of Hilton-OCCC Mezz Lender, LLC, as amended	
		
    3.304*	  	Amended and Restated Limited Liability Company Agreement of Hilton-OCCC Mezz Lender, LLC	
		
    3.305*	  	Articles of Incorporation of Embassy Suites Club No. 1, Inc., as amended	
		
    3.306*	  	Bylaws of Embassy Suites Club No. 1, Inc.	
		
    3.307*	  	Articles of Incorporation of Hotel Clubs of Corporate Woods, Inc.	
		
    3.308*	  	Amended and Restated Bylaws of Hotel Clubs of Corporate Woods, Inc.	
		
    3.309*	  	Articles of Incorporation of Embassy Suites Club No. Three, Inc.	
		
    3.310*	  	Amended and Restated Bylaws of Embassy Suites Club No. Three, Inc.	
		
    3.311*	  	Articles of Organization of International Rivercenter Lessee, L.L.C.	
		
    3.312*	  	Amended and Restated Limited Liability Company Agreement of International Rivercenter Lessee, L.L.C.	
		
    3.313*	  	Articles of Organization of DTM Cambridge, Inc.	
		
    3.314*	  	Bylaws of DTM Cambridge, Inc.	
		
    3.315*	  	Articles of Organization of Chesterfield Village Hotel, LLC	
		
    3.316*	  	Amended and Restated Limited Liability Company Agreement of Chesterfield Village Hotel, LLC	
		
    3.317*	  	Articles of Conversion and Organization of Bally’s Grand Property Sub I, LLC	
		
    3.318*	  	Operating Agreement of Bally’s Grand Property Sub I, LLC	
		
    3.319*	  	Articles of Organization of Conrad International (Belgium) LLC	
		
    3.320*	  	Limited Liability Company Agreement of Conrad International (Belgium) LLC	
		
    3.321*	  	Articles of Incorporation of Conrad International (Egypt) Resorts Corporation	
		
    3.322*	  	Bylaws of Conrad International (Egypt) Resorts Corporation	

Table of Contents

Exhibit No.	  	Description	
		
    3.323*	  	Articles of Incorporation of Conrad International (Indonesia) Corporation, as amended	
		
    3.324*	  	Bylaws of Conrad International (Indonesia) Corporation	
		
    3.325*	  	Articles of Incorporation of Conrad International Investment (Jakarta) Corporation	
		
    3.326*	  	Bylaws of Conrad International Investment (Jakarta) Corporation	
		
    3.327*	  	Articles of Organization of Hilton Grand Vacations Management, LLC, as amended	
		
    3.328*	  	Second Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Grand Vacations Management, LLC	
		
    3.329*	  	Articles of Organization of Hilton Holdings, LLC	
		
    3.330*	  	Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Holdings, LLC	
		
    3.331*	  	Articles of Organization of Hilton Hospitality, LLC	
		
    3.332*	  	Amended and Restated Limited Liability Company (Operating) Agreement of Hilton Hospitality, LLC	
		
    3.333*	  	Articles of Conversion and Organization of Hilton Illinois, LLC	
		
    3.334*	  	Operating Agreement of Hilton Illinois, LLC	
		
    3.335*	  	Articles of Incorporation of HPP International Corporation, as amended	
		
    3.336*	  	Bylaws of HPP International Corporation, as amended	
		
    3.337*	  	Articles of Organization of Peacock Alley Service Company, LLC, as amended	
		
    3.338*	  	Limited Liability Company Operating Agreement of Peacock Alley Service Company, LLC	
		
    3.339*	  	Certificate of Conversion of Washington Hilton, L.L.C., as amended	
		
    3.340*	  	Amended and Restated Limited Liability Company Agreement of Washington Hilton, L.L.C.	
		
    3.341*	  	Charter of Embassy Memphis Corporation	
		
    3.342*	  	Bylaws of Embassy Memphis Corporation	
		
    3.343*	  	Articles of Incorporation of Embassy Suites Club No. Two, Inc.	
		
    3.344*	  	Bylaws of Embassy Suites Club No. Two, Inc.	
		
    4.1	  	Indenture, dated as of October 4, 2013, among Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. as issuers, Hilton Worldwide Holdings Inc., as guarantor and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.2	  	First Supplemental Indenture, dated as of October 25, 2013, among the subsidiary guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.3*	  	Second Supplemental Indenture, dated as of September 8, 2014, between Hilton International Holding Corporation and Wilmington Trust, National Association, as trustee.	
		
    4.4	  	Form of 5.625% Senior Note due 2021 (included in Exhibit 4.1).	

Table of Contents

Exhibit No.	  	Description	
		
    4.5	  	Registration Rights Agreement, dated as of October 4, 2013, among Hilton Worldwide Finance LLC, Hilton Worldwide Finance Corp., Hilton Worldwide Holdings Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the several initial purchasers (incorporated by reference to Exhibit 10.10 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    4.6	  	Joinder Agreement, dated as of October 25, 2013, among the subsidiary guarantors party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the several initial purchasers (incorporated by reference to Exhibit 10.11 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
    5.1*	  	Opinion of Simpson Thacher & Bartlett LLP.	
		
    5.2*	  	Opinion of Dentons US LLP.	
		
    5.3*	  	Opinion of Hill, Ward & Henderson, P.A.	
		
    5.4*	  	Opinion of Jones Walker LLP	
		
    5.5*	  	Opinion of Snell & Wilmer L.L.P.	
		
    5.6*	  	Opinion of Bass, Berry & Sims PLC.	
		
  10.1	  	Credit Agreement, dated as of October 25, 2013, among Hilton Worldwide Holdings Inc., as parent, Hilton Worldwide Finance LLC, as borrower, the other guarantors from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, collateral agent, swing line lender and L/C issuer, and the other lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.2	  	Security Agreement, dated as of October 25, 2013, among the grantors identified therein and Deutsche Bank AG New York Branch, as collateral agent (incorporated by reference to Exhibit 10.2 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.3	  	Loan Agreement, dated as of October 25, 2013, among the subsidiaries party thereto, collectively, as borrower and JPMorgan Chase Bank, National Association, German American Capital Corporation, Bank of America, N.A., GS Commercial Real Estate LP and Morgan Stanley Mortgage Capital Holdings LLC, collectively, as lender (incorporated by reference to Exhibit 10.3 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.4	  	Guaranty Agreement, dated as of October 25, 2013, among the guarantors named therein and JPMorgan Chase Bank, National Association, German American Capital Corporation, Bank of America, N.A., GS Commercial Real Estate LP and Morgan Stanley Mortgage Capital Holdings LLC, collectively, as lender (incorporated by reference to Exhibit 10.4 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.5	  	Loan Agreement, dated as of October 25, 2013, among HLT NY Waldorf LLC, as borrower, HSBC Bank USA, National Association, as agent, the lenders named therein, HSBC Bank USA, National Association and DekaBank Deutsche Girozentrale, as lead arrangers and HSBC Bank USA, National Association, as syndication agent (incorporated by reference to Exhibit 10.5 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.6	  	Guaranty of Recourse Carveouts, dated as of October 25, 2013, among the guarantors named therein and HSBC Bank USA, National Association, as agent and lender and any other co-lenders from time to time party thereto (incorporated by reference to Exhibit 10.6 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	

Table of Contents

Exhibit No.	  	Description	
		
  10.7	  	Receivables Loan Agreement, dated as of May 9, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, the persons from time to time party thereto as conduit lenders, the financial institutions from time to time party thereto as committed lenders, the financial institutions from time to time party thereto as managing agents, and Deutsche Bank Securities, Inc., as administrative agent and structuring agent (incorporated by reference to Exhibit 10.7 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.8	  	Amendment No. 1 to Receivables Loan Agreement, effective as of July 25, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Wells Fargo Bank, National Association, as paying agent and securities intermediary, Deutsche Bank AG, New York Branch, as a committed lender and a managing agent, Montage Funding, LLC, as a conduit lender, Deutsche Bank Securities, Inc., as administrative agent, and Bank of America, N.A., as assignee (incorporated by reference to Exhibit 10.8 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.9	  	Omnibus Amendment No. 2 to Receivables Loan Agreement, Amendment No. 1 to Sale and Contribution Agreement and Consent to Custody Agreement, effective as of October 25, 2013, among Hilton Grand Vacations Trust I LLC, as borrower, Grand Vacations Services, LLC, as servicer, Hilton Resorts Corporation, as seller, Wells Fargo Bank, National Association, as custodian, the financial institutions signatory thereto, as managing agents, and Deutsche Bank Securities, Inc., as administrative agent (incorporated by reference to Exhibit 10.9 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.10	  	Stockholders Agreement, dated as of December 17, 2013, by and among Hilton Worldwide Holdings Inc. and certain of its stockholders (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (File No. 1-36243) filed on December 17, 2013).	
		
  10.11	  	Registration Rights Agreement, dated as of December 17, 2013, among Hilton Worldwide Holdings Inc. and certain of its stockholders (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Current Report on Form 8-K (File No. 1-36243) filed on December 17, 2013).	
		
  10.12†	  	2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.15 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.13†	  	Form of Restricted Stock Grant and Acknowledgment (incorporated by reference to Exhibit 10.16 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.14†	  	Form of Director Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.17 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.15†	  	Form of Performance Share Agreement (incorporated by reference to Exhibit 10.1 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.16†	  	Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.2 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.17†	  	Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.3 to Hilton Worldwide Holdings Inc.’s Quarterly Report on Form 10-Q (File No. 1-36243) filed on May 9, 2014).	
		
  10.18†	  	Severance Plan (incorporated by reference to Exhibit 10.18 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	

Table of Contents

Exhibit No.	 	Description	
		
  10.19†	 	Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.19 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.20†	 	Separation Agreement and Release dated as of September 24, 2013, between Hilton Worldwide, Inc. and Thomas C. Kennedy (incorporated by reference to Exhibit 10.24 to Hilton Worldwide Holdings Inc.’s Registration Statement on Form S-1 (No. 333-191110)).	
		
  10.21†	 	2005 Executive Deferred Compensation Plan (as Amended and Restated Effective as of January 1, 2005) (incorporated by reference to Exhibit 10.20 to Hilton Worldwide Holdings Inc.’s Annual Report on Form 10-K (File No. 1-36243) filed on February 27, 2014).	
		
  12*	 	Computation of Ratio of Earnings to Fixed Charges.	
		
  21*	 	Subsidiaries of Hilton Worldwide Finance LLC.	
		
  23.1*	 	Consent of Ernst & Young LLP.	
		
  23.2*	 	Consent of Simpson Thacher & Bartlett LLP (included as part of Exhibit 5.1).	
		
  23.3*	 	Consent of Dentons US LLP (included as part of Exhibit 5.2).	
		
  23.4*	 	Consent of Hill, Ward & Henderson, P.A. (included as part of Exhibit 5.3).	
		
  23.5*	 	Consent of Jones Walker LLP (included as part of Exhibit 5.4).	
		
  23.6*	 	Consent of Snell & Wilmer L.L.P. (included as part of Exhibit 5.5).	
		
  23.7*	 	Consent of Bass, Berry & Sims PLC (included as part of Exhibit 5.6).	
		
  24*	 	Power of Attorney (included in signature pages to this Registration Statement).	
		
  25.1*	 	Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of Wilmington Trust, National Association as trustee under the Indenture, dated as of October 4, 2013 (as amended by the First Supplemental Indenture, dated as of October 25, 2013, and the Second Supplemental Indenture, dated as of September 8, 2014), among Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp., as issuers, the guarantors named therein and Wilmington Trust, National Association, as trustee.	
		
  99.1*	 	Form of Letter of Transmittal.	
		
  99.2*	 	Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.	
		
  99.3*	 	Form of Letter to Clients.	
		
  99.4*	 	Form of Notice of Guaranteed Delivery.	
		
101.INS**	 	XBRL Instance Document.	
		
101.SCH**	 	XBRL Taxonomy Extension Schema Document.	
		
101.CAL**	 	XBRL Taxonomy Extension Calculation Linkbase Document.	
		
101.DEF**	 	XBRL Taxonomy Extension Definitions Linkbase Document.	
		
101.LAB**	 	XBRL Taxonomy Extension Label Linkbase Document.	
		
101.PRE**	 	XBRL Taxonomy Extension Presentation Linkbase Document.	

*	Filed herewith.	
**	These interactive data files shall not be deemed filed for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under those sections.	
†	Management contract or compensatory plan or arrangement.	

Exhibit 3.1
CERTIFICATE OF FORMATION
OF
HILTON WORLDWIDE FINANCE LLC
Dated as of August 20, 2013
This Certificate of Formation for Hilton Worldwide Finance LLC is being duly executed and filed by the undersigned, authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq.).
1. The name of the limited liability company formed hereby Hilton Worldwide Finance LLC (the “ Company ”).
2. The address of the registered office of the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware, 19808.
3. The name and address of the registered agent for service of process on the Company in the State of Delaware is, Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware, 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of Hilton Worldwide Finance LLC as of the date first above written and submits it for filing in accordance with the Delaware Limited Liability Company Act.

By:	 	/s/ Frank Giovinazzo	
	 	Name: Frank Giovinazzo	
	 	Title: Authorized Person	

Exhibit 3.2
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON WORLDWIDE FINANCE LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Worldwide Finance LLC, a Delaware limited liability company, is entered into as of August 20 , 2013, by Hilton Worldwide Holdings Inc., a Delaware corporation (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
The Member hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton Worldwide Finance LLC (the “ Company ”). The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Member . Each of the Members set forth on Schedule A attached hereto are hereby admitted as a member of the Company. The names, addresses and initial membership interests of the Members are set forth on Schedule A , as may be amended. The initial membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in Hilton Worldwide Holdings Inc. (the “ Managing Member ”). The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. Frank Giovinazzo, as an “authorized
 
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person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Senior Vice President, Executive Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “senior vice president”, “executive vice president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The initial officers of the company, which may be amended by Managing Member Consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ” ) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ” ) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
-3-

18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBERS :	
		
	 	HILTON WORLDWIDE HOLDINGS INC.,  a
Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name: W. Steven Standefer	
	 		 	Title: Senior Vice President	
[LLC Agreement – Hilton Worldwide Finance LLC]

Schedule A
Members

 	 	Name	  	Ownership
Percentage	  	Address	
Hilton Worldwide Holdings Inc.	  	100%	  	c/o Hilton Worldwide, Inc.
7930 Jones Branch Drive
McLean, Virginia 22102	  		

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.3
CERTIFICATE OF INCORPORATION
OF
HILTON WORLDWIDE FINANCE CORP.
The undersigned, in order to form a corporation for the purpose hereinafter stated, under and pursuant to the provisions of the General Corporation Law of the State of Delaware, hereby certifies that:
FIRST. The name of the Corporation is Hilton Worldwide Finance Corp.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The name and mailing address of the incorporator is Frank Giovinazzo, Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York, 10017.
SIXTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.
SEVENTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SEVENTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
 
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(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SEVENTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
(e) The indemnification permitted by this Article SEVENTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SEVENTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SEVENTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where
 
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the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SEVENTH or otherwise.
EIGHTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholder for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or an department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly
 
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communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
IN WITNESS WHEREOF, the undersigned has signed this Certificate of Incorporation on August 20, 2013.

	
/s/ Frank Giovinazzo	
Frank Giovinazzo	
Sole Incorporator	
 
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Exhibit 3.4
BYLAWS
OF
HILTON WORLDWIDE FINANCE CORP.
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF STOCKHOLDERS
Section 1. Place of Meetings. Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the stockholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings. Special Meetings of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, but such Special Meetings may not be called by any other person or persons. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings. Notice of an Annual Meeting or Special Meeting stating the place, date, and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation either personally or by mail or by other lawful means not less than ten nor more than sixty days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 5. Quorum. Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which
 
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stockholders may be deemed present in person at such adjourned meeting, until a quorum shall be present or represented. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 6. Voting. Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors a plurality of the votes cast shall be sufficient to elect. All other elections and questions shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent. Any action required to be taken at any Annual or Special meeting of stockholders, or any action which may be taken at any Annual or Special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that consents given by a sufficient number of holders to take the action were delivered to the Corporation.
Section 8. List of Stockholders Entitled to Vote. The Secretary shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.
 
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Section 9. Organization. At every meeting of stockholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the stockholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than sixty nor less than ten days before the date of such meeting; (ii) in the case of determination of stockholders entitled to express consent to corporate action without a meeting, shall not be more than ten days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (iii) in the case of any other action, shall not be more than sixty days prior to such other action. If no record date is fixed: (a) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining stockholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors is required by law, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (c) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
Section 11. Conduct of Meetings. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the
 
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proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors. The number of directors that shall constitute the Board of Directors shall be not less than one nor more than twelve. The initial directors shall be determined by resolution of the sole incorporator of the Corporation. Thereafter, within the limits specified above, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies. Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal.
Section 3. Committees. The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under the General Corporation Law of the State of Delaware.
Section 4. Duties and Powers. The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
 
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Section 5. Meetings. The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action. Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present.
Section 7. Actions of Board. Unless otherwise provided by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in accordance with applicable law.
Section 8. Removal. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than eighty percent (80%) in voting power of outstanding shares of capital stock entitled to vote at an election of directors.
Section 9. Telephonic Meetings Permitted. Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this By-law shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
 
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ARTICLE V
NOTICES
Section 1. Notices. Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice. Whenever any notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any current or former Director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock. The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.
 
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Section 2. Transfer of Shares. Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments. These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors.
Section 5. Entire Board of Directors. As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
 
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Exhibit 3.5
ARTICLES OF ORGANIZATION
OF
DESTINATION RESORTS LLC
An Arizona Limited Liability Company
1. Name . The name of the limited liability company shall be Destination Resorts LLC (the “Company”).
2. Known Place of Business . The address of the known place of business of the Company is c/o Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
3. Agent for Service of Process . The name and address of the agent for service of process for the Company are: Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
4. Management . Management of the Company is reserved to the members.
5. Name and Address of Member . The name and address of the sole member of the Company is Hilton Holdings, Inc., a Nevada corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
DATED: October 22, 2007.

/s/ K. Allen Anderson	
Name: K. Allen Anderson	
Vice President and Assistant Secretary of Hilton	
Holdings, Inc.	

ARTICLES OF MERGER
OF DESTINATION RESORTS, INC.,
AN ARIZONA CORPORATION (Corporate No. 0237190-0)
INTO
DESTINATION RESORTS LLC,
AN ARIZONA LIMITED LIABILITY COMPANY
Pursuant to Arizona Revised Statutes § 29-754, Destination Resorts LLC, an Arizona limited liability company, hereby files the following Articles of Merger:
1. A Plan of Merger relating to the merger (the “Plan of Merger”) is on file at the following place of business of the surviving business entity, and the surviving business entity will provide a copy of the Plan of Merger on request and without cost to any person who holds an interest in a business entity that is a party to the merger: 9336 Civic Center Drive, Beverly Hills, California 90210.
2. Each business entity that is a party to the merger approved the Plan of Merger in the manner provided by law.
3. There are no amendments to the Articles of Organization of the surviving business entity.
4. The future effective date of the merger is October 24, 2007.
5. The surviving business entity is a business entity organized under the law of the State of Arizona.
In Witness Whereof, K. Allen Anderson, the Vice President of the sole member of Destination Resorts LLC has been designated, pursuant to the Plan of Merger, to execute these Articles of Merger on behalf of Destination Resorts LLC, and has executed these Articles of Merger as of October 22, 2007.

DESTINATION RESORTS LLC, an Arizona limited liability company	
		
By:	 	HILTON HOLDINGS, INC.,
a Nevada corporation,
Its Sole Member	
		
By	 	/s/ K. Allen Anderson	
	 	Name: K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	

PLAN OF MERGER
Pursuant to Sections 10-1101, et seq. and 29-751, et seq. of the Arizona Revised Statutes (“A.R.S.”), DESTINATION RESORTS, INC., an Arizona corporation (sometimes referred to as the “Corporation”), and DESTINATION RESORTS LLC, an Arizona limited liability company (sometimes referred to as the “Company”), have adopted and approved this Plan of Merger.
1. The names and jurisdictions of organization of each business entity that plans to merge are as follows:
DESTINATION RESORTS, INC., an Arizona corporation, and
DESTINATION RESORTS LLC, an Arizona limited liability company.
2. The name of the surviving business entity is as follows:
DESTINATION RESORTS LLC, an Arizona limited liability company.
3. The terms and conditions of the proposed merger (the “Merger”) are as follows:
As soon as practicable after the approval and execution of this Plan of Merger, DESTINATION RESORTS LLC shall cause (1) articles of merger relating to the Merger (the “Articles of Merger”) to be filed with the Arizona Corporation Commission in accordance with A.R.S. § 29-754. The future effective date of the Merger is October 24, 2007 .
4. The manner and basis of converting the obligations, rights or securities of, or interests in DESTINATION RESORTS, INC. into the obligations, rights or securities of, or interests in DESTINATION RESORTS LLC are as follows:
All shares of capital stock of DESTINATION RESORTS, INC. shall be converted into limited liability company interests in DESTINATION RESORTS LLC.
5. K. Allen Anderson, the Vice President of Hilton Holdings, Inc., the sole member of the Company, is hereby designated to execute and file the Articles of Merger with the Arizona Corporation Commission, as required by A.R.S. § 29-754.

6. No Amendments shall be made to the Articles of Organization of Destination Resorts LLC.
7. The street address of the chief executive office of the surviving business entity is 9336 Civic Center Drive, Beverly Hills, California 90210.
In Witness Whereof, the parties hereto have executed this Plan of Merger as of October 22, 2007.

DESTINATION RESORTS, INC., an Arizona corporation	
		
By	 	/s/ Bryan S. White	
	 	Name: Bryan S. White	
	 	Its: Vice President	
	
DESTINATION RESORTS LLC, an Arizona limited liability company	
		
By:	 	HILTON HOLDINGS, INC,	
	 	a Nevada corporation,
As Sole Member	
		
	 	By     /s/ K. Allen Anderson	
	 	Name: K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION
OF
DESTINATION RESORTS LLC
1. The name of the limited liability company is DESTINATION RESORTS LLC (the “Company”).
2. The initial Articles of Organization of the Company were filed on October 22, 2007, File No. L-1402947-4.
3. The Articles of Organization of the Company are amended by deleting
Paragraph 5 and by adding a new Paragraph 5 to read in its entirety as follows:
“5. Name and Address of Member . The name and address of the sole member of the Company are: Hilton Holdings LLC, a Nevada limited liability company, 9336 Civic Center Drive, Beverly Hills, California 90210.
Dated as of October 25, 2007.

SOLE MEMBER:	
	
HILTON HOLDINGS LLC,	
an Nevada limited liability company	
		
By	 	/s/ Andrew Lax	
	 	Name: Andrew Lax	
	 	Its:	 	Vice President	

Exhibit 3.6
OPERATING AGREEMENT
OF
DESTINATION RESORTS LLC,
an Arizona limited liability company
This Operating Agreement (this “ Agreement ”) of Destination Resorts LLC, an Arizona limited liability company (the “ Company ”), dated as of October 24, 2007, is entered into by Hilton Holdings, LLC, a Nevada limited liability company (“ Doubletree ”), as the sole member, to govern the affairs of the Company and the conduct of its business.
Articles of Organization were filed with the Arizona Corporation Commission on October 22, 2007. Doubletree desires to organize the Company under the Arizona Limited Liability Company Act (A.R.S. § 29-601, et seq .) as amended from time to time (the “ Act ”), and hereby agrees as follows:
SECTION 1. FORMATION, NAME AND PURPOSE
1.1 Formation . Pursuant to the Act, an Arizona limited liability company has been formed effective upon the filing of the Articles of Organization of the Company with the Arizona Corporation Commission. Doubletree shall perform all filing, publication and other acts as are necessary or appropriate to complete formation and permit operation of the Company under the Act.
1.2 Name . The name of the limited liability company is “Destination Resorts LLC.”
1.3 Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
1.4 Registered Office . The address of the registered office of the Company in the State of Arizona is c/o Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.5 Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Arizona is Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.6 Members . The names and the addresses of the Members are set forth on Schedule A (the “Members”; or, individually, each a “Member”) as may be amended.
SECTION 2. MANAGEMENT
2.1 Rights and Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Arizona. The Members and each officer of the Company with a title of Senior Managing Director, Managing

Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Members shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Arizona Corporation Commission.
2.2 Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “Senior Managing Director”, “Managing Director”, “President”, “Vice President”, “Principal”, “Treasurer”, “Secretary”, “Assistant Treasurer”, “Assistant Secretary”, “Director” and “Manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
2.3 Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
2.4 Indemnification of Members . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
SECTION 3. CAPITAL CONTRIBUTIONS; PERCENTAGE INTEREST
The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
SECTION 4. PROFITS; LOSSES AND DISTRIBUTIONS
4.1 Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
4.2 Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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SECTION 5. RIGHTS AND OBLIGATIONS OF MEMBERS
5.1 Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
5.2 Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
5.3 Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
SECTION 6. DISSOLUTION AND TERMINATION
6.1 Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 29-785 of the Act, (d) the filing of a certificate of dissolution by the Arizona Corporation Commission under Section 29-786 of the Act, or (e) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. Upon the dissolution of the Company, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until Articles of Termination have been filed with the Arizona Corporation Commission or until a court of competent jurisdiction enters a decree dissolving the Company.
6.2 Liquidation . Upon dissolution pursuant to Section 6.1 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designees shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
6.3 Articles of Termination . When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made for payment and all of the remaining property and assets have been distributed to the Members, Articles of Termination shall be executed and filed with the Arizona Corporation Commission.
 
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SECTION 7. MISCELLANEOUS PROVISIONS
7.1 Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
7.2 Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
7.3 Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Arizona, all rights and remedies being governed by said laws.
[Signature Page Follows]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Agreement as of the date first above written.

Hilton Holdings, LLC, an Arizona limited liability
company	
		
By:	 	/s/ Andrew Lax	
	 	 	
	 	Name: Andrew Lax	
	 	Title: Vice President	

Schedule A
Members

Name	  	Address	
		
Hilton Holdings, LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.7
ARTICLES OF ORGANIZATION
OF
DOUBLETREE HOTEL SYSTEMS LLC
An Arizona Limited Liability Company
1. Name . The name of the limited liability company shall be Doubletree Hotel Systems LLC (the “Company”).
2. Known Place of Business . The address of the known place of business of the Company is c/o Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
3. Agent for Service of Process . The name and address of the agent for service of process for the Company are: Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
4. Management . Management of the Company is reserved to the members.
5. Name and Address of Member . The name and address of the sole member of the Company are Doubletree Hotels Corporation, an Arizona corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
DATED: October 22, 2007.

/s/ K. Allen Anderson	
Name: K. Allen Anderson	
Vice President and Assistant Secretary of Doubletree Hotels Corporation	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION
OF
DOUBLETREE HOTEL SYSTEMS LLC
1. The name of the limited liability company is DOUBLETREE HOTEL SYSTEMS LLC (the “Company”).
2. The initial Articles of Organization of the Company were filed on October 22, 2007, File No. L-1402949-6.
3. The Articles of Organization of the Company are amended by deleting Paragraph 5 and by adding a new Paragraph 5 to read in its entirety as follows:
“5. Name and Address of Member . The name and address of the sole member of the Company are: Doubletree Hotels LLC, an Arizona limited liability company, 9336 Civic Center Drive, Beverly Hills, California 90210.
Dated as of October 25, 2007.

SOLE MEMBER:	
	
DOUBLETREE HOTELS LLC,
an Arizona limited liability company	
		
By	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Its: Senior Vice President	

	

ARTICLES OF MERGER
OF DOUBLETREE HOTEL SYSTEMS, INC.,
AN ARIZONA CORPORATION (CORPORATE NO. 0212163-0)
INTO
DOUBLETREE HOTEL SYSTEMS LLC,
AN ARIZONA LIMITED LIABILITY COMPANY
Pursuant to Arizona Revised Statutes § 29-754, Doubletree Hotel Systems LLC, an Arizona limited liability company, hereby files the following Articles of Merger:
1. A Plan of Merger relating to the merger (the “Plan of Merger”) is on file at the following place of business of the surviving business entity, and the surviving business entity will provide a copy of the Plan of Merger on request and without cost to any person who holds an interest in a business entity that is a party to the merger: 9336 Civic Center Drive, Beverly Hills, California 90210.
2. Each business entity that is a party to the merger approved the Plan of Merger in the manner provided by law.
3. There are no amendments to the Articles of Organization of the surviving business entity.
4. The future effective date of the merger is October 24, 2007.
5. The surviving business entity is a business entity organized under the law of the State of Arizona.
In Witness Whereof, K. Allen Anderson, the Vice President and Assistant Secretary of the sole member of Doubletree Hotel Systems LLC has been designated, pursuant to the Plan of Merger, to execute these Articles of Merger on behalf of Doubletree Hotel Systems LLC, and has executed these Articles of Merger as of October 22, 2007.

DOUBLETREE HOTEL SYSTEMS LLC, an
Arizona limited liability company	
		
By:	 	DOUBLETREE HOTELS	
	 	CORPORATION, an Arizona corporation,	
	 	Its Sole Member	
		
By:	 	/s/ K. Allen Anderson	
	 	K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	

PLAN OF MERGER
Pursuant to Sections 10-1101, et seq. and 29-751, et seq. of the Arizona Revised Statutes (“A.R.S”), DOUBLETREE HOTEL SYSTEMS, INC., an Arizona corporation (sometimes referred to as the “Corporation”), and DOUBLETREE HOTEL SYSTEMS LLC, an Arizona limited liability company (sometimes referred to as the “Company”), have adopted and approved this Plan of Merger.
1. The names and jurisdictions of organization of each business entity that plans to merge are as follows:
DOUBLETREE HOTEL SYSTEMS, INC., an Arizona corporation, and
DOUBLETREE HOTEL SYSTEMS LLC, an Arizona limited liability company.
2. The name of the surviving business entity is as follows:
DOUBLETREE HOTEL SYSTEMS LLC, an Arizona limited liability company.
3. The terms and conditions of the proposed merger (the “Merger”) are as follows:
As soon as practicable after the approval and execution of this Plan of Merger, DOUBLETREE HOTEL SYSTEMS LLC shall cause (1) articles of merger relating to the Merger (the “Articles of Merger”) to be filed with the Arizona Corporation Commission in accordance with A.R.S. § 29-754. The future effective date of the Merger is October 24, 2007.
4. The manner and basis of converting the obligations, rights or securities of, or interests in DOUBLETREE HOTEL SYSTEMS, INC. into the obligations, rights or securities of, or interests in DOUBLETREE HOTEL SYSTEMS LLC are as follows:
All shares of capital stock of DOUBLETREE HOTEL SYSTEMS, INC. shall be converted into limited liability company interests in DOUBLETREE HOTEL SYSTEMS LLC.
5. K. Allen Anderson, the Vice President and Assistant Secretary of DOUBLETREE HOTELS CORPORATION, the sole member of the Company, is hereby designated to execute and file the Articles of Merger with the Arizona Corporation Commission, as required by A.R.S. § 29-754.

6. No amendments shall be made to the Articles of Organization of DOUBLETREE HOTEL SYSTEMS LLC.
7. The street address of the chief executive office of the surviving business entity is 9336 Civic Center Drive, Beverly Hills, California 90210.
In Witness Whereof, the parties hereto have executed this Plan of Merger as of October 22, 2007.

DOUBLETREE HOTEL SYSTEMS, INC., an Arizona corporation	
		
By	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Its: Senior Vice President	
	
DOUBLETREE HOTEL SYSTEMS LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE HOTELS	
	 	CORPORATION, an Arizona corporation, As Sole Member	
		
	 	By /s/ K. Allen Anderson	
	 	K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	

Exhibit 3.8
OPERATING AGREEMENT
OF
DOUBLETREE HOTEL SYSTEMS LLC,
an Arizona limited liability company
This Operating Agreement (this “ Agreement ”) of Doubletree Hotel Systems LLC, an Arizona limited liability company (the “ Company ”), dated as of October 24, 2007, is entered into by Doubletree Hotels LLC, an Arizona limited liability company (“ Doubletree ”), as the sole member, to govern the affairs of the Company and the conduct of its business.
Articles of Organization were filed with the Arizona Corporation Commission on October 22, 2007. Doubletree desires to organize the Company under the Arizona Limited Liability Company Act (A.R.S. § 29-601, et seq .) as amended from time to time (the “ Act ”), and hereby agrees as follows:
SECTION 1. FORMATION, NAME AND PURPOSE
1.1 Formation . Pursuant to the Act, an Arizona limited liability company has been formed effective upon the filing of the Articles of Organization of the Company with the Arizona Corporation Commission. Doubletree shall perform all filing, publication and other acts as are necessary or appropriate to complete formation and permit operation of the Company under the Act.
1.2 Name . The name of the limited liability company is “Doubletree Hotel Systems LLC.”
1.3 Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
1.4 Registered Office . The address of the registered office of the Company in the State of Arizona is c/o Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.5 Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Arizona is Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.6 Members . The names and the addresses of the Members are set forth on Schedule A (the “Members”; or, individually, each a “Member”) as may be amended.
SECTION 2. MANAGEMENT
2.1 Rights and Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Arizona. The

Members and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Members shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Arizona Corporation Commission.
2.2 Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “Senior Managing Director”, “Managing Director”, “President”, “Vice President”, “Principal”, “Treasurer”, “Secretary”, “Assistant Treasurer”, “Assistant Secretary”, “Director” and “Manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
2.3 Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
2.4 Indemnification of Members . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
SECTION 3. CAPITAL CONTRIBUTIONS; PERCENTAGE INTEREST
The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
SECTION 4. PROFITS; LOSSES AND DISTRIBUTIONS
4.1 Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
4.2 Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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SECTION 5. RIGHTS AND OBLIGATIONS OF MEMBERS
5.1 Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
5.2 Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
5.3 Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
SECTION 6. DISSOLUTION AND TERMINATION
6.1 Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 29-785 of the Act, (d) the filing of a certificate of dissolution by the Arizona Corporation Commission under Section 29-786 of the Act, or (e) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. Upon the dissolution of the Company, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until Articles of Termination have been filed with the Arizona Corporation Commission or until a court of competent jurisdiction enters a decree dissolving the Company.
6.2 Liquidation . Upon dissolution pursuant to Section 6.1 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designees shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
6.3 Articles of Termination . When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made for payment and all of the remaining property and assets have been distributed to the Members, Articles of Termination shall be executed and filed with the Arizona Corporation Commission.
 
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SECTION 7. MISCELLANEOUS PROVISIONS
7.1 Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
7.2 Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
7.3 Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Arizona, all rights and remedies being governed by said laws.
[Signature Page Follows]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Agreement as of the date first above written.

Doubletree Hotels LLC, an Arizona limited liability
company	
		
By:	 	/s/ Andrew Lax	
	 	 	
	 	Name: Andrew Lax	
	 	Title: Vice President	

Schedule A
Members

Name	  	Address	
		
Doubletree Hotels LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.9
ARTICLES OF ORGANIZATION
OF
DOUBLETREE HOTELS LLC
An Arizona Limited Liability Company
1. Name . The name of the limited liability company shall be Doubletree Hotels LLC (the “Company”).
2. Known Place of Business . The address of the known place of business of the Company is c/o Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
3. Agent for Service of Process . The name and address of the agent for service of process for the Company are: Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
4. Management . Management of the Company is reserved to the members.
5. Name and Address of Member . The name and address of the sole member of the Company are Doubletree Corporation, a Delaware corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
DATED: October 22, 2007.

	
/s/ K. Allen Anderson	
Name: K. Allen Anderson	

ARTICLES OF MERGER
OF DOUBLETREE HOTELS CORPORATION,
AN ARIZONA CORPORATION
INTO
DOUBLETREE HOTELS LLC,
AN ARIZONA LIMITED LIABILITY COMPANY
Pursuant to Arizona Revised Statutes § 29-754, Doubletree Hotels LLC, an Arizona limited liability company, hereby files the following Articles of Merger:
1. A Plan of Merger relating to the merger (the “Plan of Merger”) is on file at the following place of business of the surviving business entity, and the surviving business entity will provide a copy of the Plan of Merger on request and without cost to any person who holds an interest in a business entity that is a party to the merger: 9336 Civic Center Drive, Beverly Hills, California 90210.
2. Each business entity that is a party to the merger approved the Plan of Merger in the manner provided by law.
3. There are no amendments to the Articles of Organization of the surviving business entity.
4. The future effective date of the merger is October 24, 2007.
5. The surviving business entity is a business entity organized under the law of the State of Arizona.
In Witness Whereof, K. Allen Anderson, the Vice President of the sole member of Doubletree Hotels LLC has been designated, pursuant to the Plan of Merger, to execute these Articles of Merger on behalf of Doubletree Hotels LLC, and has executed these Articles of Merger this 22 day of October, 2007.

DOUBLETREE HOTELS LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE CORPORATION, a Delaware corporation, Its Sole Member	
		
By	 	/s/ K. Allen Anderson	
Name:	 	K. Allen Anderson	
Its:	 	Vice President and Assistant Secretary	

PLAN OF MERGER
Pursuant to Sections 10-1101, et seq. and 29-751, et seq. of the Arizona Revised Statutes (“A.R.S.”). DOUBLETREE HOTELS CORPORATION, an Arizona corporation (sometimes referred to as the “Corporation”), and DOUBLETREE HOTELS LLC, an Arizona limited liability company (sometimes referred to as the “Company”), have adopted and approved this Plan of Merger.
1. The names and jurisdictions of organization of each business entity that plans to merge are as follows:
DOUBLETREE HOTELS CORPORATION, an Arizona corporation, and
DOUBLETREE HOTELS LLC, an Arizona limited liability company.
2. The name of the surviving business entity is as follows:
DOUBLETREE HOTELS LLC, an Arizona limited liability company.
3. The terms and conditions of the proposed merger (the “Merger”) are as follows:
As soon as practicable after the approval and execution of this Plan of Merger. DOUBLETREE HOTELS LLC shall cause (1) articles of merger relating to the Merger (the “Articles of Merger”) to be filed with the Arizona Corporation Commission in accordance with A.R.S. § 29-754. The future effective date of the Merger is October 24, 2007 .
4. The manner and basis of converting the obligations, rights or securities of, or interests in DOUBLETREE HOTELS CORPORATION into the obligations, rights or securities of, or interests in DOUBLETREE HOTELS LLC are as follows:
All shares of capital stock of DOUBLETREE HOTELS CORPORATION shall be converted into limited liability company interests in DOUBLETREE HOTELS LLC.
5. K. Allen Anderson, the Vice President of Doubletree Corporation, the sole member of the Company, is hereby designated to execute and file the Articles of Merger with the Arizona Corporation Commission, as required by A.R.S. § 29-754.

6. No amendments shall be made to the Articles of Organization of DOUBLETREE HOTELS LLC.
7. The street address of the chief executive office of the surviving business entity is 9336 Civic Center Drive, Beverly Hills, California 90210.
In Witness Whereof, the parties hereto have executed this Plan of Merger as of the 22 day of October, 2007.

DOUBLETREE HOTELS CORPORATION, an Arizona corporation	
		
By	 	/s/ K. Allen Anderson	
	 	K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	
	
DOUBLETREE HOTELS LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE CORPORATION, a Delaware corporation, As Sole Member	
			
	 	By	 	/s/ K. Allen Anderson	
	 		 	Name: K. Allen Anderson	
	 		 	Its: Vice President and Assistant Secretary	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION
OF
DOUBLETREE HOTELS LLC
1. The name of the limited liability company is DOUBLETREE HOTELS LLC (the “Company”).
2. The initial Articles of Organization of the Company were filed on October 22, 2007, File No. L-1402950-0.
3. The Articles of Organization of the Company are amended by deleting Paragraph 5 and by adding a new Paragraph 5 to read in its entirety as follows:
“5. Name and Address of Member . The name and address of the sole member of the Company are: Doubletree LLC, a Delaware limited liability company, 9336 Civic Center Drive, Beverly Hills, California 90210.
Dated as of October 25, 2007.

SOLE MEMBER:	
	
DOUBLETREE LLC,	
a Delaware limited liability company	
		
By	 	/s/ Andrew Lax	
	 	Name: Andrew Lax	
	 	Its:	 	Vice President	

Exhibit 3.10
OPERATING AGREEMENT
OF
DOUBLETREE HOTELS LLC
an Arizona limited liability company
This Operating Agreement (this “ Agreement ”) of Doubletree Hotels LLC, an Arizona limited liability company (the “ Company ”), dated as of October 24, 2007, is entered into by Doubletree LLC, a Delaware limited liability company (“ Doubletree ”), as the sole member, to govern the affairs of the Company and the conduct of its business.
Articles of Organization were filed with the Arizona Corporation Commission on October 22, 2007. Doubletree desires to organize the Company under the Arizona Limited Liability Company Act (A.R.S. § 29-601, et seq .) as amended from time to time (the “ Act ”), and hereby agrees as follows:
SECTION 1. FORMATION, NAME AND PURPOSE
1.1 Formation . Pursuant to the Act, an Arizona limited liability company has been formed effective upon the filing of the Articles of Organization of the Company with the Arizona Corporation Commission. Doubletree shall perform all filing, publication and other acts as are necessary or appropriate to complete formation and permit operation of the Company under the Act.
1.2 Name . The name of the limited liability company is “Doubletree Hotels LLC.”
1.3 Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
1.4 Registered Office . The address of the registered office of the Company in the State of Arizona is c/o Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.5 Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Arizona is Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.6 Members . The names and the addresses of the Members are set forth on Schedule A (the “Members”; or, individually, each a “Member”) as may be amended.
SECTION 2. MANAGEMENT
2.1 Rights and Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Arizona. The Members and each officer of the Company with a title of Senior Managing Director, Managing

Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Members shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Arizona Corporation Commission.
2.2 Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “Senior Managing Director”, “Managing Director”, “President”, “Vice President”, “Principal”, “Treasurer”, “Secretary”, “Assistant Treasurer”, “Assistant Secretary”, “Director” and “Manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
2.3 Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
2.4 Indemnification of Members . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
SECTION 3. CAPITAL CONTRIBUTIONS; PERCENTAGE INTEREST
The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
SECTION 4. PROFITS; LOSSES AND DISTRIBUTIONS
4.1 Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
4.2 Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
- 2 -

SECTION 5. RIGHTS AND OBLIGATIONS OF MEMBERS
5.1 Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
5.2 Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
5.3 Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
SECTION 6. DISSOLUTION AND TERMINATION
6.1 Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 29-785 of the Act, (d) the filing of a certificate of dissolution by the Arizona Corporation Commission under Section 29-786 of the Act, or (e) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. Upon the dissolution of the Company, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until Articles of Termination have been filed with the Arizona Corporation Commission or until a court of competent jurisdiction enters a decree dissolving the Company.
6.2 Liquidation . Upon dissolution pursuant to Section 6.1 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designees shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
6.3 Articles of Termination . When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made for payment and all of the remaining property and assets have been distributed to the Members, Articles of Termination shall be executed and filed with the Arizona Corporation Commission.
 
- 3 -

SECTION 7. MISCELLANEOUS PROVISIONS
7.1 Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
7.2 Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
7.3 Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Arizona, all rights and remedies being governed by said laws.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Operating Agreement as of the date set forth above.

Doubletree LLC, a Delaware limited liability company	
		
By:	 	/s/ K. Allen Anderson	
	 	Name: K. Allen Anderson	
	 	Title: Vice President	
 
- 4 -

Schedule A
Members

Name	  	Address	
		
Doubletree LLC, a Delaware	  	9336 Civic Center Dr.	
limited liability company	  	Beverly Hills, CA 90210	

Exhibit 3.11
ARTICLES OF ORGANIZATION
OF
DT MANAGEMENT LLC
An Arizona Limited Liability Company
1. Name. The name of the limited liability company shall be DT Management LLC (the ‘‘Company”).
2. Known Place of Business . The address of the known place of business of the Company is c/o Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
3. Agent for Service of Process . The name and address of the agent for service of process for the Company are: Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
4. Management. Management of the Company is reserved to the members.
5. Name and Address of Member . The name and address of the sole member of the Company are Doubletree Hotels Corporation, an Arizona corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
DATED: October 22, 2007.

/s/ K. Allen Anderson	
Name: K. Allen Anderson	
Its: Vice President and Assistant Secretary	

ARTICLES OF MERGER
OF DT MANAGEMENT, INC.,
AN ARIZONA CORPORATION (CORPORATE NO. 0196832-8)
INTO
DT MANAGEMENT LLC,
AN ARIZONA LIMITED LIABILITY COMPANY
Pursuant to Arizona Revised Statutes § 29-754, DT Management LLC, an Arizona limited liability company, hereby files the following Articles of Merger:
1. A Plan of Merger relating to the merger (the “Plan of Merger”) is on file at the following place of business of the surviving business entity, and the surviving business entity will provide a copy of the Plan of Merger on request and without cost to any person who holds an interest in a business entity that is a party to the merger: 9336 Civic Center Drive, Beverly Hills, California 90210.
2. Each business entity that is a party to the merger approved the Plan of Merger in the manner provided by law.
3. There are no amendments to the Articles of Organization of the surviving business entity.
4. The future effective date of the merger is October 24, 2007.
5. The surviving business entity is a business entity organized under the law of the State of Arizona.
In Witness Whereof, K. Allen Anderson, the Vice President and Assistant Secretary of the sole member of DT Management LLC has been designated, pursuant to the Plan of Merger, to execute these Articles of Merger on behalf of DT Management LLC, and has executed these Articles of Merger this 22 day of October, 2007.

DT MANAGEMENT LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE HOTELS CORPORATION, an Arizona corporation, Its Sole Member	
		
	 	By /s/ K. Allen Anderson                                      	
	 	K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	

PLAN OF MERGER
Pursuant to Sections 10-1101, et seq. and 29-751, et seq. of the Arizona Revised Statutes (“A.R.S.”); DT MANAGEMENT, INC., an Arizona corporation (sometimes referred to as the “Corporation”) , and DT MANAGEMENT LLC, an Arizona limited liability company (sometimes referred to as the “Company”), have adopted and approved this Plan of Merger.
1. The names and jurisdictions of organization of each business entity that plans to merge are as follows:
DT MANAGEMENT, INC., an Arizona corporation, and
DT MANAGEMENT LLC, an Arizona limited liability company.
2. The name of the surviving business entity is as follows:
DT MANAGEMENT LLC, an Arizona limited liability company.
3. The terms and conditions of the proposed merger (the “Merger”) are as follows:
As soon as practicable after the approval and execution of this Plan of Merger, DT MANAGEMENT LLC shall cause (1) articles of merger relating to the Merger (the “Articles of Merger”) to be filed with the Arizona Corporation Commission in accordance with A.R.S. § 29-754. The future effective date of the Merger is October 24, 2007 .
4. The manner and basis of converting the obligations, rights or securities of, or interests in DT MANAGEMENT, INC. into the obligations, rights or securities of, or interests in DT MANAGEMENT LLC are as follows:
All shares of capital stock of DT MANAGEMENT, INC. shall be converted into limited liability company interests in DT MANAGEMENT LLC.
5. K. Allen Anderson, the Vice President and Assistant Secretary of DOUBLETREE HOTELS CORPORATION, the sole member of the Company, is hereby designated to execute and file the Articles of Merger with the Arizona Corporation Commission, as required by A.R.S. § 29-754.
6. No amendments shall be made to the Articles of Organization of DT MANAGEMENT LLC.

7. The street address of the chief executive office of the surviving business entity is 9336 Civic Center Drive, Beverly Hills, California 90210.
In Witness Whereof, the parties hereto have executed this Plan of Merger as of October 22, 2007.

DT MANAGEMENT, INC., an Arizona corporation	
		
By	 	/s/ K. Allen Anderson	
	 	K. Allen Anderson	
	 	Its: Vice President and Assistant Secretary	
	
DT MANAGEMENT LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE HOTELS CORPORATION, an Arizona corporation, As Sole Member	
		
	 	By /s/ K. Allen Anderson                                        	
	 	      K. Allen Anderson	
	 	      Its: Vice President and Assistant Secretary	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION
OF
DT MANAGEMENT LLC
1. The name of the limited liability company is DT MANAGEMENT LLC (the “Company”).
2. The initial Articles of Organization of the Company were filed on October 22, 2007, File No. L-1402948-5
3. The Articles of Organization of the Company are amended by deleting Paragraph 5 and by adding a new Paragraph 5 to read in its entirety as follows:
“5. Name and Address of Member . The name and address of the sole member of the Company are: Doubletree Hotels LLC, an Arizona limited liability company, 9336 Civic Center Drive, Beverly Hills, California 90210.
Dated as of October 25, 2007.

SOLE MEMBER:	
	
DOUBLETREE HOTELS LLC, an Arizona limited liability company	
		
By	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Its: Senior Vice President	

Exhibit 3.12
OPERATING AGREEMENT
OF
DT MANAGEMENT LLC,
an Arizona limited liability company
This Operating Agreement (this “ Agreement ”) of DT Management LLC, an Arizona limited liability company (the “ Company ”), dated as of October 24, 2007, is entered into by Doubletree Hotels LLC, an Arizona limited liability company (“ Doubletree ”), as the sole member, to govern the affairs of the Company and the conduct of its business.
Articles of Organization were filed with the Arizona Corporation Commission on October 22, 2007. Doubletree desires to organize the Company under the Arizona Limited Liability Company Act (A.R.S. § 29-601, et seq .) as amended from time to time (the “ Act ”), and hereby agrees as follows:
SECTION 1. FORMATION, NAME AND PURPOSE
1.1 Formation . Pursuant to the Act, an Arizona limited liability company has been formed effective upon the filing of the Articles of Organization of the Company with the Arizona Corporation Commission. Doubletree shall perform all filing, publication and other acts as are necessary or appropriate to complete formation and permit operation of the Company under the Act.
1.2 Name . The name of the limited liability company is “DT Management LLC.”
1.3 Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
1.4 Registered Office . The address of the registered office of the Company in the State of Arizona is c/o Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.5 Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Arizona is Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.6 Members . The names and the addresses of the Members are set forth on Schedule A (the “Members”; or, individually, each a “Member”) as may be amended.
SECTION 2. MANAGEMENT
2.1 Rights and Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Arizona. The Members and each officer of the Company with a title of Senior Managing Director, Managing

Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Members shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Arizona Corporation Commission.
2.2 Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “Senior Managing Director”, “Managing Director”, “President”, “Vice President”, “Principal”, “Treasurer”, “Secretary”, “Assistant Treasurer”, “Assistant Secretary”, “Director” and “Manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
2.3 Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
2.4 Indemnification of Members . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
SECTION 3. CAPITAL CONTRIBUTIONS; PERCENTAGE INTEREST
The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
SECTION 4. PROFITS; LOSSES AND DISTRIBUTIONS
4.1 Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
4.2 Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
- 2 -

SECTION 5. RIGHTS AND OBLIGATIONS OF MEMBERS
5.1 Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
5.2 Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
5.3 Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
SECTION 6. DISSOLUTION AND TERMINATION
6.1 Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 29-785 of the Act, (d) the filing of a certificate of dissolution by the Arizona Corporation Commission under Section 29-786 of the Act, or (e) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. Upon the dissolution of the Company, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until Articles of Termination have been filed with the Arizona Corporation Commission or until a court of competent jurisdiction enters a decree dissolving the Company.
6.2 Liquidation . Upon dissolution pursuant to Section 6.1 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designees shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
6.3 Articles of Termination . When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made for payment and all of the remaining property and assets have been distributed to the Members, Articles of Termination shall be executed and filed with the Arizona Corporation Commission.
 
- 3 -

SECTION 7. MISCELLANEOUS PROVISIONS
7.1 Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
7.2 Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
7.3 Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Arizona, all rights and remedies being governed by said laws.
[Signature Page Follows]
 
- 4 -

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Agreement as of the date first above written.

Doubletree Hotels LLC, an Arizona limited liability company	
		
By:	 	/s/ K. Allen Anderson	
	 	Name: K. Allen Anderson	
	 	Title: Vice President	

Schedule A
Members

Name	  	Address	
		
Doubletree Hotels LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.13
ARTICLES OF INCORPORATION
OF
DT REAL ESTATE, INC.
ARTICLE I
The name of the corporation is DT REAL ESTATE, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of acquiring real property by purchase, lease or otherwise and erecting and maintaining hotel, garage and other structures thereon and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The name and address of the person who shall serve as the original board of directors of the corporation is G. Peter Bidstrup, 6225 North 24th Street, Suite 200, Phoenix, Arizona 85016.
ARTICLE VI
Keith W. Ragan, of 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.

ARTICLE VII
The names and addresses of the incorporators are as follows: Keith W. Ragan, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012; and James A. Burns, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 29 th day of June, 1987.

/s/ Keith W. Ragan	
Keith W. Ragan	
	
/s/ James A. Burns	
James A. Burns	
I, Keith W. Ragan, having been designated to act as statutory agent of DT Real Estate, Inc., do hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

/s/ Keith W. Ragan	
Keith W. Ragan	

ARTICLES OF MERGER
of
INN PROPERTIES, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Inn Properties, Inc. consists of 100 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Inn Properties, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Inn Properties, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By 	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

			
		
By 	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	    		
	  	)	    	ss.	
County of Maricopa	  	)	    		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

State of Arizona	  	)	    		
	  	)	    	ss.	
County of Maricopa	  	)	    		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the      day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Inn Properties, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 15,000,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 100 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
INN PROPERTIES, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTR SALT LAKE CITY, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTR Salt Lake City, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTR Salt Lake City, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTR Salt Lake City, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By 	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

			
By 	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	    		
	  	)	    	ss.	
County of Maricopa	  	)	    		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

State of Arizona	  	)	    		
	  	)	    	ss.	
County of Maricopa	  	)	    		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTR Salt Lake City, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTR SALT LAKE CITY, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
OSBORN DOUBLETREE, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Osborn Doubletree, Inc. consists of 52,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Osborn Doubletree, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Osborn Doubletree, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By 	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the      day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Osborn Doubletree, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 68,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 52,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
OSBORN DOUBLETREE, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTI REALTY, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTI Realty, Inc. consists of 17,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTI Realty, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTI Realty, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

	
DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the      day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTI Realty, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 15,000,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 17,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTI REALTY, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 12
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 12 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 12.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 12, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL STATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 12, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 12	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 9
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 9 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 9.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 9, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 9, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Mary B. Williams	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
My Commission Expires Oct. 30, 1990	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Mary B. Williams	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
My Commission Expires Oct 30, 1990	 		

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 9	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 7
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 7 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 7.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 7, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 7, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date : first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 7	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 6
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 6 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 6.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 6, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
 
My commission expires:	 		
 
7-11-90	 		
 
State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
 
My commission expires:	 		
 
7-11-90	 		

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
 
My commission expires:	 		 		 		
 
7-11-90	 		 		 		
 
State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
 
My commission expires:	 		 		 		
 
7-11-90	 		 		 		

	 		 		 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 6, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier data as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable) provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 6	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 4
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 4 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 4.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 4, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
				
My commission expires:	 		 		 		
				
7-11-90	 		 		 		
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
				
My commission expires:	 		 		 		
				
7-11-90	 		 		 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 4, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by the reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merge shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 4	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 3
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 3 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 3.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 3, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
			
My commission expires:	 		 		
				
7-11-90	 		 		 		
				
 State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
			
My commission expires:	 		 		
				
7-11-90	 		 		 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 3, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be affective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 3	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 2
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 2 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 2.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 2, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 2, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 2	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
TUCSON DOUBLETREE PLAZA, INC
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Tucson Doubletree Plaza, Inc. consists of 4,500 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Tucson Doubletree Plaza, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Tucson Doubletree Plaza, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL, ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Tucson Doubletree Plaza, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 10,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 4,500 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
TUCSON DOUBLETREE PLAZA, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
TREE INNS, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Tree Inns, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Tree Inns, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Tree Inns, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

							
	 		 	By	 	/s/ Paul Blanchard	
	 		 		 	 	
	 		 		 	Paul Blanchard	
	 		 		 	Its Secretary	
State of Arizona	 	)	 		 		
	 	)        ss.	 		 		
County of Maricopa	 	)	 		 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		
			
 State of Arizona	 	)	 		
	 	)        ss.	 		
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	 		 	/s/ Sandra L. Ravel	
	 		 	 	
	 		 	Notary Public	
		
My commission expires:	 		
		
7-11-90	 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Tree Inns, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 15,000,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
TREE INNS, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
RANDOLPH HOUSE, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger, is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Randolph House, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Randolph House, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Randolph House, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

			
By	 	/s/ Paul Blanchard	
	 	 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	    		
	 	)	    	ss.	
County of Maricopa	 	)	    		
The foregoing instrument was acknowledged before me this 30 th of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
			
7-11-90	 		    		
			
 State of Arizona	 	)	    		
	 	)	    	ss.	
County of Maricopa	 	)	    		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
			
7-11-90	 		    		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Randolph House, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 15,000,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
RANDOLPH HOUSE, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
MOONDANCE, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Moondance, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Moondance, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Moondance, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

			
By	 	/s/ Paul Blanchard	
	 	 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
	
7-11-90	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
	
7-11-90	

			
By	 	/s/ Paul Blanchard	
	 	 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
	
7-11-90	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
	
7-11-90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Moondance, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 5,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, ejected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	

MOONDANCE, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTR KANSAS, INC.
a Kansas corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation;
FIRST: The subsidiary corporation, DTR Kansas, Inc., is incorporated under the laws of the State of Kansas and the laws of such jurisdiction permit such a merger.
SECOND: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
THIRD: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
FOURTH: The total number of outstanding shares of stock in DTR Kansas, Inc. consists of 100 shares of common stock with a par value of one dollar ($1.00) per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTR Kansas, Inc.
FIFTH: DT Real Estate, Inc., being the sole shareholder in DTR Kansas, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.

Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By
 	 	/s/ James N. Schmidt
 	
	 	James N. Schmidt	
	 	Its President	
		
By
 	 	/s/ Paul Blanchard
 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Management, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Management, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTR Kansas, Inc., a Kansas corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation;
B. Subsidiary is a Kansas corporation authorized to issue 300 shares of common stock with a par value of one dollar ($1.00) per share; there are 100 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona and Kansas law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona and Kansas law regulating mergers of Kansas corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission and a Certificate of Ownership and Merger has been filed with the Kansas Secretary of State or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the General Corporation Law of the State of Arizona and the General Corporation Code of the State of Kansas with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Kansas into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By:	 	 	
	 	Its	 	 	
	
DTR KANSAS, INC.	
		
By:	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTR DENVER, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTR Denver, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTR Denver, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTR Denver, Inc., hereby waives the requirement of A.R.S. $10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
BY
 	 	/s/ James N. Schmidt
 	
	 	James N. Schmidt	
	 	Its President	

			
		
By
 	 	/s/ Paul Blanchard
 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTR Denver, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE , the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTR DENVER, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTR CUPERTINO, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of marging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTR Cupertino, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTR Cupertino, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTR Cupertino, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filled by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By
 	 	/s/ James N. Schmidt
 	
	 	James N. Schmidt	
	 	Its President	

											

 	By
 	  
 	 	/s/ Paul Blanchard
 	
	 		 		 				 	Paul Blanchard	
	 		 		 				 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

					
	 		 		 		 	/s/ Sandra L. Ravel
 	
	 		 		 		 	Notary Public	
My commission expires:	 		 		 		 		
					
7-11-90	 		 		 		 		

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

					
	 		 		 		 	/s/ Sandra L. Ravel
 	
	 		 		 		 	Notary Public	
My commission expires:	 		 		 		 		
					
7-11-90	 		 		 		 		

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTR Cupertino, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTR CUPERTINO, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTM WALNUT CREEK, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTM Walnut Creek, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTM Walnut Creek, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTM Walnut Creek, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

			
		
By	 	/s/ Paul Blanchard	
	 	 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
		
7-11-90	  		
			
 State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
 	
Notary Public	

My commission expires:	
	
7-11-90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTM Walnut Creek, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTM WALNUT CREEK, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DTR ATLANTA, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in DTR Atlanta, Inc. consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in DTR Atlanta, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in DTR Atlanta, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

			
		
By	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
Notary Public	

My commission expires:	
	
7-11-90	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
Notary Public	

My commission expires:	
	
7-11-90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and DTR Atlanta, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Data, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DTR ATLANTA, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
DOUBLETREE OF HOUSTON, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Doubletree of Houston, Inc. consists of 500 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Doubletree of Houston, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Doubletree of Houston, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

					
			
	 	By	 	/s/ Paul Blanchard	
	 		 	 	
	 		 	Paul Blanchard	
	 		 	Its Secretary	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

		
	 	/s/ Sandra L. Ravel	
	 	 	
	 	Notary Public	

My commission expires:	 		  		
			
7-11-90	 		  		
			
 State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

		
	 	/s/ Sandra L. Ravel	
	 	 	
	 	Notary Public	

My commission expires:	
	
7-11-90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Doubletree of Houston, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 500,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 500 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
DOUBLETREE OF HOUSTON, INC.	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 10
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 10 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 10.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 10, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	 	
	 	James N. Schmidt	
	 	Its President	

			
		
By	 	/s/ Paul Blanchard	
	 	 	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Mary B. Williams	
 	
Notary Public	

My commission expires:	
	
My Commission Expires Oct. 30, 1990	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Mary B. Williams	
 	
Notary Public	

My commission expires:	
	
My Commission Expires Oct. 30, 1990	

AGREEMENT AND PLAN OF MERGER
This Agreement and plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”) , and Compri Realty Corporation No. 10, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the Laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall) be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, in binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	
	
COMPRI REALTY CORPORATION NO. 10	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 8
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §l0-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 8 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 8.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 8, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

					
		
By	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

		
/s/ Sandra L. Ravel	 	 	
Notary Public	 	 	
My commission expires:

7/11/90	

State of Arizona	  	)	  		
	  	)	  	ss.	
County of Maricopa	  	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Sandra L. Ravel	
Notary Public	
My commission expires:

7/11/90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 12/31 day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 8, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	 	
	 	Its	 	 	

COMPRI REALTY CORPORATION NO. 8	
		
By	 	 	
	 	Its	 	 	

ARTICLES OF MERGER
of
COMPRI REALTY CORPORATION NO. 11
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger in attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be“ DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Compri Realty Corporation No. 11 consists of 1,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Compri Realty Corporation No. 11.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Compri Realty Corporation No. 11, hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987
			
DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

			
		
By	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Mary B. Williams	
Notary Public	
My commission expires:
My Commission Expires Oct. 30, 1990

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

	
/s/ Mary B. Williams	
Notary Public	
My commission expires:
My Commission Expires Oct. 30, 1990

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Compri Realty Corporation No. 11, an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 100,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 1,000 shares of such stock issued and outstanding as of the date hereof: no other stock in Subsidiary is authorized, issued or outstanding:
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE , INC.	
			
	 	By	 	/s/ Paul Blanchard	
	 		 	Its	 	Sr. Vice President	

COMPRI REALTY CORPORATION NO. 11	
			
	 	By	 	/s/ Paul Blanchard	
	 		 	Its	 	Sr. Vice President	

ARTICLES OF MERGER
of
RODEWAY INNS OF THE SOUTHWEST, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be‘‘ DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Rodeway Inns of the Southwest, Inc. consists of 500 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Rodeway Inns of the Southwest, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Rodeway Inns of the Southwest, Inc., hereby waives the requirement of A.R.S. §l0-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30, 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

			
	
By	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

State of Arizona	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard, Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:
7-11-90

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Subsidiary”)
RECITALS
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 45,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 500 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire Issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been tiled with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to he transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, Including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE , INC.	
			
	 	By	 	/s/ Paul Blanchard	
	 		 	Its	 	Sr. Vice President	

RODEWAY INNS OF THE SOUTHWEST, INC.	
			
	 	By	 	/s/ Paul Blanchard	
	 		 	Its	 	Sr. Vice President	

ARTICLES OF MERGER
of
SOUTHWEST MOTELS, INC.
an Arizona corporation
into
DT REAL ESTATE, INC.
an Arizona corporation
Pursuant to the provisions of A.R.S. §10-075, Arizona General Corporation Law, the undersigned corporation adopts the following Articles of Merger for the purpose of merging a subsidiary corporation into the undersigned as the surviving corporation:
FIRST: The Board of Directors of DT Real Estate, Inc. has approved a plan of merger entitled “Agreement and Plan of Merger” in the manner prescribed by the Arizona General Corporation Law. A true and correct copy of the Agreement and Plan of Merger is attached hereto as Exhibit A and is incorporated herein by this reference.
SECOND: The name of the surviving corporation shall be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona.
THIRD: The total number of outstanding shares of stock in Southwest Motels, Inc. consists of 60,000 shares of common stock with a par value of $1.00 per share. All such shares are owned by DT Real Estate, Inc. There exists no other class or series of stock in Southwest Motels, Inc.
FOURTH: DT Real Estate, Inc., being the sole shareholder in Southwest Motels, Inc., hereby waives the requirement of A.R.S. §10-075 that a copy of the plan of merger be mailed to it, and requests that these Articles of Merger be filed by the Arizona Corporation Commission in the manner prescribed in A.R.S. §10-055.
Dated: December 30 th , 1987

DT REAL ESTATE, INC.	
		
By	 	/s/ James N. Schmidt	
	 	James N. Schmidt	
	 	Its President	

					
By	 	/s/ Paul Blanchard	
	 	Paul Blanchard	
	 	Its Secretary	

State of Arizona	 	)	 		
	 	)	 	ss.	
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by James N. Schmidt, President of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:

	 	7-11-90	

State of Arizona	 	)	 		
	 	)	 	ss.	
County of Maricopa	 	)	 		
The foregoing instrument was acknowledged before me this 30 th day of December, 1987 by Paul Blanchard Secretary of DT Real Estate, Inc., an Arizona corporation, on behalf of the corporation.

/s/ Sandra L. Ravel	
Notary Public	
My commission expires:

	 	7-11-90	

AGREEMENT AND PLAN OF MERGER
This Agreement and Plan of Merger is entered into effective as of the 30 th day of December, 1987, by and between DT Real Estate, Inc., an Arizona corporation (hereafter “Parent”), and Southwest Motels, Inc., an Arizona corporation (hereafter “Subsidiary”).
RECITALS:
A. Parent is an Arizona corporation.
B. Subsidiary is an Arizona corporation authorized to issue 15,000,000 shares of common stock with a par value of one dollar ($1.00) per share; there are 60,000 shares of such stock issued and outstanding as of the date hereof; no other stock in Subsidiary is authorized, issued or outstanding;
C. Parent owns, and will continue to own until the Effective Date (as hereafter defined), the entire issued and outstanding common stock of Subsidiary;
D. Parent and Subsidiary wish to achieve a more simplified corporate structure as well as administrative efficiencies;
E. Parent desires to obtain the assets of Subsidiary on the terms set forth herein; and
F. Parent and Subsidiary have, by appropriate action, elected to effectuate a merger pursuant to Arizona law as provided herein.
NOW, THEREFORE, the parties hereto agree as follows:
AGREEMENTS:
1. The foregoing “Recitals” are incorporated herein by this reference.
2. On the Effective Date, Subsidiary shall merge with and into Parent. The merger shall be effected in compliance with the provisions of Arizona law regulating mergers of Arizona corporations into Arizona corporations.
3. The merger shall be effective at such time as Articles of Merger have been filed with the Arizona Corporation Commission or at such earlier date as permitted by applicable law (the “Effective Date”).

4. The effect of the merger shall be as set forth in the applicable provisions of the Arizona General Corporation Law with respect to the merger of a wholly owned subsidiary incorporated under the laws of the State of Arizona into its parent corporation incorporated under the laws of the State of Arizona, including the following:
(a) Parent and Subsidiary shall thereafter be a single corporation, with Parent being the surviving corporation; the name of Parent shall continue to be “DT Real Estate, Inc.” and it shall be governed by the laws of the State of Arizona;
(b) All of the authorized, issued and outstanding stock of Subsidiary shall be cancelled, and the separate existence of Subsidiary shall cease;
(c) All right, title and interest in any property of Subsidiary shall be taken and deemed to be transferred to and vested in Parent without further act or deed;
(d) Parent shall be responsible and liable for all the liabilities and obligations of every nature and kind of Subsidiary, including tax liabilities; and
(e) The articles of incorporation of Parent shall not be deemed amended by the merger.
5. Subsidiary shall from time to time upon request of Parent, execute and deliver all such documents and instruments and take all such actions as Parent may request in order to vest or evidence the vesting in Parent of title to and possession of all rights, properties, assets and business of Subsidiary, or otherwise to carry out the full intent and purpose of this Agreement and Plan of Merger.
6. This Agreement and Plan of Merger constitutes the complete understanding of the parties, is binding upon all successors and assigns and may only be amended in a written, dated, signed and notarized amendment executed jointly by both parties.
7. This Agreement and Plan of Merger shall be governed by the laws of the State of Arizona.

IN WITNESS WHEREOF, the parties have executed this Agreement and Plan of Merger to be effective on the date first written above.

DT REAL ESTATE, INC.	
		
By	 	/s/ Paul Blanchard	
	 	Its	 	Sr. Vice President	
	
SOUTHWEST MOTELS, INC.	
		
By	 	/s/ Paul Blanchard	
	 	Its	 	Sr. Vice President	

ARTICLES OF AMENDMENT TO
ARTICLES OF INCORPORATION OF
DT REAL ESTATE, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-061, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation:
FIRST : The name of the corporation is DT Real Estate, Inc.
SECOND : The amendment to the Articles of Incorporation set forth below was adopted by the board of directors and shareholders of the corporation effective as of March 16, 1994, in the manner prescribed by the Arizona Revised Statutes.
THIRD : The Articles of Incorporation are amended as follows:
Article IV of the Articles of Incorporation is amended to read as follows:
“The corporation will have the authority to issue one class of voting common stock consisting of five thousand shares with a par value of one dollar per share.”
THIRD : The number of shares of common stock of the corporation outstanding at the time of adoption of the Articles of Amendment and entitled to vote thereon was 1,000. No preferred shares were issued and outstanding. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 16th day March, 1994.

DT REAL ESTATE, INC.	
		
By:	 	/s/ James E. Grier	
	 	James E. Grier	
	 	President	

			
By:	 	/s/ Sandra L. Ravel	
	 	Sandra L. Ravel	
	 	Assistant Secretary	

STATE OF ARIZONA	 	)	  		
	 	)	  	ss.	
County of Maricopa	 	)	  		
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 16 th day of March, 1994 by James E. Grier, President and Sandra L. Ravel, Assistant Secretary of DT Real Estate, Inc., on behalf of the corporation.

/s/ Jerry Lee Stephen	
Notary Public	

My Commission Expires:	
Sept. 3, 1997	

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT

	 		 	BY	 		 		
	 		 		 		 		
	 	DT REAL ESTATE, INC.	 		

					
1.	 	The name of the Corporation is	 	DT REAL ESTATE, INC.	

2.	 	The current known place of business is	  		

	 	410 N. 44TH ST. #700	 		
			
	 	PHOENIX, AZ 85008	 		

3.	 	The name and address of the current statutory agent is	  		

	 	DAVID L. STIVERS	 		
			
	 	410 N. 44TH ST. #700	 		
			
	 	PHOENIX, AZ 85008	 		

	 	x	 	The known place of business is to be changed. The street address of the new known place of business is	 		
				
	 		 	3636 NORTH CENTRAL AVENUE	 		
				
	 		 	PHOENIX, AZ 85012	 	.	
				
	 	x	 	The statutory agent is to be changed. The name and address of the new statutory agent is	 		
				
	 		 	Corporation Service Company	 		
				
	 		 	3636 North Central Avenue, Phoenix, AZ 85012	 		

							
¨	 	The address of the statutory agent is to be changed. The new address of the statutory agent is	 		 		

				
	 	 	 	.	 		
				
	 	and the statutory agent has given the Corporation written notice of this change.	 		 		
DATED this 9 day of OCTOBER, 1998.

DT REAL ESTATE, INC.	
(Name of Corporation)	
		
By	 	 	
		
	 	Peter H. Kesser, V. Pres/Sec.	
	 	(Name)                    (Title)	
	
/s/ Peter H. Kesser	
 	
(Statutory Agent)*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

	 	Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	

	 	Deborah D. Skipper	
	 	 	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

											
	 	STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
 
OF
 
DT Real Estate, Inc.
 
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
 	
	 	FIRST: The name of the corporation is:	 	DT Real Estate, Inc.	

	 	 
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):	
	 	 
1st Corporate address:	 	 
c/o Corporate Tax Dept., 755 Crossover LN. Memphis TN 38117	

	 	 
2nd Corporate address (only applies to foreign corporations):	

	 	 
THIRD: The address to which its known place of business is to be changed is:	
	 	 
1st Corporate address (mailing address should be):	  	 
c/o C T CORPORATION SYSTEM	
	 	 
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012	
	 	 
2nd Corporate address (only applies to foreign corporations):	
	 	 
755 Crossover Lane, Memphis, TN 38117	  		
	 	 
FOURTH: The name and address of its present statutory agent is:	  		
	 	 
Corporation Service Company	  		
	 	 
3636 N. Central Ave. Phoenix, AZ 85012	  		
	 	 
FIFTH: The name and address of its successor statutory agent or the new address is:	
	 	 
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix	  		
	 	 
Maricopa County, Arizona 85012	  		

 
-1-

SIXTH: Such change was duly authorized by the corporation.

	 	Dated	 	AUG 23, 1999	 	.	  		

DT REAL ESTATE, INC.	
		
By	 	/s/ J. Kendall Huber	

	 	J. Kendall Huber	
		
	 	Executive Vice President	
	 	(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J. Linnihan	

John J. Linnihan	
(Name)	
	
Assistant Vice President	
(Title)	

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DT Real Estate, Inc.
 
1.	The name of the Corporation is DT Real Estate, Inc.	
 
2.	The current known place of business is	

9336 Civic Center Drive	  		
		
Beverly Hills, CA 90210	  		
 
3.	The name and address of the current statutory agent is	

CT Corporation System	  		
		
3225 North Central Avenue	  		
		
Phoenix, AZ 85012	  		
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	

 	 		
		
 	 	.	
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	

		
Corporation Service Company	  		
		
3636 North Central Avenue	  		
		
Phoenix, Arizona 85012	  		
1300 West Washington, Phoenix, Arizona 85007

 	¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

	

0196833-9    	
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DT Real Estate, Inc.	
[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	

	 	Vivien S. Mitchell, Vice President	
	 	[Name]                    [Title]	

[Statutory Agent]*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept., 2000.

	 	Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	

	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION, THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

February 1, 2001
Arizona Corporation Commission
1300 W. Washington Street
Room 101
Phoenix, AZ 85007
Attention: Records Section
This is to inform you that Corporation Service Company, statutory agent for:

File Number:	  	01968339	
		
Corp Name:	  	DT REAL ESTATE, INC.	
		
is moving from:	  	3636 North Central Avenue
Phoenix, Arizona 85012	
		
The new address is:	  	818 East Osborn Road
Phoenix, Arizona 85014	
If the address for the corporation is “in care of” the statutory agent, please change the address to reflect the new address of the statutory agent.
The statutory agent has given the above corporation written notice of this change.

CORPORATION SERVICE COMPANY	
	
/s/ John H. Pelletier	
 	
John H. Pelletier	
Assistant Vice President	

Exhibit 3.14
1737D
DT REAL ESTATE, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

1737D
 
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any
 
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1737D
 
adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
 
- 3 -

1737D
 
under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
 
- 4 -

1737D
 
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . At all meetings of the board all of the directors shall be required to constitute a quorum for the transaction of business and the affirmative vote of all of the directors shall be required to be an act of the board of directors. If a quorum shall not be present at any meeting of the Board of Directors, or if any action presented to the board is approved by a majority of the directors but not all of the directors, the Chairman may call a special meeting of the stockholders of the corporation to consider taking action on all or any part of the agenda prepared by the Chairman for presentation at a noticed meeting of the board of directors at which a quorum was not present, and any matter approved by a majority but not all of the directors.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
 
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1737D
 
Section. 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
 
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1737D
 
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office . The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors
 
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1737D
 
and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in
 
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1737D
 
such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
 
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1737D
 
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
 
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1737D
 
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of June 29, 1987.
 
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Exhibit 3.15
ARTICLES OF INCORPORATION
OF
DTR MIDDLEBURG, INC.
ARTICLE I
The name of the corporation is DTR MIDDLEBURG, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of acquiring real property by purchase, lease or otherwise and operating and maintaining hotel, garage and other structures thereon, and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock, consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. One director shall constitute the initial board of directors. The name and address of the person who will serve as the initial director is: William L. Perocchi, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008. The personal liability of every director and former director is and shall be eliminated or limited to the fullest extent permitted or authorized by Chapter 1, Title 10, Arizona Revised Statutes, and all amendments thereto and revisions and replacements thereof.

ARTICLE VI
Keith W. Ragan, of 1900 Norwest Tower, 3300 North Central Avenue, Phoenix, Arizona 850121, is appointed as the initial statutory agent of the corporation.
ARTICLE VII
The names and addresses of the incorporators are as follows: David A. Heuck, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008 and Sandra L. Ravel, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles to the Arizona Corporation Commission for filing.
DATED this 8 th day of November, 1994.

	
/s/ David A. Heuck	
David A. Heuck	
	
/s/ Sandra L. Ravel	
Sandra L. Ravel	
 
2

ARTICLES OF AMENDMENT TO
ARTICLES OF INCORPORATION
DTR MIDDLEBURG, INC.
TO
CHANGE NAME TO
DTM ATLANTIC CITY, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-1008, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation:
FIRST : The name of the corporation prior to the filing of these Articles of Amendment has been DTR Middleburg, Inc. Upon the filing of these Articles of Amendment the name of the corporation shall be DTM Atlantic City, Inc.
SECOND : The amendments to the Articles of Incorporation set forth below were adopted by the board of directors and shareholders of the corporation effective as of March 15, 1996, in the manner prescribed by the Arizona Revised Statutes.
THIRD : The Articles of Incorporation are amended as follows:
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION
OF DTM ATLANTIC CITY, INC.”
(b) Article I of the Articles of Incorporation is amended to read as follows:
“The name of the corporation shall be
DTM Atlantic City, Inc.”

FOURTH : All outstanding shares of the corporation are common stock. The number of shares of common stock outstanding at the time of adoption of the Articles of Amendment and entitled to vote thereon was 1,000. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 15th day March, 1996.

DTR MIDDLEBURG, INC.	
		
By:	 	/s/ David A. Heuck	
	 	David A. Heuck
Vice President	
		
By:	 	/s/ Sandra L. Ravel	
	 	Sandra L. Ravel	
	 	Secretary	
STATE OF ARIZONA )
                             ) ss,
County of Maricopa)
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 21 day of March, 1996 by David A. Heuck, Vice President and Sandra L. Ravel, Secretary of DTR Middleburg, Inc., on behalf of the corporation.

	
Kathryn A. Wong	
Notary Public	
My Commission Expires:
11-19-98

ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
DTM ATLANTIC CITY, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-1006, the undersigned DTM Atlantic City, Inc. hereby adopts the following Articles of Amendment to its Articles of Incorporation:
1. The name of the corporation prior to the filing of these Articles of Amendment has been DTM Atlantic City, Inc. Upon the filing of these Articles of Amendment, the name of the corporation shall be DTM Atlanta/Legacy, Inc.
2. The amendments to the Articles of Incorporation set forth below were adopted by the sole shareholder and the Board of Directors of the corporation effective as of December 16, 1997, in the manner prescribed by the Arizona Revised Statutes.
3. The Articles of Incorporation are amended to read as follows:
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION
OF DTM ATLANTA/LEGACY, INC.”
(b) Article I of the Articles of Incorporation is amended to read as follows:
“The name of the corporation shall DTM Atlanta ‘Legacy, Inc.”
4. All outstanding shares of the corporation are common stock. The number of shares of common stock outstanding at the time of the adoption of the Articles of Amendment and entitled to vote thereon was 1,000. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 16th day of December, 1997.

DTM ATLANTIC CITY, INC	
		
By:	 	/s/ David A. Heuck	
	 	David A. Heuck	
	 	Vice President	

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM ATLANTA/LEGACY, INC.
 
1.	The name of the Corporation is DTM ATLANTA/LEGACY, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
/ 3636 NORTH CENTRAL AVENUE
/ PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
/ Corporation Service Company
/ 3636 North Central Avenue, Phoenix, AZ 85012

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            ,
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of October, 1998.

DTM ATLANTA/LEGACY, INC.	
(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	
	 	Peter H. Kesser, V. Pres/Sec.	
	 	        (Name)            (Title)	

 
 	
(Statutory Agent)*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	
 	 	Deborah D. Skipper	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
OF
DTM Atlanta/Legacy, Inc.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
FIRST: The name of the corporation is: DTM Atlanta/Legacy, Inc.

SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: c/o Corporate Tax Dept., 755 Crossover LN
Memphis, TN 38117
2nd Corporate address (only applies to foreign corporations):

 	  		
THIRD: The address to which its known place of business is to be changed is:
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Cross over Lane, Memphis, TN 38117
FOURTH: The name and address of its present statutory agent is:
Corporation Service Company
3636 N. Central Ave, Phoenix, AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix
Maricopa County, Arizona 85012
 
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SIXTH: Such change was duly authorized by the corporation.
Dated 08/23/99

DTM ATLANTA/LEGACY, INC.	
		
By	 	/s/ J. Kendall Huber	
	 	J. Kendall Huber	
	 	        (Name)	
	 	EXECUTIVE V.P.	
	 	        (Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J. Linnihan	
	 	John J. Linnihan	
	 	        (Name)	
	 	Assistant Vice President	
	 	        (Title)	
 
-2-

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM Atlanta/Legacy, Inc.
 
1.	The name of the Corporation is DTM Atlanta/Legacy, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	

                                                                                                                            .
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 85012
1300 West Washington, Phoenix, Arizona 85007

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	
                                                                                                                                                                                                                      
                                                                                                                                                                                                                       .
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DTM Atlanta/Legacy, Inc.	
	 	[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
		
	 	Vivien S. Mitchell, Vice President	
	 	[Name]                                 [Title]	
	 	 	
	 	[Statutory Agent]*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
	 	*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
1. The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:
DTM ATLANTA/LEGACY, INC.
2. The ACC File Number is
07355955
3. The known place of business currently on file with the ACC is:
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
4. The address of the current statutory agent on file with the ACC is:
818 E OSBORN RD
PHOENIX, AZ 85014
5. The name of the current statutory agent is:
CORPORATION SERVICE COMPANY
6. The new address of the statutory agent in Arizona is:
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
7. The statutory agent has given the Corporation written notice of this change.
8. If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.
Dated: August 27, 2003

CORPORATION SERVICE COMPANY	
	
/s/ John H. Pelletier	
John H. Pelletier, Asst. VP	

Exhibit 3.16
DTR MIDDLEBURG, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year commencing in the year 1996 for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
 
2

Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
 
3

Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than one nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified or until his earlier death, resignation or removal. Directors need not be residents of the State of Arizona or shareholders of the corporation.
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
 
4

Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by overnight delivery. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by overnight delivery, such notice shall be deemed to be delivered when deposited with the overnight delivery carrier. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Removal . Any director or the entire Board of Directors may be removed, with or without cause, by a vote of the holders of a majority of the shares then entitled to vote at an election of directors, except that if less than the entire board is to be removed, no one of the directors may be removed if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire Board of Directors, or, if there be classes of directors, at an election of the class of directors of which he is a part.
Section 9. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 10. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
 
5

Section 11. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 12. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 13. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
 
6

Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see

7

that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
 
8

Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
 
9

ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of November 18, 1994.
 
10

Exhibit 3.17
ARTICLES OF INCORPORATION
OF
DTM COCONUT GROVE, INC.
ARTICLE I
The name of the corporation is DTM COCONUT GROVE, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of managing hotels and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The name and address of the person who shall serve as the original board of directors of the corporation is as follows:
James N. Schmidt
6225 North 24th Street, Suite 200
Phoenix, Arizona 85016.
ARTICLE VI
Keith W. Ragan, of 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.

ARTICLE VII
The names and addresses of the incorporators are as follows: Keith W. Ragan, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012; and James A. Burns, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 35012. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 27th day of May, 1987.

/s/ Keith W. Ragan	
Keith W. Ragan	
	
/s/ James A. Burns	
James A. Burns	
I, Keith W. Ragan, having been designated to act as statutory agent of DTM Coconut Grove, Inc., do hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

/s/ Keith W. Ragan	
Keith W. Ragan	

- 2 -

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
        DTM COCONUT GROVE, INC.        
 
1.	The name of the Corporation is DTM COCONUT GROVE, INC.                         	
 
2.	The current known place of business is	
410 N. 44TH ST. # 700                                                                 
PHOENIX AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
3636 NORTH CENTRAL AVENUE
PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue, Phoenix, AZ 85012

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	
                                                                                                                                                                
                                                                                                                                                                 ,
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of October, 1998.

	
	 	DTM COCONUT GROVE, INC.	
	 	(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	
	 	Peter H. Kesser, V. Pres/Sec.	
	 	(Name)                         (Title)	

	 	(Statutory Agent)*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

	
	 	Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	
	 	Deborah D. Skipper Asst VP	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
- 2 -

STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH
OF
DTM COCONUT GROVE, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
FIRST: The name of the corporation is: DTM COCONUT GROVE, INC .
                                                                                                                                                                                                                      .
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: c/o Corporate Tax Dept., 755 Crossover LN Memphis, TN 38117
2nd Corporate address (only applies to foreign corporations):
                                                                                                                                                                                                                     
THIRD: The address to which its known place of business is to be changed is:
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM 3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN 38117
FOURTH: The name and address of its present statutory agent is:
Corporation Service Company
3636 N Central Ave., Phoenix AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
 
-1-

SIXTH: Such change was duly authorized by the corporation.
Dated 08/23/99

DTM COCONUT GROVE, INC.	
		
By	 	/s/ J. KENDALL HUBER	
	 	J. KENDALL HUBER	
	 	(Name)	
	 	PRESIDENT	
	 	(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J Linnihan	
	 	John J Linnihan	
	 	(Name)	
	 	Asst. VP	
	 	(Title)	
 
-2-

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM Coconut Grove, Inc.
 
1.	The name of the Corporation is DTM Coconut Grove, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
¨	The known place of business is to be changed. The street address of the new known place of business is	

 	  		

x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 85012
1300 West Washington, Phoenix, Arizona 85007

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

                                                                                                                                                                                                                       ,
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DTM Coconut Grove, Inc.	
	 	[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
	 	Vivien S. Mitchell, Vice President
[Name]                         [Title]	

	 	[Statutory Agent]*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
	 	*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
1. The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:
DTM COCONUT GROVE, INC.
2. The ACC File Number is
01958517
3. The known place of business currently on file with the ACC is:
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
4. The address of the current statutory agent on file with the ACC is:
818 E OSBORN RD
PHOENIX, AZ 85014
5. The name of the current statutory agent is:
CORPORATION SERVICE COMPANY
6. The new address of the statutory agent in Arizona is:
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
7. The statutory agent has given the Corporation written notice of this change.
8. If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.
Dated: August 27, 2003

CORPORATION SERVICE COMPANY	
	
/s/ John H. Pelletier	
John H. Pelletier, Asst. VP	

Exhibit 3.18
0134D
DTM COCONUT GROVE, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

0134D
 
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
 
- 2 -

0134D
 
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
 
- 3 -

0136D
 
under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than one nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
 
- 4 -

0134D
 
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in
 
- 5 -

0134D
 
office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent . A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the
 
- 6 -

0134D
 
Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office . The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
 
- 7 -

0134D
 
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
 
- 8 -

0134D
 
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc . All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
 
- 9 -

0134D
 
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
 
- 10 -

0134D
 
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of May 29, 1987.
 
- 11 -

Exhibit 3.19
ARTICLES OF INCORPORATION
OF
DTM VAIL, INC.
ARTICLE I
The name of the corporation is DTM VAIL, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of managing hotels and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting, common stock consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The names and addresses of the persons who shall serve as the original board of directors of the corporation are as follows: G. Peter Bidstrup, 6225 North 24th Street, Suite 200, Phoenix, Arizona 85016; James N. Schmidt, 6225 North 24th Street, Suite 200, Phoenix, Arizona 85016; and Keith W. Ragan, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012.

ARTICLE VI
Keith W. Ragan, of 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.
ARTICLE VII
The names and addresses of the incorporators are as follows: Keith W. Ragan, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012; and James A. Burns, 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 18th day of June, 1985.

/s/ Keith W. Ragan	
Keith W. Ragan	

/s/ James A. Burns	
James A. Burns	
I, Keith W. Ragan, having been designated to act as statutory agent of DTM Vail, Inc., hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

/s/ Keith W. Ragan	
Keith W. Ragan	
 
-2-

STATE OF ARIZONA
STATEMENT OF INTENT TO DISSOLVE
DTM VAIL, INC.
Pursuant to the provisions of section 10-833, Arizona Revised Statutes, DTM VAIL, INC., an Arizona corporation (the “Corporation”), submits the following statement of intent to dissolve the Corporation upon written concept of its shareholder:

FIRST:	  	The name of the Corporation is DTM VAIL, INC.	
		
SECOND:	  	The names and respective addresses of the officers of the Corporation are:	

               Name	  	Office	  	Address	
			
Ronald C. Brown	  	Chairman, CEO
and Secretary	  	438 W. 44th St., Suite 700
Phoenix, AZ 85008	
			
William L. Perocchi	  	President	  	410 W. 44th St., Suite 700
Phoenix, AZ 85008	
			
Sandra L. Ravel	  	Ass’t. Secretary	  	410 W. 44th St., Suite 700
Phoenix, AZ 85008	

THIRD:	  	The names and respective addresses of the Directors of the Corporation are:	

               Name	  	 	  	Address	
			
Ronald C. Brown	  		  	410 W. 44th St., Suite 700
Phoenix, AZ 85008	
			
William L. Perocchi	  		  	410 W. 44th St., Suite 700
Phoenix, AZ 85008	

FOURTH:	  	The attached written consent of dissolution of the Corporation has been signed by the Shareholder of the Corporation, or signed in its name by its respective attorneys duly authorised.	

Dated this 8th day of August, 1994.

DTM VAIL, INC., an	
Arizona corporation	
		
By	 	/s/ William L. Perocchi	
	 	WILLIAM L. PEROCCHI	
	 	President and Director	

DTM VAIL, INC., an	
Arizona corporation	
		
By	 	/s/ Sandra L. Ravel	
	 	SANDRA L. RAVEL	
	 	Assistant Secretary	
STATE OF ARIZONA        )
                                               ) ss.
County of Maricopa             )
The foregoing instrument was acknowledged before me this 8th of August, 1994, by WILLIAM L. PEROCCHI, the President and Director of DTM VAIL, INC., and SANDRA L. RAVEL, the Assistant Secretary of DTM VAIL, INC., on behalf of DTM VAIL, INC., an Arizona corporation, being duly authorised so to do.

/s/ Margaret R. Tinkham	
Notary Public	
My Commission Expires:
MY COMMISSION EXPIRES AUG 1, 1995

 
2

VERIFICATION
STATE OF ARIZONA                )
                                                      ) ss.
COUNTY OF MARICOPA        )
SANDRA L. RAVEL, being first duly sworn deposes and states:
That she is an Officer of DTM VAIL, INC., and that, as such, she is authorised to, and hereby does, verify due veracity of the foregoing statement of Intent to Dissolve.

/s/ Sandra L. Ravel	
SANDRA L. RAVEL	
SUBSCRIBED AND SWORM TO BEFORE ME this 8 th day of August, 1994, by SANDRA L. RAVEL, Assistant Secretary of DTM VAIL, INC., being duly authorised so to do.

/s/ Jerry Lee Stephen	
Notary Public	
My Commission Expires:
Sept. 3, 1997
 
3

ACTION BY UNANIMOUS WRITTEN
CONSENT OF BOARD OF DIRECTORS
AND SOLE SHAREHOLDER
IN LIEU OF SPECIAL MEETINGS
DTM VAIL, INC.
August 8, 1994
Pursuant to the authority contained in Sections 10-044 and 10-145, Arizona Revised Statutes, the undersigned being all of the Directors and the Shareholder of DTM VAIL, INC., an Arizona corporation (the “Corporation”), do hereby unanimously consent to the adoption of the following resolutions without the formality of convening a special meeting of the Board of Directors and Shareholder, for and as the action of the Corporation as of the date set forth above:
1. The Directors and the Shareholder of the Corporation hereby authorize and direct that the Corporation be dissolved and for that purpose adopt and approve the following Plan of Complete Liquidation:
PLAN OF COMPLETE LIQUIDATION
A. The Corporation shall proceed to collect its cash, convey and dispose of such of its properties as are not to be distributed in kind to its Shareholder, pay, satisfy and discharge its liabilities and obligations and undertake all other acts required to liquidate its assets and business;
B. After paying or adequately providing for the payment of all its obligations and within twelve (12) months of the date hereof, distribute the remainder of its assets, either in cash or in kind, to its Shareholder according to its rights and interests, in exchange for all of the shares of the Corporation held by such Shareholder;

							
DIRECTORS :	 		 	DTM VAIL, INC., an	
	 		 	Arizona corporation	
				
	 		 	By:	 	/s/ Ronald C. Brown	
	 		 		 	Ronald C. Brown	
	 		 		 	Chairman, CEO, Secretary and Director	
			
	 		 	DTM VAIL, INC., an	
	 		 	Arizona corporation	
				
	 		 	By:	 	/s/ William L. Perocchi	
	 		 		 	WILLIAM L. PEROCCHI	
	 		 		 	President and Director	
			
SHAREHOLDER :	 		 	DTM MANAGEMENT., INC., an	
	 		 	Arizona corporation	
				
	 		 	By:	 	/s/ Sandra L. Ravel	
	 		 		 	SANDRA L. RAVEL	
	 		 		 	Assistant Secretary	
 
3

ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
DTM VAIL, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-1006, the undersigned DTM Vail, Inc. hereby adopts the following Articles of Amendment to its Articles of Incorporation:
1. The name of the corporation prior to the filing of these Articles of Amendment has been DTM Vail, Inc. Upon the filing of these Articles of Amendment, the name of the corporation shall be DTM Largo, Inc.
2. The amendments to the Articles of Incorporation set forth below were adopted by the sole shareholder and the Board of Directors of the corporation effective as of May 27, 1997, in the manner prescribed by the Arizona Revised Statutes.
3. The Articles of Incorporation are amended to read as follows:
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION
OF DTM LARGO, INC.”
(b) Article 1 of the Articles of Incorporation is amended to read as follows:
“The name of the corporation shall be DTM Largo, Inc.”
4. All outstanding shares of the corporation are common stock. The number of shares of common stock outstanding at the time of the adoption of the Articles of Amendment and entitled to vote thereon was 1,000. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 27th day of May, 1997.

			
DTM VAIL, INC.	
		
By:	 	/s/ Beverly S. Brown	
	 	Beverly S. Brown	
	 	Secretary	
STATE OF ARIZONA    )
                                          ) ss.
County of Maricopa        )
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 27th day of May, 1997 by Beverly S. Brown, Secretary of DTM Vail, Inc., on behalf of the corporation.

/s/ [Illegible Signature]	
	
Notary Public	
My Commission Expires:
2/2/2000
 
2

STATEMENT OF REVOCATION
OF
VOLUNTARY DISSOLUTION PROCEEDINGS
BY
DTM VAIL, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-088, DTM Vail, Inc., an Arizona corporation, submits the following Statement of Revocation of Voluntary Dissolution Proceedings upon written consent of its Sole Shareholder, effective as of June 18, 1997:

FIRST:	  	The name of the corporation is DTM VAIL, INC.	
		
SECOND:	  	The names and respective addresses of the officers of the corporation are:	

Name	  	                             Office	  	                    Address	
			
Richard M. Kelleher	  	President	  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	
			
David A. Heuck	  	Vice President/Treasurer	  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	
			
Beverly S. Brown	  	Secretary	  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	

THIRD:	  	The names and respective addresses of the Directors of the corporation are:	

Name	  	 	  	                    Address	
			
Richard M. Kelleher	  		  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	
			
David A. Heuck	  		  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	
			
Beverly S. Brown	  		  	410 N. 44th St., Ste. 700
Phoenix, AZ 85008	

FOURTH:	  	The attached written consent of revocation of voluntary dissolution proceedings of the Company has been signed by the Sole Shareholder of the Company.	
DATED this 18th day of June, 1997.

			
DTM VAIL, INC.,	
an Arizona corporation	
		
By	 	/s/ David A. Heuck	
	 	David A. Heuck, Vice President/Treasurer	
		
By	 	/s/ Beverly S. Brown	
	 	Beverly S. Brown, Secretary	
STATE OF ARIZONA    )
                                   ) ss.
County of Maricopa          )
The foregoing instrument was acknowledged before me this 24 th day of June, 1997, by David A. Heuck, the Vice President, and Beverly S. Brown, the Secretary DTM VAIL, INC., on behalf of the corporation, being duly authorized to do so.

/s/ Margaret R. Tinkham	
Notary Public	
My Commission Expires:
Official Seal
Margaret R. Tinkham
Notary Public—State of Arizona
Maricopa County
My Commission Expires Aug 1, 1995

VERIFICATION
STATE OF ARIZONA )
                               ) ss.
County of Maricopa      )
BEVERLY S. BROWN, being first duly sworn, deposes and states:
That she is an officer of DTM VAIL, INC., and that, as such, she is authorized to, and hereby does, verify the veracity of the foregoing Statement of Revocation of Voluntary Dissolution Proceedings.

/s/ Beverly S. Brown	
Beverly S. Brown	
The foregoing instrument was acknowledged before me this 24 th day of June, 1997, by Beverly S. Brown, the Secretary of DTM VAIL, INC., on behalf of the corporation, being duly authorized to do so.

/s/ Margaret R. Tinkham	
Notary Public	
My Commission Expires:
Official Seal
Margaret R. Tinkham
Notary Public—State of Arizona
Maricopa County
My Commission Expires Aug 1, 1995

CONSENT TO ACTION
OF
THE SOLE SHAREHOLDER
OF
DTM VAIL, INC.
An Arizona corporation
Adopted as of June 18, 1997

WHEREAS pursuant to the laws of the State of Arizona, any action which may be taken at a meeting of shareholders may be taken without a meeting, if all shareholders consent in writing to such action; and
WHEREAS DT Management, Inc., an Arizona corporation, is the holder of all the issued and outstanding stock (the “Sole Shareholder”) of DTM Vail, Inc. (the Company”); and
WHEREAS the Company submitted and filed a Statement of Intent to Dissolve with the Arizona Secretary of State on October 7, 1994, and said Statement of Intent to Dissolve remains pending to date; and
WHEREAS David A. Heuck, Vice President of the Sole Shareholder, has the authority to act in the name and on behalf of the Sole Shareholder and desires to vote the outstanding shares of the Company standing in the name of the Sole Shareholder to adopt the following resolutions:
NOW THEREFORE BE IT RESOLVED that the Company hereby revokes the Statement of Intent to Dissolve which was filed with the Arizona Secretary of State on October 7, 1994.
RESOLVED FURTHER that David A. Heuck, the Vice President, and Beverly S. Brown, the Secretary of the Company be, and they hereby are authorized and directed on behalf of the Company to execute and file a Statement of Revocation of Voluntary Dissolution Proceedings with the Arizona Secretary of State.
DATED this 18th day of June, 1997.

DT MANAGEMENT, INC.,	
an Arizona corporation	
Sole Shareholder	
		
By:	 	/s/ David A. Heuck	
	 	David A. Heuck	
	 	Vice President	

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM LARGO, INC.
 
1.	The name of the Corporation is DTM LARGO, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. #700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. #700
PHOENIX, AZ 85008
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	
    3636 North Central Avenue
    Phoenix, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, AZ 85012

 	¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

 

 	    	and the statutory agent has given the Corporation written notice of this change.	
DATED this              day of              , 19              .

DTM LARGO, INC.	
	 	(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	
	 	Peter H. Kesser, Vice President	
	 	(Name)             (Title)	

	 	(Statutory Agent)*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this              day of              , 19              .

	 	Corporation Service Company	
		
Signed	 	/s/ Karen B. Rozar	
	 	Karen B. Rozar, Assistant Vice President	
	 	(Print Name)	
    *(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.

STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
OF
DTM LARGO, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona.
FIRST: The name of the corporation is: DTM LARGO, INC.            
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: Corporate Tax Dept. 755 Crossover LN Memphis, TN 38117
2nd Corporate address (only applies to foreign corporations):
THIRD: The address to which its known place of business is to be changed is:
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN 38117
FOURTH: The names and address of its present statutory agent is:
Corporation Service Company
3636 N. Central Ave., Phoenix AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,
Maricopa County, Arizona 85012
(ARIZ. - 278 - 1/1/96)
 
-1-

SIXTH: Such change was duly authorized by the corporation.
Dated 08/23/99

	 	DTM LARGO, INC.	
		
By	 	/s/ J. KENDALL HUBER	
	 	J. KENDALL HUBER	
	 	(Name)	
	 	PRESIDENT	
	 	(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J Linnihan	
	 	John J Linnihan	
	 	(Name)	
	 	Asst. VP	
	 	(Title)	
(ARIZ. - 278)
 
-2-

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM Largo, Inc.
 
1.	The name of the Corporation is DTM Largo, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	

 

 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 85012
1300 West Washington, Phoenix, Arizona 85007

 	¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

 

 	    	and the statutory agent has given the Corporation written notice of this change.	
DATED this 6 day of September, 2000.

DTM Largo, Inc.	
	 	[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
	 	Vivien S. Mitchell, Vice President	
	 	[Name]             [Title]	

	 	[Statutory Agent]*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

	 	Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
	 	*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE : IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTM LARGO, INC.
 
2.	The ACC File Number is	
01763584
 
3.	The known place of business currently on file with the ACC is:	
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
 
4.	The address of the current statutory agent on file with the ACC is:	
818 E OSBORN RD
PHOENIX, AZ 85014
 
5.	The name of the current statutory agent is:	
CORPORATION SERVICE COMPANY
 
6.	The new address of the statutory agent in Arizona is:	
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
 
7.	The statutory agent has given the Corporation written notice of this change.	
 
8.	If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.	

Dated: August 27, 2003	  		  		  		
	  		  		  	CORPORATION SERVICE COMPANY	
				
	  		  		  	/s/ John H. Pelletier	
	  		  		  	John H. Pelletier, Asst. VP	

Exhibit 3.20
1203D
AMENDED AND RESTATED BYLAWS OF
DTM VAIL, INC.
EFFECTIVE JANUARY 26, 1987
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.

1203D
 
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
 
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1203D
 
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such
 
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shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than one nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
 
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Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
 
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1203D
 
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
 
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1203D
 
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office . The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
 
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1203D
 
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys
 
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1203D
 
due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
 
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1203D
 
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
 
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1203D
 
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of January 26, 1987.
 
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Exhibit 3.21
ARTICLES OF INCORPORATION
OF
DTM BRIDGETON, INC.
ARTICLE I
The name of the corporation is DTM BRIDGETON, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of managing hotels and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The names and addresses of the persons who shall serve as the original board of directors of the corporation are as follows: G. Peter Bidstrup, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008; James N Schmidt, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008; and Paul Blanchard, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008.
ARTICLE VI
Keith W. Ragan, of 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.

ARTICLE VII
The names and addresses of the incorporators are as follows: Keith W. Ragan, 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012; and James A. Burns, 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 20th day of January, 1989.

	
/s/ Keith W. Ragan	
Keith W. Ragan	
	
/s/ James A. Burns	
James A. Burns	
I, Keith W. Ragan, having been designated to act as statutory agent of DTM Bridgeton, Inc., do hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

	
/s/ Keith W. Ragan	
Keith W. Ragan	
 
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ARTICLES OF AMENDMENT TO
ARTICLES OF INCORPORATION OF
DTM BRIDGETON, INC.
AND
CHANGE OF NAME TO
DTCM PORTLAND, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-061, the undersigned corporation adopts the following Articles of Amendment to its Articles of Incorporation:
FIRST : The name of the corporation, prior to the filing of these Articles of Amendment has been DTM Bridgeton, Inc. Upon the filing of these Articles of Amendment the name of the corporation shall be DTCM Portland, Inc.
SECOND : The amendments to the Articles of Incorporation set forth below were adopted by the board of directors and shareholders of the corporation effective as of February 14, 1991, in the manner prescribed by the Arizona Revised Statutes.
THIRD : The Articles of Incorporation are amended as follows:
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION OF DTCM PORTLAND, INC.”
(b) Article I of the Articles of Incorporation is amended to read as follows:
“The name of the corporation shall be DTCM Portland, Inc.”
FOURTH : The number of shares of common stock of the corporation outstanding at the time of adoption of the Articles of Amendment and entitled to vote thereon was 1,000. No preferred shares were issued and outstanding. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.

DATED effective as of the 14th day of February, 1991.

DTM BRIDGETON, INC.	
		
By:	 	/s/ James E. Grier	
	 	James E. Grier
President	
		
By:	 	/s/ Ronald C. Brown	
	 	Ronald C. Brown	
	 	Vice President and Secretary	

STATE OF ARIZONA	  	)	
	  	) ss.	
County of Maricopa	  	)	
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 14th day of February, 1991, by James E. Grier, President of DTM Bridgeton, Inc., on behalf of the corporation.

	
/s/    Kathryn A. Wong        	
Notary Public	
My Commission Expires:
November 19, 1994

STATE OF ARIZONA	  	)	
	  	) ss.	
County of Maricopa	  	)	
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 14th day of February, 1991, by Ronald C. Brown, Vice President and Secretary of DTM Bridgeton, Inc., on behalf of the corporation.

	
/s/    Kathryn A. Wong        	
Notary Public	
My Commission Expires:
November 19, 1994
 
2

ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
DTCM PORTLAND, INC.
Pursuant to the provisions of Arizona Revised Statutes Section 10-1006, the undersigned DTCM Portland, Inc. hereby adopts the following Articles of Amendment to its Articles of Incorporation:
1. The name of the corporation prior to the filing of these Articles of Amendment has been DTCM Portland, Inc. Upon the filing of these Articles of Amendment, the name of the corporation shall be DTM Maryland, Inc.
2. The amendments to the Articles of Incorporation set forth below were adopted by the sole shareholder and the Board of Directors of the corporation effective as of June 27, 1997, in the manner prescribed by the Arizona Revised Statutes.
3. The Articles of Incorporation are amended to read as follows.
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION OF DTM MARYLAND, INC.”
(b) Article I of the Articles of Incorporation is amended to read as follows.
“The name of the corporation shall be DTM Maryland, Inc.”
4. All outstanding shares of the corporation are common stock. The number of shares of common stock outstanding at the time of the adoption of the Articles of Amendment and entitled to vote thereon was 1,000. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 27th day of June, 1997.

DTCM PORTLAND, INC.	
		
By:	 	/s/ Beverly S. Brown	
	 	Beverly S. Brown	
	 	Secretary	

			
STATE OF ARIZONA	  	)	
	  	) ss.	
County of Maricopa	  	)	
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 27th day of June, 1997 by Beverly S. Brown, Secretary of DTM Vail, Inc., on behalf of the corporation.

	
/s/ Kathryn A. Wong	
Notary Public	
My Commission Expires:
11-19-98

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM MARYLAND, INC.
 
1.	The name of the Corporation is DTM MARYLAND, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
3636 NORTH CENTRAL AVENUE
PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue, Phoenix, AZ 85012

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            ,
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of October, 1998.

DTM MARYLAND, INC.	
(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	
	 	Peter H. Kesser, V. Pres/Sec.	
	 	        (Name)            (Title)	

 
 	
(Statutory Agent)*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	
 	 	Deborah D. Skipper	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
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STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH
OF
DTM MARYLAND, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
FIRST: The name of the corporation is: DTM MARYLAND, INC.
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: c/o Corporate Tax Dept., 755 Crossover LN Memphis, TN 38117
2nd Corporate address (only applies to foreign corporations):
 
THIRD: The address to which its known place of business is to be changed
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN 38117
FOURTH: The name and address of its present statutory agent is:
Corporation Service Company
3636 N Central Ave., Phoenix AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,
Maricopa County, Arizona 85012
(ARIZ. - 278 - 1/1/96)
 
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SIXTH: Such change was duly authorized by the corporation.
Dated AUG 23 1999

DTM MARYLAND, INC.	
		
By	 	/s/ J. KENDALL HUBER	
	 	J. KENDALL HUBER	
	 	            (Name)	
	 	EXECUTIVE V.P.	
	 	          (Title)	
 
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J. Linnihan	
	 	John J. Linnihan	
	 	        (Name)	
	 	Asst. VP	
	 	            (Title)	
(ARIZ. - 278)
 
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STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM Maryland, Inc.
 
1.	The name of the Corporation is DTM Maryland, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	

 	  		

x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 85012
1300 West Washington, Phoenix, Arizona 85007

 
¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

                                                                                                                                                                                                                       .
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DTM Maryland, Inc.	
[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
	 	Vivien S. Mitchell, Vice President	
	 	        [Name]            [Title]	

 
 	
[Statutory Agent]*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
 	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION
 
-2-

Exhibit 3.22
0134D
DTM BRIDGETON, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

0134D
 
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
 
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0134D
 
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
 
- 3 -

0134D
 
under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
 
- 4 -

0134D
 
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in
 
- 5 -

0134D
 
office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
 
- 6 -

0134D
 
ARTICLE IV
OFFICERS
Section 1. Number. The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal. Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
 
- 7 -

0134D
 
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
 
- 8 -

0134D
 
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
 
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0134D
 
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
 
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0134D
 
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of January 24, 1989.
 
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Exhibit 3.23
ARTICLES OF ORGANIZATION
OF
DTM SANTA CLARA LLC
An Arizona Limited Liability Company
1. Name . The name of the limited liability company shall be DTM Santa Clara LLC (the “Company”).
2. Known Place of Business . The address of the known place of business of the Company is c/o Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
3. Agent for Service of Process . The name and address of the agent for service of process for the Company are: Corporation Service Company, 2338 West Royal Palm Road, Suite J, Phoenix, Arizona 85021.
4. Management . Management of the Company is reserved to the members.
5. Name and Address of Member . The name and address of the sole member of the Company is DT Management, Inc., an Arizona corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
DATED: October 22, 2007.

	
/s/ K. Allen Anderson	
Name: K. Allen Anderson
Its: Vice President and Assistant Secretary	

ARTICLES OF MERGER
OF DTM SANTA CLARA, INC.,
AN ARIZONA CORPORATION (Corporate No. 0155027-7)
INTO
DTM SANTA CLARA LLC,
AN ARIZONA LIMITED LIABILITY COMPANY
Pursuant to Arizona Revised Statutes § 29-754, DTM Santa Clara LLC, an Arizona limited liability company, hereby files the following Articles of Merger:
1. A Plan of Merger relating to the merger (the “Plan of Merger”) is on file at the following place of business of the surviving business entity, and the surviving business entity will provide a copy of the Plan of Merger on request and without cost to any person who holds an interest in a business entity that is a party to the merger: 9336 Civic Center Drive, Beverly Hills, California 90210.
2. Each business entity that is a party to the merger approved the Plan of Merger in the manner provided by law.
3. There are no amendments to the Articles of Organization of the surviving business entity.
4. The future effective date of the Merger is October 24, 2007.
5. The surviving business entity is a business entity organized under the law of the State of Arizona.
In Witness Whereof, K. Allen Anderson, the Vice President and Assistant Secretary of the sole member of DTM Santa Clara LLC has been designated, pursuant to the Plan of Merger, to execute these Articles of Merger on behalf of DTM Santa Clara LLC, and has executed these Articles of Merger as of this October 22, 2007.

DTM SANTA CLARA LLC, an Arizona limited liability company	
		
By:	 	DT MANAGEMENT, INC., an Arizona corporation, Its Sole Member	
			
	 	By	 	/s/ K. Allen Anderson	
	 		 	K. Allen Anderson
Its: Vice President and Assistant Secretary	

PLAN OF MERGER
Pursuant to Sections 10-1101, et seq. and 29-751, et seq. of the Arizona Revised Statutes (“A.R.S.”), DTM SANTA CLARA, INC., an Arizona corporation (sometimes referred to as the “Corporation”), and DTM SANTA CLARA LLC, an Arizona limited liability company (sometimes referred to as the ‘‘Company”), have adopted and approved this Plan of Merger.
1. The names and jurisdictions of organization of each business entity that plans to merge are as follows:
DTM SANTA CLARA, INC., an Arizona corporation, and
DTM SANTA CLARA LLC, an Arizona limited liability company.
2. The name of the surviving business entity is as follows:
DTM SANTA CLARA LLC, an Arizona limited liability company.
3. The terms and conditions of the proposed merger (the “Merger”) are as follows:
As soon as practicable after the approval and execution of this Plan of Merger, DTM SANTA CLARA LLC shall cause (1) articles of merger relating to the Merger (the “Articles of Merger”) to be filed with the Arizona Corporation Commission in accordance with A.R.S. §29-754. The future effective date of the Merger is October 24, 2007.
4. The manner and basis of converting the obligations, rights or securities of, or interests in DTM SANTA CLARA, INC. into the obligations, rights or securities of, or interests in DTM SANTA CLARA LLC are as follows:
All shares of capital stock of DTM SANTA CLARA, INC. shall be converted into limited liability company interests in DTM SANTA CLARA LLC.
5. K. Allen Anderson, the Vice President and Assistant Secretary of DT Management, Inc., the sole member of the Company, is hereby designated to execute and file the Articles of Merger with the Arizona Corporation Commission, as required by A.R.S. § 29-754.
6. No amendments shall be made to the Articles of Organization of DTM Santa Clara LLC.

7. The street address of the chief executive office of the surviving business entity is 9336 Civic Center Drive, Beverly Hills, California 90210.
In Witness Whereof, the parties hereto have executed this Plan of Merger as of October 22, 2007.

DTM SANTA CLARA, INC., an
Arizona corporation	
		
By	 	/s/ K. Allen Anderson	
	 	K. Allen Anderson
Its: Vice President and Assistant Secretary	
	
DTM SANTA CLARA LLC, an Arizona limited liability company	
		
By:	 	DT MANAGEMENT, INC.,
an Arizona corporation,
As Sole Member	
			
	 	By	 	/s/ K. Allen Anderson	
	 		 	K. Allen Anderson
Its: Vice President and Assistant Secretary	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION OF
DTM SANTA CLARA LLC
1. The name of the limited liability company is DTM SANTA CLARA LLC (the “Company”).
2. The initial Articles of Organization of the Company were filed on October 22, 2007, File No. L-1402946-3.
3. The Articles of Organization of the Company are amended by deleting Paragraph 5 and by adding a new Paragraph 5 to read in its entirety as follows:
“5. Name and Address of Member. The name and address of the sole member of the Company are: DT Management LLC, an Arizona limited liability company, 9336 Civic Center Drive, Beverly Hills, California 90210.
Dated as of October 25, 2007.

SOLE MEMBER:
 
DT MANAGEMENT LLC, an Arizona limited liability company	
		
By:	 	DOUBLETREE HOTELS LLC,
an Arizona limited liability company	
			
	 	By	 	/s/ W. Steven Standefer	
	 		 	Name: W. Steven Standefer
Its: Senior Vice President	

Exhibit 3.24
OPERATING AGREEMENT
OF
DTM SANTA CLARA LLC,
an Arizona limited liability company
This Operating Agreement (this “ Agreement ”) of DTM Santa Clara LLC, an Arizona limited liability company (the “ Company ”), dated as of October 24, 2007, is entered into by DT Management LLC, an Arizona limited liability company (“ Doubletree ”), as the sole member, to govern the affairs of the Company and the conduct of its business.
Articles of Organization were filed with the Arizona Corporation Commission on October 22, 2007. Doubletree desires to organize the Company under the Arizona Limited Liability Company Act (A.R.S. § 29-601, et seq .) as amended from time to time (the “ Act ”), and hereby agrees as follows:
SECTION 1. FORMATION, NAME AND PURPOSE
1.1 Formation . Pursuant to the Act, an Arizona limited liability company has been formed effective upon the filing of the Articles of Organization of the Company with the Arizona Corporation Commission. Doubletree shall perform all filing, publication and other acts as are necessary or appropriate to complete formation and permit operation of the Company under the Act.
1.2 Name . The name of the limited liability company is “DTM Santa Clara LLC.”
1.3 Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
1.4 Registered Office . The address of the registered office of the Company in the State of Arizona is c/o Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.5 Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Arizona is Corporation Service Company, 2338 W. Royal Palm Road, Suite J, Phoenix, AZ 85021.
1.6 Members . The names and the addresses of the Members are set forth on Schedule A (the “Members”; or, individually, each a “Member”) as may be amended.
SECTION 2. MANAGEMENT
2.1 Rights and Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Arizona. The Members and each officer of the Company with a title of Senior Managing Director, Managing

Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Members shall be authorized to execute, deliver and file, or cause the execution, delivery and filing of all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Arizona Corporation Commission.
2.2 Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “Senior Managing Director”, “Managing Director”, “President”, “Vice President”, “Principal”, “Treasurer”, “Secretary”, “Assistant Treasurer”, “Assistant Secretary”, “Director” and “Manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
2.3 Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
2.4 Indemnification of Members . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
SECTION 3. CAPITAL CONTRIBUTIONS; PERCENTAGE INTEREST
The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
SECTION 4. PROFITS; LOSSES AND DISTRIBUTIONS
4.1 Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
4.2 Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
- 2 -

SECTION 5. RIGHTS AND OBLIGATIONS OF MEMBERS
5.1 Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
5.2 Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
5.3 Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
SECTION 6. DISSOLUTION AND TERMINATION
6.1 Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 29-785 of the Act, (d) the filing of a certificate of dissolution by the Arizona Corporation Commission under Section 29-786 of the Act, or (e) at any time there are no members of the Company, unless the Company is continued in accordance with the Act. Upon the dissolution of the Company, the Company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until Articles of Termination have been filed with the Arizona Corporation Commission or until a court of competent jurisdiction enters a decree dissolving the Company.
6.2 Liquidation . Upon dissolution pursuant to Section 6.1 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designees shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
6.3 Articles of Termination . When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made for payment and all of the remaining property and assets have been distributed to the Members, Articles of Termination shall be executed and filed with the Arizona Corporation Commission.
 
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SECTION 7. MISCELLANEOUS PROVISIONS
7.1 Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
7.2 Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
7.3 Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Arizona, all rights and remedies being governed by said laws.
[Signature Page Follows]
 
- 4 -

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Agreement as of the date first above written.

DT Management LLC, an Arizona limited liability
company	
		
By:	 	/s/ Andrew Lax	
	 	Name: Andrew Lax	
	 	Title: Vice President	

Schedule A
Members

Name	  	Address	
		
DT Management LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.25
ARTICLES OF INCORPORATION
OF
DTM WALNUT CREEK, INC.
ARTICLE I
The name of the corporation is DTM WALNUT CREEK, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of managing hotels and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The name and address of the person who shall serve as the original board of directors of the corporation is as follows: Paul Blanchard, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008.
ARTICLE VI
The personal liability of every director and former director is and shall be eliminated or limited to the fullest extent permitted or authorized by Chapter 1, Title 10, Arizona Revised Statutes, and all amendments thereto and revisions and replacements thereof.

ARTICLE VII
Keith W. Ragan, of 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.
ARTICLE VIII
The names and addresses of the incorporators are as follows: Keith W. Ragan, 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012; and James A. Burns, 1900 Citibank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 9th day of February, 1990.

/s/ Keith W. Ragan	
Keith W. Ragan	
	
/s/ James A. Burns	
James A. Burns	
I , Keith W. Ragan, having been designated to act as statutory agent of DTM Walnut Creek, Inc., do hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

/s/ Keith W. Ragan	
Keith W. Ragan	
 
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STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM WALNUT CREEK, INC.
 
1.	The name of the Corporation is DTM WALNUT CREEK, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. #700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. #700
PHOENIX, A2 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
3636 NORTH CENTRAL AVENUE
PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue, Phoenix, AZ 85012                             REC

	 	 	  		

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

	 	 	  		

	 	 	  		
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of October, 1998.

DTM WALNUT CREEK, INC.	
(Name of Corporation)	
	
By: /s/ Peter H. Kesser	
Peter H. Kesser, V. Pres/Sec.	
(Name)                 (Title)	

(Statutory Agent)*	
* (Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

Corporation Service Company	
	
Signed /s/ Deborah D. Skipper	
	
            Deborah D. Skipper, Asst VP	
(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.

STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
OF
DTM WALNUT CREEK, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona.
FIRST: The name of the corporation is: DTM WALNUT CREEK, INC.
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: C/o Corporate Tax Dept., 755 Crossover LN Memphis TN 38117
2nd Corporate address (only applies to foreign corporations):

	 	 	  		
THIRD: The address to which its known place of business is to be changed is:
1st Corporate address (mailing address should be): c/o C T Corporation System
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN 38117
FOURTH: The name and address of its present statutory agent is:
Corporation Service Company
3636 N Central Ave., Phoenix AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,
Maricopa County, Arizona 85012
(ARIZ. - 278 - 1/1/96)
 
-1-

SIXTH: Such change was duly authorized by the corporation.
Dated         AUG 23 1999

DTM WALNUT CREEK, INC.	
	
By /s/ J. Kendall Huber	
J. Kendall Huber	
Executive Vice President	
	
(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
	
By /s/ John J. Linnihan	
John J. Linnihan	
(Name)	
	
Asst. VP	
(Title)	
(ARIZ. – 278)
 
-2-

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTM Walnut Creek, Inc.
 
1.	The name of the Corporation is DTM walnut creek, Inc .	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	
                                                                                                                           .
                                                                                                                           .
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 Worth Central Avenue
Phoenix, Arizona 85012
1300 West Washington, Phoenix, Arizona 85007

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

	 	 	  		

	 	 	  		
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September , 2000 .

DTM Walnut Creek, Inc.	
[Name of Corporation]	
	
By /s/ Vivien S. Mitchell	
Vivien S. Mitchell, Vice President	
[Name]                         [Title]	

 	
[Statutory Agent]*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept., 2000.

Corporation Service Company	
	
Signed by: /s/ Bobbie Hall	
Bobbie Hall, Asst. Vice President	
[Print Name]	
*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION, THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
- 2 -

CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTM WALNUT CREEK, INC.
 
2.	The ACC File Number is	
02211663
 
3.	The known place of business currently on file with the ACC is:	
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
 
4.	The address of the current statutory agent on file with the ACC is:	
818 E OSBORN RD
PHOENIX, AZ 85014
 
5.	The name of the current statutory agent is:	
CORPORATION SERVICE COMPANY
 
6.	The new address of the statutory agent in Arizona is:	
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
 
7.	The statutory agent has given the Corporation written notice of this change.	
 
8.	If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.	
Dated: August 27, 2003

CORPORATION SERVICE COMPANY	
	
/s/ John H. Pelletier	
John H. Pelletier, Asst. VP	

Exhibit 3.26

0134D	  		
DTM WALNUT CREEK, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

0134D
 
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any
 
- 2 -

0134D
 
adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
 
- 3 -

0134D
 
under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than one nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
 
- 4 -

0134D
 
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in
 
- 5 -

0134D
 
office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
Section 13. Liability of Directors . The personal liability of every director and former director is and shall be eliminated or limited to the fullest extent permitted or authorized by Chapter 1, Title 10, Arizona Revised Statutes, and all amendments thereto and revisions and replacements thereof.
 
- 6 -

0134D
 
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors
 
- 7 -

0134D
 
and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in
 
- 8 -

0134D
 
such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
 
- 9 -

0134D
 
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
 
- 10 -

0134D
 
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of February 12, 1990.
 
- 11 -

Exhibit 3.27
ARTICLES OF INCORPORATION
OF
DTR SANTA CLARA, INC.
ARTICLE I
The name of the corporation is DTR SANTA CLARA, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of acquiring real property by purchase, lease or otherwise and erecting and maintaining hotel, garage and other structures thereon, and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock, consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. The names and addresses of the persons who will serve as the original board of directors are as follows:
G. Peter Bidstrup
6225 North 24th Street, Suite 200
Phoenix, Arizona 85016
James N. Schmidt
6225 North 24th Street, Suite 200
Phoenix, Arizona 85016

Keith W. Ragan
1900 United Bank Tower
3300 North Central Avenue
Phoenix, Arizona 85012
ARTICLE VI
Keith W. Ragan, of 1900 United Bank Tower, 3300 North Central Avenue, Phoenix, Arizona 85012, is appointed as the initial statutory agent of the corporation.
ARTICLE VII
The names and addresses of the incorporators are as follows:
Keith W. Ragan
1900 United Bank Tower
3300 North Central Avenue
Phoenix, Arizona 85012
Kenneth M. Smith
1900 United Bank Tower
3300 North Central Avenue
Phoenix, Arizona 85012
All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles to the Arizona Corporation Commission for filing.
DATED this 11th day of April, 1983.

/s/ Keith W. Ragan	
Keith W. Ragan	
	
/s/ Kenneth M. Smith	
Kenneth M. Smith	
I, Keith W. Ragan, having been designated to serve as statutory agent of DTR Santa Clara, Inc., hereby consent to act in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

/s/ Keith W. Ragan	
Keith W. Ragan	
 
-2-

ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
DTR SANTA CLARA, INC.

Pursuant to the provisions of Arizona Revised Statutes Section 10-1006, the undersigned DTR Santa Clara, Inc. hereby adopts the following Articles of Amendment to its Articles of Incorporation:
1. The name of the corporation prior to the filing of these Articles of Amendment has been DTR Santa Clara, Inc. Upon the filing of these Articles of Amendment, the name of the corporation shall be DTR FCH Holdings, Inc.
2. The amendments to the Articles of Incorporation set forth below were adopted by the sole shareholder and the Board of Directors of the corporation effective as of April 11, 1997, in the manner prescribed by the Arizona Revised Statutes.:
3. The Articles of Incorporation are amended to read as follows:
(a) The title of the Articles of Incorporation of the corporation is amended to read as follows:
“ARTICLES OF INCORPORATION
OF DTR FCH HOLDINGS, INC.”
(b) Article I of the Articles of Incorporation is amended to read as follows:
“The name of the corporation shall be DTR FCH Holdings, Inc.”
4. All outstanding shares of the corporation are common stock. The number of shares of common stock outstanding at the time of the adoption of the Articles of Amendment and entitled to vote thereon was 1,000. All outstanding shares of stock entitled to vote on the amendments were voted in favor thereof.
DATED effective as of the 11th day of April, 1997.

			
DTR SANTA CLARA, INC.	
		
By:	 	/s/ Beverly S. Brown	
	 	Beverly S. Brown	
	 	Secretary	

STATE OF ARIZONA  	 	)	 		
	 	)	 	ss.	
County of Maricopa	 	)	 		
The foregoing Articles of Amendment to Articles of Incorporation were acknowledged before me this 28th day of May, 1997 by Beverly S. Brown, Secretary of DTR Santa Clara, Inc., on behalf of the corporation.

/s/ Joyce A. Foley	
Notary Public	
My Commission Expires:

[SEAL]	 	“OFFICIAL SEAL”
Joyce A. Foley
Notary Public Arizona
Maricopa County
My Commission Expires 1/4/09	
 
2

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY

	  	DTR FCH HOLDINGS, INC.	  		

1.	 	The name of the Corporation is	  	DTR FCH HOLDINGS, INC.	

2.	 	The current known place of business is	

	  	410 N. 44TH ST. #700	  		
			
	  	PHOENIX, AZ 85008	  		
 
3.	The name and address of the current statutory agent is	

	  	DAVID L. STIVERS	  		
			
	  	410 N. 44TH ST. #700	  		
			
	  	PHOENIX, AZ 85008	  		
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	

	 	3636 NORTH CENTRAL AVENUE	  		
			
	 	PHOENIX, AZ 85012	  		
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	

	 	Corporation Service Company	  		
			
	 	3636 North Central Avenue, Phoenix, AZ 85012	  		

AR: 0009
Rev: 1/96

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

 	 		 		
			
 	 	,	 		
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of OCTOBER, 19 98 .

DTR FCH HOLDINGS, INC.	
(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	

	 	Peter H. Kesser, V. Pres/Sec.	
	 	(Name)	 	(Title)	

	 	(Statutory Agent)*	
	 	*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 19 98 .

	 	Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	

	 	Deborah D. Skipper Asst V.P.	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION, THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
-2-

STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
OF

DTR FCH HOLDINGS, INC.	
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:

FIRST: The name of the corporation is:	 	DTR FCH HOLDINGS, INC.	

SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):

1st Corporate address:	 	c/o Corporate Tax Dept., 755 Crossover LN.	
	
   Memphis, TN 38117	
2nd Corporate address (only applies to foreign corporations):

THIRD: The address to which its known place of business is to be changed is:

1st Corporate address (mailing address should be):	 	c/o C T CORPORATION SYSTEM	
	
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012	
2nd Corporate address (only applies to foreign corporations):

755 Crossover Lane, Memphis, TN 38117	  		
FOURTH: The name and address of its present statutory agent is:

Corporation Service Company	  		
		
3636 N Central Ave., Phoenix AZ 85012	  		
FIFTH: The name and address of its successor statutory agent or the new address is:

C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,	  		
		
Maricopa County, Arizona 85012	  		

(ARIZ - 278 - 1/1/96)
 
-1-

SIXTH: Such change was duly authorized by the corporation.

	 	Dated	 	AUG 23, 1999	 	.	

DTR FCH HOLDINGS, INC.	
		
By	 	/s/ Kendall Huber	

	 	J. Kendall Huber	
	 	Executive Vice President	
	 	(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J Linnihan	

John J Linnihan	
(Name)	
	
Asst. Vice President	
(Title)	
(ARIZ - 278)
 
-2-

CORPORATION
STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
NOTE: It is critical that the Corporation Commission receive information about the existing (old) official address and/or agent data as well as the new address or agent data. Please check with our Records section, (602) 542-3026 or our web site, www.cc.state.az.us/corp to obtain the correct information.
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTR FCH HOLDINGS, INC

2.	The ACC file number is     0155028-8                                                                          .	
 
3.	The known place of business currently (old) on file with the ACC is:	

	 	%CT CORPORATION SYSTEM	 		
			
	 	3225 N CENTRAL AVE	 		
			
	 	PHOENIX, AZ 85012	 		
 
4.	The name and address of the current statutory agent on file with the ACC is:	

	 	CT CORPORATION SYSTEM	 		
			
	 	3225 N CENTRAL AVE	 		
			
	 	PHOENIX, AZ 85012	 		

(A) x	  	The known place of business in ARIZONA is to be changed. The street address of the new (now, or in the near future) known place of business is:	  		
			
	  	% 818 E OSBORN RD	  		
			
	  	PHOENIX, AZ 85014	  		
			
(B) ¨	  	Foreign corporations only:	  		
			
	  	The known place of business in the State or Country in which the corporation was incorporated is to be changed. The new foreign address is:	  		

			

5.	Indicate which address the Annual Report should be mailed to: 4(A)       x       4(B)               	

6.	 	(A) x	  	The statutory agent in ARIZONA is to be changed. The name and address of the new statutory agent is:	  		
				
	 		  	Corporation Service Company	  		
				
	 		  	818 East Osborn Road	  		
				
	 		  	Phoenix, AZ 85014	  		
 
Page 1 of 2

									
Corporation Name:	 	DTR FCH HOLDINGS, INC	 		 	File Number:	 	0155028-8	

(B) ¨	  	The address of the statutory agent in ARIZONA is to be changed. The new address of the statutory agent is:	  		

			

	  	 	  		
			
	  	and the statutory agent has given the Corporation written notice of this change.	  		
ARS §10-140 requires that changes to corporation(s) be executed by an officer of the corporation, whose file is to be changed.
DATED this 14 th day of MAY, 2003.

DTR FCH HOLDINGS, INC	
	 	[Name of Corporation]	
			
	 	By	 	/s/ W. Steven Standefer	

	 		 	W. STEVEN STANDEFER    	 	VICE PRESIDENT	
	 		 	 	
	 		 	[Name]	 	[Title]	

	 	 	
	 	[Statutory Agent]*	
	 	*(Statutory Agent must sign only if changing address.)	
If the agent has a P.O. box, then they must also provide a physical location/address where service of process on the corporation can occur. Also, personal mail boxes (PMB) are unacceptable for a physical address, but fine for a mailing address.
Acceptance of Appointment
By Statutory Agent**
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 19 th day of May, 2003

Signature:	 	/s/ Cynthia L. Harris	

Printed Name:	 	Cynthia L. Harris
Asst. Secretary	
	 	CORPORATION SERVICE COMPANY	
	 	**(required only if a new statutory agent is being appointed)	
PLEASE NOTE: IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION, THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
Page 2 of 2

CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTR FCH HOLDINGS, INC.
 
2.	The ACC File Number is	
01550288
 
3.	The known place of business currently on file with the ACC is:	
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
 
4.	The address of the current statutory agent on file with the ACC is:	
818 E OSBORN RD
PHOENIX, AZ 85014
 
5.	The name of the current statutory agent is:	
CORPORATION SERVICE COMPANY
 
6.	The new address of the statutory agent in Arizona is:	
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
 
7.	The statutory agent has given the Corporation written notice of this change.	
 
8.	If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.	
Dated: August 27, 2003

CORPORATION SERVICE COMPANY	
	
/s/ John H. Pelletier	
 	
John H. Pelletier, Asst. VP	

Exhibit 3.28

1203D	  		
AMENDED AND RESTATED BYLAWS OF
DTR SANTA CLARA, INC.
EFFECTIVE JANUARY 26, 1987
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special

1203D
 
meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
 
- 2 -

1203D
 
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such
 
- 3 -

1203D
 
shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of
 
- 4 -

1203D
 
Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
 
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1203D
 
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meetin g. Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
 
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1203D
 
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
 
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1203D
 
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys
 
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1203D
 
due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
 
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1203D
 
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
 
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1203D
 
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of January 26, 1987.
 
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Exhibit 3.29
ARTICLES OF INCORPORATION
OF
DTR PAH HOLDING, INC.
ARTICLE I
The name of the corporation is DTR PAH Holding, Inc.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any and all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of managing hotels and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise.
ARTICLE IV
The corporation’s period of duration is perpetual.
ARTICLE V
The corporation shall have authority to issue one class of voting common stock consisting of ten thousand (10,000) shares with a par value of one dollar ($1.00) per share.
ARTICLE VI
The bylaws of the corporation shall fix the number of persons to serve on the board of directors. The names and addresses of the persons who shall serve as the original board of directors of the corporation are:

Richard M. Kelleher	  	410 North 44th Street, Suite 700
Phoenix, Arizona 85008.	
		
David A. Heuck	  	410 North 44th Street, Suite 700
Phoenix, Arizona 85008	
		
Beverly S. Brown	  	410 North 44th Street, Suite 700
Phoenix, Arizona 85008	

ARTICLE VII
David L. Stivers, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008, is appointed as the initial statutory agent of the corporation.
ARTICLE VIII
The personal liability of every director and former director is and shall be eliminated or limited to the fullest extent permitted or authorized by Chapter 1, Title 10, Arizona Revised Statutes, and all amendments thereto and revisions and replacements thereof.
ARTICLE IX
The name and address of the incorporators are as follows: Beverly S. Brown, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles of Incorporation to the Arizona Corporation Commission for filing.
DATED this 9th day of October, 1996.

	
/s/ Beverly S. Brown	
Beverly S. Brown	
I, David L. Stivers, having been designated to act as statutory agent for DTR PAH Holding, Inc., do hereby consent to serve in such capacity until removal or resignation is submitted in accordance with the Arizona Revised Statutes.

	
/s/ David L. Stivers	
David L. Stivers	
 
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STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH
OF
DTR PAH HOLDING, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
FIRST: The name of the corporation is: DTR PAH HOLDING, INC.
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: Corporate Tax Dept., 755 Crossover LN
  Memphis, TN 38117
 
2nd Corporate address (only applies to foreign corporations):
 
THIRD: The address to which its known place of business is to be changed is
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN.
FOURTH: The name and address of its present statutory agent is
DAVID STIVERS
410 N 44TH ST #700, PHOENIX, AZ 85008
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,
Maricopa County, Arizona 85012
(ARIZ. - 278 - 1/1/96)
 
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SIXTH: Such change was duly authorized by the corporation.
Dated                     AUG 1999                    

		
By	 	/s/ J. Kendall Huber	
	 	J. Kendall Huber	
	 	Executive Vice President	
	 	(Title)	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J. Linniham	

	 	(Name)	
	 	 	
	 	(Title)	
(ARIZ. – 278)
 
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STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTR PAH HOLDING, INC.
 
1.	The name of the Corporation is DTR PAH HOLDING, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
3636 NORTH CENTRAL AVENUE
PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue, Phoenix, AZ 85012
AR.0009
Rev: 1/96

¨	The address of the statutory agent is to be changed. The new address	
    	of the statutory agent is	

                                                                                                                                                                                                               ,
 
    	and the statutory agent has given the Corporation written notice of this change.	
DATED this     9    day of    OCTOBER, 1998.

DTR PAH HOLDING, INC.	
	 	(Name of Corporation)	
		
By	 	/s/ Peter H. Kessar, V. Pres/Sec.	
		
	 	Peter H. Kessar, V. Pres/Sec.	
	 	(Name)                    (Title)	
	 	 	
(Statutory Agent)*
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above named corporation effective this 9 th day of Oct., 1998.

	 	Corporation Service Company	
Signed	 	/s/ Deborah D. Skipper	
	 	Deborah D. Skipper asst VP	
	 	(Print Name)	
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
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STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTR PAH Holding, Inc.
 
1.	The name of the Corporation is DTR PAH Holding, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
 
CT Corporation System
3227 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	
                                                                                                                                                                                                              
                                                                                                                                                                                                               .
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 95012
AR 0009
Rev 1/99
1300 West Washington, Phoenix, Arizona 85007

¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

                                                                                                                                                                                                               ,
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DTR PAH Holding ,Inc.	
	 	[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
		
	 	Vivien S. Mitchell, Vice President	
	 	[Name]                 [Title]	

 	
[Statutory Agent]*	
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent *
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

	 	Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
		
	 	Bobbie Hall, Asst. Vice President	
	 	[Print Name]	
*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE : IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION . THEN YOU MUST ENCLOSE A FILING FEE OF $10.00(U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
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CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTR PAH HOLDING, INC.
 
2.	The ACC File Number is	
07874500
 
3.	The known place of business currently on file with the ACC is:	
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
 
4.	The address of the current statutory agent on file with the ACC is:	
818 E OSBORN RD
PHOENIX, AZ 85014
 
5.	The name of the current statutory agent is:	
CORPORATION SERVICE COMPANY
 
6.	The new address of the statutory agent in Arizona is:	
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
 
7.	The statutory agent has given the Corporation written notice of this change.	
 
8.	If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.	
Dated: August 27, 2003
							
	 		 	CORPORATION SERVICE COMPANY	
				
	 		 	By:	 	/s/ John H. Pelletier	
	 		 		 	John H. Pelletier, Asst. VP	

Exhibit 3.30
DTR PAH HOLDING, INC.
an Arizona corporation
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings. Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the state of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.
 
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Section 4. Notices. The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting, if the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period by not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to the vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholder is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6 Voting List . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
 
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Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless others provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledge, and thereafter the pledge shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall no be voted, directly or indirectly at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
 
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Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications. The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
Section 3 Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice. Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meetings.
 
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Section 6. Quorum . At all meetings of the board all of the directors shall be required to constitute a quorum for the transaction of business and the affirmative vote of all of the directors shall be required to be an act of the board of directors. If a quorum shall not be present at any meeting of the Board of Directors, or if any action presented to the board is approved by a majority of the directors but not all of the directors, the Chairman may call a special meeting of the stockholders of the corporation to consider taking action on all or any part of the agenda prepared by the Chairman for presentation at a noticed meeting of the board of directors at which a quorum was not present, and any matter approved by a majority but not all of the directors.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, for attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent . A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
 
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Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office . The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the chairman shall preside at all meetings of the Board of Directors. A Chief Executive office shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The president shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman, if the Chairman has been elected and specifically designated as Chief Executive officer of the corporation. The President shall be the Chief Executive Officer
 
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and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents. In the absence of the president or in the event of his death, or inability or refusal to act. the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acing, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders meetings and of the Board of Directors meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors, shall determine. He shall; (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificate for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
 
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Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS.
Section 1. Contract. The Board Of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in it name unless authorized by a resolution of the Board of Directors, Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc . All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and canceled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
 
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Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal’.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act willfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
 
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ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors
[End of Bylaws]
DATED as of October 22, 1996
 
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Exhibit 3.31
ARTICLES OF INCORPORATION
OF
DTR SAN ANTONIO, INC.
ARTICLE I
The name of the corporation is DTR SAN ANTONIO, INC.
ARTICLE II
The purpose for which the corporation is organized is the transaction of any or all lawful business for which corporations may be incorporated under the laws of the State of Arizona, as they may be amended from time to time.
ARTICLE III
The corporation initially will engage in the business of acquiring real property by purchase, lease or otherwise and operating and maintaining hotel, garage and other structures thereon, and in other businesses, services and activities related thereto, as principal or agent, in partnership, joint venture or other association, or otherwise. The corporation’s period of duration is perpetual.
ARTICLE IV
The corporation shall have authority to issue one class of voting common stock, consisting of one hundred thousand shares with a par value of one dollar per share.
ARTICLE V
The bylaws shall fix the number of persons to serve on the board of directors. One director shall constitute the initial board of directors. The name and address of the person who will serve as the initial director is: William L. Perocchi, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008. The personal liability of every director and former director is and shall be eliminated or limited to the fullest extent permitted or authorized by Chapter 1, Title 10, Arizona Revised Statutes, and all amendments thereto and revisions and replacements thereof.

ARTICLE VI
Keith W. Ragan, of 1900 Norwest Tower, 3300 North Central Avenue, Phoenix, Arizona 850121, is appointed as the initial statutory agent of the corporation.
ARTICLE VII
The names and addresses of the incorporators are as follows: David A. Heuck, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008 and Sandra L. Ravel, 410 North 44th Street, Suite 700, Phoenix, Arizona 85008. All powers, duties and responsibilities of the incorporators shall cease upon delivery of these Articles to the Arizona Corporation Commission for filing.
DATED this 8 th day of November, 1994.

	
/s/ David A. Heuck	
David A. Heuck	

	
/s/ Sandra L. Ravel	
Sandra L. Ravel	
 
2

STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTR SAN ANTONIO, INC.
 
1.	The name of the Corporation is DTR SAN ANTONIO, INC.	
 
2.	The current known place of business is	
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
3.	The name and address of the current statutory agent is	
DAVID L. STIVERS
410 N. 44TH ST. # 700
PHOENIX, AZ 85008
 
 	x	The known place of business is to be changed. The street address of the new known place of business is	
3636 NORTH CENTRAL AVENUE
PHOENIX, AZ 85012
 
 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue, Phoenix, AZ 85012
AR:0009
REV: 1/96

 	¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

 
 	  	                                                                                                                                                                                                    	
and the statutory agent has given the Corporation written notice of this change.
DATED this 9 day of OCTOBER, 1998.

DTR SAN ANTONIO, INC.
(Name of Corporation)	
		
By	 	/s/ Peter H. Kesser	
		
	 	Peter H. Kesser, V. Pres/Sec.
(Name)             (Title)	

	
 	
(Statutory Agent)*
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 9 th day of Oct, 1998.

Corporation Service Company	
		
Signed	 	/s/ Deborah D. Skipper	
		
	 	Deborah D. Skipper, Asst. V.P.
(Print Name)
*(required only if a new statutory agent is appointed)	
IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
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STATEMENT OF CHANGE OF KNOWN PLACE OF BUSINESS
OR STATUTORY AGENT, OR BOTH,
OF
DTR SAN ANTONIO, INC.
Pursuant to the provisions of Section 10-502 or Section 10-1508 of the Arizona Business Corporation Act, the undersigned corporation, organized under the laws of ARIZONA, submits the following statement for the purpose of changing its known place of business or its statutory agent, or both, in the State of Arizona:
FIRST: The name of the corporation is: DTR SAN ANTONIO, INC.
SECOND: The address of its present known place of business (as shown with the Arizona Corporation Commission, at this time):
1st Corporate address: c/o Corporate Tax Dept., 755 Crossover LN
Memphis, TN 38117
2nd Corporate address (only applies to foreign corporations):
THIRD: The address to which its known place of business is to be changed is:
1st Corporate address (mailing address should be): c/o C T CORPORATION SYSTEM
3225 North Central Avenue, Phoenix, Maricopa County, Arizona 85012
2nd Corporate address (only applies to foreign corporations):
755 Crossover Lane, Memphis, TN 38177
FOURTH: The name and address of its present statutory agent is:
CORPORATION SERVICE COMPANY
3636 N. CENTRAL AVE., PHOENIX AZ 85012
FIFTH: The name and address of its successor statutory agent or the new address is:
C T CORPORATION SYSTEM, 3225 North Central Avenue, Phoenix,
Maricopa County, Arizona 85012
(ARIZ. – 278 – 1/1/96)
 
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SIXTH: Such change was duly authorized by the corporation.
Dated AUG 23, 1999.

	
		
By	 	/s/ J. Kendall Huber	
	 	J. Kendall Huber	
	 	Executive Vice President	
C T CORPORATION SYSTEM, having been designated to act as statutory agent, hereby consents to act in that capacity until it is removed, or submits its resignation, in accordance with the Arizona Revised Statutes.

C T CORPORATION SYSTEM	
		
By:	 	/s/ John J Linnihan	
	 	John J Linnihan
(Name)	
	 	Asst. Vice President
(Title)	
(ARIZ. - 278)
 
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STATEMENT OF CHANGE
OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT
BY
DTR San Antonio, Inc.
 
1.	The name of the Corporation is DTR San Antonio, Inc.	
 
2.	The current known place of business is	
9336 Civic Center Drive
Beverly Hills, CA 90210
 
3.	The name and address of the current statutory agent is	
CT Corporation System
3225 North Central Avenue
Phoenix, AZ 85012
 
 	¨	The known place of business is to be changed. The street address of the new known place of business is	

 

 	x	The statutory agent is to be changed. The name and address of the new statutory agent is	
Corporation Service Company
3636 North Central Avenue
Phoenix, Arizona 85012
AR: 0009
Rev: 1/99
1300 West Washington, Phoenix, Arizona 85007

 	¨	The address of the statutory agent is to be changed. The new address of the statutory agent is	

 
 	  	                                                                                                                                                                                                    	
and the statutory agent has given the Corporation written notice of this change.
DATED this 6 day of September, 2000.

DTR San Antonio, Inc.	
	
[Name of Corporation]	
		
By	 	/s/ Vivien S. Mitchell	
	 	Vivien S. Mitchell, Vice President
[Name]             [Title]	

		
	 	 	
	 	[Statutory Agent]*
*(Statutory Agent must sign only if changing address.)	
Acceptance of Appointment
By Statutory Agent*
The undersigned hereby acknowledges and accepts the appointment as statutory agent of the above-named corporation effective this 8 day of Sept, 2000.

Corporation Service Company	
		
Signed by:	 	/s/ Bobbie Hall	
	 	Bobbie Hall, Asst. Vice President
[Print Name]	
	 	*(required only if a new statutory agent is being appointed)	
PROFIT CORPORATIONS, PLEASE NOTE : IF THIS STATEMENT INCLUDES AN AGENT’S STATEMENT OF RESIGNATION , THEN YOU MUST ENCLOSE A FILING FEE OF $10.00 (U.S.) MADE PAYABLE TO THE ARIZONA CORPORATION COMMISSION.
 
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CORPORATION
STATEMENT OF CHANGE OF
KNOWN PLACE OF BUSINESS OR STATUTORY AGENT ADDRESS
 
1.	The exact name of the corporation on file with the Arizona Corporation Commission (ACC) is:	
DTR SAN ANTONIO, INC.
 
2.	The ACC File Number is	
07355988
 
3.	The known place of business currently on file with the ACC is:	
% CORPORATION SERVICE COMPANY
818 E OSBORN RD
PHOENIX, AZ 85014
 
4.	The address of the current statutory agent on file with the ACC is:	
818 E OSBORN RD
PHOENIX, AZ 85014
 
5.	The name of the current statutory agent is:	
CORPORATION SERVICE COMPANY
 
6.	The new address of the statutory agent in Arizona is:	
2338 W. ROYAL PALM ROAD
SUITE J
PHOENIX, AZ 85021
 
7.	The statutory agent has given the Corporation written notice of this change.	
 
8.	If the corporation indicates its known place of business is to be our (the statutory agent) address, please update accordingly.	

Dated: August 27, 2003	 		 		
	 		 	                                CORPORATION SERVICE COMPANY	
				
	 		 		 	/s/ John H. Pelletier	
	 		 		 	John H. Pelletier, Asst. VP	

Exhibit 3.32
DTR SAN ANTONIO, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year commencing in the year 1996 for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.

Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
 
2

Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be
 
3

elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than one nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified or until his earlier death, resignation or removal. Directors need not be residents of the State of Arizona or shareholders of the corporation.
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
 
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Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by overnight delivery. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by overnight delivery, such notice shall be deemed to be delivered when deposited with the overnight delivery carrier. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Removal . Any director or the entire Board of Directors may be removed, with or without cause, by a vote of the holders of a majority of the shares then entitled to vote at an election of directors, except that if less than the entire board is to be removed, no one of the directors may be removed if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the entire Board of Directors, or, if there be classes of directors, at an election of the class of directors of which he is a part.
Section 9. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 10. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
 
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Section 11. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 12. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 13. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
 
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Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see
 
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that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurers . The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
 
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Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
 
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ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of November 18, 1994.
 
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Exhibit 3.33
STATE OF ARIZONA
ARTICLES OF RESTATEMENT
TO THE ARTICLES OF INCORPORATION
OF
DTR TM HOLDINGS, INC.
Pursuant to the provisions of Section 10-1007 of the Arizona Revised Statutes, the undersigned corporation adopts these Articles of Restatement to its Articles of Incorporation:
FIRST : The name of the corporation is DTR TM Holdings, Inc. (the “ Corporation ”).
SECOND : Attached hereto as Exhibit A is a copy of the Articles of Incorporation of the Corporation fully restated to include all amendments to the Articles of Incorporation through the date of filing of this document.
THIRD : The restatement contains amendments to the Articles of Incorporation requiring shareholder approval. Such approval was obtained, and the aforesaid restatement was adopted by the shareholders of the Corporation effective as of October 30, 2013, in the manner prescribed by Title 10 of the Arizona Revised Statutes.
FOURTH : The number of shares of the Corporation outstanding at the time of such adoption was 6,900 shares of Common Stock, and the number of shares entitled to vote thereon was 6,900 shares of Common Stock.
FIFTH : The number of shares of the Corporation voted for or against such restatement (by unanimous written consent without meeting) was as follows and was sufficient for approval by the shareholders of the Corporation:

NUMBER OF
SHARES FOR	  	NUMBER OF
SHARES AGAINST	
		
      6,900	  	-0-	

DATED: October 30, 2013.

DTR TM HOLDINGS, INC.	
		
By:	 	/s/ Owen L. Wilcox	
	 	Owen L. Wilcox	
	 	Its: Assistant Secretary	
 
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EXHIBIT A
AMENDED AND RESTATED
ARTICLES OF INCORPORATION
OF
DTR TM HOLDINGS, INC.
The undersigned officer of DTR TM Holdings, Inc., a corporation organized and existing under the laws of the State of Arizona, hereby certifies as follows:
The present name of the corporation is DTR TM Holdings, Inc. (the “Corporation”). The original Articles of Incorporation were filed in the office of the Arizona Corporation Commission on May 8, 1978 under the name of Greenville Doubletree, Inc. These Amended and Restated Articles of Incorporation of the Corporation, which amend and restate the Corporation’s Amended and Restated Articles of Incorporation filed with the Arizona Corporation Commission on October 24, 2007, were duly adopted in accordance with the provisions of Sections 10-1003 and 10-1007 of the Arizona Revised Statutes and by the written consent of its shareholders in accordance with Section 10-704 of the Arizona Revised Statutes.
The Amended and Restated Articles of Incorporation of the Corporation are hereby amended and restated to read in their entirety as follows:
FIRST. The name of the Corporation is DTR TM Holdings, Inc.
SECOND. The registered office and registered agent of the Corporation in the State of Arizona is Corporation Service Company, 2338 West Royal Palm Road, Suite J in the City of Phoenix, County of Maricopa, Arizona 85021.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the Arizona Revised Statutes or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 10,000 shares of common stock, no par value.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in these Amended and Restated Articles of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the shareholders entitled to vote thereon. Election of directors need not be by written ballot.

SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the Arizona Revised Statutes as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the shareholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the Arizona Revised Statutes are amended after the filing of these Amended and Restated Articles of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the Arizona Revised Statutes, as so amended. For purposes of these Amended and Restated Articles of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other entity, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the Arizona Revised Statutes, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the Arizona Revised Statutes, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of shareholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 10-850 of the Arizona Revised Statutes shall, for the purposes of this Article SIXTH, be interpreted as follows: “employee benefit plan” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the corporation as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other entity against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the Arizona Revised Statutes or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or shareholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate
 
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Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or shareholders for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or a department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the shareholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
 
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Exhibit 3.34
AMENDED AND RESTATED BYLAWS OF
GREENVILLE DOUBLETREE, INC.
EFFECTIVE JANUARY 26, 1987
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have such other offices, either within or without the State of Arizona, as the Board of Directors may designate or as the business of the corporation may require from time to time. The designation of office of the corporation required by the Arizona Corporation Commission may be, but need not be, identical with the principal office. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.

Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Arizona, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Arizona, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.
Section 4. Notices . The Secretary shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
 
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Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such
 
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shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of
 
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Directors. Each director shall hold office until the next annual meeting of shareholders and until his successor has been elected and qualified. Directors need not be residents of the State of Arizona or shareholders of the corporation.
Section 3. Regular Meeting s. A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Arizona, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Arizona, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
 
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Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent . A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
 
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ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a secretary, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices my be held by same person, except the offices of president and secretary.
Section 2. Election and Term of Office . The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
Section 4. Vacancies . A vacancy in any office because of death’ resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
 
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Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairmen has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Secretary . The secretary shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; (f) have general charge of the stock transfer books of the corporation, (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys
 
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due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; and (b) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Secretaries and Assistant Treasurer s. The assistant secretaries, when authorized by the Board of Directors, may sign with the president or a vice president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the Board of Directors. The assistant treasurers shall respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc . All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
 
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Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the secretary or an assistant secretary. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
 
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ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of January 26, 1987.
 
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Exhibit 3.35
ARTICLES OF INCORPORATION
OF
LADBROKE GAMING CALIFORNIA, INC.
Name
One: The name of the corporation is: LADBROKE GAMING CALIFORNIA, INC.
Purpose
Two: The purpose of the corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation law of California other than the banking business, the trust company business or the practice of a profession permitted to be incorporated by the California Corporations Code.
Agent for Service
Three: The name and address of the corporation’s initial agent for service of process are:
Peter Tunney
1100 Eastshore Highway
Post Office Box 6027
Albany, California 94706
Authorized Shares
Four: The total number of shares of all classes of stock which the corporation shall have the authority to issue is One Thousand (1,000) shares of Common Stock.
Limitation on Liability of Directors
and Authority to Indemnify Agents
Five: The liability of directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law.
The corporation is authorized to provide indemnification of agents (as defined in Section 317 of the California Corporations Code) for breach of duty to the

SFI – 181835. VI	 	08/26/94	

corporation and its shareholders through bylaw provisions, agreements with agents, vote or shareholder of disinterested directors, or otherwise, in excess of the indemnification otherwise permitted by Section 317 of the California Corporation Code, subject only to the applicable limits set forth in Section 204 of the California Corporations Code.

DATED: August 26, 1994	  	/s/ John Charles Maddux	
	  	John Charles Maddux, Incorporator	

SFI – 181835. VI	 	08/26/94	
 
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CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
AFTER SHARES HAVE BEEN ISSUED
The undersigned certify that:
1. They are the President, Secretary, Treasurer and Assistant Treasurer of Ladbroke Gaming California, Inc., a California corporation.
2. Article One of the Articles of Incorporation of this corporation is amended to read as follows:
“One: The name of the corporation is: HIC Gaming California. Inc.”
3. The foregoing amendment of Articles of Incorporation has been duly approved by the board of directors.
4. The foregoing amendment of Articles of Incorporation has been duly approved by the required vote of shareholders in accordance with Section 902, California Corporation Code. The total number of outstanding shares of the corporation is 501. The number of shares voting in favor of the amendment equaled or exceeded the vote required. The percentage vote required was more than 50%.
We further declare under penalty of perjury under the laws of the State of California that the matters set forth in this certificate are true and correct of our own knowledge.
Date: Feb 21, 2006

/s/ [Illegible Signature]	
	
[Illegible] President, Secretary & Treasurer	
	
/s/ [Illegible Signature]	
	
[Illegible], Assistant Treasurer	

Exhibit 3.36
AMENDED AND RESTATED BYLAWS
OF
HIC GAMING CALIFORNIA, INC.
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Sacramento, County of Sacramento, State of California.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of California as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF SHAREHOLDERS
Section 1. Place of Meetings. Meetings of the shareholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of California, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Shareholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the shareholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of shareholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, the President, the holders of shares entitled to cast not less than ten percent of the votes at the meeting, or any additional persons as may be provided in the Articles of Incorporation or these Bylaws. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation in writing either personally or by first class mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each shareholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Articles of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, shall have power,

acting by vote of a majority of the shares represented in person or by proxy, to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which shareholders may be deemed present in person at such adjourned meeting. If the adjournment is for more than 45 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by Section 708 of the California Corporations Code (the “ Code ”) or pursuant to the provisions of the Articles of Incorporation, each shareholder entitled to vote at any meeting of shareholders shall be entitled to one vote for each share of stock outstanding, regardless of class, held by such shareholder which has voting power upon the matter in question. Each shareholder entitled to vote at a meeting of shareholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such shareholder by proxy, but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable for the period specified therein if it states that it is irrevocable for such period and if, and only as long as, it complies with Section 705 of the Code. A shareholder may revoke any proxy prior to the vote pursuant thereto by attending the meeting and voting in person or by delivering to the Corporation a written revocation of the proxy or a new proxy executed by the person executing the prior proxy and bearing a later date. Voting at meetings of shareholders need not be by written ballot unless, at any election of directors, a shareholder demands election by ballot at the meeting and before the voting begins. At all meetings of shareholders for the election of directors, and except as otherwise provided in the Code, the candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them, up to the number of directors to be elected by those shares, are elected. All other elections and questions shall, unless otherwise provided by the Articles of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Unless otherwise provided in the Articles, any action required to be taken at any Annual or Special meeting of shareholders, or any action which may be taken at any Annual or Special meeting of such shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Unless the consents of all shareholders entitled to vote have been solicited in writing, both of the following shall apply: (1) Notice of any shareholder approval pursuant to Section 310, 317, 1152, 1201 or 2007 of the Code without a meeting by less than unanimous written consent shall be given, as provided in Section 601(b) of the Code, at least 10 days before the consummation of the action authorized by that approval; and (2) Prompt notice shall be given, as provided in Section 601(b) of the Code, of the taking of any other corporate action approved by shareholders without a meeting by less than unanimous written consent, to those shareholders entitled to vote who have not consented in writing.
 
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Section 8. List of Shareholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the shareholders entitled to examine the stock ledger, the list of shareholders or the books of the Corporation, or, subject to Section 10 of this Article II, to vote in person or by proxy at any meeting of shareholders.
Section 9. Organization . At every meeting of shareholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the shareholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of shareholders entitled to vote at any meeting of shareholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; and (ii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining shareholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors has been taken, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law; and (c) the record date for determining shareholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto or the 60 th day prior to the date of such other action, whichever is later. A determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the meeting unless the Board of Directors fixes a new record date for the adjourned meeting; provided , however , that the Board of Directors shall fix a new record date for the adjourned meeting if the meeting is adjourned for more than 45 days from the date set for the original meeting.
 
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Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the shareholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. Subject to compliance with applicable law, the Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of shareholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors and subject to compliance with applicable law, the chairman of any meeting of shareholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to shareholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of shareholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be two; provided, however, that the minimum number of directors shall be three at all times when the Corporation has at least three shareholders. Hereafter, within the limits specified above and in Section 212 of the Code, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies, including vacancies created by removal of a director, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal. The shareholders may elect a director at any time to fill any vacancy not filled by the Board of Directors. Any such election by written consent other than to fill a vacancy created by removal, which requires the unanimous consent of all shares entitled to vote for the election of directors, requires the consent of a majority of the outstanding shares entitled to vote.
 
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Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under Section 311 of the California Corporations Code.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of California. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Articles of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.
Section 7. Actions of Board . Unless otherwise provided by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in writing accordance with applicable law and if the number of members of the Board of Directors or committee, as the case may be, serving at the time constitutes a quorum.
Section 8. Removal . Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than a majority in voting power of outstanding shares of capital stock entitled to vote at an election of directors. Notwithstanding the foregoing, no director may be removed (unless the entire board is removed) when the votes cast against removal, or not consenting in writing to the removal, would be sufficient to elect the director if voted cumulatively at an election at which the same total number of votes were cast (or, if the action is taken by written consent, all shares entitled to vote were voted) and the entire number of directors authorized at the time of the director’s most recent election were then being elected.
 
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Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer (who shall be the chief financial officer of the Corporation until and unless a Chief Financial Officer is appointed) and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. Subject to the rights, if any, of an officer under any contract of employment, all officers shall be subject to the supervision and direction of the Board of Directors, the authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause, and any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, such notice may be given by mail, addressed to such director, member of a committee or shareholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
 
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ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by California law, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the chief financial officer or an assistant treasurer or the Secretary or an Assistant Secretary, certifying the number of shares, and the class or series of shares, owned by such shareholder in the Corporation.
Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Articles of Incorporation and Code Section 500 et seq. and other applicable law, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any
 
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dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, California”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . Subject to compliance with Section 212 of the Code, these Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors or by the affirmative vote of the holders of a majority of the outstanding shares of stock entitled to vote.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the Sole Shareholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.
 
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Exhibit 3.37
ARTICLES OF INCORPORATION
OF
LADBROKE SAN PABLO LIMITED, INC.
Name 
One: The name of the corporation is: LADBROKE SAN PABLO LIMITED, INC.
Purpose 
Two: The purpose of the corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation law of California other than the banking business, the trust company business or the practice of a profession permitted to be incorporated by the California Corporations Code.
Agent for Service 
Three: The name and address of the corporation’s initial agent for service of process are:
Peter Tunney
1100 Eastshore Highway
Albany, California 94706
Authorized Shares 
Four: The total number of shares of all classes of stock which the corporation shall have the authority to issue is One Thousand (1,000) shares of Common Stock.
Limitation on Liability of Directors
and Authority to Indemnify Agents 
Five: The liability of directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California law.
The corporation is authorized to provide indemnification of agents (as defined in Section 317 of the California Corporations Code) for breach of duty to the

corporation and its shareholders through bylaw provisions, agreements with agents, vote of shareholders or disinterested directors, or otherwise, in excess of the indemnification otherwise permitted by Section 317 of the California Corporation Code, subject only to the applicable limits set forth in Section 204 of the California Corporations Code.

DATED: February 9, 1995	  	/s/ John Charles Maddux	
	  	John Charles Maddux, Incorporator	
 
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CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
AFTER SHARES HAVE BEEN ISSUED
The undersigned certify that:
1. They are the President, Secretary, Treasurer and Assistant Treasurer of Ladbroke San Pablo Limited, Inc., a California corporation.
2. Article One of the Articles of Incorporation of this corporation is amended to read as follows:
“One: The name of the corporation is: HIC San Pablo Limited, Inc.”
3. The foregoing amendment of Articles of Incorporation has been duly approved by the board of directors.
4. The foregoing amendment of Articles of Incorporation has been duly approved by the required vote of shareholders in accordance with Section 902, California Corporation Code. The total number of outstanding shares of the corporation is 501. The number of shares voting in favor of the amendment equaled or exceeded the vote required. The percentage vote required was more than 50%.
We further declare under penalty of perjury under the laws of the State of California that the matters set forth in this certificate are true and correct of our own knowledge.
Date: Feb 21, 2006

/s/ [Illegible Signature]	
	
[Illegible] President, Secretary & Treasurer	
	
/s/ [Illegible Signature]	
	
[Illegible], Assistant Treasurer	

Exhibit 3.38
AMENDED AND RESTATED BYLAWS
OF
HIC SAN PABLO LIMITED, INC.
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Sacramento, County of Sacramento, State of California.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of California as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF SHAREHOLDERS
Section 1. Place of Meetings. Meetings of the shareholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of California, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Shareholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the shareholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of shareholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, the President, the holders of shares entitled to cast not less than ten percent of the votes at the meeting, or any additional persons as may be provided in the Articles of Incorporation or these Bylaws. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation in writing either personally or by first class mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each shareholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Articles of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, shall have power,

acting by vote of a majority of the shares represented in person or by proxy, to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which shareholders may be deemed present in person at such adjourned meeting. If the adjournment is for more than 45 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by Section 708 of the California Corporations Code (the “ Code ”) or pursuant to the provisions of the Articles of Incorporation, each shareholder entitled to vote at any meeting of shareholders shall be entitled to one vote for each share of stock outstanding, regardless of class, held by such shareholder which has voting power upon the matter in question. Each shareholder entitled to vote at a meeting of shareholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such shareholder by proxy, but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable for the period specified therein if it states that it is irrevocable for such period and if, and only as long as, it complies with Section 705 of the Code. A shareholder may revoke any proxy prior to the vote pursuant thereto by attending the meeting and voting in person or by delivering to the Corporation a written revocation of the proxy or a new proxy executed by the person executing the prior proxy and bearing a later date. Voting at meetings of shareholders need not be by written ballot unless, at any election of directors, a shareholder demands election by ballot at the meeting and before the voting begins. At all meetings of shareholders for the election of directors, and except as otherwise provided in the Code, the candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them, up to the number of directors to be elected by those shares, are elected. All other elections and questions shall, unless otherwise provided by the Articles of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Unless otherwise provided in the Articles, any action required to be taken at any Annual or Special meeting of shareholders, or any action which may be taken at any Annual or Special meeting of such shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Unless the consents of all shareholders entitled to vote have been solicited in writing, both of the following shall apply: (1) Notice of any shareholder approval pursuant to Section 310, 317, 1152, 1201 or 2007 of the Code without a meeting by less than unanimous written consent shall be given, as provided in Section 601(b) of the Code, at least 10 days before the consummation of the action authorized by that approval; and (2) Prompt notice shall be given, as provided in Section 601(b) of the Code, of the taking of any other corporate action approved by shareholders without a meeting by less than unanimous written consent, to those shareholders entitled to vote who have not consented in writing.
 
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Section 8. List of Shareholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the shareholders entitled to examine the stock ledger, the list of shareholders or the books of the Corporation, or, subject to Section 10 of this Article II, to vote in person or by proxy at any meeting of shareholders.
Section 9. Organization . At every meeting of shareholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the shareholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of shareholders entitled to vote at any meeting of shareholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; and (ii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining shareholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors has been taken, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law; and (c) the record date for determining shareholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto or the 60 th day prior to the date of such other action, whichever is later. A determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the meeting unless the Board of Directors fixes a new record date for the adjourned meeting; provided , however , that the Board of Directors shall fix a new record date for the adjourned meeting if the meeting is adjourned for more than 45 days from the date set for the original meeting.
 
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Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the shareholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. Subject to compliance with applicable law, the Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of shareholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors and subject to compliance with applicable law, the chairman of any meeting of shareholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to shareholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of shareholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be three; provided, however, that the minimum number of directors shall be three at all times when the Corporation has at least three shareholders. Hereafter, within the limits specified above and in Section 212 of the Code, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies, including vacancies created by removal of a director, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal. The shareholders may elect a director at any time to fill any vacancy not filled by the Board of Directors. Any such election by written consent other than to fill a vacancy created by removal, which requires the unanimous consent of all shares entitled to vote for the election of directors, requires the consent of a majority of the outstanding shares entitled to vote.
 
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Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under Section 311 of the California Corporations Code.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of California. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Articles of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.
Section 7. Actions of Board . Unless otherwise provided by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in writing accordance with applicable law and if the number of members of the Board of Directors or committee, as the case may be, serving at the time constitutes a quorum.
Section 8. Removal . Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than a majority in voting power of outstanding shares of capital stock entitled to vote at an election of directors. Notwithstanding the foregoing, no director may be removed (unless the entire board is removed) when the votes cast against removal, or not consenting in writing to the removal, would be sufficient to elect the director if voted cumulatively at an election at which the same total number of votes were cast (or, if the action is taken by written consent, all shares entitled to vote were voted) and the entire number of directors authorized at the time of the director’s most recent election were then being elected.
 
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Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer (who shall be the chief financial officer of the Corporation until and unless a Chief Financial Officer is appointed) and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. Subject to the rights, if any, of an officer under any contract of employment, all officers shall be subject to the supervision and direction of the Board of Directors, the authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause, and any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, such notice may be given by mail, addressed to such director, member of a committee or shareholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
 
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ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by California law, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the chief financial officer or an assistant treasurer or the Secretary or an Assistant Secretary, certifying the number of shares, and the class or series of shares, owned by such shareholder in the Corporation.
Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Articles of Incorporation and Code Section 500 et seq. and other applicable law, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any
 
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dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, California”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . Subject to compliance with Section 212 of the Code, these Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors or by the affirmative vote of the holders of a majority of the outstanding shares of stock entitled to vote.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the Sole Shareholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.
 
8

Exhibit 3.39

[STAMP]	  	State of California	  		
	  	March Fong Eu	  	Form LP.	
	  	Secretary of State	  		
CERTIFICATE OF LIMITED PARTNERSHIP
IMPORTANT—Read instructions on back before completing this form
This Certificate is presented for filing pursuant to Section 15621, California Corporations Code.
 
1.	NAME OF LIMITED PARTNERSHIP	
LADBROKE SAN PABLO, L. P.

2.      STREET ADDRESS OF PRINCIPAL EXECUTIVE OFFICE	 	CITY AND STATE	 	  ZIP CODE	
			
Foster Plaza 9, 750 Holiday Drive	 	Pittsburgh, PA	 	  15220	
			
3.      STREET ADDRESS OF CALIFORNIA OFFICE IF EXECUTIVE OFFICE IS IN ANOTHER STATE	 	CITY	 	  ZIP CODE	
			
1100 Eastshore Highway, P.O. Box 6027	 	Albany, CA	 	  94706	
	
4.      COMPLETE IF LIMITED PARTNERSHIP WAS FORMED PRIOR TO JULY 1, 1984 AND IS IN EXISTENCE ON DATE THIS CERTIFICATE IS EXECUTED.	
THE ORIGINAL LIMITED PARTNERSHIP CERTIFICATE WAS RECORDED ON                      19              WITH THE RECORDER OF              COUNTY.              FILE OR RECORDATION NUMBER                     
 
5.	NAMES AND ADDRESSES OF ALL GENERAL PARTNERS: (CONTINUE ON SECOND PAGE IF NECESSARY)	

				
A.     NAME: Ladbroke Gaming California, Inc.	 	C.     NAME:	 		 		
				
ADDRESS: Foster Plaza 9, 750 Holiday Drive	 	ADDRESS:	 		 		
					
CITY: Pittsburgh     STATE: PA	 	ZIP CODE: 15220	 	CITY:	 	STATE:	 	ZIP CODE:	

					
B.     NAME:	 		 	D.     NAME:	 		 		
					
ADDRESS:	 		 	ADDRESS:	 		 		
						
CITY:	 	STATE:	 	ZIP CODE:	 	CITY:	 	STATE:	 	ZIP CODE:	

	
6.      NAME AND ADDRESS OF AGENT FOR SERVICE OF PROCESS:	
				
NAME: Peter Tunney	 		 		 		
				
ADDRESS: 1100 Eastshore Highway, P.O. Box 6027	 	CITY: Albany	 	  STATE: CA	 	ZIP CODE: 94706	
		
7.      ANY OTHER MATTERS TO BE INCLUDED IN THIS CERTIFICATE MAY BE NOTED ON SEPARATE PAGES AND BY REFERENCE HEREIN ARE A PART OF THIS CERTIFICATE.	 	8.      INDICATE THE NUMBER OF GENERAL PARTNERS SIGNATURES REQUIRED FOR FILING CERTIFICATES OF AMENDMENT. DISSOLUTION. CONTINUATION AND CANCELLATION.	
			
NUMBER OF PAGES ATTACHED:	 	[-0-]	 	NUMBER OF GENERAL PARTNER(S) SIGNATURE(S) IS/ARE: [1]	
				
	 		 		 	(PLEASE INDICATE NUMBER ONLY)	

9.      IT IS HEREBY DECLARED THAT I AM (WE ARE) THE PERSON(S) WHO EXECUTED THIS CERTIFICATE OF LIMITED PARTNERSHIP WHICH EXECUTION IS MY (OUR) ACT AND DEED. (SEE INSTRUCTIONS)	 	THIS SPACE FOR FILING OFFICER USE	
				 	
/s/ John J. Ford	 		  		 		 	 	
 	  	 	 	 	
SIGNATURE             John J. Ford

Vice President/Secretary of Ladbroke Gaming California, Inc.                                                      
2/9/95	  	SIGNATURE	 	95 041 00010
FILED
In the office of the Secretary of State
of the State of California
 
FEB 10 1995	
 	  	 	 		
 POSITION OR TITLE	 	DATE	  	POSITION OR TITLE	 	DATE	 		

SIGNATURE	  	 
SIGNATURE	 	 	

POSITION OR TITLE	 	DATE	  	POSITION OR TITLE	 	DATE	 	/s/ Bill Jones
BILL JONES, Secretary of State	
 
10.	RETURN ACKNOWLEDGEMENT TO:	
NAME                O’MELVENY & MYERS
ADDRESS         275 Battery Street, Suite 2600
CITY                  San Francisco, CA 94111-3305
STATE              Attn: John Charles Maddux, Esq.
ZIP CODE        
SEC. STATE REV:   86                                             FORM LP-I-—FILING FEE $70
                                                                                      Approved by Secretary of State

							
[STAMP]	 	State of California
Secretary of State	 		 	FILED
In the office of the Secretary of State
of the State of California
 
FEB 21 2006
 
This Space For Filing Use Only	
 
AMENDMENT TO CERTIFICATE OF LIMITED PARTNERSHIP
 
A $30.00 filing fee must accompany this form.
IMPORTANT - Read Instructions before completing this form	 		 		

1.     SECRETARY OF STATE FILE NUMBER
199504100010
 	  		  	2.     NAME OF LIMITED PARTNERSHIP
Ladbroke San Pablo, L.P.	
3.     COMPLETE ONLY THE BOXES WHERE INFORMATION IS BEING CHANGED. ADDITIONAL PAGES MAY BE ATTACHED, IF NECESSARY:
 	
A.    LIMITED PARTNERSHIP NAME (END THE WITH THE WORDS “LIMITED PARTNERSHIP” OR THE ABBREVIATION “LP”.)
 
HIC San Pablo, L.P,
 	
B.    THE STREET ADDRESS OF PRINCIPAL EXECUTIVE OFFICE
 	  	CITYAND STATE	  	ZIP CODE    	
C.    THE STREET ADDRESS IN CALIFORNIA WHERE RECORDS ARE KEPT
 	  	CITY	  	STATE            ZIP CODE    
CA	
D.    THE ADDRESS OF THE GENERAL PARTNER(S)	  		
NAME
 	  	ADDRESS	  	CITYAND STATE	  	ZIP CODE    	
E.    NAME CHANGE OF GENERAL PARTNER(S)	  	TO:  	  		
        FROM:
 	  		  		  		
F.    GENERAL PARTNER(S) CESSATION
 	  		
G.    NAME OF GENERAL PARTNER(S) ADDED
 	  	ADDRESS	  	CITYAND STATE	  	ZIP CODE    	
H.    THE PERSON(S) AUTHORIZED TO WIND UP THE AFFAIRS OF THE LIMITED PARTNERSHIP	
NAME
 	  	ADDRESS	  	CITY AND STATE	  	ZIP CODE    	
I.     THE NAME OF THE AGENT FOR SERVICES OF PROCESS
 	  		
J.     ADDRESS OF AGENT FOR SERVICE OF PROCESS IN CALIFORNIA IF AN INDIVIDUAL
 	  	CITY	  	STATE            ZIP CODE    
CA	
K.    NUMBER OF GENERAL PARTNERS SIGNATURES RECEIVED FOR FILING CERTIFICATES OF AMENDMENT, RESTATEMENT, MERGER,
DISSOLUTION CONTINUATION AND CANCELLATION:
 	
L.    OTHER MATTERS (ATTACH ADDITIONAL PAGES IS NECESSARY):
 	  		
4.     I DECLARE THAT I AM THE PERSON WHO EXECUTED THIS INSTRUMENT, WHICH EXECUTION IS MY ACT AND DEED.	

        /s/ Paul Lierman	 		 	President, Ladbroks Gaming California, Inc., General Partner	
SIGNATURES OF AUTHORIZED PERSON	 		 	POSITION OR TITLE OF AUTHORIZED PERSON	
			
         Paul Lierman	 		 	Feb 21, 2006	
        TYPE OR PRINT NAME OF AUTHORIZED PERSON
 	 		 	DATE	
        SIGNATURE OF AUTHORIZED PERSON
 	 		 	POSITION OR TITLE OF AUTHORIZED PERSON	
        TYPE OR PRINT NAME OF AUTHORIZED PERSON	 		 	DATE	
 	
LP-2 (REV 03/2006)	 		 	APPROVED BY SECRETARY OF STATE	

Exhibit 3.40
AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF
HIC SAN PABLO, L.P.
This Amended and Restated Limited Partnership Agreement (this “ Agreement ”) of HIC San Pablo, L.P. (formerly known as Ladbroke San Pablo, L.P.), a California limited partnership (the “ Partnership ”), is entered into as of October 25, 2013, by and between HIC Gaming California, Inc. (formerly known as Ladbroke Gaming California, Inc.), a California corporation, as general partner (the “ General Partner ”), and HIC San Pablo Limited, Inc. (formerly known as Ladbroke San Pablo Limited, Inc.), a California corporation, as limited partner (the “ Limited Partner ”).
WHEREAS, the Partnership was formed as a limited partnership pursuant to and in accordance with the California Uniform Limited Partnership Act of 2008 (California Corporations Code §15900, et seq .), as amended from time to time (the “ Act ”), and is currently governed by its existing limited partnership agreement (the “ Existing Agreement ”); and
WHEREAS, the General Partner and the Limited Partner desire to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited partnership is HIC San Pablo, L.P.
2. Purpose . The Partnership is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The registered office of the Partnership in the State of California is c/o CSC-Lawyers Incorporating Service, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, California 95833.
4. Registered Agent . The name and address of the registered agent of the Partnership for service of process on the Partnership in the State of California is CSC-Lawyers Incorporating Service, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, California 95833.
5. Partners . The name, partnership interest and address of each partner are set forth on Schedule A attached hereto. Schedule A shall be revised by the General Partner from time to time to reflect the admission or withdrawal of a partner or the transfer or assignment of interests in the Partnership in accordance with the terms of this Agreement and other modifications to or changes in the information set forth therein.

6. Powers . The powers of the General Partner include all powers, statutory and otherwise, possessed by general partners under the Act and other applicable laws of the State of California. Subject to the foregoing, the General Partner is authorized to execute and deliver any document and take any action on behalf of the Partnership without any vote or consent of any other partner.
7. Officers .
(a) Designation and Appointment . The Partnership may, from time to time, employ and retain persons as may be necessary or appropriate for the conduct of the Partnership’s business (subject to the supervision and control of the General Partner), including employees, agents and other persons (any of whom may be a Limited Partner) who may be designated as officers of the Partnership to the extent authorized by the General Partner (the “ Officers ”). Officers need not be residents of the State of California or partners. The Officers, to the extent of their powers set forth in this Agreement or the Act or otherwise vested in them by action of the General Partner not inconsistent with this Agreement, are agents of the Partnership for the purpose of the Partnership’s business and the actions of the Officers taken in accordance with such powers shall bind the Partnership. The day-to-day activities of the Partnership shall be conducted on the Partnership’s behalf by the Officers. Each Officer shall hold office until his or her successor shall be duly designated and shall qualify until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. The salaries or other compensation, if any, of the Officers of the Partnership shall be fixed from time to time by the General Partner. The Persons listed on Schedule B hereto are the Officers of the Partnership, holding the respective offices set forth opposite their names.
(b) Resignation/Removal . Any Officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the General Partner. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Any Officer may be removed as such, either with or without cause, at any time by the General Partner. Designation of an Officer shall not of itself create any contractual or employment rights.
8. Dissolution . The Partnership shall dissolve, and its affairs shall be wound up, on October 25, 2063, or at such earlier time as (a) all of the partners of the Partnership approve in writing, (b) an event of withdrawal of a general partner has occurred under the Act, (c) at any time that there are no limited partners of the Partnership, unless the business of the Partnership is continued in accordance with the Act, or (d) an entry of a decree of judicial dissolution has occurred under Section 15908.02 of the Act; provided , however , the Partnership shall not be dissolved or required to be wound up upon an event of withdrawal of a general partner described in Section 8(b) if (i) at the time of such event of withdrawal, there is at least one other general partner of the Partnership who carries on the business of the Partnership (any remaining general partner being hereby authorized to carry on the business of the Partnership), or (ii) within 90 days after the occurrence of such event of withdrawal, the limited partners owning at least a majority of the rights to receive distributions agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of the event of withdrawal, of one or more additional general partners of the Partnership.
 
2

9. Capital Contributions . Partners shall make capital contributions to the Partnership in such amounts and at such times as they shall mutually agree.
10. Allocation of Profits and Losses . The Partnership’s profits and losses shall be allocated in proportion to the capital contributions of the partners of the Partnership.
11. Distributions . Subject to the Act and other applicable law, distributions shall be made to the partners of the Partnership at the times and in the aggregate amounts determined by the General Partner. Such distributions shall be allocated among the partners of the Partnership on the basis of the value of their respective capital contributions to the Partnership.
12. Assignments . Subject to compliance with the Act:
(a) A limited partner may assign all or any part of its partnership interest in the Partnership to any person or entity and may withdraw or be disassociated from the Partnership at any time without the consent of any other partner.
(b) The General Partner may assign all or any part of its partnership interest in the Partnership to any person or entity and may withdraw or be disassociated from the Partnership at any time without the consent of any other partner.
13. Withdrawal . Except to the extent set forth in Section 12 or as otherwise provided by the Act, no right is given to any partner of the Partnership to withdraw or be disassociated from the Partnership.
14. Admission of Additional or Substitute Partners . Subject to compliance with the Act:
(a) One or more substitute limited partners of the Partnership shall be admitted to the Partnership without the consent of any partner upon such person or entity’s execution of an instrument agreeing to be bound by this Agreement.
(b) One or more substitute general partners of the Partnership shall be admitted to the Partnership without the consent of any partner upon such person or entity’s execution of an instrument agreeing to be bound by this Agreement.
15. Liability of Limited Partner . A limited partner of the Partnership shall not have any liability for the obligations or liabilities of the Partnership except to the extent required by the Act.
16. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of California, all rights and remedies being governed by said laws.
17. Execution in Counterparts . This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.
 
3

18. Entire Agreement . This Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements between and among them with respect to the subject matter hereof.
[Signature page follows]
 
4

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

General Partner:	
HIC GAMING CALIFORNIA, INC.
a California corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	 	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
	
Limited Partner:	
HIC SAN PABLO LIMITED, INC.
a California corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	 	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[Amended and Restated Limited Partnership Agreement – HIC San Pablo, L.P.]
 
5

Schedule A
Partners

 	 	Name	  	Partnership
Interest	 	 	  	Address	
General Partner	  		 		  		
HIC Gaming California, Inc.	  	10%	 	7930 Jones Branch Drive
McLean, Virginia 22102	
Limited Partner	  		 		  		
HIC San Pablo Limited, Inc.	  	90%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.41
ARTICLES OF INCORPORATION
OF
MEARS HOTEL COMPANY
FIRST: The name of the corporation is
MEARS HOTEL COMPANY
SECOND: The purposes for which this corporation is formed are:
(a) The specific business in which the corporation is primarily to engage is the hotel, motel, restaurant and bar business.
(b) To purchase, to receive by way of gift, subscribe for, invest in, and in all other ways acquire, import, lease, possess, maintain, handle on consignment, own, hold for investment or otherwise, use, enjoy, exercise, operate, manage, conduct, perform, make, borrow, guarantee, contract in respect of, trade and deal in, sell, exchange, let, lend, export, mortgage, pledge, deed in trust, hypothecate, encumber, transfer, assign and in all other ways dispose of, design, develop, invent, improve, equip, repair, alter, fabricate, assemble, build, construct, operate, manufacture, plant, cultivate, produce, market, and in all other ways (whether like or unlike any of the foregoing), deal in and with property of every kind and character, real, personal or mixed, tangible or intangible, wherever situate and however held, including, but not limited to, money, credits, choses in action, securities, stocks, bonds, warrants, script, certificates, debentures, mortgages, notes, commercial paper and other obligations and evidences of interest in or indebtedness of any person, firm or corporation, foreign or domestic, or of any government or subdivision or agency thereof, documents of title, and accompanying rights, and every other kind and character of personal property, real property (improved or unimproved), and the products and avails thereof, and every character of interest therein and appurtenance thereto, including, but not limited to, mineral, oil, gas and water rights, all or any part of any going business and its incidents, franchises, subsidies, charters, concessions, grants, rights, powers or privileges, granted or conferred by any government or subdivision or agency thereof, and any interest in or part of any of the foregoing, and to exercise in respect thereof all of the rights, powers, privileges, and immunities of individual owners or holders thereof.
 
- 1 -

(c) To hire and employ agents, ‘servants and employees, and to enter into agreements of employment and collective bargaining agreements, and to act as agent, contractor, trustee, factor or otherwise, either alone or in company with others.
(d) To promote or aid in any manner, financially or otherwise, any person, firm, association or corporation, and to guarantee contracts and other obligations.
(e) To let concessions to others to do any of the things which this corporation is empowered to do, and to enter into, make, perform and carry out, contracts and arrangements of every kind and character with any person, firm, association or corporation, or any government or authority or subdivision or agency thereof.
(f) To carry on any business whatsoever which this corporation may deem proper or convenient in connection with any of the foregoing purposes or otherwise, or which it may deem calculated, directly or indirectly, to improve the interests of this corporation, and to do all things specified in Section 9501 of the Corporations Code of the State of California, and to have and to exercise all powers conferred by the laws of the State of California on corporations formed under the laws agreeably to which and under which this corporation is formed, as such laws are now in effect or may at any time hereafter be amended, and to do any and all things hereinabove set forth to the same extent and as fully as natural persons might or could do, either alone or in connection with other persons, firms, associations or corporations, and in any part of the world.
The foregoing statement of purposes shall be construed as a statement of both purposes and powers, shall be liberally construed in aid of the powers of this corporation, and the powers and purposes stated in each clause shall, except where otherwise stated, be in nowise limited or restricted by any term or provision of any other clause, and shall be regarded not only as independent purposes, but the purposes and powers stated shall be construed distributively as to each object expressed, and the enumeration as to specific powers shall not be construed as to limit in any manner the aforesaid general powers, but are in furtherance of, and in addition to and not in limitation of said general powers.
THIRD: The county in the State of California where the principal office for the transaction of the business of the corporation is located is the County of San Diego.
 
- 2 -

 

	 	FOURTH	 	(a)	 	The number of Directors of the corporation shall be three.	
				
	 		 	(b)	 	The names and addresses of the persons who are appointed as first Directors are:	

             Name	  	Address	
Richard B. Mears	  	6919 Country Club Drive
La Jolla, California	
		
Robert P. Simpson	  	1111 Via Carolina
La Jolla, California	
		
James M. Hall	  	5533 Moonlight Lane
La Jolla, California	
FIFTH: The total number of shares which the corporation is authorized to issue is two thousand, five hundred (2,500) shares. All shares of stock are to be without par value.
IN WITNESS WHEREOF, for the purpose of forming the corporation under the laws of the State of California, we, the under-signed, constituting the incorporators of this corporation, and including all of the persons named herein as the first Directors, have executed these Articles of Incorporation this 27th day of July, 1965.

	
/s/ Richard B. Mears	
Richard B. Mears	
	
/s/ Robert P. Simpson	
Robert P. Simpson	
	
/s/ James M. Hall	
James M. Hall	
 
- 3 -

			
STATE OF CALIFORNIA	  	)	
	  	) 56	
COUNTY OF SAN DIEGO	  	)	
On this 27th day of July, 1965, before me, a Notary Public in and for the County of San Diego, State of California, residing therein, duly commissioned and sworn, personally appeared Richard B. Mears, Robert P. Simpson, and James M. Hall, known to me to be the persons whose names are subscribed to the foregoing Articles of Incorporation of MEARS HOTEL COMPANY, and acknowledged to me that they executed the same.
WITNESS my hand and official seal.

Ruth McDonnel
Notary Public
San Diego County, Calif.	 	/s/ Ruth McDonnell	
	 	Notary Public in and for
said County and State	
	 	RUTH McDONNELL	
	 	My Commission Expires Feb. 23, 1968	
 
- 4 -

CAP. ST. CHGD. FROM: 2500 NPV to 2500 npv + $2,100,000.00
CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
RICHARD B. MEARS and HORST DZIURA certify:
1. That they are the president and the assistant secretary, respectively, of MEARS HOTEL COMPANY, a California corporation.
2. That by unanimous written consent of the Board of Directors without a meeting, as authorized by the By-Laws, the following resolution was adopted:
“RESOLVED: that the Fifth Article of the Articles of Incorporation of this corporation be amended to read as follows:
FIFTH: The total number of shares of stock which the corporation shall have authority to issue is twenty-three thousand five hundred (23,500) divided into two classes as follows: (a) two thousand five hundred (2,500) shares of Common Stock, no par value, being sometimes referred to herein as “Common Stock”, and (b) twenty-one thousand (21,000) shares of Cumulative Non-Voting Preferred Stock, par value $100.00 per share, being sometimes referred to herein as “Preferred Stock.” The aggregate par value of all shares having a par value is $2,100,000.00.
The preferences, qualifications, limitations, restrictions and the special or relative rights in respect of the stock of each class are as follows:
A. Dividend Rights .
The holders of the outstanding shares of Preferred Stock shall be entitled to receive, when and as declared by the Board of Directors of the corporation, preferential dividends, payable in cash, out of funds legally available therefor, at the rate of $7.50 per share per annum, and no more, except that the dividend payable for the period ending August 15, 1971 shall be $2.1875 per share. Such dividends shall be payable quarterly on the fifteenth day of February, May, August and November in each year to stockholders of record on the respective dates, (not exceeding fifty (50) days preceding each dividend date) fixed for the purpose by the Board of Directors in advance of payment of each particular dividend.

All dividends payable on the Preferred Stock which are not paid with respect to any dividend period shall be cumulative and the aggregate thereof shall be referred to herein as “accrued dividends.”
So long as any Preferred Stock remains outstanding, in no event shall any dividends whatsoever, whether in cash, stock or otherwise, be paid or declared, or any distribution be made on any class of junior stock (the term “junior stock” to mean stock ranking junior to Preferred Stock as to dividends or distribution of assets upon liquidation), nor shall any junior stock be purchased, retained, or otherwise acquired for a valuable consideration by the corporation (excluding from such restriction dividends paid in junior stock and junior stock purchased, retained or otherwise acquired in exchange for, or from the proceeds from the issued of, other junior stock), unless (a) full dividends on all Preferred Stock for all past dividend periods and for the then current dividend period have been paid or have been declared and a sum sufficient for the payment therefor has been set apart; and (b) no default shall exist with respect to any obligation of the corporation to retire Preferred Stock.
B. Voting Rights .
Each holder of shares of Common Stock shall be entitled to one vote per share on all matters presented to the stockholders for each share of such stock standing in his name on the books of the corporation. Each holder of shares of Preferred Stock shall not be entitled to vote on matters presented to the stockholders, unless otherwise provided by law.
C. Rights on Liquidation .
In the event of a dissolution, liquidation or winding up of a corporation, whether voluntary or involuntary, the holders of the outstanding shares of Preferred Stock shall be entitled to receive out of the assets of the corporation, before any payment shall be made on the Common Stock, the sum of 100% of the par value per share plus accrued dividends to the date fixed for distribution. After payment in full of the preferential amounts required to be paid to the holders of the Preferred Stock, the holders of the Common Stock shall be entitled, to the exclusion of the holders of the Preferred Stock, to share in any remaining assets of the corporation.
 
- 2 -

For purposes of the next preceding paragraph the sale, conveyance, exchange or transfer of all of or substantially all of the property and assets of the corporation and the merger or consolidation of the corporation into or with another corporation shall not be deemed to be a dissolution, liquidation or winding up, voluntary or involuntary, for the purposes thereof.
D. Redemption .
The corporation may at any time redeem the Preferred Stock, in whole or in part, at its option by resolution of its Board of Directors, at any time or from time to time at a redemption price equal to 100% of the par value thereof plus accrued dividends to the date fixed for redemption. At least forty-five days’ previous written notice of any such redemption of Preferred Stock shall be mailed, addressed to the holders of record of the shares to be redeemed at their respective addresses as the same shall appear on the books of the corporation. In case of the redemption of less than all of the outstanding shares of such Preferred Stock, the shares to be redeemed shall be selected prorata.
If notice of redemption shall have been given as provided above, and if, on or before the redemption date all funds necessary for such redemption shall have been deposited with a responsible bank or trust company in the City of San Diego, State of California in trust for the prorata benefit of the holders of shares so called for redemption, then, notwithstanding that any certificate for shares of such Preferred Stock so called for redemption shall not have been surrendered for cancellation, the shares represented thereby shall no longer be deemed outstanding, the right to receive dividends thereon shall cease to accrue from and after the date of redemption and all rights with respect to such shares of Preferred Stock so called for redemption shall forthwith on such redemption date cease and terminate, except the right of the holders thereof to receive the redemption price of such shares so to be redeemed (but without interest thereon).
 
- 3 -

Any funds so set apart or deposited by the corporation which, at the end of two years after the redemption date, remain unclaimed by the holders of the Preferred Stock called for redemption, shall be released and returned to the corporation upon demand, and shall thereafter be available for general corporate purposes and the depositary, if any, shall thereupon be relieved of all responsibilities therefor to such holders. Any interest accrued on funds so deposited shall be paid to the corporation from time to time. The Preferred Stock which is redeemed as provided in this section shall not be reissued but, as soon as practicable, shall be cancelled and retired in the manner provided by law.
E. General Provisions .
So long as any Preferred Stock is outstanding, the corporation shall not, without the consent of the holders of at least two-thirds of the outstanding shares of Preferred Stock, given in person or by proxy, either in writing or by vote at a meeting called for the purpose:
(a) Amend, alter or repeal any of the provisions of the Articles of Incorporation or the By-Laws so as to affect adversely the rights, powers or preferences of the holders of the Preferred Stock; or
(b) Create, authorize or issue any additional class of stock ranking prior to or on a parity with the Preferred Stock, in respect of dividends or distribution of assets on liquidation; or increase the authorized amount of the Preferred Stock or any additional class of stock ranking prior to or on a parity with the Preferred Stock in respect of dividends or distribution of assets on liquidation; or create or authorize any obligation or security convertible into shares of any class of stock ranking prior to or on a parity with the Preferred Stock in respect of dividends or distribution of assets on liquidation.
 
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F. Preemptive Rights .
No holder of Preferred Stock or of Common Stock, or of any other class of stock of the corporation, now or hereafter authorized, shall have any rights as such holder (other than such rights, if any, as the Board of Directors in its discretion may determine), to purchase, subscribe for, or otherwise acquire from the corporation any stock of the corporation of any class, whether now or hereafter authorized, or any securities convertible into stock of the corporation, or any warrants or rights to subscribe for or purchase such stock. The corporation shall have the right from time to time, without first offering the same to the holders of stock of any class then outstanding, to issue and sell shares of its stock, or any optional rights (evidenced by warrants or otherwise) to subscribe to or purchase stock, to such persons, for such consideration, and on such terms and conditions, as the Board of Directors may from time to time determine.
Upon the amendment of this article to read as hereinabove set forth, each outstanding share of stock is converted into or reconstituted as one Common share of stock without par value.”
3. That the shareholders have adopted said amendment by written consent. That the wording of the amended article, as set forth in the shareholders’ written consent, is the same as that set forth in the directors’ resolution in Paragraph 2 above.
4. That the number of shares represented by written consent is 50. That the total number of shares entitled to vote on or consent to the amendment is 50.

/s/ RICHARD B. MEARS	
RICHARD B. MEARS
President	
	
/s/ HORST DZIURA	
HORST DZIURA
Assistant Secretary	
 
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Each of the undersigned declares under penalty of perjury that the matters set forth in the foregoing Certificate are true and correct.
Executed this 2nd day of September, 1971, at San Diego, California.

/s/ RICHARD B. MEARS	
RICHARD B. MEARS	
Executed this 2nd day of September, 1971, at San Diego, California.

/s/ HORST DZIURA	
HORST DZIURA	
 
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CHANGE TO: HILTON SAN DIEGO CORPORATION
CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
OF
MEARS HOTEL COMPANY
WILLIAM H. EDWARDS and E. TIMOTHY APPLEGATE certify:
1. That they are the President and Secretary, respectively, of MEARS HOTEL COMPANY.
2. That the Board of Directors, by written consent as duly authorized in the by-laws of said corporation, adopted the following resolution on November 11, 1975:
“RESOLVED, that Article FIRST of the
Articles of Incorporation be amended
to read as follows:
‘The name of the corporation is
HILTON SAN DIEGO CORPORATION.’
3. That the shareholder has adopted said amendment by written consent. That the wording of the amended article, as set forth in the shareholder written consent, is the same as that set forth in the directors’ resolution in Paragraph 2 above.
4. That the number of shares represented by written consent is 50. That the total number of shares entitled to vote on or consent to the amendment is 50.

/s/ William H. Edwards	
William H. Edwards, President	
	
/s/ E. Timothy Applegate	
E. Timothy Applegate, Secretary	
Each of the undersigned declares under penalty of perjury that the matters set forth in the foregoing certificate are true and correct.
Executed at Beverly Hills, California, on November 24, 1975.

/s/ E. Timothy Applegate	
	
/s/ William H. Edwards	

Changed to: HILTON HOTELS U.S.A.
CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
WILLIAM H. EDWARDS AND E. TIMOTHY APPLEGATE certify that:
 
1.	They are the President and Secretary, respectively, of HILTON SAN DIEGO CORPORATION, a California corporation.	
 
2.	Article FIRST of the Articles of Incorporation of this corporation is amended to read as follows:	
“RESOLVED, the name of the corporation is HILTON HOTELS U.S.A.”
 
3.	The foregoing amendment of Articles of Incorporation has been duly approved by the board of directors.	
 
4.	The foregoing amendment of articles of incorporation has been duly approved by the required vote of shareholders in accordance with Section 902 of the Corporations Code. The total number of outstanding shares of the corporation is 21,050. The number of shares voting in favor of this amendment equaled or exceeded the vote required. The percentage vote required was more than 50%.	

/s/ William H. Edwards	
William H. Edwards, President	
	
/s/ E. Timothy Applegate	
E. Timothy Applegate,	
Vice President and Secretary	
The undersigned declare under penalty of perjury that the matters set forth in the foregoing certificate are true of their own knowledge.
Executed at Los Angeles, CA on February 24, 1984.

/s/ William H. Edwards	
William H. Edwards, President	
	
/s/ E. Timothy Applegate	
E. Timothy Applegate	
Vice President and Secretary	

CERTIFICATE OF CORRECTION OF
CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION OF
HILTON HOTELS U.S.A.
CARL T. MOTTEK AND CHERYL L. MARSH certify that:
 
1.	They are the president and the secretary, respectively, of HILTON HOTELS U.S.A.	
 
2.	The name of the corporation is HILTON HOTELS U.S.A. and it is a California corporation.	
 
3.	The instrument being corrected is entitled “CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION OF HILTON SAN DIEGO CORPORATION’’, and said instrument was filed with the Secretary of the State of California on April 3, 1984.	
 
4.	Paragraph “4” of said Certificate of Amendment, as corrected, should read as follows:	
“The foregoing amendment of articles of incorporation has been duly approved by the required vote of shareholders in accordance with Section 902 of the Corporations Code. The total number of outstanding shares of the corporation is 50. The number of shares voting in favor of this amendment equaled or exceeded the vote required. The percentage vote required was more than 51%.
 
5.	That said paragraph “4”, as corrected, conforms the wording of the amended article to that adopted by the board of directors and shareholders.	
We further declare under penalty of perjury under the laws of the State of California that the matters set forth in this certificate are true and correct of our own knowledge.
Dated: March 20, 1989.

/s/ Carl T. Mottek	
Carl T. Mottek, President	
	
/s/ Cheryl L. Marsh	
Cheryl L. Marsh, Secretary	

					
	 	CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
OF
HILTON HOTELS U.S.A.
(a California corporation)	  	MAR 21 1989
/s/ March Fong Eu
MARCH FONG EU, Secretary of State	
To The Secretary of State
State of California
Pursuant to the provisions of the General Corporation Law of the State of California, the undersigned officers of the corporation hereinafter named do hereby certify as follows:
 
1.	The name of the corporation is Hilton Hotels U.S.A.	
 
2.	Article FIRST of the corporation’s Articles of Incorporation, which relate to the name of the corporation, are hereby amended so as to read as follows:	
“RESOLVED, that the name of the corporation is HILTON SAN DIEGO CORPORATION.”
 
3.	The amendments herein provided for have been approved by the corporation’s Board of Directors.	
 
4.	The amendments herein provided for were approved by the required written consent of the corporation’s shareholders in accordance with the provisions of Section 902 of the General Corporation Law.	
The corporation’s total number of shares which were outstanding and entitled to vote or to furnish written consent with respect to the amendments herein provided for at the time of the approval thereof is 50, all of which are of one class.
The percentage vote of the number of the aforesaid outstanding shares which is required to vote or furnish written consent in favor of the amendments herein provided for is 51%.
The number of the aforesaid outstanding shares which voted or furnished a written consent in favor of the amendments herein provided for is 50, and said number equaled or exceeded the percentage of the vote or written consent required to approve the said amendments.
Signed on March 13, 1989.

/s/ Carl T. Mottek	
Carl T. Mottek, President	
	
/s/ Cheryl L. Marsh	
Cheryl L. Marsh, Secretary	
 
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On this 13th day of March, 1989, in the City of Beverly Hills, in the state of California, each of the undersigned does hereby declare under the penalty of perjury that he signed the foregoing Certificate of Amendment of Articles of Incorporation in the official capacity set forth beneath his signature, and that the statements set forth in said certificate are true of his own knowledge.

/s/ Carl T. Mottek	
Carl T. Mottek, President	
	
/s/ Cheryl L. Marsh	
Cheryl L. Marsh, Secretary	
 
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Exhibit 3.42
AMENDED AND RESTATED BYLAWS
OF
HILTON SAN DIEGO CORPORATION
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Sacramento, County of Sacramento, State of California.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of California as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF SHAREHOLDERS
Section 1. Place of Meetings. Meetings of the shareholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of California, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Shareholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the shareholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of shareholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, the President, the holders of shares entitled to cast not less than ten percent of the votes at the meeting, or any additional persons as may be provided in the Articles of Incorporation or these Bylaws. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation in writing either personally or by first class mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each shareholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Articles of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, shall have power,

acting by vote of a majority of the shares represented in person or by proxy, to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which shareholders may be deemed present in person at such adjourned meeting. If the adjournment is for more than 45 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by Section 708 of the California Corporations Code (the “ Code ”) or pursuant to the provisions of the Articles of Incorporation, each shareholder entitled to vote at any meeting of shareholders shall be entitled to one vote for each share of stock outstanding, regardless of class, held by such shareholder which has voting power upon the matter in question. Each shareholder entitled to vote at a meeting of shareholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such shareholder by proxy, but no such proxy shall be voted or acted upon after 11 months from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable for the period specified therein if it states that it is irrevocable for such period and if, and only as long as, it complies with Section 705 of the Code. A shareholder may revoke any proxy prior to the vote pursuant thereto by attending the meeting and voting in person or by delivering to the Corporation a written revocation of the proxy or a new proxy executed by the person executing the prior proxy and bearing a later date. Voting at meetings of shareholders need not be by written ballot unless, at any election of directors, a shareholder demands election by ballot at the meeting and before the voting begins. At all meetings of shareholders for the election of directors, and except as otherwise provided in the Code, the candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them, up to the number of directors to be elected by those shares, are elected. All other elections and questions shall, unless otherwise provided by the Articles of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Unless otherwise provided in the Articles, any action required to be taken at any Annual or Special meeting of shareholders, or any action which may be taken at any Annual or Special meeting of such shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Unless the consents of all shareholders entitled to vote have been solicited in writing, both of the following shall apply: (1) Notice of any shareholder approval pursuant to Section 310, 317, 1152, 1201 or 2007 of the Code without a meeting by less than unanimous written consent shall be given, as provided in Section 601(b) of the Code, at least 10 days before the consummation of the action authorized by that approval; and (2) Prompt notice shall be given, as provided in Section 601(b) of the Code, of the taking of any other corporate action approved by shareholders without a meeting by less than unanimous written consent, to those shareholders entitled to vote who have not consented in writing.
 
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Section 8. List of Shareholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the shareholders entitled to examine the stock ledger, the list of shareholders or the books of the Corporation, or, subject to Section 10 of this Article II, to vote in person or by proxy at any meeting of shareholders.
Section 9. Organization . At every meeting of shareholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the shareholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of shareholders entitled to vote at any meeting of shareholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; and (ii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining shareholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors has been taken, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law; and (c) the record date for determining shareholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto or the 60 th day prior to the date of such other action, whichever is later. A determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the meeting unless the Board of Directors fixes a new record date for the adjourned meeting; provided , however , that the Board of Directors shall fix a new record date for the adjourned meeting if the meeting is adjourned for more than 45 days from the date set for the original meeting.
 
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Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the shareholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. Subject to compliance with applicable law, the Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of shareholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors and subject to compliance with applicable law, the chairman of any meeting of shareholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to shareholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of shareholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be one; provided, however, that the minimum number of directors shall be three at all times when the Corporation has at least three shareholders. Hereafter, within the limits specified above and in Section 212 of the Code, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies, including vacancies created by removal of a director, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal. The shareholders may elect a director at any time to fill any vacancy not filled by the Board of Directors. Any such election by written consent other than to fill a vacancy created by removal, which requires the unanimous consent of all shares entitled to vote for the election of directors, requires the consent of a majority of the outstanding shares entitled to vote.
 
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Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under Section 311 of the California Corporations Code.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of California. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Articles of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present. A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.
Section 7. Actions of Board . Unless otherwise provided by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in writing accordance with applicable law and if the number of members of the Board of Directors or committee, as the case may be, serving at the time constitutes a quorum.
Section 8. Removal . Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than a majority in voting power of outstanding shares of capital stock entitled to vote at an election of directors. Notwithstanding the foregoing, no director may be removed (unless the entire board is removed) when the votes cast against removal, or not consenting in writing to the removal, would be sufficient to elect the director if voted cumulatively at an election at which the same total number of votes were cast (or, if the action is taken by written consent, all shares entitled to vote were voted) and the entire number of directors authorized at the time of the director’s most recent election were then being elected.
 
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Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer (who shall be the chief financial officer of the Corporation until and unless a Chief Financial Officer is appointed) and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. Subject to the rights, if any, of an officer under any contract of employment, all officers shall be subject to the supervision and direction of the Board of Directors, the authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause, and any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, such notice may be given by mail, addressed to such director, member of a committee or shareholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or shareholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
 
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ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by California law, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the chief financial officer or an assistant treasurer or the Secretary or an Assistant Secretary, certifying the number of shares, and the class or series of shares, owned by such shareholder in the Corporation.
Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Articles of Incorporation and Code Section 500 et seq. and other applicable law, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any
 
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dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, California”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . Subject to compliance with Section 212 of the Code, these Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors or by the affirmative vote of the holders of a majority of the outstanding shares of stock entitled to vote.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the Sole Shareholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.
 
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Exhibit 3.43
CERTIFICATE OF FORMATION
OF
KSL BILTMORE MANAGEMENT, LLC
This Certificate of Formation of KSL Biltmore Management, LLC (the “Company”) dated as of March 11, 2004, is being duly executed and filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is KSL Biltmore Management, LLC.
SECOND. The address of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
THIRD. The name and address of the registered agent for service of process of the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Stephanie L. Kuhlen	
Stephanie L. Kuhlen, Authorized Person	

CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF FORMATION
OF
KSL BILTMORE MANAGEMENT, LLC
It is hereby certified that:
1. The name of the Delaware limited liability company (hereinafter called the “limited liability company”) is: KSL Biltmore Management, LLC
2. The certificate of formation of the limited liability company is hereby amended by striking out Articles FIRST and SECOND thereof and by substituting in lieu of said Articles the following new Articles FIRST and SECOND:
‘“FIRST. The name of the limited liability company formed hereby is:
90210 Biltmore Management, LLC”
“SECOND. The name and address of the registered agent for service of process and the registered office in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.”
Dated: February 1, 2006

/s/ Ted Middleton	
Authorized Person	
Ted Middleton, Senior Vice President	

Exhibit 3.44
OPERATING AGREEMENT
OF
90210 BILTMORE MANAGEMENT, LLC
This Limited Liability Company Operating Agreement is made as of February 1, 2006 by 90210 Management Company, LLC (the “Member”) to serve as the Limited Liability Company Operating Agreement under the Act (hereinafter defined) from and after the date hereof for the limited liability company specified herein, and shall replace and supersede any prior limited liability company or operating agreement for such company.
NOW, THEREFORE, intending to be legally bound hereby, the Member agrees as follows:
1. Definitions . Unless the context otherwise requires, the terms defined in this Section 1 shall, for the purposes of this Agreement, have the meanings herein specified.
“Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., and any successor statute, as amended from time to time.
“Agreement” means this Limited Liability Company Operating Agreement, as amended, modified, supplemented or restated from time to time.
“Certificate” means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.
“Company” means 90210 Biltmore Management, LLC, the Delaware limited liability company of such name which has been formed under the Act.
“Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or other legal entity or organization.
2. Organization . The Member agrees that the rights, duties and liabilities of the Member shall be as provided in the Act, except as otherwise provided herein.
3. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Act and engage in any and all activities necessary, convenient, desirable or incidental to the foregoing.
4. Term . The term of the Company commenced on the date the Certificate was filed in the office of the Secretary of State of the State of Delaware and shall continue perpetually, unless the Company is dissolved in accordance with the provisions of this Agreement. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate in the manner required by the Act.

5. Registered Office and Agent. Principal Office . The location of the registered office of the Company in the State of Delaware shall be at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The Company’s registered agent at such address shall be Corporation Service Company.
6. Principal Place of Business . The location of the principal office of the Company shall be located at 9336 Civic Center Drive, Beverly Hills, California, 90210 or at such other location as may be determined by the Member. The Company may also have such other offices at such other locations as may from time to time be deemed advisable by the Member.
7. Members . The name and business address of the Company’s sole Member is: 90210 Management Company, LLC located at 9336 Civic Center Drive, Beverly Hills, CA 90210.
8. Management .
(a) Management of the business and affairs of the Company shall be vested in the Member. The Member shall have all rights and powers and shall make all decisions affecting the Company in furtherance of the Company’s purposes. The Member may appoint such officers and agents of the Company as the Member deems appropriate to carry out and execute the decisions and instructions of the Member in the operations of the business of the Company. Such officers and agents shall have such duties and powers as are from time to time specified by the Member and they may be removed or discharged by the Member at any time with or without cause. If the Member does not specify the duties and powers of an officer, such officer shall be deemed to have the duties and powers of an officer of a Delaware business corporation with the same title. The Member shall make such tax elections as are deemed desirable in the sole discretion of the Member.
(b) The officers of the Company as of the date hereof are:

Matthew J. Hart	    	President	
Ernest Wooden	    	Executive Vice President	
Robert M. La Forgia	    	Executive Vice President and Chief Financial Officer	
Ted Middleton	    	Senior Vice President	
Molley McKenzie-Swarts	    	Senior Vice President – Human Resources	
Carey Dutton	    	Senior Vice President and Secretary	
W. Steven Standefer	    	Senior Vice President – Tax	
Bryan S. White	    	Vice President and Assistant Secretary	
Karen D. Riedel	    	Assistant Vice President and Assistant Treasurer	
Any such officers may be removed, with or without cause, by the Member and additional officers may from time to time be appointed by the Member.
9. Distributions . Distributions shall be made to the Member (in cash or in property) at the times and in the amounts determined by the Member and as permitted by applicable law.
 
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10. Other Interests of the Member . The Member may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company shall have no rights by virtue of this Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper. The Member shall not be obligated to present any particular investment opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be taken by the Company, and the Member shall have the right to take for the Member’s own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment opportunity.
11. Transfers of Membership Interest; Admission of Additional Members .
(a) Transfers of Membership Interest . The Member’s membership interest in the Company shall be freely transferable by the Member or by operation of law. The Member may transfer all or a portion of the Member’s economic interest in the Company without transferring management power and without the transferee becoming a member of the Company. If a transferee is to become a member of the Company, the requirements of Section 11(b) must be complied with, unless the transferee will then be the sole member of the Company, in which case references herein to the Member shall refer to such transferee.
(b) Admission of Additional Members . Additional members of the Company may be admitted on such terms as the Member may approve or upon the transfer of the Member’s entire interest in the Company; provided that if, upon such admission, there will be more than one member of the Company, this Agreement must be amended and restated to reflect the relative rights, duties and obligations of the Member and such additional members and the admission of such additional members shall not become effective until this Agreement is so amended and restated.
12. Liability of Member . The Member shall have no liability for the obligations or liabilities of the Company except to the extent required by the Act.
13. Indemnification .
(a) Indemnification of Covered Persons . To the extent permitted by law, the Company shall indemnify, defend and hold harmless the Member and such officers, employees and agents of the Company as the Member identifies in writing as being entitled to indemnification under this provision (each a “Covered Person”) from and against any and all debts, losses, claims, damages, costs, demands, fines, judgments, contracts (implied and expressed, written and unwritten), penalties, obligations, payments, liabilities of every type and nature (whether known or unknown, fixed or contingent), including, without limitation, those arising out of any lawsuit, action or proceeding, together with any reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, out-of-pocket expenses and other reasonable costs and expenses incurred in investigating, preparing or defending any pending or threatened lawsuit, action or proceeding) incurred in connection with the foregoing (collectively “Damages”) suffered or sustained by such Covered Person by reason of any act, omission or alleged act or omission by such Covered Person arising out of such Covered Person’s activities taken primarily on behalf of the Company, or at the request or with the approval of the Company, or primarily in furtherance of the interests of the Company; provided, however, that the acts, omissions or alleged acts or omissions upon which such actual or threatened actions, proceedings or claims are based did not constitute willful misconduct or gross negligence.
 
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(b) Indemnification Procedure . A party seeking indemnification from the Company pursuant to Section 13(a) hereof (an “Indemnified Party”) shall give prompt notice to the Company of the assertion of any claim, including any claim brought by a third party, in respect of which indemnity may be sought hereunder (a “Claim”) and shall give the Company such information with respect thereto as the Company may reasonably request, but no failure to give such notice shall relieve the Company of any liability hereunder except to the extent the Company has suffered actual prejudice thereby. The Company shall have the right, exercisable by written notice (the “Notice”) to the Indemnified Party (which Notice shall state that the Company expressly agrees that as between the Company and the Indemnified Party, the Company shall be solely obligated to satisfy and discharge the Claim) within thirty (30) days of receipt of notice from the Indemnified Party of the commencement of or assertion of any Claim, to assume the defense of such Claim, using counsel selected by the Company and reasonably acceptable to the Indemnified Party; provided that the Company shall not have the right to assume the defense of a Claim (A) seeking an injunction, restraining order, declaratory relief or other nonmonetary relief against the Indemnified Party (whether or not the Company is also named as a party) or (B) if the named parties to any such action (including any impleaded parties) includes both the Indemnified Party and the Company and the Indemnified Party shall have been advised by counsel that there are one or more legal or equitable defenses available to the Indemnified Party which are different from those available to the Company; in which case such Indemnified Party shall have the right to participate in the defense of a Claim of the type set forth in clause (A) and/or (B) above and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a). In addition, if the Company fails to give the Indemnified Party the Notice complying with the provisions stated above within the stated time period, the Indemnified Party shall have the right to assume control of the defense of the Claim and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a) upon demand of the Indemnified Party. In any event, no party assuming the defense of any Claim shall have the right to compromise or settle any claim for non-monetary relief against the other party or any claim for monetary relief against another party without such party’s consent (which consent shall not be unreasonably withheld or denied) unless such monetary relief is paid in full by the settling party.
If at any time after the Company assumes the defense of a Claim any of the conditions set forth above are no longer satisfied, the Indemnified Party shall have the same rights as if clause (A) or (B) in the preceding paragraph had been satisfied and the Company never assumed the defense of such Claim.
The Company or the Indemnified Party, as the case may be, shall in any event have the right to participate, at its own expense, in the defense of any Claim which the other is defending.
The Company, if it has assumed the defense of any Claim in accordance with the terms hereof, shall have the right, upon five (5) business days prior written notice to the Indemnified Party, to consent to the entry of judgment with respect to, or otherwise settle, such Claim unless (i) the Claim involves equitable or other non-monetary damages or (ii) in the reasonable judgment of the Indemnified Party such settlement would have a continuing material adverse
 
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effect on the Indemnified Party’s business (including any material impairment of its relationships with customers and suppliers). In the case of (i) and (ii) above, such settlement may be made only with the written consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed. If the Indemnified Party otherwise assumes the defense of a Claim, it shall have the right to settle such Claim only with the consent of the Company.
Whether or not the Company chooses to defend or prosecute any Claim involving a third party, all the parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith.
(c) Right to Advancement of Expenses . To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in Section 13(a) hereof.
(d) Insurance . The Company may purchase and maintain insurance, to the extent and in such amounts as the Member shall deem reasonable, on behalf of Covered Persons and such other Persons as the Member shall determine, against any liability that may be asserted against or expenses that may be incurred by any such Person in connection with the activities of the Company or such indemnitees, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. The Company may enter into indemnity contracts with Covered Persons and such other Persons as the Member shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations under this Section 13 and containing such other procedures regarding indemnification as are appropriate.
(e) Non-Exclusivity of Rights . The rights conferred on any Person by this Section 13 shall not be exclusive of any other rights which such Person may have or hereafter acquire under any statute, provision of the Certificate, agreement or otherwise.
(f) Amendment or Repeal . Any repeal or modification of this Section 13 shall not adversely affect any right or protection hereunder of any Person in respect of any act or omission occurring prior to the time of such repeal or modification.
(g) Changes in Delaware Law . References in this Section 13 to law shall be to such law as it existed on the date this Agreement was executed or as such law thereafter may be changed; provided that (i) in the case of any change which limits the indemnification rights or the rights to advancement of expenses which the Company may provide, the rights to indemnification and to the advancement of expenses provided in this Section 13 shall continue as theretofore agreed upon to the extent permitted by law; and (ii) if such change permits the Company without the requirement of any further action by the Member to provide broader indemnification rights or rights to the advancement of expenses than the Company was permitted to provide prior to such change, then the rights to indemnification and the advancement of expenses shall be so broadened to the extent permitted by law.
 
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(h) Applicability . The provisions of this Section 13 shall be applicable to all actions, suits or proceedings commenced after its adoption, whether such arise out of acts or omissions which occurred prior or subsequent to such adoption and shall continue as to a Person who has ceased to be a Covered Person, and shall inure to the benefit of the heirs, personal representatives, successors or assigns of each Person covered by this Section 13.
14. Dissolution .
(a) Events of Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(i) the written direction or determination of the Member; or
(ii) the entry of a decree of judicial dissolution of the Company under Section 18 802 of the Act.
(b) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall execute a Certificate of Cancellation in the form prescribed by the Act.
(c) Distributions upon Dissolution . Upon the dissolution of the Company, the assets of the Company shall be liquidated in such manner as the Member shall determine, and the proceeds of such liquidation and the remaining assets of the Company shall be used first to discharge, or make provision for the Company’s payment of, obligations to creditors, including the Member to the extent permitted by applicable law. Any remaining proceeds and assets shall be distributed to the Member.
(d) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall file in the office of the Secretary of State a certificate of cancellation containing the information required by the Act.
15. Miscellaneous .
(a) Controlling Law . This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed in accordance with the laws of the State of Delaware.
(b) Entire Agreement . This Agreement represents the entire limited liability company agreement of the Company within the meaning of the Act.
(c) Amendments or Modifications . This Agreement may be amended or modified from time to time by an agreement in writing signed by the Member.
 
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(d) Rights of Creditors and Third Parties . This Agreement is entered into by the Member solely to govern the operation of the Company. This Agreement is expressly not intended for the benefit of any creditor of the Company or any other Person other than Persons to be indemnified pursuant to Section 13 and the heirs, personal representatives, successors and assigns of the Member or of such indemnified Persons. Except to the extent provided by applicable law, no creditor or third party shall have any rights under this Agreement.
IN WITNESS WHEREOF, the undersigned, being the sole member of the Company, has executed this Agreement as of the date first above written.

SOLE MEMBER:	 		 	90210 MANAGEMENT COMPANY, LLC	
				
	 		 	By:	 	/s/ Bryan S. White	
	 		 		 	Bryan S. White	
	 		 		 	Title: Vice President and Assistant Secretary	
 
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Exhibit 3.45
CERTIFICATE OF FORMATION
OF
KSL DESERT RESORTS MANAGEMENT CO., LLC
This Certificate of Formation of KSL Desert Resorts Management Co., LLC (the “Company”) dated as of March 11, 2004, is being duly executed and filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is KSL Desert Resorts Management Co., LLC.
SECOND. The address of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
THIRD. The name and address of the registered agent for service of process of the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Stephanie L. Kuhlen	
Stephanie L. Kuhlen, Authorized Person	

CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF FORMATION
OF
KSL DESERT RESORTS MANAGEMENT CO., LLC
It is hereby certified that:
1. The name of the Delaware limited liability company (hereinafter called the “limited liability company”) is: KSL Desert Resorts Management Co., LLC
2. The certificate of formation of the limited liability company is hereby amended by striking out Articles FIRST and SECOND thereof and by substituting in lieu of said Articles the following new Articles FIRST and SECOND:
“‘FIRST. The name of the limited liability company formed hereby is:
90210 Desert Resorts Management Co., LLC”
“SECOND. The name and address of the registered agent for service of process and the registered office in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.”
Dated: February 1, 2006

/s/ Ted Middleton	
Authorized Person	
Ted Middleton, Senior Vice President	

Exhibit 3.46
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF
90210 DESERT RESORTS MANAGEMENT CO., LLC
This Limited Liability Company Operating Agreement is made as of February 1, 2006 by 90210 Management Company, LLC (the “Member”) to serve as the Limited Liability Company Operating Agreement under the Act (hereinafter defined) from and after the date hereof for the limited liability company specified herein, and shall replace and supersede any prior limited liability company or operating agreement for such company.
NOW, THEREFORE, intending to be legally bound hereby, the Member agrees as follows:
1. Definitions . Unless the context otherwise requires, the terms defined in this Section 1 shall, for the purposes of this Agreement, have the meanings herein specified.
“Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., and any successor statute, as amended from time to time.
“Agreement” means this Limited Liability Company Operating Agreement, as amended, modified, supplemented or restated from time to time.
“Certificate” means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.
“Company” means 90210 Desert Resorts Management Co., LLC, the Delaware limited liability company of such name which has been formed under the Act.
“Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or other legal entity or organization.
2. Organization . The Member agrees that the rights, duties and liabilities of the Member shall be as provided in the Act, except as otherwise provided herein.
3. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Act and engage in any and all activities necessary, convenient, desirable or incidental to the foregoing.
4. Term . The term of the Company commenced on the date the Certificate was filed in the office of the Secretary of State of the State of Delaware and shall continue perpetually, unless the Company is dissolved in accordance with the provisions of this Agreement. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate in the manner required by the Act.
5. Registered Office and Agent. Principal Office . The location of the registered office of the Company in the State of Delaware shall be at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The Company’s registered agent at such address shall be Corporation Service Company.

6. Principal Place of Business . The location of the principal office of the Company shall be located at 9336 Civic Center Drive, Beverly Hills, California, 90210 or at such other location as may be determined by the Member. The Company may also have such other offices at such other locations as may from time to time be deemed advisable by the Member.
7. Members . The name and business address of the Company’s sole Member is: 90210 Management Company, LLC located at 9336 Civic Center Drive, Beverly Hills, CA 90210.
8. Management .
(a) Management of the business and affairs of the Company shall be vested in the Member. The Member shall have all rights and powers and shall make all decisions affecting the Company in furtherance of the Company’s purposes. The Member may appoint such officers and agents of the Company as the Member deems appropriate to carry out and execute the decisions and instructions of the Member in the operations of the business of the Company. Such officers and agents shall have such duties and powers as are from time to time specified by the Member and they may be removed or discharged by the Member at any time with or without cause. If the Member does not specify the duties and powers of an officer, such officer shall be deemed to have the duties and powers of an officer of a Delaware business corporation with the same title. The Member shall make such tax elections as are deemed desirable in the sole discretion of the Member.
(b) The officers of the Company as of the date hereof are:

Matthew J. Hart	  	President	
Ernest Wooden	  	Executive Vice President	
Robert M. La Forgia	  	Executive Vice President and Chief Financial Officer	
Ted Middleton	  	Senior Vice President	
Molley McKenzie-Swarts	  	Senior Vice President – Human Resources	
Carey Dutton	  	Senior Vice President and Secretary	
W. Steven Standefer	  	Senior Vice President – Tax	
Bryan S. White	  	Vice President and Assistant Secretary	
Karen D. Riedel	  	Assistant Vice President and Assistant Treasurer	
Any such officers may be removed, with or without cause, by the Member and additional officers may from time to time be appointed by the Member.
9. Distributions . Distributions shall be made to the Member (in cash or in property) at the times and in the amounts determined by the Member and as permitted by applicable law.
 
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10. Other Interests of the Member . The Member may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company shall have no rights by virtue of this Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper. The Member shall not be obligated to present any particular investment opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be taken by the Company, and the Member shall have the right to take for the Member’s own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment opportunity.
11. Transfers of Membership Interest; Admission of Additional Members .
(a) Transfers of Membership Interest . The Member’s membership interest in the Company shall be freely transferable by the Member or by operation of law. The Member may transfer all or a portion of the Member’s economic interest in the Company without transferring management power and without the transferee becoming a member of the Company. If a transferee is to become a member of the Company, the requirements of Section 11(b) must be complied with, unless the transferee will then be the sole member of the Company, in which case references herein to the Member shall refer to such transferee.
(b) Admission of Additional Members . Additional members of the Company may be admitted on such terms as the Member may approve or upon the transfer of the Member’s entire interest in the Company; provided that if, upon such admission, there will be more than one member of the Company, this Agreement must be amended and restated to reflect the relative rights, duties and obligations of the Member and such additional members and the admission of such additional members shall not become effective until this Agreement is so amended and restated.
12. Liability of Member . The Member shall have no liability for the obligations or liabilities of the Company except to the extent required by the Act.
13. Indemnification .
(a) Indemnification of Covered Persons . To the extent permitted by law, the Company shall indemnify, defend and hold harmless the Member and such officers, employees and agents of the Company as the Member identifies in writing as being entitled to indemnification under this provision (each a “Covered Person”) from and against any and all debts, losses, claims, damages, costs, demands, fines, judgments, contracts (implied and expressed, written and unwritten), penalties, obligations, payments, liabilities of every type and nature (whether known or unknown, fixed or contingent), including, without limitation, those arising out of any lawsuit, action or proceeding, together with any reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, out-of-pocket expenses and other reasonable costs and expenses incurred in investigating, preparing or defending any pending or threatened lawsuit, action or proceeding) incurred in connection with the foregoing (collectively “Damages”) suffered or sustained by such Covered Person by reason of any act, omission or alleged act or omission by such Covered Person arising out of such Covered Person’s activities taken primarily on behalf of the Company, or at the request or with the approval of the Company, or primarily in furtherance of the interests of the Company; provided, however, that the acts, omissions or alleged acts or omissions upon which such actual or threatened actions, proceedings or claims are based did not constitute willful misconduct or gross negligence.
 
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(b) Indemnification Procedure . A party seeking indemnification from the Company pursuant to Section 13(a) hereof (an “Indemnified Party”) shall give prompt notice to the Company of the assertion of any claim, including any claim brought by a third party, in respect of which indemnity may be sought hereunder (a “Claim”) and shall give the Company such information with respect thereto as the Company may reasonably request, but no failure to give such notice shall relieve the Company of any liability hereunder except to the extent the Company has suffered actual prejudice thereby. The Company shall have the right, exercisable by written notice (the “Notice”) to the Indemnified Party (which Notice shall state that the Company expressly agrees that as between the Company and the Indemnified Party, the Company shall be solely obligated to satisfy and discharge the Claim) within thirty (30) days of receipt of notice from the Indemnified Party of the commencement of or assertion of any Claim, to assume the defense of such Claim, using counsel selected by the Company and reasonably acceptable to the Indemnified Party; provided that the Company shall not have the right to assume the defense of a Claim (A) seeking an injunction, restraining order, declaratory relief or other nonmonetary relief against the Indemnified Party (whether or not the Company is also named as a party) or (B) if the named parties to any such action (including any impleaded parties) includes both the Indemnified Party and the Company and the Indemnified Party shall have been advised by counsel that there are one or more legal or equitable defenses available to the Indemnified Party which are different from those available to the Company; in which case such Indemnified Party shall have the right to participate in the defense of a Claim of the type set forth in clause (A) and/or (B) above and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a). In addition, if the Company fails to give the Indemnified Party the Notice complying with the provisions stated above within the stated time period, the Indemnified Party shall have the right to assume control of the defense of the Claim and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a) upon demand of the Indemnified Party. In any event, no party assuming the defense of any Claim shall have the right to compromise or settle any claim for non-monetary relief against the other party or any claim for monetary relief against another party without such party’s consent (which consent shall not be unreasonably withheld or denied) unless such monetary relief is paid in full by the settling party.
If at any time after the Company assumes the defense of a Claim any of the conditions set forth above are no longer satisfied, the Indemnified Party shall have the same rights as if clause (A) or (B) in the preceding paragraph had been satisfied and the Company never assumed the defense of such Claim.
The Company or the Indemnified Party, as the case may be, shall in any event have the right to participate, at its own expense, in the defense of any Claim which the other is defending.
The Company, if it has assumed the defense of any Claim in accordance with the terms hereof, shall have the right, upon five (5) business days prior written notice to the Indemnified Party, to consent to the entry of judgment with respect to, or otherwise settle, such Claim unless (i) the Claim involves equitable or other non-monetary damages or (ii) in the reasonable judgment of the Indemnified Party such settlement would have a continuing material adverse
 
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effect on the Indemnified Party’s business (including any material impairment of its relationships with customers and suppliers). In the case of (i) and (ii) above, such settlement may be made only with the written consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed. If the Indemnified Party otherwise assumes the defense of a Claim, it shall have the right to settle such Claim only with the consent of the Company.
Whether or not the Company chooses to defend or prosecute any Claim involving a third party, all the parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith.
(c) Right to Advancement of Expenses . To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in Section 13(a) hereof.
(d) Insurance . The Company may purchase and maintain insurance, to the extent and in such amounts as the Member shall deem reasonable, on behalf of Covered Persons and such other Persons as the Member shall determine, against any liability that may be asserted against or expenses that may be incurred by any such Person in connection with the activities of the Company or such indemnitees, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. The Company may enter into indemnity contracts with Covered Persons and such other Persons as the Member shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations under this Section 13 and containing such other procedures regarding indemnification as are appropriate.
(e) Non-Exclusivity of Rights . The rights conferred on any Person by this Section 13 shall not be exclusive of any other rights which such Person may have or hereafter acquire under any statute, provision of the Certificate, agreement or otherwise.
(f) Amendment or Repeal . Any repeal or modification of this Section 13 shall not adversely affect any right or protection hereunder of any Person in respect of any act or omission occurring prior to the time of such repeal or modification.
(g) Changes in Delaware Law . References in this Section 13 to law shall be to such law as it existed on the date this Agreement was executed or as such law thereafter may be changed; provided that (i) in the case of any change which limits the indemnification rights or the rights to advancement of expenses which the Company may provide, the rights to indemnification and to the advancement of expenses provided in this Section 13 shall continue as theretofore agreed upon to the extent permitted by law; and (ii) if such change permits the Company without the requirement of any further action by the Member to provide broader indemnification rights or rights to the advancement of expenses than the Company was permitted to provide prior to such change, then the rights to indemnification and the advancement of expenses shall be so broadened to the extent permitted by law.
 
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(h) Applicability . The provisions of this Section 13 shall be applicable to all actions, suits or proceedings commenced after its adoption, whether such arise out of acts or omissions which occurred prior or subsequent to such adoption and shall continue as to a Person who has ceased to be a Covered Person, and shall inure to the benefit of the heirs, personal representatives, successors or assigns of each Person covered by this Section 13.
14. Dissolution .
(a) Events of Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(i) the written direction or determination of the Member; or
(ii) the entry of a decree of judicial dissolution of the Company under Section 18 802 of the Act.
(b) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall execute a Certificate of Cancellation in the form prescribed by the Act.
(c) Distributions upon Dissolution . Upon the dissolution of the Company, the assets of the Company shall be liquidated in such manner as the Member shall determine, and the proceeds of such liquidation and the remaining assets of the Company shall be used first to discharge, or make provision for the Company’s payment of, obligations to creditors, including the Member to the extent permitted by applicable law. Any remaining proceeds and assets shall be distributed to the Member.
(d) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall file in the office of the Secretary of State a certificate of cancellation containing the information required by the Act.
15. Miscellaneous .
(a) Controlling Law . This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed in accordance with the laws of the State of Delaware.
(b) Entire Agreement . This Agreement represents the entire limited liability company agreement of the Company within the meaning of the Act.
(c) Amendments or Modifications . This Agreement may be amended or modified from time to time by an agreement in writing signed by the Member.
 
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(d) Rights of Creditors and Third Parties . This Agreement is entered into by the Member solely to govern the operation of the Company. This Agreement is expressly not intended for the benefit of any creditor of the Company or any other Person other than Persons to be indemnified pursuant to Section 13 and the heirs, personal representatives, successors and assigns of the Member or of such indemnified Persons. Except to the extent provided by applicable law, no creditor or third party shall have any rights under this Agreement.
IN WITNESS WHEREOF, the undersigned, being the sole member of the Company, has executed this Agreement as of the date first above written.

SOLE MEMBER:	 		 	90210 MANAGEMENT COMPANY, LLC	
				
	 		 	By:	 	/s/ Bryan S. White	
	 		 		 	Bryan S. White	
	 		 		 	Title: Vice President and Assistant Secretary	
 
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Exhibit 3.47
CERTIFICATE OF FORMATION
OF
KSL GRAND WAILEA MANAGEMENT CO., LLC
This Certificate of Formation of KSL Grand Wailea Management Co., LLC (the “Company”) dated as of March 11, 2004, is being duly executed and filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is KSL Grand Wailea Management Co., LLC.
SECOND. The address of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
THIRD. The name and address of the registered agent for service of process of the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Stephanie L. Kuhlen	
Stephanie L. Kuhlen, Authorized Person	

CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF FORMATION
OF
KSL GRAND WAILEA MANAGEMENT CO., LLC
It is hereby certified that:
1. The name of the Delaware limited liability company (hereinafter called the “limited liability company”) is: KSL Grand Wailea Management Co., LLC
2. The certificate of formation of the limited liability company is hereby amended by striking out Articles FIRST and SECOND thereof and by substituting in lieu of said Articles the following new Articles FIRST and SECOND:
“‘FIRST. The name of the limited liability company formed hereby is:
90210 Grand Wailea Management Co., LLC”
“SECOND. The name and address of the registered agent for service of process and the registered office in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.”
Dated: February 1, 2006

/s/ Ted Middleton	
Authorized Person	
Ted Middleton, Senior Vice President	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
 
1.	Name of Limited Liability Company: 90210 GRAND WAILEA MANAGEMENT CO., LLC	
 
2.	The Certificate of Formation of the limited liability company is hereby amended as follows: Strike out the statement relating to the limited liability company’s registered office and registered agent and substitute in lieu thereof the following statement:	
“The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808.”
IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 29th day of August, A.D. 2006.

By:	 	/s/ Bryan S. White	
	 	Authorized Person(s)	
		
Name:	 	Bryan S. White, Vice President & Asst. Secy.	
	 	Print or Type	

STATE OF DELAWARE
CERTIFICATE OF CANCELLATION
 
1.	The name of the limited liability company is 90210 Grand Wailea Management Co., LLC	
 
2.	The Certificate of Formation of the limited liability company was filed on 03/11/2004	
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Cancellation this 21st day of November, A.D. 2006.

By:	 	/s/ Samuel Barton	
	 	Authorized Person(s)	
		
Name:	 	Samuel Barton	
	 	Print or Type	

State of Delaware
Certificate of Correction
of a Limited Liability Company
to be filed pursuant to Section 18-211(a)
 
1.	The name of the Limited Liability Company is: 90210 Grand Wailea Management Co., LLC	
 
2.	That a Certificate of Cancelation was filed by the Secretary of State of Delaware on 11/28/2006, and that said Certificate requires correction as permitted by Section 18-211 of the Limited Liability Company Act.	
 
3.	The inaccuracy or defect of said Certificate is: (must give specific reason) Entity was sold and believed it would become inactive, however new owners would like to keep 90210 Grand Wailea Management Co., LLC active, thus the need to reverse the dissolution	
 
4.	The Certificate is hereby corrected to read as follows: The cancellation of 90210 Grand Wailea Management CO., LLC, which was cancelled on November 28, 2006 is hereby Null and Void.	
IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 4th day of January, A.D. 2007.

By:	 	/s/ Samuel Barton	
	 	Authorized Person	
		
Name:	 	Samuel Barton	
	 	Print or Type	

Exhibit 3.48
OPERATING AGREEMENT
OF
90210 GRAND WAILEA MANAGEMENT CO., LLC
This Limited Liability Company Operating Agreement is made as of February 1, 2006 by 90210 Management Company, LLC (the “Member”) to serve as the Limited Liability Company Operating Agreement under the Act (hereinafter defined) from and after the date hereof for the limited liability company specified herein, and shall replace and supersede any prior limited liability company or operating agreement for such company.
NOW, THEREFORE, intending to be legally bound hereby, the Member agrees as follows:
1. Definitions . Unless the context otherwise requires, the terms defined in this Section 1 shall, for the purposes of this Agreement, have the meanings herein specified.
“Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., and any successor statute, as amended from time to time.
“Agreement” means this Limited Liability Company Operating Agreement, as amended, modified, supplemented or restated from time to time.
“Certificate” means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.
“Company” means 90210 Grand Wailea Management Co., LLC, the Delaware limited liability company of such name which has been formed under the Act.
“Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or other legal entity or organization.
2. Organization . The Member agrees that the rights, duties and liabilities of the Member shall be as provided in the Act, except as otherwise provided herein.
3. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Act and engage in any and all activities necessary, convenient, desirable or incidental to the foregoing.
4. Term . The term of the Company commenced on the date the Certificate was filed in the office of the Secretary of State of the State of Delaware and shall continue perpetually, unless the Company is dissolved in accordance with the provisions of this Agreement. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate in the manner required by the Act.

5. Registered Office and Agent. Principal Office . The location of the registered office of the Company in the State of Delaware shall be at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The Company’s registered agent at such address shall be Corporation Service Company.
6. Principal Place of Business . The location of the principal office of the Company shall be located at 9336 Civic Center Drive, Beverly Hills, California, 90210 or at such other location as may be determined by the Member. The Company may also have such other offices at such other locations as may from time to time be deemed advisable by the Member.
7. Members . The name and business address of the Company’s sole Member is: 90210 Management Company, LLC located at 9336 Civic Center Drive, Beverly Hills, CA 90210.
8. Management .
(a) Management of the business and affairs of the Company shall be vested in the Member. The Member shall have all rights and powers and shall make all decisions affecting the Company in furtherance of the Company’s purposes. The Member may appoint such officers and agents of the Company as the Member deems appropriate to carry out and execute the decisions and instructions of the Member in the operations of the business of the Company. Such officers and agents shall have such duties and powers as are from time to time specified by the Member and they may be removed or discharged by the Member at any time with or without cause. If the Member does not specify the duties and powers of an officer, such officer shall be deemed to have the duties and powers of an officer of a Delaware business corporation with the same title. The Member shall make such tax elections as are deemed desirable in the sole discretion of the Member.
(b) The officers of the Company as of the date hereof are:

Matthew J. Hart	  	President	
Ernest Wooden	  	Executive Vice President	
Robert M. La Forgia	  	Executive Vice President and Chief Financial Officer	
Ted Middleton	  	Senior Vice President	
Molley McKenzie-Swarts	  	Senior Vice President – Human Resources	
Carey Dutton	  	Senior Vice President and Secretary	
W. Steven Standefer	  	Senior Vice President – Tax	
Bryan S. White	  	Vice President and Assistant Secretary	
Karen D. Riedel	  	Assistant Vice President and Assistant Treasurer	
Any such officers may be removed, with or without cause, by the Member and additional officers may from time to time be appointed by the Member.
9. Distributions . Distributions shall be made to the Member (in cash or in property) at the times and in the amounts determined by the Member and as permitted by applicable law.
 
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10. Other Interests of the Member . The Member may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company shall have no rights by virtue of this Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper. The Member shall not be obligated to present any particular investment opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be taken by the Company, and the Member shall have the right to take for the Member’s own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment opportunity.
11. Transfers of Membership Interest; Admission of Additional Members .
(a) Transfers of Membership Interest . The Member’s membership interest in the Company shall be freely transferable by the Member or by operation of law. The Member may transfer all or a portion of the Member’s economic interest in the Company without transferring management power and without the transferee becoming a member of the Company. If a transferee is to become a member of the Company, the requirements of Section 11(b) must be complied with, unless the transferee will then be the sole member of the Company, in which case references herein to the Member shall refer to such transferee.
(b) Admission of Additional Members . Additional members of the Company may be admitted on such terms as the Member may approve or upon the transfer of the Member’s entire interest in the Company; provided that if, upon such admission, there will be more than one member of the Company, this Agreement must be amended and restated to reflect the relative rights, duties and obligations of the Member and such additional members and the admission of such additional members shall not become effective until this Agreement is so amended and restated.
12. Liability of Member . The Member shall have no liability for the obligations or liabilities of the Company except to the extent required by the Act.
13. Indemnification .
(a) Indemnification of Covered Persons . To the extent permitted by law, the Company shall indemnify, defend and hold harmless the Member and such officers, employees and agents of the Company as the Member identifies in writing as being entitled to indemnification under this provision (each a “Covered Person”) from and against any and all debts, losses, claims, damages, costs, demands, fines, judgments, contracts (implied and expressed, written and unwritten), penalties, obligations, payments, liabilities of every type and nature (whether known or unknown, fixed or contingent), including, without limitation, those arising out of any lawsuit, action or proceeding, together with any reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, out-of-pocket expenses and other reasonable costs and expenses incurred in investigating, preparing or defending any pending or threatened lawsuit, action or proceeding) incurred in connection with the foregoing (collectively “Damages”) suffered or sustained by such Covered Person by reason of any act, omission or alleged act or omission by such Covered Person arising out of such Covered Person’s activities taken primarily on behalf of the Company, or at the request or with the approval of the Company, or primarily in furtherance of the interests of the Company; provided, however, that the acts, omissions or alleged acts or omissions upon which such actual or threatened actions, proceedings or claims are based did not constitute willful misconduct or gross negligence.
 
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(b) Indemnification Procedure . A party seeking indemnification from the Company pursuant to Section 13(a) hereof (an “Indemnified Party”) shall give prompt notice to the Company of the assertion of any claim, including any claim brought by a third party, in respect of which indemnity may be sought hereunder (a “Claim”) and shall give the Company such information with respect thereto as the Company may reasonably request, but no failure to give such notice shall relieve the Company of any liability hereunder except to the extent the Company has suffered actual prejudice thereby. The Company shall have the right, exercisable by written notice (the “Notice”) to the Indemnified Party (which Notice shall state that the Company expressly agrees that as between the Company and the Indemnified Party, the Company shall be solely obligated to satisfy and discharge the Claim) within thirty (30) days of receipt of notice from the Indemnified Party of the commencement of or assertion of any Claim, to assume the defense of such Claim, using counsel selected by the Company and reasonably acceptable to the Indemnified Party; provided that the Company shall not have the right to assume the defense of a Claim (A) seeking an injunction, restraining order, declaratory relief or other nonmonetary relief against the Indemnified Party (whether or not the Company is also named as a party) or (B) if the named parties to any such action (including any impleaded parties) includes both the Indemnified Party and the Company and the Indemnified Party shall have been advised by counsel that there are one or more legal or equitable defenses available to the Indemnified Party which are different from those available to the Company; in which case such Indemnified Party shall have the right to participate in the defense of a Claim of the type set forth in clause (A) and/or (B) above and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a). In addition, if the Company fails to give the Indemnified Party the Notice complying with the provisions stated above within the stated time period, the Indemnified Party shall have the right to assume control of the defense of the Claim and all Damages in connection therewith shall be reimbursed by the Company to the extent provided in Section 13(a) upon demand of the Indemnified Party. In any event, no party assuming the defense of any Claim shall have the right to compromise or settle any claim for non-monetary relief against the other party or any claim for monetary relief against another party without such party’s consent (which consent shall not be unreasonably withheld or denied) unless such monetary relief is paid in full by the settling party.
If at any time after the Company assumes the defense of a Claim any of the conditions set forth above are no longer satisfied, the Indemnified Party shall have the same rights as if clause (A) or (B) in the preceding paragraph had been satisfied and the Company never assumed the defense of such Claim.
The Company or the Indemnified Party, as the case may be, shall in any event have the right to participate, at its own expense, in the defense of any Claim which the other is defending.
The Company, if it has assumed the defense of any Claim in accordance with the terms hereof, shall have the right, upon five (5) business days prior written notice to the Indemnified Party, to consent to the entry of judgment with respect to, or otherwise settle, such Claim unless (i) the Claim involves equitable or other non-monetary damages or (ii) in the reasonable judgment of the Indemnified Party such settlement would have a continuing material adverse
 
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effect on the Indemnified Party’s business (including any material impairment of its relationships with customers and suppliers). In the case of (i) and (ii) above, such settlement may be made only with the written consent of the Indemnified Party, which consent shall not be unreasonably withheld or delayed. If the Indemnified Party otherwise assumes the defense of a Claim, it shall have the right to settle such Claim only with the consent of the Company.
Whether or not the Company chooses to defend or prosecute any Claim involving a third party, all the parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith.
(c) Right to Advancement of Expenses . To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in Section 13(a) hereof.
(d) Insurance . The Company may purchase and maintain insurance, to the extent and in such amounts as the Member shall deem reasonable, on behalf of Covered Persons and such other Persons as the Member shall determine, against any liability that may be asserted against or expenses that may be incurred by any such Person in connection with the activities of the Company or such indemnitees, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. The Company may enter into indemnity contracts with Covered Persons and such other Persons as the Member shall determine and adopt written procedures pursuant to which arrangements are made for the advancement of expenses and the funding of obligations under this Section 13 and containing such other procedures regarding indemnification as are appropriate.
(e) Non-Exclusivity of Rights . The rights conferred on any Person by this Section 13 shall not be exclusive of any other rights which such Person may have or hereafter acquire under any statute, provision of the Certificate, agreement or otherwise.
(f) Amendment or Repeal . Any repeal or modification of this Section 13 shall not adversely affect any right or protection hereunder of any Person in respect of any act or omission occurring prior to the time of such repeal or modification.
(g) Changes in Delaware Law . References in this Section 13 to law shall be to such law as it existed on the date this Agreement was executed or as such law thereafter may be changed; provided that (i) in the case of any change which limits the indemnification rights or the rights to advancement of expenses which the Company may provide, the rights to indemnification and to the advancement of expenses provided in this Section 13 shall continue as theretofore agreed upon to the extent permitted by law; and (ii) if such change permits the Company without the requirement of any further action by the Member to provide broader indemnification rights or rights to the advancement of expenses than the Company was permitted to provide prior to such change, then the rights to indemnification and the advancement of expenses shall be so broadened to the extent permitted by law.
 
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(h) Applicability . The provisions of this Section 13 shall be applicable to all actions, suits or proceedings commenced after its adoption, whether such arise out of acts or omissions which occurred prior or subsequent to such adoption and shall continue as to a Person who has ceased to be a Covered Person, and shall inure to the benefit of the heirs, personal representatives, successors or assigns of each Person covered by this Section 13.
14. Dissolution .
(a) Events of Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(i) the written direction or determination of the Member; or
(ii) the entry of a decree of judicial dissolution of the Company under Section 18 802 of the Act.
(b) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall execute a Certificate of Cancellation in the form prescribed by the Act.
(c) Distributions upon Dissolution . Upon the dissolution of the Company, the assets of the Company shall be liquidated in such manner as the Member shall determine, and the proceeds of such liquidation and the remaining assets of the Company shall be used first to discharge, or make provision for the Company’s payment of, obligations to creditors, including the Member to the extent permitted by applicable law. Any remaining proceeds and assets shall be distributed to the Member.
(d) Certificate of Cancellation . Following the dissolution and the winding up of the Company, the Company shall file in the office of the Secretary of State a certificate of cancellation containing the information required by the Act.
15. Miscellaneous .
(a) Controlling Law . This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed in accordance with the laws of the State of Delaware.
(b) Entire Agreement . This Agreement represents the entire limited liability company agreement of the Company within the meaning of the Act.
(c) Amendments or Modifications . This Agreement may be amended or modified from time to time by an agreement in writing signed by the Member.
 
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(d) Rights of Creditors and Third Parties . This Agreement is entered into by the Member solely to govern the operation of the Company. This Agreement is expressly not intended for the benefit of any creditor of the Company or any other Person other than Persons to be indemnified pursuant to Section 13 and the heirs, personal representatives, successors and assigns of the Member or of such indemnified Persons. Except to the extent provided by applicable law, no creditor or third party shall have any rights under this Agreement.
IN WITNESS WHEREOF, the undersigned, being the sole member of the Company, has executed this Agreement as of the date first above written.

SOLE MEMBER:	 		 	90210 MANAGEMENT COMPANY, LLC	
				
	 		 	By:	 	/s/ Bryan S. White	
	 		 		 	Bryan S. White	
	 		 		 	Title: Vice President and Assistant Secretary	
 
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Exhibit 3.49
CERTIFICATE OF FORMATION
OF
90210 LLC
This Certificate of Formation of 90210 LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is 90210 LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.50
LIMITED LIABILITY COMPANY AGREEMENT
OF
90210 LLC
This Limited Liability Company Agreement (this “ Agreement ”) of 90210 LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October  24 , 2007, by Hilton Hotels Corporation (“ HHC ”), as the sole member (HHC and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
HHC, by execution of this Agreement and pursuant to the conversion of 90210 Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is 90210 LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . HHC was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers. The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Hotels Corporation	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title: Executive Vice President	

Schedule A
Member

 	 	Name	  	                    Address	
Hilton Hotels Corporation	  	9336 Civic Center Dr.	
	 		  	Beverly Hills, CA 90210	

Exhibit 3.51
CERTIFICATE OF FORMATION
OF
90210 MANAGEMENT COMPANY, LLC
This Certificate of Formation of 90210 Management Company, LLC is being duly executed and filed by the undersigned as an authorized person to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq .).
 
 	FIRST	The name of the limited liability company is 90210 Management Company, LLC.	
 
 	SECOND:	The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, Delaware 19808. The name of its registered agent at such address is Corporation Service Company.	
 
 	THIRD:	The initial member of 90210 Management Company, LLC shall be KSL II Management Operations, LLC, a Delaware limited liability company, which initial member shall hold the entire limited liability company interest in such limited liability company as of the date hereof.	
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the 20th day of January, 2006.

	
/s/ Kimberly F. Lynch	
Kimberly F. Lynch, Authorized Person	
 
A-1-1

CERTIFICATE OF AMENDMENT
TO
CERTIFICATE OF FORMATION
OF
90210 MANAGEMENT COMPANY, LLC
It is hereby certified that:
1. The name of the Delaware limited liability company (hereinafter called the “limited liability company”) is: 90210 Management Company, LLC
2. Article THIRD of the certificate of formation of the limited liability company is hereby amended and restated to read in its entirety as follows:
“THIRD: The initial member of 90210 Management Company, LLC shall be KSL II Management Operations, LLC, a Delaware limited liability company, which initial member shall hold the entire limited liability company interest in such limited liability company as of January 20, 2006. As of January 31, 2006 the sole member of 90210 Management Company, LLC is being changed from KSL II Management Operations, LLC to Hilton Illinois Holdings, Inc., a Delaware corporation, and from and after such change Hilton Illinois Holdings, Inc. shall hold the entire limited liability company interest in 90210 Management Company, LLC.”

Dated: January 31, 2006	 		 		
				
	 		 		 	/s/ M. Hue Smith	
	 		 		 	M. Hue Smith	
	 		 		 	Authorized Person	

Exhibit 3.52
LIMITED LIABILITY COMPANY AGREEMENT
OF
90210 Management Company, LLC
This Limited Liability Company Agreement (this “ Agreement ”) of 90210 Management Company, LLC is entered into by the sole Member (as defined below) of the Company (as defined below).
The Member formed the Company on January 20, 2006 pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101 through § 18-1109), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company is 90210 Management Company, LLC (the “ Company ”).
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Member Managed . The Company is member managed.
4. Members . The sole member of the Company is KSL II Management Operations, LLC, a Delaware limited liability company (the “ Member ”). The Member holds 100% of the membership interests of the Company.
5. Initial Capital Contribution . In exchange for 100% of the membership interests of the Company and the assumption of certain obligations and liabilities, the Member shall contribute through a contribution and assumption agreement acceptable to the Company and the Member (the “ Contribution Agreement ”), to the capital of the Company the assets listed on Schedule I attached hereto. Such capital contribution shall not be effective until the execution and delivery of the Contribution Agreement by the Member and the Company. No Member shall be entitled or required to make any additional contribution to the capital of the Company.
6. Officers . The Member may, from time to time, designate one or more persons to be officers of the Company. No officer need be a resident of the State of Delaware or a Member. Any officers so designated shall have such authority and perform such duties as the Member may, from time to time, delegate to them. Any officer may be removed at any time, with or without cause, by the Member. Nola Dyal is as of the date hereof designated to be an officer of the Company.
7. Powers . The business and affairs of the Company shall be managed by the Member. The Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. Each of the officers of Member is hereby designated as an authorized person, within the meaning of the Act, to execute, deliver and file the Certificate of Formation of the Company (and any amendments and/or restatements
 
1

thereof) and any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business. Each of the officers of Member, acting singly, is hereby authorized, empowered and directed in the name and on behalf of the Company to approve, execute and deliver any and all agreements, certificates or any other documents on behalf of the Company.
8. Transfer of Licenses and Permits . Nola Dyal or any other officer of the Company, acting alone or together, is hereby authorized to take any actions required to be taken by the Company, to obtain all necessary permits and licenses (including, without limitation, liquor licenses) which are necessary of desirable to carry out the purposes of the Company, and Nola Dyal or any other officer of the Company may bind the Company and is hereby authorized and directed to execute and deliver any and all documents and to take such other action as such officer deems necessary, advisable, or appropriate to obtain such permits and licenses.
9. Indemnity . To the fullest extent permitted by law, the Company shall indemnify the officers of the Company and the Member and their respective officers, directors, employees, agents and controlling persons (each, an “ Indemnified Person ”), on request by the Indemnified Person, and hold each of them harmless from and against all losses, costs, liabilities, damages and expenses (including reasonable costs of suit and attorney’s fees) any of them may incur as an officer or Member of the Company or as a controlling person of such Member, in performing the obligations of an officer or Member with respect to the Company, as the case may be, INCLUDING ANY MATTER ARISING OUT OF OR RESULTING FROM THE INDEMNIFIED PERSON’S OWN SIMPLE, PARTIAL, OR CONCURRENT NEGLIGENCE, except for any such loss, cost, liability, damage or expense primarily attributable to the Indemnified Person’s reckless disregard of fiduciary duties, gross negligence, willful misconduct, or fraud. If an Indemnified Person becomes involved in any action, proceeding or investigation with respect to which indemnity may be available under this Section 8, the Company shall reimburse the Indemnified Person for its reasonable legal and other expenses (including the cost of investigation and preparation) as they are incurred, provided that the Indemnified Person shall promptly repay to the Company the amount of any such expense paid if it is ultimately determined that the Indemnified Person was not entitled to indemnification hereunder.
10. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Member, or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act.
11. Capital Accounts . A separate capital account shall be maintained for the Member in accordance with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv).
12. Allocation of Profits and Losses . The Company’s profits and losses shall be allocated to the Member.
13. Distributions . Distributions shall be made to the Member at the times and in the aggregate amounts determined by the Member.
 
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14. Issuance of Certificates . The interest of a Member in the Company may be represented by an LLC Certificate. Upon the request of the Member, the Company shall issue an LLC Certificate in the name of the Member certifying that the person or entity named therein is the record holder of the interest in the Company. The Company elects to be governed by Article 8 of the Uniform Commercial Code as in effect in the State of Delaware.
15. Liability of Members . The Member shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
16. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
* * * * *
 
3

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of January 24, 2006.

KSL II MANAGEMENT OPERATIONS, LLC	
		
By:	 	/s/ Scott M. Dalecio	
	 	Name: Scott M. Dalecio	
	 	Title: President	
 
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SCHEDULE I
Initial Capital Contribution
1. All of Member’s right, title and interest in and to each of the Management Agreements (as defined below), subject to the Company’s assumption of all Member’s obligations and liabilities under such Management Agreements. “ Management Agreements ” means, collectively: (i) the Management Agreement, dated as of August 16, 2004, by and between Owner and the Member, as manager, for the La Quinta Resort & Club and PGA West, as assigned by the Member to the Company; (ii) the Management Agreement, dated as of August 16, 2004, by and between Owner and Member, as manager, for the Grand Wailea Resort Hotel & Spa, as assigned by the Member to the Company, and (iii) the Management Agreement, dated as of August 16, 2004, by and between Owner and Member, as manager, for the Arizona Biltmore Resort & Spa, as assigned by the Member to the Company. “ Owner ” means, collectively, CNL Resort Lodging Tenant Corp., CNL Resort Biltmore Real Estate, Inc., CNL Resort Ancillary Tenant Corp., and CNL Resort Desert Real Estate, Inc.
2. All of the Member’s right, title and interest in and to any licenses or permits (including, without limitation, liquor licenses) relating to such Management Agreements.
3. All of the Member’s right, title and interest in and to each of the SNDAs, subject to the Company’s assumption of all of the Member’s obligations and liabilities under such SNDAs. “ SNDAs ” means, collectively: (i) the Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement, dated as of January 9, 2006, by and among CNL Desert Resort, LP, CNL Grand Wailea Resort, LP, and CNL Biltmore Resort, LP, as collectively, the borrowers, Operating Lessee, and the Company, as manager and successor, by assignment, to the Member, to and for the benefit of German American Capital Corporation, as lender; (ii) the Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement (First Mezzanine), dated as of January 9, 2006, by CNL Resort Senior Mezz, LP, as first mezzanine borrower, Operating Lessee, and the Company, as manager and successor, by assignment, to the Member, to and for the benefit of German American Capital Corporation, as first mezzanine lender; (iii) the Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement (Second Mezzanine), dated as of January 9, 2006, by CNL Resort Sub Senior Mezz, LP, as second mezzanine borrower, Operating Lessee, and the Company, as manager and successor, by assignment, to the Member, to and for the benefit of German American Capital Corporation, as second mezzanine lender; (iv) the Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement (Third Mezzanine), dated as of January 9, 2006, by CNL Resort Intermediate Mezz, LP, as third mezzanine borrower, Operating Lessee, and the Company, as manager and successor, by assignment, to the Member, to and for the benefit of German American Capital Corporation, as third mezzanine lender; and (v) the Manager’s Consent, Subordination of Management Agreement, and Non-Disturbance Agreement (Fourth Mezzanine), dated as of January 9, 2006, by CNL Resort Sub Intermediate Mezz, LP, as fourth mezzanine borrower, Operating Lessee, and the Company, as manager and successor, by assignment, to the Member, to and for the benefit of German American Capital Corporation, as fourth mezzanine lender. “ Operating Lessee ” means, collectively, CNL Resort Lodging Tenant Corp. and CNL Resort Ancillary Tenant Corp.
 
5

4. 100% of the Member’s membership interests in each of the Subsidiaries. “Subsidiaries” means, collectively, KSL Desert Resorts Management Co., LLC, KSL Biltmore Management, LLC and KSL Grand Wailea Management Co., LLC
5. The workforce in place and employed by the Subsidiaries.
6. Goodwill.
7. All of the Member’s right, title and interest in and to all contracts and agreements entered into as agent on behalf of Owner, subject to the Company’s assumption of all of the Member’s obligations and liabilities under such contracts or agreements, to the extent that any amounts paid by the Company thereunder are reimbursable to the Company by Owner.
 
6

FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT
OF
90210 Management Company, LLC
This First Amendment to Limited Liability Company Agreement (this “ Amendment ”) of 90210 Management Company, LLC (the “ Company ”) is entered into by KSL II Management Operations, LLC, the sole Member (the “ Member ”) of the Company.
RECITALS
A. The Member formed the Company as a limited liability company under and pursuant to the provisions of the Delaware Limited Liability Company Act, pursuant to (i) the filing of the Certificate of Formation with the Delaware Secretary of State on January 20, 2006, and (ii) the execution by the Member of the Limited Liability Company Agreement of the Company dated as of January 25, 2006 (the “ Original Agreement ”).
B. The Member now desires to amend the Original Agreement pursuant to this Amendment.
AGREEMENT
NOW, THEREFORE, the Member hereby agrees as follows:
1. Amendment to Section 9. Section 9 of the Original Agreement shall be deleted in its entirety and shall be replaced as follows:
“ Indemnity . To the fullest extent permitted by law, the Company shall indemnify the officers, directors, and employees of the Company (each, an “ Indemnified Person ”), on request by the Indemnified Person, and hold each of them harmless from and against all losses, costs, liabilities, damages and expenses (including reasonable costs of suit and attorney’s fees) any of them may incur as an officer, director or employee of the Company, in performing the obligations of an officer, director or employee with respect to the Company, as the case may be, INCLUDING ANY MATTER ARISING OUT OF OR RESULTING FROM THE INDEMNIFIED PERSON’S OWN SIMPLE, PARTIAL, OR CONCURRENT NEGLIGENCE, except for any such loss, cost, liability, damage or expense primarily attributable to the Indemnified Person’s reckless disregard of fiduciary duties, gross negligence, willful misconduct, or fraud. If an Indemnified Person becomes involved in any action, proceeding or investigation with respect to which indemnity may be available under this Section, the Company shall reimburse the Indemnified Person for its reasonable legal and other expenses (including the cost of investigation and preparation) as they are incurred, provided that the Indemnified Person shall promptly repay to the Company the amount of any such expense paid if it is ultimately determined that the Indemnified Person was not entitled to indemnification hereunder.
2. Original Agreement . Except as expressly modified hereby, the Original Agreement shall remain in full force and effect.
 
1

3. Governing Law . This Amendment shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws
* * * * *
 
2

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amendment as of January 31, 2006.

KSL II MANAGEMENT OPERATIONS, LLC	
		
By:	 	/s/ Scott M. Dalecio	
	 	Name: Scott M. Dalecio	
	 	Title: President	
 
3

Exhibit 3.53
CERTIFICATE OF FORMATION
OF
ANDIAMO’S O’HARE, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
ANDIAMO’S O’HARE, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on May 12, 2003.

	
/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.54
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Andiamo’s O’Hare, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Andiamo’s O’Hare, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Illinois Corp., a Nevada corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of May 14, 2003 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Andiamo’s O’Hare, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                              MANAGING MEMBER :

HILTON ILLINOIS CORP.,
a Nevada corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	    Name: W. Steven Standefer	
	 	    Title: Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Andiamo’s O’Hare, LLC ]

Schedule A
Members

                         Name	  	Ownership
Percentage	  	Address	
			
Hilton Illinois Corp.	  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
Sean Dell’Orto	  	Senior Vice President and Treasurer	
W. Steven Standefer	  	Senior Vice President	
Keith Clampet	  	Senior Vice President	
Joseph Berger	  	Senior Vice President	
Owen Wilcox	  	Assistant Secretary	
Deanne Brand	  	Assistant Treasurer	
Fred Schacknies	  	Assistant Treasurer	
Alexandra Neely	  	Assistant Treasurer	
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.55
CERTIFICATE OF FORMATION
OF
BLUE BONNET SECURITY, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
BLUE BONNET SECURITY, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on May 23, 2006.

	
/s/ Jillaine E. Costelloe	
Jillaine E. Costelloe	
Authorized Person	

Exhibit 3.56
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Blue Bonnet Security, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Blue Bonnet Security, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of May 23, 2006 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Blue Bonnet Security, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON WORLDWIDE, INC. ,
a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Blue Bonnet Security, LLC ]

Schedule A
Members

Name                                                                                                           	  	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.57
CERTIFICATE OF FORMATION
OF
COMPRIS HOTEL LLC
This Certificate of Formation of Compris Hotel LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C . § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Compris Hotel LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

  /s/ David Marote	
David Marote
Authorized Person	

Exhibit 3.58
LIMITED LIABILITY COMPANY AGREEMENT
OF
COMPRIS HOTEL LLC
This Limited Liability Company Agreement (this Agreement ”) of Compris Hotel LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Doubletree Hotel Systems LLC, an Arizona limited liability company (“ Doubletree ”), as the sole member (Doubletree and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Doubletree, by execution of this Agreement and pursuant to the conversion of Compris Hotel Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Compris Hotel LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Doubletree was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
 
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10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and
 
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all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:
 
Doubletree Hotel Systems LLC, an Arizona
limited liability company	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title: Executive Vice President	

Schedule A
Member

 	 	Name	  	Address	
		
Doubletree Hotel Systems
LLC, an Arizona limited
liability company	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.59
CERTIFICATE OF FORMATION
OF
CONRAD FRANCHISE LLC
This Certificate of Formation of Conrad Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Conrad Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.60
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Conrad Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Conrad Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Conrad Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Conrad Franchise LLC ]

Schedule A
Members

Name                                                                                                   	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.61
CERTIFICATE OF FORMATION
OF
CONRAD INTERNATIONAL MANAGE (CIS) LLC
This Certificate of Formation of Conrad International Manage (CIS) LLC (the “LLC”), dated as of November 26, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq.).
FIRST. The name of the limited liability company formed hereby is Conrad International Manage (CIS) LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

	
  /s/ Robert Harper	
Robert Harper
Authorized Person	

Exhibit 3.62
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Conrad International Manage (CIS) LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Conrad International Manage (CIS) LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Conrad International Manage LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of November 26, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Conrad International Manage (CIS) LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT CONRAD INTERNATIONAL MANAGE LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Conrad International Manage (CIS) LLC ]

Schedule A
Members

Name                                                                                       	  	Ownership
Percentage	 	Address	
HLT Conrad International Manage LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.63
CERTIFICATE OF FORMATION
OF
CONRAD MANAGEMENT LLC
This Certificate of Formation of Conrad Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Conrad Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.64
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Conrad Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Conrad Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Conrad Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Conrad Management LLC ]

Schedule A
Members

Name                                                                                   	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.65
CERTIFICATE OF FORMATION
OF
DOUBLETREE DTWC LLC
This Certificate of Formation of Doubletree DTWC LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Doubletree DTWC LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.66
LIMITED LIABILITY COMPANY AGREEMENT
OF
DOUBLETREE DTWC LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Doubletree DTWC LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Doubletree LLC (“ Doubletree ”), as the sole member (Doubletree and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Doubletree, by execution of this Agreement and pursuant to the conversion of Doubletree DTWC Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “Act”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Doubletree DTWC LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Doubletree was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Doubletree LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title: Executive Vice President	

Schedule A
Member

 	 	Name	  	Address	
		
Doubletree LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.67
CERTIFICATE OF FORMATION
OF
DOUBLETREE FRANCHISE LLC
This Certificate of Formation of Doubletree Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Doubletree Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.68
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Doubletree Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Doubletree Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Doubletree Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON FRANCHISE HOLDING LLC,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Doubletree Franchise LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.69
CERTIFICATE OF FORMATION
OF
DOUBLETREE LLC
This Certificate of Formation of Doubletree LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Doubletree LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.70
LIMITED LIABILITY COMPANY AGREEMENT
OF
DOUBLETREE LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Doubletree LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Promus Hotels Parent LLC (“ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Doubletree Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Doubletree LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Promus Hotels Parent LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title: Executive Vice President	

Schedule A
Member

 	 	Name	  	Address	
		
Promus Hotels Parent LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.71
CERTIFICATE OF FORMATION
OF
DOUBLETREE MANAGEMENT LLC
This Certificate of Formation of Doubletree Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Doubletree Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.72
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Doubletree Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Doubletree Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Doubletree Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER:

HLT MANAGE-FRANCHISE HOLDING LLC,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Doubletree Management LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.73
CERTIFICATE OF FORMATION
OF
DTWC SPOKANE CITY CENTER SPE, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
DTWC SPOKANE CITY CENTER SPE, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on August 15, 2002.

/s/ K. Allen Anderson	
K. Allen Anderson	
Authorized Person	

Exhibit 3.74
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
DTWC Spokane City Center SPE, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of DTWC Spokane City Center SPE, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Doubletree DTWC LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of August 15, 2002 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is DTWC Spokane City Center SPE, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

DOUBLETREE DTWC LLC,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – DTWC Spokane City Center SPE, LLC ]

Schedule A
Members

Name                                 	  	Ownership
Percentage	 	Address	
Doubletree DTWC LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.75
CERTIFICATE OF FORMATION
OF
EJP LLC
The undersigned, an authorized person, for the purpose of forming a limited liability company under the provisions and subject to the requirements of the Delaware Limited Liability Company Act of the State of Delaware (6 Del.C§l8-101, el seq.) hereby certifies that:
FIRST: The name of the limited liability company (hereinafter called the “limited liability company”) is EJP LLC.
SECOND: The address of the registered office is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
THIRD: The name and address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation this day of July 22, 2014.

/s/ Sean Dell’Orto	
Name: Sean Dell’Orto	
An Authorized Person	

Exhibit 3.76
LIMITED LIABILITY COMPANY AGREEMENT
OF
EJP LLC
This Limited Liability Company Agreement of EJP LLC (the “ Company ”), dated as of July 22, 2014 (this “ Agreement ”) is made by Promus Hotels LLC, a Delaware limited liability company, as the sole member (the “ Member ”) of the Company.
WHEREAS, prior to the date hereof, EJP Corporation (the “ Other Entity ”) was formed as a Delaware corporation by the filing of its certificate of incorporation with the Secretary of State of the State of Delaware;
WHEREAS, on the date hereof, the Other Entity was converted to a limited liability company agreement pursuant to Section 18-214 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “ Act ”), by causing the filing with the Secretary of State of the State of Delaware of a Certificate of Conversion and a Certificate of Formation (the “ Conversion ”);
WHEREAS, pursuant to the Conversion, the Member became the sole member of the Company, the capital stock of the Other Entity was converted into limited liability company interests, and the Member became the sole owner of all the limited liability company interests in the Company; and
WHEREAS, pursuant to this Agreement, the Member agrees as follows:
1. Name . The name of the Company shall be EJP LLC, or such other name as the Member may from time to time hereafter designate.
2. Definitions . Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.
3. Purpose . The Company is formed for the purpose of engaging in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. The Company shall have the power to engage in all activities and transactions which the Member deems necessary or advisable in connection with the foregoing.
4. Offices.
(a) The principal place of business and office of the Company shall initially be located at 7930 Jones Branch Drive, McLean, Virginia 22102, and the Company’s business shall be conducted from such place or such other places as the Member may designate from time to time.
(b) The registered office of the Company in the State of Delaware shall be located at c/o Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington,

Delaware. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Services Company, 271 l Centerville Road, Suite 400, Wilmington, Delaware. The Member may from time to time change the registered agent or office by an amendment to the certificate of formation of the Company.
5. Members . The sole member of the Company as of the date hereof is the Member, whose business address is 7930 Jones Branch Drive, McLean, Virginia 22102. Additional members may be admitted to the Company with the consent of, and on such terms and conditions as shall be determined by, the Member in its sole and absolute discretion.
6. Term . The term of the Company shall commence on the date of this Agreement (which is the date of filing of the certificate of formation of the Company) and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 11 of this Agreement and a certificate of cancellation is filed in accordance with the Act.
7. Management of the Company . In accordance with Section 18-402 of the Act, the business and affairs of the Company shall be managed and controlled by the Member. The Member shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes of the Company described herein, including all powers, statutory or otherwise, possessed by members of a limited liability company under the laws of the State of Delaware. Notwithstanding any other provision of this Agreement, the Member is authorized to execute and deliver any document on behalf of the Company without any vote or consent of any other person. The Member has the authority to bind the Company.
8. Capital Contributions . The Member shall make capital contributions to the Company in such amounts and at such times as the Member determines in its sole and absolute discretion, which amounts shall be set forth in the books and records of the Company.
9. Resignation . The Member shall not resign from the Company except upon the transfer of all of his interests in the Company or the concurrent dissolution of the Company.
10. Distributions . The Member may receive distributions in cash or in kind in such amounts and at such times as the Member shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.
11. Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(a) occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act; or
(b) the resignation of the Member pursuant to Section 9 of this Agreement.
12. Indemnification . To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless each Member and officer, in each case in his, her or its capacity as such, any affiliate of a Member or officer and any entity of which an officer is an
 
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officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “ Covered Person ”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the Company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever (collectively, “ Claims and Expenses ”) which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the Company or its controlled affiliates or the activities of such Covered Person on behalf of the Company; provided, that indemnification hereunder and the advancement of expenses under Section 13 shall be recoverable only from the assets of the Company and not from assets of the Member.
13. Advancement of Expenses . To the fullest extent permitted by applicable law, the Company shall pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding contemplated in Section 12 (other than a claim, demand, action, suit or proceeding brought by the Company against the Member for such Member’s material breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and the Company or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to Section 12 .
14. Insurance . The Company may, or may cause an affiliate to, purchase and maintain directors and officers insurance, to the extent and in such amounts as the Member may, in its discretion, deem reasonable.
15. Amendments . This Agreement may be amended only upon the written consent of the Member.
16. Authorized Person . Sean Dell’Orto is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed a certificate of formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the certificate of formation of the Company with the Secretary of State of the State of Delaware, his/her powers as an “authorized person” ceased, and the Member thereupon became the designated “authorized person” and shall continue as the designated “authorized person” within the meaning of the Act.
17. Officers . The initial officers of the Company shall be designated by the Member, and are listed on Exhibit A hereto. The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Member), including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “managing director,” “chief financial officer,” “assistant treasurer” and “assistant secretary” as and to the extent authorized by the Member.
 
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18. Miscellaneous . The Member shall not have any liability for the debts, obligations or liabilities of the Company except to the extent expressly required by the Act. This Agreement shall be governed by, and construed under, the laws of the State of Delaware. This Agreement constitutes the entire understanding and agreement by the Member with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements and understandings, express or implied, oral or written, with respect to such subject matter. Each provision of this Agreement shall be considered separable from the other provisions of this Agreement, however, if for any reason any provision of this Agreement is determined to be invalid, such invalidity shall not impair the operation of or affect the portions of this Agreement that are valid.
[SIGNATURE PAGE FOLLOWS]
 
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IN WITNESS WHEREOF, the Member has executed this Agreement as of the day and year first above written.

	 	MEMBER:	
		
	 	PROMUS HOTELS LLC, a Delaware limited liability company	
		
By:	 	/s/ Sean Dell’Orto	
Name: Sean Dell’Orto	
Title: Senior Vice President and Treasurer	
Signature Page to LLC Agreement
EJP LLC

EXHIBIT A
Initial Officers

Chief Executive Officer and President	  		  	Christopher Nassetta	
Executive Vice President and Chief Financial Officer	  		  	Kevin J. Jacobs	
Executive Vice President, General Counsel and Secretary	  		  	Kristin Campbell	
Senior Vice President and Treasurer	  		  	Sean Dell’Orto	
Senior Vice President	  		  	W. Steven Standefer	
Senior Vice President	  		  	Keith Clampet	
Senior Vice President	  		  	Joseph Berger	
Assistant Secretary	  		  	Owen Wilcox	
Assistant Treasurer	  		  	R. Deanne Brand	
Assistant Treasurer	  		  	Fred Schacknies	
Assistant Treasurer	  		  	Alexandra Neely	
Assistant Treasurer	  		  	Justin Hensley	

Exhibit 3.77
CERTIFICATE OF FORMATION
OF
EMBASSY DEVELOPMENT LLC
The undersigned, an authorized person, for the purpose of forming a limited liability company under the provisions and subject to the requirements of the Delaware Limited Liability Company Act of the State of Delaware (6 Del.C§18-101, et seq.) hereby certifies that:
FIRST: The name of the limited liability company (hereinafter called the “limited liability company”) is Embassy Development LLC.
SECOND: The address of the registered office is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
THIRD: The name and address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation this 22 day of July, 2014.

/s/ Sean Dell’Orto	
Name: Sean Dell’Orto
An Authorized Person	

Exhibit 3.78
LIMITED LIABILITY COMPANY AGREEMENT
OF
EMBASSY DEVELOPMENT LLC
This Limited Liability Company Agreement of Embassy Development LLC (the “ Company ”), dated as of July  22 , 2014 (this “ Agreement ”) is made by Promus Hotels LLC, a Delaware limited liability company, as the sole member (the “ Member ”) of the Company.
WHEREAS, prior to the date hereof, Embassy Development Corporation (the “ Other Entity ”) was formed as a Delaware corporation by the filing of its certificate of incorporation with the Secretary of State of the State of Delaware;
WHEREAS, on the date hereof, the Other Entity was converted to a limited liability company agreement pursuant to Section 18-214 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “ Act ”), by causing the filing with the Secretary of State of the State of Delaware of a Certificate of Conversion and a Certificate of Formation (the “ Conversion ”);
WHEREAS, pursuant to the Conversion, the Member became the sole member of the Company, the capital stock of the Other Entity was converted into limited liability company interests, and the Member became the sole owner of all the limited liability company interests in the Company; and
WHEREAS, pursuant to this Agreement, the Member hereby agrees as follows:
1. Name . The name of the Company shall be Embassy Development LLC, or such other name as the Member may from time to time hereafter designate.
2. Definitions . Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.
3. Purpose . The Company is formed for the purpose of engaging in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. The Company shall have the power to engage in all activities and transactions which the Member deems necessary or advisable in connection with the foregoing.
4. Offices .
(a) The principal place of business and office of the Company shall initially be located at 7930 Jones Branch Drive, McLean, Virginia 22102, and the Company’s business shall be conducted from such place or such other places as the Member may designate from time to time.
(b) The registered office of the Company in the State of Delaware shall be located at c/o Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington,

Delaware. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware. The Member may from time to time change the registered agent or office by an amendment to the certificate of formation of the Company.
5. Members . The sole member of the Company as of the date hereof is the Member, whose business address is 7930 Jones Branch Drive, McLean, Virginia 22102. Additional members may be admitted to the Company with the consent of, and on such terms and conditions as shall be determined by, the Member in its sole and absolute discretion.
6. Term . The term of the Company shall commence on the date of this Agreement (which is the date of filing of the certificate of formation of the Company) and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 11 of this Agreement and a certificate of cancellation is filed in accordance with the Act.
7. Management of the Company . In accordance with Section 18-402 of the Act, the business and affairs of the Company shall be managed and controlled by the Member. The Member shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes of the Company described herein, including all powers, statutory or otherwise, possessed by members of a limited liability company under the laws of the State of Delaware. Notwithstanding any other provision of this Agreement, the Member is authorized to execute and deliver any document on behalf of the Company without any vote or consent of any other person. The Member has the authority to bind the Company.
8. Capital Contributions . The Member shall make capital contributions to the Company in such amounts and at such times as the Member determines in its sole and absolute discretion, which amounts shall be set forth in the books and records of the Company.
9. Resignation . The Member shall not resign from the Company except upon the transfer of all of his interests in the Company or the concurrent dissolution of the Company.
10. Distributions . The Member may receive distributions in cash or in kind in such amounts and at such times as the Member shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.
11. Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(a) occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act; or
(b) the resignation of the Member pursuant to Section 9 of this Agreement.
12. Indemnification . To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless each Member and officer, in each case in his, her or its capacity as such, any affiliate of a Member or officer and any entity of which an officer is an
 
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officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “ Covered Person ”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the Company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever (collectively, “ Claims and Expenses ”) which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the Company or its controlled affiliates or the activities of such Covered Person on behalf of the Company; provided, that indemnification hereunder and the advancement of expenses under Section 13 shall be recoverable only from the assets of the Company and not from assets of the Member.
13. Advancement of Expenses . To the fullest extent permitted by applicable law, the Company shall pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding contemplated in Section 12 (other than a claim, demand, action, suit or proceeding brought by the Company against the Member for such Member’s material breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and the Company or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to Section 12 .
14. Insurance . The Company may, or may cause an affiliate to, purchase and maintain directors and officers insurance, to the extent and in such amounts as the Member may, in its discretion, deem reasonable.
15. Amendments . This Agreement may be amended only upon the written consent of the Member.
16. Authorized Person . Sean Dell’Orto is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed a certificate of formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the certificate of formation of the Company with the Secretary of State of the State of Delaware, his/her powers as an “authorized person” ceased, and the Member thereupon became the designated “authorized person” and shall continue as the designated “authorized person” within the meaning of the Act.
17. Officers . The initial officers of the Company shall be designated by the Member, and are listed on Exhibit A hereto. The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Member), including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “managing director,” “chief financial officer,” “assistant treasurer” and “assistant secretary” as and to the extent authorized by the Member.
 
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18. Miscellaneous . The Member shall not have any liability for the debts, obligations or liabilities of the Company except to the extent expressly required by the Act. This Agreement shall be governed by, and construed under, the laws of the State of Delaware. This Agreement constitutes the entire understanding and agreement by the Member with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements and understandings, express or implied, oral or written, with respect to such subject matter. Each provision of this Agreement shall be considered separable from the other provisions of this Agreement, however, if for any reason any provision of this Agreement is determined to be invalid, such invalidity shall not impair the operation of or affect the portions of this Agreement that are valid.
[SIGNATURE PAGE FOLLOWS]
 
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IN WITNESS WHEREOF, the Member has executed this Agreement as of the day and year first above written.

	 	MEMBER:	
		
	 	PROMUS HOTELS LLC, a Delaware limited
liability company	
			
	 	By:	 	/s/ Sean Dell’Orto	
	 	Name:	 	Sean Dell’Orto	
	 	Title:	 	Senior Vice President and Treasurer	
 
Signature Page to LLC Agreement
Embassy Development LLC

EXHIBIT A
Initial Officers

Chief Executive Officer and President	  	Christopher Nassetta	
Executive Vice President and Chief Financial Officer	  	Kevin J. Jacobs	
Executive Vice President, General Counsel and Secretary	  	Kristin Campbell	
Senior Vice President and Treasurer	  	Sean Dell’Orto	
Senior Vice President	  	W. Steven Standefer	
Senior Vice President	  	Keith Clampet	
Senior Vice President	  	Joseph Berger	
Assistant Secretary	  	Owen Wilcox	
Assistant Treasurer	  	R. Deanne Brand	
Assistant Treasurer	  	Fred Schacknies	
Assistant Treasurer	  	Alexandra Neely	
Assistant Treasurer	  	Justin Hensley	

Exhibit 3.79
CERTIFICATE OF FORMATION
OF
EMBASSY EQUITY DEVELOPMENT LLC
This Certificate of Formation of Embassy Equity Development LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Embassy Equity Development LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.80
LIMITED LIABILITY COMPANY AGREEMENT
OF
EMBASSY EQUITY DEVELOPMENT LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Embassy Equity Development LLC, a Delaware limited liability company (the “Company”), is entered into as of October 24, 2007, by Promus Hotels LLC (“ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Embassy Equity Development Corporation, a Delaware corporation (the “ Corporation ” ) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Embassy Equity Development LLC, The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8, the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions: Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys ’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:
 
Promus Hotels LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia
Title: Executive Vice President	

Schedule A
Member

Name	  	Address	
Promus Hotels LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.81
CERTIFICATE OF INCORPORATION
OF
EMBASSY SUITES (ISLA VERDE), INC.
* * * * *
1. The name of the corporation is
EMBASSY SUITES (ISLA VERDE), INC.
2. The address of its registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle. The name of its registered agent at such address is The Corporation Trust Company.
3. The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.
4. The total number of shares of stock which the corporation shall have authority to issue is one hundred (100) and the par value of each of such shares is One Dollar ($1.00) amounting in the aggregate to One Hundred Dollars ($100.00).
5A. The name and mailing address of each incorporator is as follows:

         NAME	  	MAILING ADDRESS	
M. A. Brzoska	  	Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801	
		
K. A. Widdoes	  	Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801	
		
L. J. Vitalo	  	Corporation Trust Center
1209 Orange Street
Wilmington, Delaware 19801	

5B. The name and mailing address of each person, who is to serve as a director until the first annual meeting of the stockholders or until a successor is elected and qualified, is as follows:

NAME	  	MAILING ADDRESS	
Raymond E. Schultz	  	6800 Poplar Avenue
Memphis, TN 38119	
6. The corporation is to have perpetual existence.
7. In furtherance and not in limitation of the powers conferred by statute, the board of directors is expressly authorized to make, alter or repeal the by-laws of the corporation.
8. Elections of directors need not be by written ballot unless the by-laws of the corporation shall so provide.
9. Meetings of stockholders may be held within or without the State of Delaware, as the by-laws may provide. The books of the corporation may be kept (subject to any provision contained in the statutes) outside the State of Delaware at such place or places as may be designated from time to time by the board of directors or in the by-laws of the corporation.
10. The corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

11. A director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director except for liability (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived any improper personal benefit.
WE, THE UNDERSIGNED, being each of the incorporators hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this certificate, hereby declaring and certifying that this is our act and deed and the facts herein stated are true, and accordingly have hereunto set our hands this 21st day of December, 1993.

/s/ M. A. Brzoska	
	
/s/ K. A. Widdoes	
	
/s/ L. J. Vitalo	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is
EMBASSY SUITES (ISLA VERDE), INC.
2. The registered office of the corporation within the State of Delaware is hereby changed to 1013 Centre Road, City of Wilmington 19805, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 6/13/1996.

/s/ Ralph B. Lake	
RALPH B. LAKE, SR. VICE PRESIDENT	

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
* * * * *
EMBASSY SUITES (ISLA VERDE), INC., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
The present registered agent of the corporation is Corporation Service Company and the present registered office of the corporation is in the county of New Castle.
The Board of Directors of EMBASSY SUITES (ISLA VERDE), INC. adopted the following resolution on the 29th day of July, 1999.
Resolved, that the registered office of EMBASSY SUITES (ISLA VERDE), INC. in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, EMBASSY SUITES (ISLA VERDE), INC. has caused this statement to be signed by J. Kendall Huber its Executive Vice President this 23 rd day of August, 1999.

/s/ J. Kendall Huber	
J. Kendall Huber	
Executive Vice President	
(DEL. - 264 - 6/15/94)
CT System

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Embassy Suites (Isla Verde), Inc.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808, Newcastle County
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 9/6/00

	 	/s/ Vivien S. Mitchell	
	 	Vivien S. Mitchell, Vice President	
DE BC D-:COA CERTIFICATE OF CHANGE 01/98 (#163)

Exhibit 3.82
EMBASSY SUITES (ISLA VERDEO, INC.
BY-LAWS

ARTICLE I
OFFICES
SECTION 1 . Registered Office . The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
SECTION 2 . Other Offices . The Corporation may also have offices at such other places both within and without the State of Delaware as the board of directors may from time to time determine or the business of the Corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
SECTION 1 . Place of Meetings . All meetings of the stockholders shall be held at any place within or without the State of Delaware as shall be designated from time to time by the board of directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the Corporation.
SECTION 2 . Annual Meeting of Stockholders . An annual meeting of stockholders shall be held each year on a date and at a time designated by the board of directors. At each annual meeting, directors shall be elected and any other proper business may be transacted.
SECTION 3 . Quorum; Adjourned Meetings and Notice Thereof . A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these By-Laws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
SECTION 4 . Voting . When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of law, or the Certificate of Incorporation, or these By-Laws, a different vote is required in which case such express provision shall govern and control the decision of such question.

SECTION 5 . Proxies . At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a longer period. All proxies must be filed with the secretary of the Corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the Corporation on the record date set by the board of directors as provided in Article V, Section 5 hereof. All elections shall be had and all questions decided by a plurality vote.
SECTION 6 . Special Meetings . Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by law, or the Certificate of Incorporation or these By-laws, may be called by the president and shall be called by the president or the secretary at the request in writing of a majority of the board of directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the Corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
SECTION 7 . Notice of Stockholders Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.
SECTION 8 . Maintenance and Inspection of Stockholder List . The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
 
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SECTION 9 . Stockholder Action by Written Consent Without a Meeting . Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
SECTION 1 . Number and Qualification of Directors . The board of directors shall consist of a minimum of one (1) and a maximum of ten (10) directors. The number of directors shall be fixed or changed from time to time, within the minimum and maximum, by the then appointed directors. The number of directors which shall constitute the initial board shall be two (2). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article III, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by law or the Certificate of Incorporation, any director or the entire board of directors may be removed, either with or without cause, from the board of directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
SECTION 2 . Vacancies . Vacancies on the board of directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by law.
SECTION 3 . Powers . The property and business of the Corporation shall be managed by or under the direction of its board of directors. In addition to the powers and authorities by these By-Laws expressly conferred
 
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upon them, the board of directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by law or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
SECTION 4 . Place of Directors Meetings . The directors may hold their meetings and have one or more offices, and keep the books of the Corporation outside of the State of Delaware.
SECTION 5 . Regular Meetings . Regular meetings of the board of directors may be held without notice at such time and place as shall from time to time be determined by the board.
SECTION 6 . Special Meetings . Special meetings of the board of directors may be called by the president on twenty-four hours’ notice to each director, either personally or by mail or by telegram; special meetings shall be called by the president or the secretary in like manner and on like notice on the written request of two directors unless the board of directors consists of only one director, in which case special meetings shall be called by the president or secretary in like manner or on like notice on the written request of the sole director.
SECTION 7 . Quorum . At all meetings of the board of directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the board of directors, except as may be otherwise specifically provided by law, by the Certificate of Incorporation or by these By-Laws. If a quorum shall not be present at any meeting of the board of directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
SECTION 8 . Action Without Meeting . Unless otherwise restricted by the Certificate of Incorporation, or these By-Laws, any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting, if, before or after the action, all members of the board of directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board of directors or committee.
SECTION 9 . Telephone Meetings . Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, members of the board of directors, or any committee designated by the board of directors, may participate in a meeting of the board of directors, or any committee, by means of telephone conference or similar method of communication by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
 
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SECTION 10 . Committees or Directors . The board of directors may, by resolution passed by a majority of the entire board of directors, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, and in the absence of a designation by the board of directors of an alternate member to replace the absent or disqualified member, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent allowed by law and provided in a resolution of the board of directors, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Corporation.
SECTION 11 . Minutes of Committee Meetings . Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.
SECTION 12 . Compensation of Directors . Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, the board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor, except that no employee of the Corporation or an affiliate of the Corporation shall be entitled to receive compensation for serving as a director other than his regular salary as an employee. Members of special or standing committees may be allowed like compensation for attending committee meetings.
ARTICLE IV
OFFICERS
SECTION 1 . Officers . The officers of the Corporation shall be chosen by the board of directors and shall include a president, a vice president and a secretary. The Corporation may also have at the discretion of the board of directors such other officers as are desired, including a chairman of the board (who must be a director), additional vice presidents, one or more assistant secretaries, a treasurer, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of Section 2 of this Article IV. In the event there are two or more vice presidents, then one or more may be designated as executive vice president, senior vice president, vice president marketing, or other similar or dissimilar title. At the
 
5

time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these By-Laws otherwise provide.
SECTION 2 . Election of Officers . The board of directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the Corporation. Between annual meetings the board of directors may appoint such other officers and agents, as it shall deem necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board of directors.
SECTION 3 . Other Officers and Agents . The board of directors may appoint such other officers and agents, as it shall deem necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board of directors.
SECTION 4 . Term of Office; Removal and Vacancies . The officers of the Corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the board of directors may be removed at any time, either with or without cause, by the board of directors. If the office of any officer or officers becomes vacant for any reason, the vacancy may be filled by the board of directors.
SECTION 5 . Chairman of the Board . The chairman of the board, if such an officer be elected, shall, if present, preside at all meetings of the board of directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the board of directors or prescribed by these By-Laws. If there is no president, the chairman of the board shall, in addition, be the chief executive officer of the Corporation and shall have the powers and duties prescribed in Section 6 of this Article IV.
SECTION 6 . President . Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be such an officer, the president shall be the chief executive officer of the Corporation and shall, subject to the control of the board of directors, have general supervision, direction and control of the business and officers of the Corporation. He shall be an ex-officio member of all committees and shall have the general powers and duties of management usually vested in the office of president and chief executive officer of corporations, and shall have such other powers and duties as may be prescribed by the board of directors or these By-Laws.
SECTION 7 . Vice Presidents . In the absence or disability of the president, the vice presidents in order of their rank as fixed by the board of directors, or if not ranked, the vice president designated by the board of directors, shall perform all the duties of the president, and when so acting shall have all the powers of and be subject to all the restrictions upon the president. The vice presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the board of directors.
 
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SECTION 8 . Secretary . The secretary shall record the proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the board of directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the board of directors, and shall perform such other duties as may be prescribed by the board of directors or these By-Laws. He shall keep in safe custody the seal of the Corporation, and affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
SECTION 9 . Assistant Secretaries . The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, or if there be no such determination, the assistant secretary designated by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
SECTION 10 . Treasurer . The treasurer, if such an officer is elected, shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the Corporation, in such depositories as may be designated by the board of directors. He shall disburse the funds of the Corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the board of directors, at its regular meetings, or when the board of directors so requires, an account of all his transactions as treasurer and of the financial condition of the Corporation. If required by the board of directors, he shall give the Corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the board of directors, for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the Corporation.
SECTION 11 . Assistant Treasurers . The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order determined by the board of directors, or if there be no such determination, the assistant treasurer designated by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
 
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ARTICLE V
CERTIFICATES OF STOCK
SECTION 1 . Certificates . Every holder of stock of the Corporation shall be entitled to have a certificate signed by, or in the name of the Corporation by, the chairman of the board of directors, or the president or a vice president, and by the secretary or an assistant secretary, or the treasurer or an assistant treasurer of the Corporation, certifying the number of shares represented by the certificate owned by such stockholder in the Corporation.
SECTION 2 . Signatures on Certificates . Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
SECTION 3 . Lost, Stolen or Destroyed Certificates . The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
SECTION 4 . Transfers of Stock . Upon surrender to the Corporation, or the transfer agent of the Corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
SECTION 5 . Fixing Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix a record date which shall not be more than sixty nor less than ten days before
 
8

the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.
SECTION 6 . Registered Stockholders . The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by applicable law.
ARTICLE VI
GENERAL PROVISIONS
SECTION 1 . Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock.
SECTION 2 . Payment of Dividends; Directors Duties . Subject to the provisions of the Certificate of Incorporation, before payment of any dividend there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interests of the Corporation, and the directors may abolish any such reserve.
SECTION 3 . Checks . All checks or demands for money and notes of the Corporation shall be signed by such officer or officers as the board of directors may from time to time designate.
SECTION 4 . Fiscal Year . The fiscal year of the Corporation shall end on December 31 and the following fiscal year shall commence on January 1, unless the fiscal year is otherwise fixed by affirmative resolution of the entire board of directors.
SECTION 5 . Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal, Delaware.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 6 . Manner of Giving Notice . Whenever, under the provisions of the Certificate of Incorporation or of these By-Laws, or as required by law, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing,
 
9

by mail, addressed to such director or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by telegram.
SECTION 7 . Waiver of Notice . Whenever any notice is required to be given by law or under the provisions of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
ARTICLE VII
AMENDMENTS
SECTION 1 . Amendment by Directors or Stockholders . These By-Laws may be altered, amended or repealed or new By-Laws may be adopted by the stockholders or by the board of directors, when such power is conferred upon the board of directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the board of directors or at any special meeting of the stockholders or of the board of directors if notice of such alteration, amendment, repeal or adoption of new By-Laws be contained in the notice of such special meeting. If the power to adopt, amend or repeal these By-Laws is conferred upon the board of directors by the Articles of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal these By-Laws.
 
10

Exhibit 3.83
CERTIFICATE OF FORMATION
OF
EMBASSY SUITES FRANCHISE LLC
This Certificate of Formation of Embassy Suites Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Embassy Suites Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.84
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Embassy Suites Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Embassy Suites Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Embassy Suites Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON FRANCHISE HOLDING LLC,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Embassy Suites Franchise LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.85
CERTIFICATE OF FORMATION
OF
EMBASSY SYRACUSE DEVELOPMENT LLC
This Certificate of Formation of Embassy Syracuse Development LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Embassy Syracuse Development LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.86
LIMITED LIABILITY COMPANY AGREEMENT
OF
EMBASSY SYRACUSE DEVELOPMENT LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Embassy Syracuse Development LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Embassy Equity Development LLC (“ Embassy ”), as the sole member (Embassy and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Embassy, by execution of this Agreement and pursuant to the conversion of Embassy Syracuse Development Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Embassy Syracuse Development LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Embassy was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
 
-2-

10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and
 
-3-

all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Embassy Equity Development LLC	
		
By:	 	Robert M. La Forgia	
Name:	 	Robert M. La Forgia	
Title:	 	Executive Vice President	

Schedule A
Member

 	 	Name	 	Address	
Embassy Equity Development LLC	 	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.87
CERTIFICATE OF INCORPORATION
OF
EMBASSY PACIFIC MANAGEMENT CORPORATION
1. The name of the corporation is:
Embassy Pacific Management Corporation
2. The address of its registered office in the State of Delaware is 229 South State Street in the City of Dover, County of Kent. The name of its registered agent at such address is The Prentice-Hall Corporation System, Inc.
3. The purpose of the Corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware.
4. The total number of shares of all classes of stock that the corporation shall have authority to issue is 1,000 shares, all of which are Common Stock with a par value of $0.01.
5. The name and mailing address of the incorporator is
Robert J. Palme
Latham & Watkins
885 Third Avenue
New York, New York 10022
6. In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, alter or repeal the bylaws of the corporation.

7. Election of directors need not be by written ballot unless the bylaws of the corporation shall so provide.
8. No director of this corporation shall be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.
I, THE UNDERSIGNED, being the sole incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this certificate, herein declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly have hereunto set my hand this 20th day of January, 1989.

/s/ Robert J. Palme	
Robert J. Palme	
Incorporator	

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
EMBASSY PACIFIC MANAGEMENT CORPORATION

Adopted in accordance with the provisions
of Section 242 of the General Corporation
Law of the State of Delaware

It is hereby certified that:
FIRST: The name of the corporation (hereinafter called the (“corporation”) is EMBASSY PACIFIC MANAGEMENT CORPORATION.
SECOND: That the Certificate of Incorporation of the corporation has been amended as follows:
By striking out the whole of Article 1 thereof as it now exists and inserting in lieu and instead thereof a new Article 1, reading as follows:
“1. The name of the corporation is:
EPAM Corporation”
THIRD: That such amendment has been duly adopted in accordance with the provisions of the General Corporation Law of the State of Delaware by the unanimous written consent of all of the stockholders entitled to vote in accordance with the provisions of Section 228 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, we have signed this certificate this 21 st day of June, 1989.

/s/ Charles A. Ledsinger, Jr.	
Charles A. Ledsinger, Jr.	
Vice President	

ATTEST:	
	
/s/ Anne S. McPherson	
Anne S. McPherson	
Assistant Secretary	
 
2

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
*  *  *  *  *
EPAM Corporation, a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
The present registered agent of the corporation is The Prentice-Hall Corporation System, Inc. and the present registered office of the corporation is in the county of Kent
The Board of Directors of EPAM Corporation adopted the following resolution on the 9th day of April , 19 90 .
Resolved, that the registered office of EPAM Corporation in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, EPAM Corporation has caused this statement to be signed by Charles A. Ledsinger, Jr., its Vice President and attested by Stephen H. Brammell, its Assistant Secretary this 10th day of April, 1990.

By	 	Charles A. Ledsinger, Jr.	
	 	Vice President	

ATTEST:	
		
By	 	Stephen H. Brammell	
	 	Assistant Secretary	
(DEL. – 264 7/30/84)

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is
EPAM CORPORATION
2. The registered office of the corporation within the State of Delaware is hereby changed to 1013 Centre Road, City of Wilmington 19805, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 6/20, 1996.

/s/ RALPH B. LAKE, SR.	
RALPH B. LAKE, SR. VICE PRESIDENT	

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
*  *  *  *  *
EPAM CORPORATION, a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
The present registered agent of the corporation is Corporation Service Company and the present registered office of the corporation is in the county of New Castle.
The Board of Directors of EPAM CORPORATION adopted the following resolution on the 29th Day of July, 1999.
Resolved, that the registered office of EPAM CORPORATION in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, EPAM CORPORATION has caused this statement to be signed by J Kendall Huber its Executive Vice President this 23 rd day of August, 1999.

/s/    J. Kendall Huber        	
J. Kendall Huber	
Executive Vice President	
(DEL. – 264 – 6/15/94)
CT System

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is EPAM Corporation.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808, Newcastle County
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 9/6/00

/s/ Vivien S. Mitchell	
Vivien S. Mitchell, Vice President	
DE BC D-COA CERTIFICATE OF CHANGE 01/98 (#163)

Exhibit 3.88
EMBASSY PACIFIC MANAGEMENT CORPORATION
BY-LAWS

TABLE OF CONTENTS

 	 	 	 	 	  	Page	 	
		
ARTICLE I – OFFICES	  	 	1	  	
				
	 	Section 1.	 	Registered Office	  	 	1	  	
	 	Section 2.	 	Other Offices	  	 	1	  	
		
ARTICLE II – MEETINGS OF STOCKHOLDERS	  	 	1	  	
				
	 	Section 1.	 	Place of Meetings	  	 	1	  	
	 	Section 2.	 	Annual Meeting of Stockholders	  	 	1	  	
	 	Section 3.	 	Quorum; Adjourned Meetings and Notice Thereof	  	 	2	  	
	 	Section 4.	 	Voting	  	 	2	  	
	 	Section 5.	 	Proxies	  	 	3	  	
	 	Section 6.	 	Special Meetings	  	 	3	  	
	 	Section 7.	 	Notice of Stockholders Meetings	  	 	4	  	
	 	Section 8.	 	Maintenance and Inspection of Stockholder List	  	 	4	  	
	 	Section 9.	 	Stockholder Action by Written Consent Without a Meeting	  	 	5	  	
		
ARTICLE III – DIRECTORS	  	 	6	  	
				
	 	Section 1.	 	Number and Qualification of Directors	  	 	6	  	
	 	Section 2.	 	Vacancies	  	 	6	  	
	 	Section 3.	 	Powers	  	 	7	  	
	 	Section 4.	 	Place of Directors Meetings	  	 	8	  	
	 	Section 5.	 	Regular Meetings	  	 	8	  	
	 	Section 6.	 	Special Meetings	  	 	8	  	
	 	Section 7.	 	Quorum	  	 	8	  	
	 	Section 8.	 	Action Without Meeting	  	 	9	  	
	 	Section 9.	 	Telephone Meetings	  	 	9	  	
	 	Section 10.	 	Committees of Directors	  	 	10	  	
	 	Section 11.	 	Minutes of Committee Meetings	  	 	11	  	
	 	Section 12.	 	Compensation of Directors	  	 	11	  	
	 	Section 13.	 	Indemnification	  	 	12	  	
		
ARTICLE IV – OFFICERS	  	 	14	  	
				
	 	Section 1.	 	Officers	  	 	14	  	
	 	Section 2.	 	Election of Officers	  	 	15	  	
	 	Section 3.	 	Term of Office; Removal and Vacancies	  	 	15	  	
	 	Section 4.	 	Chairman of the Board	  	 	16	  	
 
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 	 	 	 	 	  	Page	 	
				
	 	Section 5.	 	President	  	 	16	  	
	 	Section 6.	 	Vice Presidents	  	 	17	  	
	 	Section 7.	 	Secretary	  	 	17	  	
	 	Section 8.	 	Assistant Secretaries	  	 	18	  	
	 	Section 9.	 	Treasurer	  	 	18	  	
	 	Section 10.	 	Assistant Treasurers	  	 	19	  	
		
ARTICLE V – CERTIFICATES OF STOCK	  	 	19	  	
				
	 	Section 1.	 	Certificates	  	 	19	  	
	 	Section 2.	 	Signatures on Certificates	  	 	20	  	
	 	Section 3.	 	Statement of Stock Rights, Preferences, Privileges	  	 	20	  	
	 	Section 4.	 	Lost Certificates	  	 	21	  	
	 	Section 5.	 	Transfers of Stock	  	 	21	  	
	 	Section 6.	 	Fixing Record Date	  	 	22	  	
	 	Section 7.	 	Registered Stockholders	  	 	22	  	
		
ARTICLE VI – GENERAL PROVISIONS	  	 	23	  	
				
	 	Section 1.	 	Dividends	  	 	23	  	
	 	Section 2.	 	Payment of Dividends; Directors Duties	  	 	23	  	
	 	Section 3.	 	Checks	  	 	23	  	
	 	Section 4.	 	Fiscal Year	  	 	23	  	
	 	Section 5.	 	Corporate Seal	  	 	24	  	
	 	Section 6.	 	Manner of Giving Notice	  	 	24	  	
	 	Section 7.	 	Waiver of Notice	  	 	24	  	
		
ARTICLE VII – AMENDMENTS	  	 	25	  	
				
	 	Section 1.	 	Amendment by Directors or Stockholders	  	 	25	  	
 
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EMBASSY PACIFIC MANAGEMENT CORPORATION
BY-LAWS
ARTICLE I
OFFICES
SECTION 1 . Registered Office . The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
SECTION 2 . Other Offices . The Corporation may also have offices at such other places both within and without the State of Delaware as the board of directors may from time to time determine or the business of the Corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
SECTION 1 . Place of Meetings . All meetings of the stockholders shall be held at any place within or without the State of Delaware as shall be designated from time to time by the board of directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the Corporation.
SECTION 2 . Annual Meeting of Stockholders . An annual meeting of stockholders shall be held each year on a date and at a time designated by the board of directors. At each annual meeting directors shall be elected and any other proper business may be transacted.

SECTION 3 . Quorum; Adjourned Meetings and Notice Thereof . A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
SECTION 4 . Voting . When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such
 
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meeting, unless the question is one upon which by express provision of law a different vote is required in which case such express provision shall govern and control the decision of such question.
SECTION 5 . Proxies . At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a longer period. All proxies must be filed with the secretary of the Corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the Corporation on the record date set by the board of directors as provided in Article V, Section 6 hereof. All elections shall be had and all questions decided by a plurality vote.
SECTION 6 . Special Meetings . Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute, may be called by the president and shall be called by the president or the secretary at the request in writing of a majority of the board of directors, or at the request in writing of
 
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stockholders owning a majority in amount of the entire capital stock of the Corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
SECTION 7 . Notice of Stockholders Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.
SECTION 8 . Maintenance and Inspection of Stockholder List . The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in
 
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the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
SECTION 9 . Stockholder Action by Written Consent Without a Meeting . Any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
 
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ARTICLE III
DIRECTORS
SECTION 1 . Number and Qualification of Directors . The board of directors shall consist of a minimum of one (1) and a maximum of ten (10) directors. The number of directors shall be fixed or changed from time to time, within the minimum and maximum, by the then appointed directors. The number of directors which shall constitute the initial board shall be one (1). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article III, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by law, any director or the entire board of directors may be removed, either with or without cause, from the board of directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
SECTION 2 . Vacancies . Vacancies on the board of directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The
 
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directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
SECTION 3 . Powers . The property and business of the Corporation shall be managed by or under the direction of its board of directors. In addition to the powers and authorities by these By-Laws expressly conferred upon them, the board of directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
 
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SECTION 4 . Place of Directors Meetings . The directors may hold their meetings and have one or more offices, and keep the books of the Corporation outside of the State of Delaware,
SECTION 5 . Regular Meetings . Regular meetings of the board of directors may be held without notice at such time and place as shall from time to time be determined by the board.
SECTION 6 . Special Meetings . Special meetings of the board of directors may be called by the president on twenty-four hours’ notice to each director, either personally or by mail or by telegram; special meetings shall be called by the president or the secretary in like manner and on like notice on the written request of two directors unless the board of directors consists of only one director, in which case special meetings shall be called by the president or secretary in like manner or on like notice on the written request of the sole director.
SECTION 7 . Quorum . At all meetings of the board of directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the board of directors, except as may be otherwise specifically provided by statute. If a quorum shall not be present at
 
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any meeting of the board of directors the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
SECTION 8 . Action Without Meeting . Any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting, if all members of the board of directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board or directors or committee.
SECTION 9 . Telephone Meetings . Members of the board of directors, or any committee designated by the board of directors, may participate in a meeting of the board of directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
 
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SECTION 10 . Committees of Directors . The board of directors may, by resolution passed by a majority of the whole board of directors, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in a resolution of the board of directors, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the board of directors, fix the designations and any of the preferences or rights of such shares relating to dividends,
 
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redemption, dissolution, any distribution of assets of the Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the By-Laws of the Corporation; and, unless the resolution expressly so provides, no such committee shall have the power or authority to declare a dividend, to authorize the issuance of stock, or to adopt a Certificate of Ownership and Merger.
SECTION 11 . Minutes of Committee Meetings . Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.
SECTION 12 . Compensation of Directors . The board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a
 
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stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor, except that no employee of the Corporation or an affiliate of the Corporation shall be entitled to receive compensation for serving as a director other than his regular salary as an employee. Members of special or standing committees may be allowed like compensation for attending committee meetings.
SECTION 13 . Indemnification . The Corporation shall indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director, officer or employee of the Corporation or, while a director, officer or employee of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or trustee of another Corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the full extent permitted by applicable law. Expenses incurred by a person who is or was a director or officer of the Corporation in appearing at, participating in or
 
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defending any such action, suit or proceeding shall be paid by the Corporation at reasonable intervals in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation as authorized by this Section 13. If a claim under this Section 13 is not paid in full by the Corporation within ninety days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law or other applicable law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its board of directors, independent legal counsel, or its stockholders)
 
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to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he has met the applicable standard of conduct set forth in the Delaware General Corporation Law or other applicable law, nor an actual determination by the Corporation (including its board of directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
ARTICLE IV
OFFICERS
SECTION 1 . Officers . The officers of the Corporation shall be chosen by the board of directors and shall include a president, a vice president and a secretary. The Corporation may also have at the discretion of the board of directors such other officers as are desired, including a chairman of the board, additional vice presidents, one or more assistant secretaries, a treasurer, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of Section 2 of this Article IV. In the event there are two or more vice presidents, then one or more may be designated as executive vice president, senior vice president, vice
 
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president marketing, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person.
SECTION 2 . Election of Officers . The board of directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the Corporation. Between annual meetings the board of directors may appoint such other officers and agents, as it shall deem necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board of directors.
SECTION 3 . Term of Office; Removal and Vacancies . The officers of the Corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the board of directors may be removed at any time, either with or without cause, by the board of directors. If the office of any officer or officers becomes vacant for any reason, the vacancy may be filled by the board of directors.
 
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SECTION 4 . Chairman of the Board . The chairman of the board, if such an officer be elected, shall, if present, preside at all meetings of the board of directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the board of directors or prescribed by these By-Laws. If there is no president, the chairman of the board shall, in addition, be the chief executive officer of the Corporation and shall have the powers and duties prescribed in Section 5 of this Article IV.
SECTION 5 . President . Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be such an officer, the president shall be the chief executive officer of the Corporation and shall, subject to the control of the board of directors, have general supervision, direction and control of the business and officers of the Corporation. He shall be an ex-officio member of all committees and shall have the general powers and duties of management usually vested in the office of president and chief executive officer of Corporations, and shall have such other powers and duties as may be prescribed by the board of directors or these By-Laws.
 
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SECTION 6 . Vice Presidents . In the absence or disability of the president, the vice presidents in order of their rank as fixed by the board of directors, or if not ranked, the vice president designated by the board of directors, shall perform all the duties of the president, and when so acting shall have all the powers of and be subject to all the restrictions upon the president. The vice presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the board of directors.
SECTION 7 . Secretary . The secretary shall record the proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the board of directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the board of directors, and shall perform such other duties as may be prescribed by the board of directors or these By-Laws. He shall keep in safe custody the seal of the Corporation, and affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
 
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SECTION 8 . Assistant Secretaries . The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, or if there be no such determination, the assistant secretary designated by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
SECTION 9 . Treasurer . The treasurer, if such an officer is elected, shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the Corporation, in such depositories as may be designated by the board of directors. He shall disburse the funds of the Corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the board of directors, at its regular meetings, or when the board of directors so requires, an account of all his transactions as treasurer and of the financial condition of the Corporation. If required by the board of directors, he shall give the Corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the board of
 
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directors, for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the Corporation.
SECTION 10 . Assistant Treasurers . The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order determined by the board of directors, or if there be no such determination, the assistant treasurer designated by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
ARTICLE V
CERTIFICATES OF STOCK
SECTION 1 . Certificates . Every holder of stock of the Corporation shall be entitled to have a certificate signed by, or in the name of the Corporation by, the chairman or vice chairman of the board of directors, or the president or a vice president, and by the secretary or an assistant secretary, or the treasurer or an assistant treasurer of the Corporation, certifying the number of shares represented by the certificate owned by such stockholder in the Corporation.
 
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SECTION 2 . Signatures on Certificates . Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
SECTION 3 . Statement of Stock Rights, Preferences, Privileges . If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in Section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative,
 
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participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
SECTION 4 . Lost Certificates . The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
SECTION 5 . Transfers of Stock . Upon surrender to the Corporation, or the transfer agent of the Corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
 
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SECTION 6 . Fixing Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.
SECTION 7 . Registered Stockholders . The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Delaware.
 
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ARTICLE VI
GENERAL PROVISIONS
SECTION 1 . Dividends . Dividends upon the capital stock of the Corporation may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock.
SECTION 2 . Payment of Dividends; Directors Duties . Before payment of any dividend there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interests of the Corporation, and the directors may abolish any such reserve.
SECTION 3 . Checks . All checks or demands for money and notes of the Corporation shall be signed by such officer or officers as the board of directors may from time to time designate.
SECTION 4 . Fiscal Year . The fiscal year of the Corporation shall end on the Friday nearest December 31 and the following fiscal year shall commence on the Saturday following the aforesaid Friday, unless the fiscal year is otherwise fixed by affirmative resolution of the entire board of directors.
 
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SECTION 5 . Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal, Delaware.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 6 . Manner of Giving Notice . Whenever, under the provisions of the Certificate of Incorporation or of these By-Laws, or as required by law, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by telegram.
SECTION 7 . Waiver of Notice . Whenever any notice is required to be given by law or under the provisions of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
 
–24–

ARTICLE VII
AMENDMENTS
SECTION 1 . Amendment by Directors or Stockholders . These By-Laws may be altered, amended or repealed or new By-Laws may be adopted by the stockholders or by the board of directors, when such power is conferred upon the board of directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the board of directors or at any special meeting of the stockholders or of the board of directors if notice of such alteration, amendment, repeal or adoption of new By-Laws be contained in the notice of such special meeting. If the power to adopt, amend or repeal these By-Laws is conferred upon the board of directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal these By-Laws.
/599
 
–25–

Exhibit 3.89
CERTIFICATE OF FORMATION
OF
HILTON WASHINGTON LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:

FIRST :	  	The name of the limited liability company is	
	  	HILTON WASHINGTON LLC	
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on August 11, 1999.

/s/ David Marote	
David Marote, Authorized Person	

CERTIFICATE OF AMENDMENT TO CERTIFICATE OF FORMATION
OF
HILTON WASHINGTON LLC
It is hereby certified that:
 
 	1.	The name of the limited liability company (hereinafter called the “limited liability company”) is Hilton Washington LLC	
 
 	2.	The limited liability company’s Certificate of Formation is hereby amended by striking out Article First thereof and by substituting in lieu of said Article the following new Article:	

FIRST .	  	The name of the limited liability company is	
	  	Grand Vacations Realty, LLC	
 
 	3.	The amendment herein certified shall become effective on the date this Certificate of Amendment is filed with the Delaware Secretary of State.	
Executed on December 13, 1999.

/s/ Dieter H. Huckestein	
Dieter H. Huckestein	
Authorized Person	

CERTIFICATE OF MERGER
OF
GRAND VACATIONS REALTY, INC.
(a Delaware corporation)
AND
GRAND VACATIONS REALTY, LLC
(a Delaware limited liability company)
It is hereby certified that:
 
 	1.	The constituent business entities participating in the merger herein certified are:	
 
 	(i)	Grand Vacations Realty, Inc. , a corporation which is incorporated under the laws of the State of Delaware; and	
 
 	(ii)	Grand Vacations Realty, LLC, a limited liability company which is organized under the laws of the State of Delaware.	
 
 	2.	An Agreement of Merger has been approved, adopted, certified, executed and acknowledged by each of the aforesaid constituent business entities in accordance with the provisions of subsection (c) of Section 264 of the General Corporation Law of the State of Delaware and subsection (b) of Section 18-209 of the Delaware Limited Liability Company Act.	
 
 	3.	The name of the surviving limited liability company in the merger herein certified is Grand Vacations Realty, LLC , which will continue its existence as said surviving limited liability company under its present name upon the effective date of said merger pursuant to the provisions of the Delaware Limited Liability Company Act.	
 
 	4.	The executed Agreement of Merger between the aforesaid constituent business entities is on file at a place of business of the aforesaid surviving limited liability company, the address of which is as follows:	
6355 MetroWest Blvd., Suite 180
Orlando, FL 32835
 
 	5.	A copy of the aforesaid Agreement of Merger will be furnished by the aforesaid surviving limited liability company on request, and without cost, to any member of the aforesaid surviving limited liability company or any person holding an interest in the terminating corporation.	
 
 	6.	The Agreement of Merger between the aforesaid constituent business entities provides that the merger herein certified shall be effective on December 31, 1999.	

Dated: December  15 , 1999

	 	Grand Vacations Realty, Inc.	 		 		 	Grand Vacations Realty, LLC	
					
By:	 	/s/ Antoine Dagot	 		 	By:	 	/s/ David Pontius	
					
	 	Antoine Dagot	 		 		 	David Pontius	
	 	Name	 		 		 	Name	
					
	 	President	 		 		 	Management Committee Member	
	 	Title	 		 		 	Title	

Exhibit 3.90
SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT
of
Grand Vacations Realty, LLC
a Delaware limited-liability company
(the “Company”)
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) is made effective as of October 26, 2013 by HILTON RESORTS CORPORATION, a Delaware Corporation (the “Sole Member”), and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known and referred to as “Members” and individually as “Member”.
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Company Act (6 Del.C. § 18-101, et.seq.), as amended from time to time (the “Act”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 25, 2013 (the “Existing Agreement”);
WHEREAS, the Sole Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entitety as follows:
ARTICLE 1
Company Formation and Registered Agent
 
1.1	FORMATION. The Sole member hereby formed the Company subject to the provisions of the Delaware limited liability company laws. A Certificate of Formation was e filed with the Delaware Secretary of State on August 12, 1999.	
 
1.2	NAME. The name of the Company is Grand Vacations Realty, LLC or such other name as the Sole Member may from time hereafter designate.	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation is 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The Company’s registered agent as such address is the Corporation Service Company.	
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	

 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing dissolution of a limited liability Company under the laws of Delaware.	
 
1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful actor or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be 6355 MetroWest Blvd Ste 180, Orlando, FI 32835, or at such other place as the Managers may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s Sole Member is Hilton Resorts Corporation, 6355 MetroWest Blvd., Suite 180, Orlando, Florida 32835.	
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTIONS. The Sole Member initially contributed to the Company $100,00 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS and LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury	
 
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 	Regulation 1.704-1 (b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-l(b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The Company shall be Management Committee managed. The name of each member of the Management Committee is set forth on Schedule A attached hereto. By a vote of the Members holding a majority of the capital interest in the Company, as set forth in Schedule B, as amended from time to time, shall elect so many Management Committee members as the Members determine, but no less than one.	
 
4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of may other Member of the company solely by reason of being a Member.	
 
4.3	POWERS OF THE MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease, or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing, or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporation for the operation and management of the company’s business; and	
 
 	(h)	the appointment, from time to time, of such officers and agents of the Company as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as it’s President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
 	(a)	all contracts, conveyances, assignments, leases, subleases, franchise agreements, licensing agreements, management contracts mid maintenance contracts and maintenance contracts covering or affecting the Company’s assets;	
 
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 	(b)	all checks, drafts and other orders for the payment of the Company’s funds;	
 
 	(c)	all promissory notes, loans security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs whether like or unlike the foregoing.	
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day to day business, and shall define and modify, from time to time, such officers’ powers and duties. The officers of the Company, which may be amended by Management Committee election, shall be as set forth on Schedule C attached hereto.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be a the requesting Member’s expense	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause or result in loss or damage to the Company or the members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	
 
4.8	INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the Company, Manager, employee or agent of the Company or is or was serving at the request of the Company, again expenses (including attorney’s fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit, or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company and with respect to any criminal action proceeding, has no reason to believe his/her conduct was unlawful.	
 
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The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
 
4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list ( of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such Books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-l(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
 
 	(a)	any additional capital contribution made by him/her;	
 
 	(b)	credit balances transferred from his distribution account to his capital account;	
 
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and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	
 
 	(ii)	the Member’s share of Company losses if charged to his/her capital account	
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	
ARTICLE 7
Transfers
 
7.1	ASSIGNMENTS. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 25 th day of July, 2014
SOLE MEMBER
							
	 	Hilton Resorts Corporation,
a Delaware Corporation	
			
	 	By	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	

Schedule A
Management Committee
Mark Wang
K. Robert Kreiger
Richard Eggert
 
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Schedule B
Members

                     Name	  	Ownership Percentage	 	Address	
Hilton Resorts Corporation	  	100%	 	6355 MetroWest Blvd., Suite 180, Orlando, Florida 32835	
 
8

Schedule C
Officers

Officer	  	Title	  	 	
			
Mark Wang	  	President	  		
Michael Brown	  	Chief Operating Officer	  		
Bryan Klum	  	Executive Vice President	  		
K. Robert Kreiger	  	Senior Vice President	  		
Kevin J. Jacobs	  	Senior Vice President & Treasurer	  		
Rebecca L. Sloan	  	Senior Vice President	  		
Kelly Lodde	  	Vice President & Secretary	  		
Robert Shaw	  	Vice President	  		
Neil Peraza	  	Vice President	  		
Rebekah Ellouze	  	Vice President	  		
Richard Eggert	  	Vice President	  		
Neil Hutchinson	  	Vice President	  		
Marie Sarno	  	Vice President	  		
Lisa Dusart	  	Vice President	  		
Daniel Dinell	  	Vice President	  		
Mari Anne Love	  	Vice President	  		
 
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Exhibit 3.91
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Grand Vacations Services LLC
Second : The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington
Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                                .”)
Fourth : (Insert any other matters the members determine to include herein.)
In Witness Whereof, the undersigned have executed this Certificate of Formation this 25 day of February, 2011.

		
By:	 	/s/ Owen Wilcox	
	 	Authorized Person (s)	
		
Name:	 	Owen Wilcox	

Exhibit 3.92
LIMITED LIABILITY COMPANY AGREEMENT
of
GRAND VACATIONS SERVICES LLC
This Limited Liability Company Agreement of Grand Vacations Services LLC (the “ Company ”), dated as of February 25, 2011 (this “ Agreement ”) is made by Hilton Resorts Corporation, as the sole member (the “Member”) of the Company. The Member hereby forms the Company pursuant to the provisions of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “ Act ”) and hereby agrees as follows:
1. Name . The name of the Company shall be Grand Vacations Services LLC, or such other name as the Member may from time to time hereafter designate.
2. Definitions . Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.
3. Purpose . The Company is formed for the purpose of engaging in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. The Company shall have the power to engage in all activities and transactions which the Member deems necessary or advisable in connection with the foregoing.
4. Offices .
(a) The principal place of business and office of the Company shall initially be located at 7930 Jones Branch Drive, McLean, VA 22102, and the Company’s business shall be conducted from such place or such other places as the Member may designate from time to time.
(b) The registered office of the Company in the State of Delaware shall be located at c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The Member may from time to time change the registered agent or office by an amendment to the certificate of formation of the Company.
5. Members . The sole member of the Company as of the date hereof is the Member, whose business address is 7930 Jones Branch Drive, McLean, VA 22102. Additional members may be admitted to the Company with the consent of, and on such terms and conditions as shall be determined by, the Member in its sole and absolute discretion.
6. Term . The term of the Company shall commence on the date of filing of the certificate of formation of the Company in accordance with the Act and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 11 of this Agreement and a certificate of cancellation is filed in accordance with the Act.

7. Management of the Company .
(a) Management of the Company . The business and affairs of the Company shall be managed and controlled by a board of directors (the “ Board ”). The members of the Board (the “ Directors ”’) shall be “managers” within the meaning of the Act. The Board shall have full and complete discretion to manage and control the business and affairs of the Company, to make all decisions affecting the business and affairs of the Company and to take all such actions as it deems necessary or appropriate to accomplish the purposes of the Company.
(b) Composition; Initial Directors . The Board shall be comprised of three Directors; provided that the Board may from time to time increase or decrease the number of Directors. The initial Directors are Mark Way, Kim Kreiger and Rebecca Sloan.
(c) Meetings . Regular meetings of the Board may be called on at least twenty four (24) hours notice to each Director, either personally, by telephone, by mail, by telecopier, by electronic mail or by any other means of communication reasonably calculated to give notice, at such times and at such places as shall from time to time be determined by the Board, or the chairman thereof (if any), as applicable. Any Director may call a special meeting of the Board on not less than twenty four (24) hours notice to each other Director, either personally, by telephone, by mail, by telecopier, by electronic mail or by any other means of communication reasonably calculated to give notice. Notice of a special meeting need not be given to any Director if a written waiver of notice, executed by such Director before or after the meeting, is filed with the records of the meeting, or to any Director who attends the meeting without protesting the lack of notice prior thereto or at its commencement. The notice shall state the purposes of the meeting.
(d) Quorum and Acts of the Board . At all duly called meetings of the Board, two Directors (unless at the time of the meeting there is only one Director) shall be required to establish a quorum for the transaction of business. If a quorum shall not be present at any meeting of the Board, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. No action may be taken by the Board at any meeting under this Agreement or the Act without the consent of a majority of the Directors present at the meeting. Each Director shall be entitled to one vote.
(e) Telephonic or Video Communications . Members of the Board may participate in a meeting of the Board by means of conference telephone, video conference or similar communications equipment by means of which all persons participating in the meeting can hear and speak to each other, and such participation in a meeting shall constitute presence in person at the meeting.
 
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(f) Action by Consent . Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting and without a vote, if a consent or consents in writing (including by email), setting forth the action so taken, shall be signed by all of the Directors (provided, that for such purposes an electronic signature shall be valid).
(g) Resignations and Vacancies . Any Director may resign at any time upon notice to the Company. Unless otherwise provided by law, any newly created Board seat or any vacancy occurring in the Board for any reason may be filled by a majority of the remaining Directors (or by the Member if there are no remaining Directors).
(h) Member . Notwithstanding this paragraph 7, the Member shall have the power and authority to bind the Company and to act on behalf of and in the name of the Company.
8. Capital Contributions . The Member shall make capital contributions to the Company in such amounts and at such times as the Member determines in its sole and absolute discretion, which amounts shall be set forth in the books and records of the Company.
9. Resignation . The Member shall not resign from the Company except upon the transfer of all of his interests in the Company or the concurrent dissolution of the Company.
10. Distributions . The Member may receive distributions in cash or in kind in such amounts and at such times as the Member shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.
11. Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(a) occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act; or
(b) the resignation of the Member pursuant to Section 9 of this Agreement.
12. Indemnification . To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless each Member, Director and officer, in each case in his or its capacity as such, any affiliate of a Member, Manager or officer and any person of which a Director or officer is an officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “ Covered Person ”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the Company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees
 
3

and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever (collectively, “ Claims and Expenses ”) which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the Company or its controlled affiliates or the activities of such Covered Person on behalf of the Company; provided, that indemnification hereunder and the advancement of expenses under Section 13 shall be recoverable only from the assets of the Company and not from assets of the Member.
13. Advancement of Expenses . To the fullest extent permitted by applicable law, the Company shall pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding contemplated in Section 12 (other than a claim, demand, action, suit or proceeding brought by the Company against the Member for such Member’s material breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and the Company or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to Section 12.
14. Insurance . The Company may, or may cause an affiliate to, purchase and maintain directors and officers insurance, to the extent and in such amounts as the Board may, in its discretion, deem reasonable.
15. Amendments . This Agreement may be amended only upon the written consent of the Member.
16. Authorized Person . Brian Howard is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed a certificate of formation with the Secretary of State of the State of Delaware. Upon filing of the certificate of formation, Brian Howard’s powers as an authorized person ceased.
17. Officers . The initial officers of the Company shall be designated by the Member, and are listed on Schedule A hereto. The Company may employ and retain such additional or successor persons as may be necessary or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Board), including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “managing director,” “chief financial officer,” “assistant treasurer” and “assistant secretary” as and to the extent authorized by the Board.
18. Miscellaneous . Neither the Member nor any Director shall have any liability for the debts, obligations or liabilities of the Company except to the extent expressly required by the Act. This Agreement shall be governed by, and construed under, the laws of the State of Delaware.
 
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IN WITNESS WHEREOF, the party hereto has executed this Agreement as of the day and year first above written.

HILTON RESORTS CORPORATION	
		
By:	 	/s/ Owen Wilcox	
Name:	 	Owen Wilcox	
Title:	 	Assistant Secretary	

SCHEDULE A
OFFICERS
Mark Wang, President
Kim Kreiger, Vice President
Rebecca Sloan, Secretary
Owen Wilcox, Assistant Secretary

Exhibit 3.93
CERTIFICATE OF FORMATION
OF
GRAND VACATIONS TITLE, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is:
Grand Vacations Title, LLC
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on December 20, 1999.

	
/s/ David Marote,	
David Marote, Authorized Person	

Exhibit 3.94
SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT
of
GRAND VACATIONS TITLE, LLC
a Delaware limited-liability company
(the “Company”)
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) is made effective as of October 26, 2013 by GRAND VACATIONS REALTY, LLC, a Delaware limited liability company (the “Sole Member”), and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Company Act (6 Del.C. §18-101, et.seq .), as amended from time to tome (the “Act”), and is currently governed by Amended and Restated Limited Liability Company Agreement dated as of October 25, 2013 (the “Existing Agreement”);
WHEREAS, the Sole Member desires to amend and restate the Existing Agreement in its entirety as follows.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entity as follows:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The Sole Member formed the Company subject to the provisions of the Delaware limited liability company laws. A Certificate of Formation was filed with the Secretary of State on December 20, 1999.	
 
1.2	NAME. The name of the Company is GRAND VACATIONS TITLE, LLC, or such other name as the Sole Member may from time to time hereafter designate.	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation is 2711 Centerville Road Suite 400, Wilmington, New Castle, Delaware 19808.	
The Company’s registered agent at such address is the Corporation Service Company.
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	

 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	
 
1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be 6355 MetroWest Blvd., Suite 180, Orlando, Florida 32835, or at such other place as the Managers may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s Sole Member is: Grand Vacations Realty, LLC, 6355 MetroWest Blvd., Suite 180, Orlando, FL 32835.	
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTIONS. The Sole Member initially contributed to the Company $100.00 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS and LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit, Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1 (b)(2)(ii)(d).	

ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The name of each member of the Management Committee is set forth on Schedule A attached hereto. . By a vote of the Members holding a majority of the capital interests in the Company, as set forth in Schedule B,, as amended from time to time, shall elect so many Management Committee members as the Members determine, but no fewer than one.	
 
4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation management of the company’s business; and	
 
 	(h)	the appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
 	(a)	all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets;	

 	(b)	all checks, drafts and other orders for the payment of the company’s funds;	
 
 	(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties. The officers of the Company, which may be amended by the Management Committee election, are set forth on Schedule C attached hereto.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause or result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	
 
4.8	INDEMNIFICATION. The company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the company, Manager, officer, employee or agent of the Company, or is or was serving at the request of the Company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.	
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.

4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1,704 l(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
 
 	(a)	any additional capital contribution made by him/her;	
 
 	(b)	credit balances transferred from his distribution account to his capital account;	
and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	

 	(ii)	the Member’s share of Company losses if charged to his/her capital account.	
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	
ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 29 th day of July, 2014.w

SOLE MEMBER:	 	GRAND VACATIONS REALTY, LLC,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ Kevin J. Jacobs	
	 		 	Name:	 	Kevin J. Jacobs	
	 		 	Title:	 	Senior Vice President & Treasurer	

Schedule A
Management Committee
Mark Wang
K. Robert Kreiger
Rebecca L. Sloan

Schedule B
Members

                         Name	  	Ownership Percentage	 	Address	
Grand Vacations Realty, LLC	  	100%	 	6355 MetroWest Blvd., Suite 180, Orlando, FL 32835	

Schedule C
Officers

Officer	  	Title	
		
Mark Wang,	  	President	
Michael Brown	  	Chief Operating Officer	
K. Robert Kreiger, Sr.	  	Sr. Vice President	
Kevin J. Jacobs	  	Sr. Vice President & Treasurer	
Rebecca L. Sloan	  	Sr. Vice President	
Kelly Lodde	  	Vice President & Secretary	
Rebekah Ellouze	  	Vice President	
Lisa Levert	  	Vice President	
Robert Shaw	  	Vice President Controller	

Exhibit 3.95
CERTIFICATE OF FORMATION
OF
HAMPTON INNS FRANCHISE LLC
This Certificate of Formation of Hampton Inns Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hampton Inns Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote            	
David Marote	
Authorized Person	

Exhibit 3.96
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hampton Inns Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hampton Inns Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hampton Inns Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER:

HILTON FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer            	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hampton Inns Franchise LLC ]

Schedule A
Members

 	 	Name	  	Ownership Percentage	  	Address	
Hilton Franchise Holding LLC	  	100%	  	              7930 Jones Branch Drive
              McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.97
CERTIFICATE OF FORMATION
OF
HAMPTON INNS LLC
This Certificate of Formation of Hampton Inns LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hampton Inns LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.98
LIMITED LIABILITY COMPANY AGREEMENT
OF
HAMPTON INNS LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hampton Inns LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Promus Hotels LLC (“ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Hampton Inns, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hampton Inns LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
 
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6. Powers. The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer” ) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8, the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions: Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses , All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor” ) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee” ) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:
 
Promus Hotels LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title: Executive Vice President	

Schedule A
Member

 	 	Name	  	Address	  	 	
	 	Promus Hotels LLC	  	9336 Civic Center Dr.	  		
	 		  	Beverly Hills, CA 90210	  		

Exhibit 3.99
CERTIFICATE OF FORMATION
OF
HAMPTON INNS MANAGEMENT LLC
This Certificate of Formation of Hampton Inns Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hampton Inns Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.100
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hampton Inns Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hampton Inns Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hampton Inns Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

	 	MANAGING MEMBER :	
			
	 		 	HLT MANAGE-FRANCHISE HOLDING LLC ,	
	 		 	a Delaware limited liability company	
				
	 		 	By:	 	/s/ W. Steven Standefer	
	 		 		 	Name:	 	W. Steven Standefer	
	 		 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hampton Inns Management LLC ]

Schedule A
Members

 	 	Name	  	Ownership
Percentage	  	Address	
HLT Manage-Franchise Holding LLC	  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.101
STATE OF DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE OF FORMATION
OF
HHC BC ORLANDO, LLC
 
 	First:	The name of the limited liability company is:	
HHC BC ORLANDO, LLC
 
 	Second:	The Registered Office in the State of Delaware is to be located at 2711 Centerville Road, Suite 400, County of New Castle, City of Wilmington 19808. The name of the registered agent at such address is Corporation Service Company.	
IN WITNESS WHEREOF, the undersigned, being authorized to organize the above named limited liability company, has executed this Certificate of Formation as of this 25 th day of April, 2006.

Name:	 	/s/ Joel D. Maser	
Title:	 	Joel D. Maser, Authorized Person	

Exhibit 3.102
LIMITED LIABILITY COMPANY AGREEMENT
OF
HHC BC ORLANDO, LLC
a Delaware limited liability company
April 25, 2006

Table of Contents

 	 	 	  	Page	 	
			
Section 1.	 	Name	  	 	1	  	
			
Section 2.	 	Principal Business Office	  	 	1	  	
			
Section 3.	 	Registered Office and Registered Agent	  	 	1	  	
			
Section 4.	 	Member	  	 	1	  	
			
Section 5.	 	Certificates	  	 	1	  	
			
Section 6.	 	Purposes	  	 	2	  	
			
Section 7.	 	Powers	  	 	2	  	
			
Section 8.	 	Management	  	 	2	  	
			
Section 9.	 	Officers	  	 	4	  	
			
Section 10.	 	Limited Liability	  	 	6	  	
			
Section 11.	 	Capital Contributions	  	 	6	  	
			
Section 12.	 	Additional Contributions	  	 	6	  	
			
Section 13.	 	Allocation of Profits and Losses	  	 	6	  	
			
Section 14.	 	Distributions	  	 	6	  	
			
Section 15.	 	Books and Records	  	 	6	  	
			
Section 16.	 	Other Business	  	 	7	  	
			
Section 17.	 	Exculpation and Indemnification	  	 	7	  	
			
Section 18.	 	Assignments	  	 	8	  	
			
Section 19.	 	Resignation	  	 	8	  	
			
Section 20.	 	Dissolution	  	 	8	  	
			
Section 21.	 	Waiver of Partition; Nature of Interest	  	 	9	  	
			
Section 22.	 	Severability of Provisions	  	 	9	  	
 
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Section 23.	 	Entire Agreement	  	 	9	  	
			
Section 24.	 	Binding Agreement	  	 	9	  	
			
Section 25.	 	Governing Law	  	 	9	  	
			
Section 26.	 	Amendments	  	 	9	  	
			
Section 27.	 	Counterparts	  	 	10	  	
			
Section 28.	 	Notices	  	 	10	  	

SCHEDULE A	  	DEFINITIONS	
SCHEDULE B	  	MEMBER	
SCHEDULE C	  	MANAGERS	
SCHEDULE D	  	OFFICERS	
 
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LIMITED LIABILITY COMPANY AGREEMENT
OF HHC BC ORLANDO, LLC
a Delaware limited liability company
THIS LIMITED LIABILITY COMPANY AGREEMENT (together with the schedules and exhibits attached hereto, this “ Agreement ”) of HHC BC Orlando, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of April 25, 2006, by Hilton Hotels Corporation, a Delaware corporation, as the sole equity member (the “ Member ”), Matthew J. Hart as Manager. Capitalized terms used and not otherwise defined herein have the meanings set forth on Schedule A (Definitions) hereto.
RECITALS
WHEREAS, the Member has heretofore formed a limited liability company pursuant to the Delaware Limited Liability Company Act, as amended from time to time (the “ Act ”), by filing the Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware (the “ Secretary of State ”) on April 25, 2006 (the “ Certificate of Formation ”) and
WHEREAS, the Member and Managers desire to enter into this Agreement for the purpose of setting forth and agreeing upon their and any future members’ or managers’ rights, duties and responsibilities with respect to the management and affairs of the Company, and their interests therein;
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the parties agree as follows:
Section 1. Name . The name of the limited liability company is HHC BC Orlando, LLC.
Section 2. Principal Business Office . The principal business office of the Company is located at 9336 Civic Center Drive, Beverly Hills, CA 90210 or such other location as may hereafter be determined by the Member.
Section 3. Registered Office and Registered Agent . The address of the registered office of the Company in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The name of the registered agent of the Company for service of process on the Company at such address is Corporation Service Company.
Section 4. Member . The mailing address of the Member is set forth on Schedule B (Member) attached hereto. The Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to this Agreement.
Section 5. Certificates . Joel D. Maser is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State. Upon the filing of the Certificate of Formation with the Secretary of State, the Member will become the designated “authorized person” within the meaning of the Act.

The existence of the Company as a separate legal entity will continue until cancellation of the Certificate of Formation as provided in the Act.
Section 6. Purposes . The purpose to be conducted or promoted by the Company is to engage in the following activities:
(a) The business and sole purposes of the Company are limited to owning interests in G/B/H Orlando Hotel Investors, LLC, a Delaware limited liability company, and G/B/H Condo Lot, LLC, a Delaware limited liability company (each, an “ Entity ” or collectively, the “ Entities ”), performing all of the Company’s obligations as a member of each Entity under their respective operating agreements dated as of May 23, 2006, as the same may be amended (the “ Operating Agreements ”), including making the capital contributions to each Entity as required thereunder, exercising all rights provided to the Company under the Operating Agreements, causing the Entities to comply with the Act and undertaking all actions and executing all instruments which the Company deems appropriate for the Company to comply with the Certificate of Formation and to fully carry out its duties and obligations under each of the Operating Agreements.
(b) The Company, by or through the Member, or the Board, any Manager, or Officer on behalf of the Company, may enter into and perform all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further act, vote or approval any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of the Member or the Board, any Manager or Officer to enter into other agreements on behalf of the Company.
Section 7. Powers . The Company, and the Managers and the Officers of the Company on behalf of the Company, (a) will have and exercise all powers necessary, convenient or incidental to accomplish its purposes as set forth in Section 6 (Purposes) and (b) will have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act, unless limited herein.
Section 8. Management .
(a) Board . The business and affairs of the Company will be managed by or under the direction of a Board of one or more individuals elected or designated by the Member to serve as Managers, and who will individually hereunder be referred to as a “ Manager ” and collectively as “ Managers ”. The Member may determine at any time in its sole and absolute discretion the number of Managers to constitute the Board. The authorized number of Managers may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all Managers. The initial number of Managers will be one (1). Each Manager elected or designated by the Member will hold office until a successor is elected and qualified or until such Manager’s earlier death, resignation, expulsion or removal. Each Manager will indicate acceptance of his or her appointment by execution of a counterpart of Agreement. Managers need not be Members. The initial Manager designated by the Member is identified on Schedule C (Managers) hereto.
 
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(b) Powers . The Board will have the power to do any and all acts necessary, convenient or incidental to or in furtherance of the purposes described in Section 6 (Purposes), including all powers, statutory or otherwise. Subject to Section 6 (Purposes), the Board has the authority to bind the Company.
(c) Meetings of the Board . The Board may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as will from time to time be determined by the Board. Special meetings of the Board may be called by the President on not less than one day’s notice to each Manager by telephone, facsimile, mail, telegram or any other means of communication, and special meetings will be called by the President or Secretary in like manner and with like notice upon the written request of any one or more of the Managers.
(d) Quorum; Acts of the Board . At all meetings of the Board, a majority of the Managers will constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the Managers present at any meeting at which there is a quorum will be the act of the Board. If a quorum is not present at any meeting of the Board, the Managers present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee, as the case may be.
(e) Electronic Communications . Managers on the Board, or any committee designated by the Board, may participate in meetings of the Board, or any committee, by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting will constitute presence in person at the meeting If all the participants are participating by telephone conference or similar communications equipment, the meeting will be deemed to be held at the principal place of business of the Company.
(f) Committees of Managers .
 
 	(i)	The Board may, by resolution passed by a majority of the members of the Board, designate one or more committees, each committee to consist only of one or more of the Managers of the Company. The Board may designate one or more Managers as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.	
 
 	(ii)	In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member.	
 
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 	(iii)	Any such committee, to the extent provided in the resolution of the Board, and subject to, in all cases, this Agreement will have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such committee or committees will have such name or names as may be determined from time to time by resolution adopted by the Board. Each committee will keep regular minutes of its meetings and report the same to the Board when required.	
(g) Compensation of Managers: Expenses . The Board will have the authority to fix the compensation of the Managers. The Managers may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as Manager. No such payment will preclude any Manager from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
(h) Removal of Managers . Unless otherwise restricted by law, any Manager or the entire Board may be removed or expelled, with or without cause, at any time by the Member, and any vacancy caused by any such removal or expulsion may be filled by action of the Member.
(i) Managers as Agents . To the extent of their powers set forth in this Agreement, the Managers are agents of the Company for the purpose of the Company’s business, and the actions of the Managers taken in accordance with such powers set forth in this Agreement will bind the Company.
Section 9. Officers .
(a) Officers . The initial Officers designated by the Member are listed on Schedule D (Officers) hereto. The Board will choose the additional or successor Officers of the Company including at least a President, a Secretary and a Treasurer. The Board may also choose one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers. Any number of offices may be held by the same person. Managers may serve as Officers. The Board may appoint such other Officers and agents as it deems necessary or advisable who will hold their offices for such terms and will exercise such powers and perform such duties as are determined from time to time by the Board. The salaries of all Officers and agents of the Company will be fixed by or in the manner prescribed by the Board. The Officers will hold office until their successors are chosen and qualified. Any Officer may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board. Any vacancy occurring in any office of the Company will be filled by the Board.
 
4

(b) President . The President will preside at all meetings of the Board, will be responsible for the general and active management of the business of the Company and will see that all orders and resolutions of the Board are carried into effect. The President or any other Officer authorized by the President or the Board may execute all bonds, mortgages and other contracts, except: (i) where required or permitted by law or this Agreement to be otherwise signed and executed, including Section 6 (Purposes); (ii) where signing and execution thereof is expressly delegated by the Board to some other Officer or agent of the Company, and (iii) as otherwise permitted in Section 9(c ) (Officers-Vice President).
(c) Vice President . In the absence of the President or in the event of the President’s inability to act, the Vice President, if any (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board, or in the absence of any designation, then in the order of their election), will perform the duties of the President, and when so acting, will have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents, if any, will perform such other duties and have such other powers as the Board may from time to time prescribe.
(d) Secretary and Assistant Secretary . The Secretary will be responsible for filing legal documents and maintaining records for the Company. The Secretary will attend all meetings of the Board and record all the proceedings of the meetings of the Company and of the Board in a book to be kept for that purpose and will perform like duties for the standing committees when required. The Secretary will give, or will cause to be given, notice of all meetings of the Member, if any, and special meetings of the Board, and will perform such other duties as may be prescribed by the Board or the President, under whose supervision the Secretary will serve. The Assistant Secretary, or if there are more than one, the Assistant Secretaries in the order determined by the Board (or if there be no such determination, then in order of their election), will, in the absence of the Secretary or in the event of the Secretary’s inability to act, perform the duties and exercise the powers of the Secretary and will perform such other duties and have such other powers as the Board may from time to time prescribe.
(e) Treasurer and Assistant Treasurer . The Treasurer will have the custody of the Company funds and securities and will keep full and accurate accounts of receipts and disbursements in books belonging to the Company and will deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board. The Treasurer will disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and will render to the President and to the Board, at its regular meetings or when the Board so requires, an account of all of the Treasurer’s transactions and of the financial condition of the Company. The Assistant Treasurer, or if there are more than one, the Assistant Treasurers in the order determined by the Board (or if there be no such determination, then in the order of their election), will, in the absence of the Treasurer or in the event of the Treasurer’s inability to act, perform the duties and exercise the powers of the Treasurer and will perform such other duties and have such other powers as the Board may from time to time prescribe.
 
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(f) Officers as Agents . The Officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Company’s business and, the actions of the Officers taken in accordance with such powers will bind the Company.
(g) Duties of Board and Officers . Except to the extent otherwise provided herein, each Manager and Officer will have a fiduciary duty of loyalty and care similar to that of directors and officers of business corporations organized under the General Corporation Law of the State of Delaware.
Section 10. Limited Liability . Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, are the debts, obligations and liabilities solely of the Company, and neither the Member nor the Managers, nor any Officers will be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Manager or Officer of the Company.
Section 11. Capital Contributions . The Member has contributed to the Company property of an agreed value as listed on Schedule B (Member) attached hereto.
Section 12. Additional Contributions . The Member is not required to make any additional capital contribution to the Company. However, the Member may make additional capital contributions to the Company at any time upon the written consent of such Member. To the extent that the Member makes an additional capital contribution to the Company, the Member will revise Schedule B (Member) of this Agreement. The provisions of this Agreement, including this Section 12 (Additional Contributions), are intended to benefit the Member and, to the fullest extent permitted by law, will not be construed as conferring any benefit upon any creditor of the Company (and no such: creditor of the Company will be a third-party beneficiary of this Agreement) and the Member will not have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement.
Section 13. Allocation of Profits and Losses . The Company’s profits and losses will be allocated to the Member.
Section 14. Distributions . Distributions will be made to the Member at the times and in the aggregate amounts determined by the Board. Notwithstanding any provision to the contrary contained in this Agreement, the Company will not be required to make a distribution to the Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law.
Section 15. Books and Records . The Board will keep or cause to be kept complete and accurate books of account and records with respect to the Company’s business. The books of the Company will at all times be maintained by the Board. The Company’s books of account will be kept using the method of accounting determined by the Member. The Company’s independent auditor, if any, will be an independent public accounting firm selected by the Member.
 
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Section 16. Other Business . The Member and any Affiliate of the Member may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description, independently or with others. The Company will not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.
Section 17. Exculpation and Indemnification .
(a) Neither the Member nor any Officer, Manager, employee, representative, agent, or Affiliate of the Company nor any Officer, Director, Manager, general partner, employee, representative, agent, or Affiliate of the Member (each a “ Covered Person ” or collectively, the “ Covered Persons ”) will be liable to the Company or any other Person who has an interest in or claim against the Company for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that a Covered Person will be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence or willful misconduct.
(b) To the fullest extent permitted by applicable law, a Covered Person will be entitled to indemnification from the Company for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or emitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that no Covered Person will be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this Section 17 (Exculpation and Indemnification) by the Company wilt be provided out of and to the extent of Company assets only, and the Member will not have personal liability on account thereof.
(c) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim, demand, action, suit or proceeding will, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it is determined that the Covered Person is not entitled to be indemnified as authorized in this Section 17 (Exculpation and Indemnification).
(d) A Covered Person will be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, ‘reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the Member might properly be paid.
 
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(e) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company or to any other Covered Person, a Covered Person acting under this Agreement will not be liable to the Company or to any other Covered Person for its good faith reliance on the provisions of this Agreement or any approval or authorization granted by the Company or any other Covered Person. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Member to replace such other duties and liabilities of such Covered Person.
(1) The foregoing provisions of this Section 17 (Exculpation and Indemnification) will survive any termination of this Agreement.
Section 18. Assignments . The Member may assign in whole or in part its limited liability company interest in the Company. If the Member transfers all of its limited liability company interest in the Company pursuant to this Section 18 (Assignments), the transferee will be admitted to the Company as a Member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission will be deemed effective immediately prior to the transfer. Immediately following such admission, the transferor Member will cease to be a Member of the Company.
Section 19. Resignation . If a Member resigns, an additional Member of the Company may be admitted to the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission will be deemed effective immediately prior to the resignation. Immediately following such admission, the resigning Member will cease to be a Member of the Company.
Section 20. Dissolution .
(a) The Company will be dissolved, and its affairs will be wound up upon the first to occur of the following: (i) the termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining Member of the Company in the Company unless the business of the Company is continued in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution under the Act. Upon the occurrence of any event that causes the last remaining Member of the Company to cease to be a Member of the Company, to the fullest extent permitted by law, the personal representative of such Member is hereby authorized to, and will, within ninety (90) days after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as title case may be, as a substitute Member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining Member of the Company in the Company.
(b) Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member will not cause the Member to cease to be a Member of the Company and upon the occurrence of such an event, the business of the Company will continue without dissolution.
 
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(c) Notwithstanding any other provision of this Agreement, the Member waives any right it might have to agree in writing to dissolve the Company upon the bankruptcy of the Member or the occurrence of an event that causes the Member to cease to be a Member of the Company.
(d) In the event of dissolution, the Company will conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company will be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act.
(e) The Company will terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company are distributed to the Member in the manner provided for in this Agreement and (ii) the Certificate of Formation is canceled in the manner required by the Act.
Section 21. Waiver of Partition; Nature of Interest . Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, the Member hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or ant,’ portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. The Member does not have any interest in any specific assets of the Company, and the Member will not have the status of a creditor with respect to any distribution pursuant to Section 14 (Distributions) hereof. The interest of the Member in the Company is personal property.
Section 22. Severability of Provisions . Each provision of this Agreement is to be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality will not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.
Section 23. Entire Agreement . This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.
Section 24. Binding Agreement . Notwithstanding any other provision of this Agreement, the Member agrees that this Agreement constitutes a legal, valid and binding agreement of the Member, and is enforceable against the Member.
Section 25. Governing Law . THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), ALL RIGHTS AND REMEDIES BEING GOVERNED BY SAID LAWS.
Section 26. Amendments . This Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by the Member and signed by the Managers.
 
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Section 27. Counterparts . This Agreement may be executed in any number of counterparts, each of which will be deemed an original of this Agreement and all of which together constitute one and the same instrument.
Section 28. Notices . All notices under this Agreement will be in writing and will be effective upon personal delivery, upon written confirmation of a facsimile transmission, by email transmission or, if sent by overnight express courier or registered or certified mail, postage prepaid, addressed to the last known address of the party to whom such notice is to be given, then upon the deposit of such notice with, the overnight express courier service or in the United States mail.
[The remainder of this page is intentionally left blank]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement of HHC BC Orlando, LLC, as of the date hereof.

MEMBER:
 
HILTON HOTELS CORPORATION, a Delaware
corporation	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President-Tax	
 
MANAGER:	
	
/s/ Matthew J. Hart	
Matthew J. Hart, Manager	
[Signature page of the member and the managers.]
 
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SCHEDULE A
DEFINITIONS
A. Definitions
When used in this Agreement, the following terms not otherwise defined herein have the following meanings:
“ Act ” has the meaning set forth in the recitals.
“ Affiliate ” means (1) any officer, director or manager of the Company or the Member, (2) any person that controls, is controlled by or is under common control with such Member, and (3) any officer, director or manager of any entity described in (2) above.
“ Agreement ” means this Limited Liability Company Agreement of the Company, together with the schedules attached hereto, as amended, restated or supplemented or otherwise modified from time to time.
“ Bankruptcy ” means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if one hundred and twenty (120) days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within ninety (90) days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within ninety (90) days after the expiration of any such stay, the appointment is not vacated.
“ Board ” means the Board of Managers of the Company as described in Section 8 (Management).
“ Certificate of Formation ” has the meaning given it in the recitals of this Agreement.
“ Company ” means HHC BC Orlando, LLC, a Delaware limited liability company.
“ Control ” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or otherwise. “Controlling” and “Controlled” has correlative meanings. Without limiting the generality of the foregoing, a Person is deemed to Control any other Person in which it owns, directly or indirectly, a majority of the ownership interests.
 
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“ Covered Persons ” has the meaning set forth in Section 17(a) (Exculpation and Indemnification).
“ Manager ” means the person or persons elected to the Board from time to time by the Member. A Manager is hereby designated as a Manager of the Company within the meaning of the Act.
“ Member ” means Hilton Hotels Corporation, as the initial member of the Company, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company.
“ Officer ” means an officer of the Company described in Section 9 (Officers).
“ Person ” means any individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association, joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any governmental authority.
B. Rules of Construction
Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms. The words “include” and “including” are to be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section, paragraph or subdivision. The Section titles appear as a matter of convenience only and will not affect the interpretation of this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document are references to such parts of this Agreement.
 
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SCHEDULE B
MEMBER

Name	  	Mailing Address	  	Agreed Value of
Capital Contribution	  	Membership Interest	
				
Hilton Hotels	  	9336 Civic Center Drive	  	$2 Million	  	100%	
Corporation	  	Beverly Hills, CA 90210	  		  		
 
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SCHEDULE C
MANAGERS
 
1.	Matthew J. Hart, Manager	
 
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SCHEDULE D
OFFICERS

NAME	  	TITLE	
		
Matthew J. Hart	  	President and Secretary	
		
W. Steven Standefer	  	Senior Vice President-Tax and Treasurer	
		
K. Allen Anderson	  	Vice President and Assistant Secretary	
		
Bryan S. White	  	Vice President and Assistant Secretary	
 
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Exhibit 3.103
CERTIFICATE OF FORMATION
OF
HHC ONE PARK BOULEVARD, LLC
This Certificate of Formation of HHC One Park Boulevard, LLC (the “LLC”), dated as of November 18, 2005, is being duly executed and filed by Dana Taylor, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq ).
FIRST: The name of the limited liability company formed hereby is:
HHC One Park Boulevard, LLC
SECOND: The address of the registered office of the LLC in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801.
THIRD: The name and address of the registered agent for service of process of the LLC in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Dana Taylor	
Dana Taylor, Authorized Person	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
 
1.	Name of Limited Liability Company: HHC ONE PARK BOULEVARD, LLC	
 
2.	The Certificate of Formation of the limited liability company is hereby amended as follows: Strike out the statement relating to the limited liability company’s registered office and registered agent and substitute in lieu thereof the following statement:	
“The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808.” .
IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 1 st day of March, A.D. 2006.

By:	 	/s/ Dana Taylor	
	 	Authorized Person(s)	

Name:	 	Dana Taylor	
	 	Print or Type	

Exhibit 3.104
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HHC One Park Boulevard, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HHC One Park Boulevard, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton OPB, LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of January 6, 2006 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HHC One Park Boulevard, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
MANAGING MEMBER :

HILTON OPB, LLC ,
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HHC One Park Boulevard, LLC ]

Schedule A
Members

 	 	Name	  	Ownership Percentage	 	Address	
Hilton OPB, LLC	  	100%	 	            7930 Jones Branch Drive
            McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.105
CERTIFICATE OF INCORPORATION
OF
LADSTOCK FIRST CORPORATION
ARTICLE FIRST
NAME
The name of the Corporation is LADSTOCK FIRST CORPORATION.
ARTICLE SECOND
REGISTERED OFFICE
The address of its registered office in the State of Delaware is 410 South State Street, c/o United Corporate Services, Inc., in the City of Dover, County of Kent. The name of its registered agent at such address is United Corporate Services, Inc.
ARTICLE THIRD
PURPOSE
The purpose of the Corporation is to engage in any lawful act or activities for which corporations may be organized under the General Corporation Law of Delaware.
ARTICLE FOURTH
CAPITAL STOCK CLASSES
The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 11,000 shares which are divided into two classes as follows:
10,000 shares of Preferred Stock (Preferred Stock) without par value, and

1,000 shares of Common Stock (Common Stock) $1.00 par value per share.
Shares of Preferred Stock and Common Stock of the Corporation shall not be transferred or sold without the prior written approval of the Board of Directors.
The designations, voting powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions of the above classes of stock are as follows:
I. Preferred Stock
1. Issuance in Series.
Shares of Preferred Stock may be issued in one or more series at such time or times, and for such consideration or considerations as the Board of Directors may determine. All shares of any one series of Preferred Stock will be identical with each other in all respects, except that shares of one series issued at different times may differ as to dates from which dividends thereon may be cumulative. All series will rank equally and be identical in all respects, except as permitted by the following provisions of paragraph 2 of this Division I.
 
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2. Authority of the Board with Respect to Series.
The Board of Directors is authorized, at any time and from time to time, to provide for the issuance of shares of Preferred Stock in one or more series with such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof as are stated and expressed in the resolution or resolutions providing for the issue thereof adopted by the Board of Directors, and as are not stated and expressed in this Certificate of Incorporation or any amendment thereto including, but not limited to, determination of any of the following:
(a) the distinctive serial designation and the number of shares constituting a series;
(b) the dividend rate or rates, whether dividends are cumulative and, if so, from which date, the payment date or dates for dividends, and the participating or other special rights, if any, with respect to dividends;
(c) the voting powers, full or limited, if any, of the shares of the series;
(d) whether the shares are redeemable and, if so, the price or prices at which, and the terms and conditions on which, the shares may be redeemed;
 
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(e) the amount or amounts payable upon the shares in the event of voluntary or involuntary liquidation, dissolution or winding up of the Corporation prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to the Preferred Stock;
(f) whether the shares are entitled to the benefit of a sinking or retirement fund to be applied to the purchase or redemption of shares of a series and, if so entitled, the amount of the fund and the manner of its application, including the price or prices at which the shares may be redeemed or purchased through the application of the fund;
(g) whether the shares are convertible into, or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes of stock of the Corporation and, if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and the adjustments thereof, if any, at which the conversion or exchange may be made, and any other terms and conditions of the conversion or exchange; and
(h) any other preferences, privileges and powers, and relative participating, optional or other special rights, and qualifications, limitations or restrictions of a
 
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series, as the Board of Directors may deem advisable and as are not inconsistent with the provisions of this Certificate of Incorporation.
3. Dividends.
Before any dividends on any class or classes of stock of the Corporation ranking junior to the Preferred Stock (other than dividends payable in shares of any class or classes of stock of the Corporation ranking junior to the Preferred Stock) may be declared or paid or set apart for payment, the holders of shares of Preferred Stock of each series are entitled to such cash dividends, but only when and as declared by the Board of Directors out of funds legally available therefor, as they may be entitled to in accordance with the resolution or resolutions adopted by the Board of Directors providing for the issue of the series, payable on such dates in each year as may be fixed in the resolution or resolutions. The term “class or classes of stock of the Corporation ranking junior to the Preferred Stock” means the Common Stock and any other class or classes of stock of the Corporation hereafter authorized which rank junior to the Preferred Stock as to dividends or upon liquidation.
4. Voting Rights.
Unless and except to the extent otherwise required by law or provided in the resolution or resolutions of the
 
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Board of Directors creating any series of Preferred Stock pursuant to this Division I, the holders of the Preferred Stock shall have no voting power with respect to any matter whatsoever.
II. Common Stock
1. Dividends.
Subject to the preferential rights of the Preferred Stock, the holders of the Common Stock are entitled to receive, to the extent permitted by law or the By-Laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors.
2. Liquidation.
In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of Preferred Stock, holders of Common Stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders ratably in proportion to the number of shares of Common Stock held by them respectively. The Board of Directors may distribute in kind to the holders of Common Stock such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part
 
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of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Common Stock. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for the purposes of this paragraph.
3. Voting Rights.
Except as may be otherwise required by law or this Certificate of Incorporation, each holder of Common Stock has one vote in respect of each share of stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
4. Preemptive Rights.
Each holder of Common Stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issue of fractional shares) to purchase shares of any class of capital stock of the Corporation that may hereafter from time to time be issued (whether or not
 
-7-

presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Common Stock he holds at the time of the issue bears to the total number of shares of Common Stock outstanding, provided, however, this right shall be deemed waived by any holder of Common Stock who does not exercise it and pay for the securities preempted within thirty days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
ARTICLE FIFTH
NAME AND ADDRESS OF INCORPORATOR
The name and mailing address of the Incorporator is as follows:

NAME	  	MAILING ADDRESS	
		
Jacob Friedlander	  	LeBoeuf, Lamb, Leiby
& MacRae
140 Broadway
New York, New York 10005	
 
-8-

I, THE UNDERSIGNED, being the Incorporator herein-before named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this Certificate, hereby declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly have hereunto set my hand this 9th day of October, 1981.

/s/    Jacob Friedlander        	
Jacob Friedlander	
 
-9-

					
State of New York	  	        )	 		
	  	        )	 	  ss.:	
County of New York	  	        )	 		
Be it remembered that on this 9 th day of October, 1981, personally appeared before me a Notary Public in and for the county and state aforesaid, Jacob Friedlander, the party to the foregoing Certificate of Incorporation, known to me personally to be such, and acknowledged the said Certificate to be the act and deed of the signer, and that the facts therein stated are truly set forth.
Given under my hand and seal of office the day and year aforesaid.

[Seal]	
	
/s/ Michael Groll	
Notary Public	
	
Michael Groll	
Notary Public, State of New York
No. 31-4685898
Qualified in New York County
Commission Expires March 30, 1982	

LADSTOCK FIRST CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, 1982 SERIES A
The undersigned, being the President of Ladstock First Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of March 30, 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, 1982 Series A” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, 1992 Series A:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 4,729 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, 1982 Series A” (hereinafter sometimes referred to as “Series A”).
RESOLVED, that pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation,

the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A, be, and they hereby are, stated to be as follows:
First: Each share of Series A shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8 % of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: No share of Series A shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series A at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series A shares outstanding shall be required to approve any such change so submitted.
Third: The Corporation may from time to time at its sole discretion call any or all of the shares of Series A for redemption at a redemption price of $ 1,000 per share.
Fourth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series A shall entitle the holder thereof to receive the sum of (i) $ 1,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series A. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series A, and if sufficient funds shall not exist to pay the
 
-2-

holders of such shares and the holders of Series A shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series A shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Fifth: The shares of Series A shall not be entitled to the benefit of a sinking or retirement fund.
Sixth: The shares of Series A shall not be convertible into, or exchangeable for, shares of any other class or series of stock of the Corporation.
In witness whereof, I have this 30th day of March, 1982 hereunto set my hand.

/s/ Cyril Stein	
Name:	 	Cyril Stein	
	 	President	

Attest:	
	
/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews	
	 	Secretary	
 
-3-

LADSTOCK FIRST CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES B
The undersigned, being the President of Ladstock First Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December  20th , 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series B” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 100 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series B” (hereinafter sometimes referred to as “Series B”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B, be, and they hereby are, stated to be as follows:
First: Each share of Series B shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series B shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series B shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series B at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series B shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series B for redemption at a redemption price of $1,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series B shall entitle the holder thereof to receive the sum of (i) $1,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series B. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series B, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series B shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series B shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series B shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20th day of December, 1982 hereunto set my hand.

	 		 	/s/ Cyril Stein	
	 		 		 	Name:	 	Cyril Stein	
	 	[Seal]	 		 		 	President	
				
/s/ Christopher Henry Andrews	 		 		 		
Name:	 	Christopher Henry Andrews	 		 		 		
	 	Secretary	 		 		 		
 
-3-

LADSTOCK FIRST CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES C
The undersigned, being a Vice President of Ladstock First Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of October 6, 1983 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series C” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 1000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series C” (hereinafter sometimes referred to as “Series C”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C, be, and they hereby are, stated to be as follows:
First: Each share of Series C shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series C shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series C shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series C at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series C shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series C for redemption at a redemption price of $1,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series C shall entitle the holder thereof to receive the sum of (i) $1,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series C. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series C, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series C shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series C shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series C shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 6 th day of October, 1983 hereunto set my hand.

/s/ Anthony Graham Long	
Name:	 	Anthony Graham Long	
	 	Vice President	

Attest:	
	
/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews	
	 	Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK FIRST CORPORATION
The undersigned, being President of LADSTOCK FIRST CORPORATION, a Delaware corporation (the “Corporation”), does hereby certify as follows:
FIRST: The name of the Corporation is LADSTOCK FIRST CORPORATION.
SECOND: The date it filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences, or relative, participating, optional, or other special rights of the shares, is hereby amended to increase the total number of shares of all classes of capital stock to 21,000 and to increase the shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate of 20,000 shares. To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in its entirety as follows:
FOURTH: The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 21,000 shares, which are divided into two classes as follows:
20,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”

FOURTH: That the amendment set forth above was duly adopted by the written consent, dated February 6, 1984, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (both common and preferred), pursuant to Sections 228 and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not otherwise amended by such shareholder consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 7th day of February, 1984.

By:	 	/s/    C. Stein        	
		
Name:	 	C. Stein	
		
Title:	 	President	
	 	Ladstock First Corporation	

Attest:	
	
/s/    Christopher Henry Andrews        	
Christopher Henry Andrews	
Secretary	
Ladstock First Corporation	
 
-2-

LADSTOCK FIRST CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES D
The undersigned, being President of Ladstock First Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of September 21, 1984 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series D” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D:
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 7,500 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series D” (hereinafter sometimes referred to as “Series D”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D, be, and they hereby are, stated to be as follows:
First: Each share of Series D shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series D shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series D shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series D at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series D shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series D for redemption at a redemption price of $1,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series D shall entitle the holder thereof to receive the sum of (i) $1,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series D. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series D, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series D shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series D shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series D shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 21st day of September, 1984 hereunto set my hand.

/s/ C. Stein	
Name:	 	C. Stein	
Title:	 	President	

Attest:	 		
	
/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews	
Title:	 	Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK FIRST CORPORATION
The undersigned, being Vice President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK FIRST CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 71,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 70,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 71,000 shares, which are divided into two classes as follows:
70,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated December 19, 1985, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
-2-

IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 20th day of December, 1985.

By:	 	/s/ DEREK JAMES SATE	
		
Name:	 	DEREK JAMES SATE	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	

Secretary	
 
-3-

LADSTOCK FIRST CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES E
The undersigned, being Vice President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series E” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 50,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series E” (hereinafter sometimes referred to as “Series E”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E, be, and they hereby are, stated to be as follows:
First: Each Share of Series E shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series E shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series E shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series E at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series E shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series E for redemption at a redemption price of $1,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series E shall entitle the holder thereof to receive the sum of (i) $1,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series E. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series E, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series E shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series E shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series E shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20th day of December, 1985 hereunto set my hand.

By:	 	/s/ DEREK JAMES SATE	
		
Name:	 	DEREK JAMES SATE	
		
Title:	 	VICE PRESIDENT	

ATTEST:	
	
/s/ Christopher Henry Andrews	

Secretary	
 
-3-

THIRD AMENDMENT
TO
CERTIFICATE OF INCORPORATION
LADSTOCK FIRST CORPORATION
LADSTOCK FIRST CORPORATION, a corporation organized and existing under the laws of the State of Delaware, hereby certifies as follows:
1. The name of the corporation is LADSTOCK FIRST CORPORATION. The date of filing its original Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
2. This Amendment to the Certificate of Incorporation further amends the Certificate of Incorporation of this corporation by adding a new ARTICLE SIXTH thereto.
3. The text of the new ARTICLE SIXTH shall read in its entirety as set forth in Exhibit A hereto.
4. The amendment to the Certificate of Incorporation herein certified was duly adopted by unanimous written consent of the sole stockholder in accordance with the applicable provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
5. Except as provided in Paragraphs 2 and 3 above, the Certificate of Incorporation of Ladstock First Corporation shall remain unamended and in full force and effect.

IN WITNESS WHEREOF, Ladstock First Corporation has caused this certificate to be signed by Cyril Stein, its President, and attested by Christopher Henry Andrews, its Secretary, this 8 th day of June, 1987.

LADSTOCK FIRST CORPORATION	
		
By	 	/s/ Cyril Stein	
	 	Cyril Stein, President	

Attest:	
		
By:	 	/s/ Christopher Henry Andrews	
	 	Christopher Henry Andrews, Secretary	
		
	 	(SEAL)	
 
-2-

EXHIBIT A
ARTICLE SIXTH
 
Section 1.	Elimination of Certain Liability of Directors .	
A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit.
 
Section 2.	Indemnification and Insurance.	
(a) Right to Indemnification . Each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that, except as provided in subsection (b) of this Section 2, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. The right to indemnification conferred in this Section 2 shall be a contract right and shall

include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section 2 or otherwise. The Corporation may, by action of its Board of Directors, provide indemnification to employees and agents of the Corporation with the same scope and effect as the foregoing indemnification of directors and officers.
(b) Right of Claimant to Bring Suit . If a claim under subsection (a) of this Section 2 is not paid in full by the Corporation within thirty days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
(c) Non-Exclusivity of Rights . The right to indemnification and to the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section 2 shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

(d) Insurance . The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK FIRST CORPORATION
The undersigned, being a Vice President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK FIRST CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 106,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 105,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 106,000 shares, which are divided into two classes as follows:
105,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated December 17, 1987, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
-2-

IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 17th day of December 1987.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ [Illegible Signature]	
 	
Secretary	
 
-3-

LADSTOCK FIRST CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES F
The undersigned, being a Vice President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 17, 1987, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series F” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 17,426 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series F” (hereinafter sometimes referred to as “Series F”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F, be and they hereby are, stated to be as follows:
First: Each Share of Series F shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series F shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series F shall entitle the holder thereof to any voting rights, except with respect

to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series G at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series G shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series G for redemption at a redemption price of $10,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series G shall entitle the holder thereof to receive the sum of (i) $10,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series G. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series G, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series G shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series G shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series G shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
 
-2-

IN WITNESS WHEREOF, I have this 17th day of December, 1987 hereunto set my hand.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ [Illegible Signature]	
 	
Secretary	
 
-3-

LADSTOCK FIRST CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES G
The undersigned, being a Vice President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of 22nd December, 1988, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series G” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 5,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series G” hereinafter sometimes referred to as “Series G”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G, be, and they hereby are, stated to be as follows:
First: Each Share of Series G shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series G shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series G shall entitle the holder thereof to any voting rights, except with respect

to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series G at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series G shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series G for redemption at a redemption price of $10,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series G shall entitle the holder thereof to receive the sum of (i) $10,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series G. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series G, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series G shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series G shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series G shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
 
-2-

IN WITNESS WHEREOF, I have this 22nd day of December, 1988 hereunto set my hand.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ [Illegible Signature]	
 	
Secretary	

CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK FIRST CORPORATION
The undersigned, being the President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
1. The name of the Corporation is LADSTOCK FIRST CORPORATION.
2. The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
3. Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares, shall be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 706,000 and to increase the total number of shares of Common Stock, $1.00 par value, to an aggregate number of 601,000 shares.
To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 706,000, which are divided into two classes as follows: 105,000 shares of Preferred Stock (Preferred Stock) without par value, and 601,000 shares of Common Stock (Common Stock), par value $1.00 per share.”
4. The amendment set forth above was duly adopted by written consent, dated December 13, 1991, of the sole shareholder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.

5. Except for certain amendments to the certificates of designation setting forth the rights, preferences and privileges of the Corporation’s various series of Preferred Stock, which amendments are the subject of a separate Certificate of Amendment of Certificates of Designation, the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such stockholder’s consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under penalties of perjury this 13th day of December 1991.

/s/ Cyril Stein	
Cyril Stein, President	

ATTEST:	
	
/s/ Jacob Friedlander	
Jacob Friedlander,
Assistant Secretary	
 
2

LADSTOCK FIRST CORPORATION
AMENDED
CERTIFICATE OF DESIGNATION
OF
THE RIGHTS AND PREFERENCES OF ITS SERIES OF PREFERRED STOCK
AS FOLLOWS:
PREFERRED STOCK 1982, SERIES A
PREFERRED STOCK, SERIES B
PREFERRED STOCK, SERIES C
PREFERRED STOCK, SERIES D
PREFERRED STOCK, SERIES E
PREFERRED STOCK, SERIES F
PREFERRED STOCK, SERIES G
The undersigned, being the President of LADSTOCK FIRST CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation and by the written consent of the sole stockholder of the Corporation, both as of December 13, 1991, for the purpose of amending the statement of preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Corporation’s Preferred Stock, 1982 Series A, Preferred Stock, Series B, Preferred Stock, Series C, Preferred Stock, Series D, Preferred Stock, Series E, Preferred Stock, Series F, and Preferred Stock, Series G.

Preferred Stock, 1982 Series A
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, 1982 Series A filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, 1982 Series A (“Series A”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series A stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series A stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series A such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series A. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other
 
2

corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series A stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series A stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series A stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series A stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series B
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B as set forth in the second resolution of that certain Ladstock First
 
3

Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series B filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series B (“Series B”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series B stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series B stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series B such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination
 
4

thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series B. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series B stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series B stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series B stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series B stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
 
5

Preferred Stock, Series C
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series C filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series C (“Series C”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series C stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series C stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series C
 
6

such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series C. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series C stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series C stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series C stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series C stock who does not
 
7

exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series D
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series D filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series D (“Series D”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series D stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series D stock shall be entitled to receive a
 
8

portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series D such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series D. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series D stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series D stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series D stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the
 
9

outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series D stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series E
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series E filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series E (“Series E”) , shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series E stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
10

Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series E stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series E such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series E. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series E stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series E stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any
 
11

class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series E stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series E stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock. Series F
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series F filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, series F (“Series F”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series F stock will be entitled to receive, to the extent permitted
 
12

by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series F stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series F such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series F. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series F stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series F stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid
 
13

the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series F stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series F stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series G
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G as set forth in the second resolution of that certain Ladstock First Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series G filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series G (“Series G”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series G stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
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Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series G stock shall be entitled to receive a portion of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series G such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series G. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series G stock has one vote in respect of each share of such stock held by
 
15

him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series G stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series G stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series G stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
IN WITNESS WHEREOF, I have this 13th day of December 1991, hereunto set my hand.

/s/ Cyril Stein	
Cyril Stein, President	

ATTEST:	
	
/s/ Jacob Friedlander	
Jacob Friedlander,
Assistant Secretary	
 
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CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK FIRST CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
Ladstock First Corporation, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify as follows:
 
(1)	ARTICLE FIRST of the Certificate of Incorporation of the Corporation is amended to read in its entirety as follows:	
“FIRST. The name of the Corporation is HIC First Corporation.”
 
(2)	This Certificate of Amendment has been duly adopted by the sole stockholder of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.	
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Certificate of Incorporation to be executed and acknowledged by its duly authorized officer this 21 day of February, 2006.

LADSTOCK FIRST CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Vice President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
HIC FIRST CORPORATION
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is: HIC FIRST CORPORATION.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Road, Suite 400, City of Wilmington 19808, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 11/15, 2006

Signature:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	Vice President	

Exhibit 3.106
BY-LAWS
OF
LADSTOCK FIRST CORPORATION
ARTICLE I.
MANAGEMENT
Section 1.01. The Corporation shall be managed and controlled in the United Kingdom.
ARTICLE II.
OFFICES
Section 2.01. The principal office of the Corporation shall be located in London, England.
Section 2.02. The Corporation may also have offices and places of business at such other places, within or without the State of Delaware, as the Board of Directors may from time to time determine or the business of the Corporation may require.
ARTICLE III.
MEETINGS OF SHAREHOLDERS
Section 3.01. All meetings of shareholders shall be held at such time and place in the United Kingdom as shall be stated in the notice of the meeting, or in a duly executed waiver of notice thereof.

Section 3.02. Annual meetings of stockholders, commencing with the year 1982, shall be held on the third Tuesday of each year, if not a legal holiday, and if a legal holiday, then on the next succeeding day not a legal holiday, at 11:00 A.M., or at such other date and time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. At the annual meetings, the stockholders shall elect a Board of Directors, and transact any other proper business, notice of which has been given in the notice of the meeting. At each election of directors, every holder of stock entitled to vote shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote.
Section 3.03. Written notice of the annual meeting stating the place, date and hour of the meeting shall be given in accordance with Section 5.01 to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting.
 
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Section 3.04. The Secretary shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 3.05. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President or the Board of Directors and shall be called by the President at the request in writing of stockholders owning ten percent (10%) or more of the stock of the Corporation issued and outstanding and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting.
 
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Section 3.06. Written notice of a special meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, shall be given in accordance with Section 5.01 to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting.
Section 3.07. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 3.08. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for
 
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more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with Section 3.03 or 3.06, as the case may be, to each stockholder of record entitled to vote at the meeting.
Section 3.09. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes or of the Certificate of Incorporation, a different vote is required in which case such express provision shall govern and control the decision of such question.
Section 3.10. Each stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power held by such stockholder, but no proxy shall be voted on after three years from its date, unless the proxy provides for a longer period. If a vote is to be taken by ballot, each ballot shall state the number of shares voted and the name of the stockholder or proxy voting.
 
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Section 3.11. Whenever a vote of stockholders at a meeting thereof is required or permitted to be taken for or in connection with any corporate action, by any provision of the statutes, the meeting and vote of stockholders may be dispensed with if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereat were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented in writing.
PRESIDING OFFICER
ORDER OF BUSINESS
Section 3.12. (a) Meetings of the stockholders shall be presided over by the President, or if he is not present, by a Vice President, or if neither the President nor a Vice President is present, by a chairman to be chosen by a majority of the stockholders entitled to vote at the meeting who are present in person or by proxy. The Secretary of the Corporation, or in his absence, an
 
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Assistant Secretary, shall act as Secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the meeting shall choose any person present to act as secretary of the meeting.
(b) The order of business shall be as follows:
 
 	1.	Call of meeting to order.	
 
 	2.	Proof of notice of meeting.	
 
 	3.	Reading of minutes of last previous annual meeting.	
 
 	4.	Reports of officers.	
 
 	5.	Reports of committees.	
 
 	6.	Election of directors.	
 
 	7.	Miscellaneous business.	
ARTICLE IV.
DIRECTORS
Section 4.01. The business of the Corporation shall be managed by its Board of Directors, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
Section 4.02. All directors of the Corporation shall be residents of the United Kingdom.
 
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Section 4.03. The number of directors of the Corporation which shall constitute the whole Board shall be any number from one through nine as originally determined by the incorporator and thereafter by the Board of Directors. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 4.05, and each director elected shall hold office until his successor is elected and qualified or until his earlier resignation or removal. Directors need not be stockholders of the Corporation.
Section 4.04. Any director of the Corporation may resign at any time either by oral tender of resignation at any meeting of the Board of Directors or by giving written notice thereof to the Corporation. Such resignation shall take effect at the time specified therein, and unless otherwise specified with respect thereto, the acceptance of such resignation shall not be necessary to make it effective.
Section 4.05. Any director may be removed for cause, at any time, by the affirmative vote of the holders of record of a majority of all the shares of capital stock entitled to vote at a special meeting of the stockholders called for such purpose. Vacancies in the Board of Directors created by the death, resignation or removal of directors and newly created directorships resulting from any
 
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increase in the authorized number of directors may be filled only by the affirmative vote of a majority of the remaining directors; provided , that if the vacancy is created by the death, resignation or removal of a director designated as such by any person in accordance with an agreement between stockholders pursuant to subsection (c) of section 218 of Delaware General Corporation Law, then if such person shall at the time still be entitled under such agreement to make such a designation, such directors may fill the vacancy as aforesaid only by choosing another designee of such person. If the directors remaining in office shall be unable, by majority vote, to fill such vacancy within sixty days of the occurrence thereof, the President or the Secretary may call a special meeting of the stockholders at which such vacancy shall be filled. Any directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute.
MEETINGS OF THE BOARD OF DIRECTORS
Section 4.06. The Board of Directors of the Corporation shall hold meetings, both regular and special,
 
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in the United Kingdom. This provision shall not preclude participation in a meeting of the Board of Directors or any committee designated by the Board by means of a conference telephone or similar communications equipment pursuant to Section 4.12.
Section 4.07. The Board of Directors shall meet, as soon as practicable after the annual election of directors, for the purpose of organization and the transaction of other business. No notice of such meeting shall be required. Such organization meeting may, however, be held at any other time in the United Kingdom as shall be specified in a notice given as hereinafter provided for special meetings of the Board, or in a consent and waiver of notice thereof signed by all the directors.
Section 4.08. Regular meetings of the Board of Directors may be held without notice at such time and at such place in the United Kingdom as shall from time to time be determined by the Board. Any business of the Corporation may be transacted at any such regular meeting. This provision shall not preclude participation in a meeting of the Board of Directors or any committee designated by the Board by means of a conference telephone or similar communications equipment pursuant to Section 4.12.
 
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Section 4.09. Special meetings of the Board may be called by the Secretary, on three days’ notice to each director as provided in Article V, either on the request of the President or on the written request of two directors.
Section 4.10. At all meetings of the Board one-third of the directors then in office shall constitute a quorum for the transaction of business, and the act of a majority of directors present at the meeting shall be the act of the Board of Directors, except as may be otherwise specifically provided by the Certificate of Incorporation or by these By-Laws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.
Section 4.11. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board or committee, as the case may be.
Section 4.12. Members of the Board of Directors or any committee designated by the Board pursuant to Section
 
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4.13, may participate in a meeting of such Board or committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation in a meeting shall constitute presence in person at such meeting.
COMMITTEES OF DIRECTORS
Section 4.13. The Board of Directors may, by resolution passed by the affirmative vote of a majority of the whole Board of Directors, designate one or more committees, each committee to consist of two or more of the directors of the Corporation. The Board may by like vote designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders
 
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the sale, lease or exchange of all or substantially all of Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, amending the By-laws of the Corporation, or declaring a dividend or authorizing the issuance of stock. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors.
Section 4.14. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
COMPENSATION
Section 4.15. Directors, and members of any committee of the Board of Directors, shall be entitled to such reasonable compensation for their services as directors and members of any such committee as shall be fixed from time to time by resolution of the Board of Directors, and shall also be entitled to reimbursement for any reasonable expenses incurred in attending such meetings. The compensation of directors may be on such basis as is determined in the resolution of the Board of Directors. Any director receiving compensation under these provisions shall not be barred from serving the Corporation in any other capacity and receiving reasonable compensation for such other services.
 
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ARTICLE V.
NOTICES
Section 5.01. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director, or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the mail of the United States or United Kingdom, as the case may be. Notice to directors may also be given by telegram or cable.
Section 5.02. Whenever any notice is required to be given under the provisions of applicable law or of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to such notice. Attendance in person or by proxy of a person at a meeting of stockholders shall constitute a waiver of notice of such
 
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meeting, except when the stockholder attends a meeting for the express purpose of objecting and does so object at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any director attending a meeting of the Board of Directors without protesting, prior to the meeting or at its commencement, any lack of notice shall be conclusively deemed to have waived notice of such meeting.
ARTICLE VI.
OFFICERS
Section 6.01. The Board of Directors at its initial meeting, and thereafter at its first meeting after each meeting of stockholders at which directors are elected, shall elect a Chairman of the Board, a President, one or more Vice Presidents, a Secretary and a Treasurer, each of whom shall hold office until the first meeting of the Board after the next annual meeting of the stockholders and until his successor is elected and qualified. At any time, the Board of Directors may also appoint a Comptroller, one or more Assistant Secretaries, Assistant Treasurers, Assistant Comptrollers, and such other officers and agents as in its judgment the business of the Corporation may require and who shall perform such duties as the Board shall from time to
 
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time determine. No officer of the Corporation need be a member of the Board of Directors. Two or more offices may be held by the same person.
Section 6.02. All officers of the Corporation except Assistant Secretaries and Assistant Treasurers shall be residents of the United Kingdom.
Section 6.03. The compensation of all officers and agents of the Corporation shall be fixed by the Board of Directors except to the extent such power shall be delegated, by resolution of the Board, to a committee of directors or to the President.
Section 6.04. Any officer or agent of the Corporation may be removed at any time, either with or without cause, by the Board of Directors in its sole discretion. Any vacancy occurring in any office of the Corporation may be filled at any time by the Board of Directors.
THE CHAIRMAN OF THE BOARD
Section 6.05. The Chairman of the Board of Directors shall preside at all meetings of the Board of Directors, and shall have such other powers and duties as may from time to time be assigned by the Board of Directors.
 
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THE PRESIDENT
Section 6.06. The President shall be the chief executive officer of the Corporation, and may also be referred to as the Chairman. Subject to the authority of the Board of Directors, the President shall have general and active charge, control and supervision of all its business and affairs. The President shall preside at all meetings of the stockholders at which he is present. The President shall perform such other duties as the Board may from time to time prescribe.
Section 6.07. The President shall have general authority to execute bills, notes, checks, drafts and other instruments for the payment of money, bonds, debentures, deeds, mortgages and other contracts in the name and on behalf of the Corporation, except where any such documents are required by law to be otherwise executed; provided, however, that authority to execute any such documents in the name and on behalf of the Corporation may also be delegated by resolution of the Board of Directors to any other officer or agent of the Corporation.
THE VICE PRESIDENTS
Section 6.08. The several Vice Presidents may be designated by such title or titles and in such order of
 
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seniority as the Board of Directors may determine, and may also be referred to as the several Deputy Chairmen. They shall perform such duties and exercise such powers as the Board of Directors, or the President, may from time to time prescribe.
THE SECRETARY AND ASSISTANT SECRETARIES
Section 6.09. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors; attend all meetings of the Board of Directors and all meetings of the stockholders and record the proceedings of all such meetings in a book kept for that purpose; perform like duties for the standing committees when required; keep and account for all books, documents, papers and records of the Corporation, except those for which some other officer or agent is properly accountable; and perform such other duties as may be prescribed from time to time by the Board of Directors, or the President, under whose supervision he shall be. He, or an Assistant Secretary, shall have custody of the corporate seal of the Corporation and he, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature or by the signature of such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
 
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Section 6.10. The Assistant Secretary, or if there be more than one, the Assistant Secretaries, shall perform such duties and exercise such powers as the Board of Directors, the President or the Secretary may from time to time prescribe.
THE TREASURER AND ASSISTANT TREASURERS
Section 6.11. The Treasurer shall have the custody of the corporate funds and securities and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the President, shall render to the President and to the Board, whenever the President or the Board shall require, an account of all his transactions as Treasurer. The Treasurer shall give such bonds for the faithful performance of his duties as the Board of Directors may prescribe.
Section 6.12. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers, shall perform such duties and exercise such powers as the Board of Directors, the President or the Treasurer may from time to time prescribe.
 
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THE COMPTROLLER AND ASSISTANT COMPTROLLERS
Section 6.13. The Comptroller shall be the chief auditing and accounting officer of the Corporation and shall have control of and be responsible for all matters pertaining to the accounting policy of the Corporation. He shall continuously examine the affairs of the Corporation, and shall report to the Board of Directors. He shall maintain adequate and complete records of all assets, liabilities and transactions of the Corporation, shall supervise the arrangement and classification of such records, and shall supervise the accounting and auditing practices of the Corporation. He shall receive, audit and consolidate all operating and financial statements of the Corporation and its various departments and divisions. He shall have the power to make and sign all reports required by law to be made, published or filed by the Corporation, or on its behalf, with any public officer, or in any manner, in any jurisdiction.
Section 6.14. The Assistant Comptroller, or if there shall be more than one, the Assistant Comptrollers, shall perform such duties and exercise such powers as the Board of Directors, the President or the Comptroller may from time to time prescribe.
 
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ARTICLE VII.
CERTIFICATES OF STOCK
Section 7.01. The certificates for shares of the Corporation shall be in such form as shall be determined by the Board of Directors and shall be numbered consecutively and entered in the books of the Corporation as they are issued. Every holder of shares of capital stock of the Corporation shall be entitled to have a certificate in the form approved by the Board of Directors, signed by the President, or a Vice President and the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, certifying the number of such shares owned by him.
Section 7.02. Where any such certificate is signed either by a transfer agent or an assistant transfer agent, or by a transfer clerk acting on behalf of the Corporation and by a registrar, the signature of any such President, Vice President, Treasurer, Assistant Treasurer, Secretary or Assistant Secretary may be facsimile. In case any such officer who has signed, or whose facsimile signature has been used on, any such certificate shall cease to be such officer, whether because of resignation, removal or otherwise, before such certificate has been delivered by the Corporation, such certificate may nevertheless be issued and
 
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delivered by the Corporation with the same effect as if such officer had not ceased to be such at the date of such delivery.
LOST CERTIFICATES
Section 7.03. In case any certificate of stock shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer or officers thereunto duly authorized by the Board, may authorize the issuance of a substitute certificate in place of the certificate so lost, stolen or destroyed; provided , however , that in each such case the applicant for a substitute certificate shall furnish evidence to the Corporation which the Board of Directors, or any officer or officers authorized as aforesaid, determines is satisfactory, of the loss, theft or destruction of such certificate and of the ownership thereof, and also such security or indemnity as may be required by the Board.
TRANSFERS OF STOCK
Section 7.04. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate of stock duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall
 
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be the duty of the proper officers of the Corporation or of the transfer agent to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
FIXING RECORD DATE
Section 7.05. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
 
-23-

REGISTERED STOCKHOLDERS
Section 7.06. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by applicable law.
CLASSES OF STOCK
Section 7.07. The Corporation may issue one or more classes of stock or one or more series of stock within any class thereof, any or all of which classes may be of stock with par value or stock without par value and which classes or series may have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated and expressed in the Certificate of Incorporation or of any amendment thereto, or in the resolution or resolutions providing
 
-24-

for the issue of such stock adopted by the Board of Directors pursuant to authority expressly vested in it by the provisions of the Certificate of Incorporation. The power to increase or decrease or otherwise adjust the capital stock as provided herein shall apply to all or any such classes of stock.
ARTICLE VIII.
GENERAL PROVISIONS
DIVIDENDS
Section 8.01. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the applicable provisions, if any, of the Certificate of Incorporation.
Section 8.02. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interest of the Corporation, and the directors may modify or abolish any such reserve in the manner in which it was created.
 
-25-

FISCAL YEAR
Section 8.03. The fiscal year of the Corporation shall be the calendar year unless otherwise fixed by resolution of the Board of Directors.
DEPOSITS
Section 8.04. The Board of Directors shall select banks, trust companies, or other depositories in which all funds of the Corporation not otherwise employed shall, from time to time, be deposited to the credit of the Corporation. All checks and drafts on the Corporation’s bank accounts and all other instruments for the payment of money shall be signed by such officer or officers or other person or persons as shall be thereunto authorized from time to time by the Board of Directors.
VOTING SECURITIES HELD BY THE CORPORATION
Section 8.05. Unless otherwise ordered by the Board of Directors, the President shall have full power and authority on behalf of the Corporation to attend and to act and to vote at any meeting of security holders or other corporations in which the Corporation may hold securities.
 
-26-

At such meeting the President shall possess and may exercise any and all rights and powers incident to the ownership of such securities which the Corporation might have possessed and exercised if it had been present. The Board of Directors may, from time to time, confer like powers upon any other person or persons.
SEAL
Section 8.06. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
ARTICLE IX.
INDEMNIFICATION
Section 9.01. Any person who was or is a party or is threatened to be made a party to any threatened, pending or contemplated action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action or suit by or in the right of the Corporation to procure a judgment in its favor) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of
 
-27-

another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the Corporation, if, as and to the extent authorized by applicable law, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the defense or settlement of such action, suit or proceeding. The indemnification expressly provided by statute in a specific case shall not be deemed exclusive of any other rights to which any person indemnified may be entitled under any lawful agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
ARTICLE X.
AMENDMENTS
Section 10.01. These By-Laws may be amended or repealed by the affirmative vote of a majority of the stockholders entitled to vote thereon or a majority of the directors then in office at any regular meeting of the stockholders or of the Board of Directors, respectively, or
 
-28-

at any special meeting of the stockholders or of the Board of Directors, respectively, if notice of such proposed alteration or repeal shall be contained in the notice of such meeting. The stockholders may determine by majority vote that any action taken by them with respect to adoption, amendment or repeal of any part of these By-Laws shall not be subject to subsequent amendment or repeal by the Board of Directors, provided that any such determination shall be set forth in the appropriate place in the text of these By-Laws.
 
-29-

STATEMENT OF ORGANIZATION
OF
LADSTOCK FIRST CORPORATION
I, JACOB FRIEDLANDER, the sole Incorporator of LADSTOCK FIRST CORPORATION (the “Corporation”), a corporation duly formed under Subchapter I of the General Corporation Law of the State of Delaware, do hereby adopt the original By-Laws of the Corporation and elect the Directors of the Corporation to serve until the first annual meeting of the stockholders or until their successors are elected and qualify:
FIRST : I state that the Certificate of Incorporation of the Corporation under Section 102 of the General Corporation Law, a true copy of which is to be filed with the minutes of the Corporation, was filed with the Secretary of State of the State of Delaware on October 13, 1981.
SECOND : The By-Laws annexed hereto as Exhibit A are hereby adopted by me as and for the original By-Laws of the Corporation.
THIRD : In accordance with the By-Laws of the Corporation, the following named persons are hereby elected by me as Directors of the Corporation to hold office until the first annual meeting of the stockholders or until their respective successors are elected and qualify:

Cyril Stein
Derek James Sate
Anthony Graham Long
James Henry Clarke
Jeremiah Francis O’Mahony
FOURTH : The Board of Directors is authorized in its discretion to issue the shares of the capital stock of this Corporation to the full amount or number of shares authorized by the Certificate of Incorporation, in such amounts and for such consideration as from time to time shall be determined by the Board of Directors and as may be permitted by law.
IN WITNESS WHEREOF, I have signed this instrument at New York, New York, as of the date when these actions are taken, October 22, 1981.

/s/ Jacob Friedlander	
Jacob Friedlander	
 
-2-

Exhibit 3.107
CERTIFICATE OF INCORPORATION
OF
LADSTOCK HOLDING CORPORATION
ARTICLE FIRST
NAME
The name of the Corporation is LADSTOCK HOLDING CORPORATION
ARTICLE SECOND
REGISTERED OFFICE
The address of its registered office in the State of Delaware is 4 10 South State Street, c/o United Corporate Services, Inc., in the City of Dover, County of Kent. The name of its registered agent at such address is United Corporate Services, Inc.
ARTICLE THIRD
PURPOSE
The purpose of the Corporation is to engage in any lawful act or activities for which corporations may be organized under the General Corporation Law of Delaware.

ARTICLE FOURTH
CAPITAL STOCK CLASSES
The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 11,000 shares which are divided into two classes as follows:
10,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) $1.00 par value per share.
Shares of each class of the capital stock of the Corporation issued from time to time by the Corporation (whether or not presently authorized) may only be transferred by a stockholder to another person with the prior consent of all of the directors of the Corporation given in writing. Such prior written consent may be withheld by the directors of the Corporation in their discretion. The foregoing restriction shall be noted conspicuously on the face of the certificate representing each share of the capital stock of the Corporation.
The designations, voting powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions of the above classes of stock are as follows:
 
 	I.	Preferred Stock	
1. Issuance in Series.
Shares of Preferred Stock may be issued in one or more series at such time or times, and for such consideration or considerations as the Board of Directors may determine. All shares of any one series of Preferred Stock will
 
-2-

be identical with each other in all respects, except that shares of one series issued, at different times may differ as to dates from which dividends thereon may be cumulative. All series will rank equally and be identical in all respects, except as permitted by the following provisions of paragraph 2 of this Division I.
2. Authority of the Board with Respect to Series.
The Board of Directors is authorized, at any time and from time to time, to provide for the issuance of shares of Preferred Stock in one or more series with such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof as are stated and expressed in the resolution or resolutions providing for the issue thereof adopted by the Board of Directors, and as are not stated and expressed in this Certificate of Incorporation or any amendment thereto including, but not limited to, determination of any of the following:
(a) the distinctive serial designation and the number of shares constituting a series;
(b) the dividend rate or rates, whether dividends are cumulative and, if so, from which date, the payment date or dates for dividends, and the participating or other special rights, if any, with respect to dividends;
(c) the voting powers, full or limited, if any, of the shares of the series;
 
-3-

(d) whether the shares are redeemable and, if so, the price or prices at which, and the terms and conditions on which, the shares may be redeemed;
(e) the amount or amounts payable upon the shares in the event of voluntary or involuntary liquidation, dissolution or winding up of the Corporation prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to the Preferred Stock;
(f) whether the shares are entitled to the benefit of a sinking or retirement fund to be applied to the purchase or redemption of shares of a series and, if so entitled, the amount of the fund and the manner of its application, including the price or prices at which the shares may be redeemed or purchased through the application of the fund;
(g) whether the share’s are convertible into, or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes of stock of the Corporation and, if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and the adjustments thereof, if any, at which the conversion or exchange may be made, and any other terms and conditions of the conversion or exchange; and
(h) any other preferences, privileges and powers, and relative participating, optional or other special
 
-4-

rights, and qualifications, limitations or restrictions of a series, as the Board of Directors may deem advisable and as are not inconsistent with the provisions of this Certificate of Incorporation.
3. Dividends.
Before any dividends on any class or classes of stock of the Corporation ranking junior to the Preferred Stock (other than dividends payable in shares of any class or classes of stock of the Corporation ranking junior to the Preferred Stock) may be declared or paid or set apart for payment, the holders of shares of Preferred Stock of each series are entitled to such cash dividends, but only when and as declared by the Board of Directors out of funds legally available therefor, as they may be entitled to in accordance with the resolution or resolutions adopted by the Board of Directors providing for the issue of the series, payable on such dates in each year as may be fixed in the resolution or resolutions. The term “class or classes of stock of the Corporation ranking junior to the Preferred Stock” means the Common Stock and any other class or classes of stock of the Corporation hereafter authorized which rank junior to the Preferred Stock as to dividends or upon liquidation.
4. Voting Rights.
Unless and except to the extent otherwise required by law or provided in the resolution or resolutions of the
 
-5-

Board of Directors creating any series of Preferred Stock pursuant to this Division I, the holders of the Preferred Stock shall have no voting power with respect to any matter whatsoever.
 
 	II.	Common Stock	
1. Dividends.
Subject to the preferential rights of the Preferred Stock, the holders of the Common Stock are entitled to receive, to the extent permitted by law or the By-Laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors.
2. Liquidation.
In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of Preferred Stock, holders of Common Stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders ratably in proportion to the number of shares of Common Stock held by them respectively. The Board of Directors may distribute in kind to the holders of Common Stock such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part
 
-6-

of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Common Stock. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for the purposes of this paragraph.
3. Voting Rights.
Except as may be otherwise required by law or this Certificate of Incorporation, each holder of Common Stock has one vote in respect of each share of stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
4. Preemptive Rights.
Each holder of Common Stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issue of fractional shares) to purchase shares of any class of capital stock of the Corporation that may hereafter from time to time be issued (whether or not
 
-7-

presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Common Stock he holds at the time of the issue bears to the total number of shares of Common Stock outstanding, provided, however, this right shall be deemed waived by any holder of Common Stock who does not exercise it and pay for the securities preempted within thirty days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
ARTICLE FIFTH
NAME AND ADDRESS OF INCORPORATOR
The name and mailing address of the Incorporator is as follows:

NAME	  	MAILING ADDRESS	
		
Jacob Friedlander	  	LeBoeuf, Lamb, Leiby
& MacRae
140 Broadway
New York, New York 10005	
 
-8-

I, THE UNDERSIGNED, being the Incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this Certificate, hereby declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly have hereunto set my hand this 24 day of November, 1981.

/s/    Jacob Friedlander        	
Jacob Friedlander	
 
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State of New York	  	)	  		
	  	)	  	ss.:	
County of New York	  	)	  		
Be it remembered that on this 24th day of November, 1981, personally appeared before me, a Notary Public in and for the county and state aforesaid, Jacob Friedlander, the party to the foregoing Certificate of Incorporation, known to me personally to be such, and acknowledged the said Certificate to be the act and deed of the signer, and that the facts therein stated are truly set forth.
Given under my hand and seal of office the day and year aforesaid.

/s/    PHYLLIS B. HOROWITZ        	
Notary Public	
	
PHYLLIS B HOROWITZ
Notary Public, State of New York
No. 24-4807622. Qual. in Kings Co.
Certificate filed in New York Co
Commission Expires March 30, 1983	

LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, 1982 SERIES A
The undersigned, being the President of Ladstock Holding Corporation, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of April 6 , 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, 1982 Series A” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock 1982, Series A:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 9,460 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, 1982 Series A” (hereinafter sometimes referred to as “Series A”).
RESOLVED, that pursuant to Article Fourth (I, of the Corporation’s Certificate of Incorporation,

the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A, be, and they hereby are, stated to be as follows:
First: Each share of Series A shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8 % of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: No share of Series A shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series A at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series A shares outstanding shall be required to approve any such change so submitted.
Third: The Corporation may from time to time at its sole discretion call any or all of the shares of Series A for redemption at a redemption price of $ 2000 per share.
Fourth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series A shall entitle the holder thereof to receive the sum of (i) $ 2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series A. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series A, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series A
 
-2-

shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series A shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Fifth: The shares of Series A shall not be entitled to the benefit of a sinking or retirement fund.
Sixth: The shares of Series A shall not be convertible into, or exchangeable for, shares of any other class or series of stock of the Corporation.
In witness whereof, I have this 7th day of April , 1982 hereunto set my hand.

/s/ JOEL H. SACHS	
Name:	 	JOEL H. SACHS	
	 	President	

Attest:	
	
/s/ J. FRIEDLANDER	
Name:	 	J. FRIEDLANDER	
	 	Secretary	
 
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LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES B
The undersigned, being a Vice President of Ladstock Holding Corporation, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 23, 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series B” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 200 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series B” (hereinafter sometimes referred to as “Series B”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B, be, and they hereby are, stated to be as follows:
First: Each share of Series B shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series B shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series B shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series B at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series B shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series B for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series B shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series B. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series B, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series B shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series B shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series B shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 23 rd day of December, 1982 hereunto set my hand.

/s/ Joel Sachs	
Name:	 	Joel Sachs	
	 	Vice President	

Attest:	
	
/s/ Jacob Friedlander	
Name:	 	Jacob Friedlander	
	 	Secretary	
 
-3-

LADSTOCK HOLDING CORPORATION
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES C
The undersigned, being a Vice President of Ladstock Holding Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 20, 1983 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series C” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 340 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series C” (hereinafter sometimes referred to as “Series C”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C, be, and they hereby are, stated to be as follows:
First: Each share of Series C shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series C shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series C shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series C at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series C shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series C for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series C shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series C. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series C, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series C shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series C shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series C shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 21st day of December, 1983 hereunto set my hand.

/s/ Kurt K. Kilstock	
Name:	 	Kurt K. Kilstock	
	 	Vice President	

Attest:	
	
/s/ Jacob Friedlander	
Name:	 	Jacob Friedlander	
	 	Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK HOLDING CORPORATION
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), does hereby certify as follows:
FIRST: The name of the Corporation is LADSTOCK HOLDING CORPORATION.
SECOND: The date it filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was November 30, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences, or relative, participating, optional, or other special rights of the shares, is hereby amended to increase the total number of shares of all classes of capital stock to 31,000 and to increase the shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate of 30,000 shares. To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in its entirety as follows:
FOURTH: The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 31,000 shares, which are divided into two classes as follows:
30,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”

FOURTH: That the amendment set forth above was duly adopted by the written consent of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (both common and preferred), pursuant to Sections 228 and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not otherwise amended by such shareholder consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 7th day of February, 1984.

By:	 	/s/ Barry Hinchliffe	

	 	Vice President	
	 	Ladstock Holding Corporation	

Attest:	
	
/s/ Stuart R. Field	

Secretary	
Ladstock Holding Corporation	
 
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LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES D
The undersigned, being Vice President of Ladstock Holding Corporation, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of September 21, 1984 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series D” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D:
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 15,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series D” (hereinafter sometimes referred to as “Series D”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D, be, and they hereby are, stated to be as follows:
First: Each share of Series D shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series D shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series D shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series D at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series D shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series D for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series D shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series D. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series D, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series D shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series D shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series D shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 21st day of September, 1984 hereunto set my hand.

/s/ Barry Hinchliffe	
Name:	 	Barry Hinchliffe	
Title:	 	Vice President	

Attest:	 		
	
/s/ Stuart R. Field	
Name:	 	Stuart R. Field	
Title:	 	Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK HOLDING CORPORATION
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK HOLDING CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was November 30, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 106,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 105,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 106,000 shares, which are divided into two classes as follows:
105,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated December 19, 1985, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
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IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 20th day of December, 1985.

By:	 	/s/ Barry Hinchliffe	
Name:	 	Barry Hinchliffe	
Title:	 	Vice President	

ATTEST:	
	
/s/ Stuart R. Field	

Secretary	
 
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LADSTOCK HOLDING CORPORATION
CERTIFICATE CONCERNING AN
INCREASE IN NUMBER OF SHARES
OF ITS PREFERRED STOCK, SERIES D,
TO WHICH PRIOR CERTIFICATE OF
DESIGNATION APPLIES
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that
FIRST: The number of shares of the Corporation’s Preferred Stock, Series D, to which the Certificate of Designation, dated September 21, 1984 and filed with the Secretary of State of the State of Delaware on September 24, 1984, applies, has been increased by 13,000, from 15,000 to a total of 28,000.
SECOND: Such increase was authorized and directed by a resolution of the Corporation’s Board of Directors pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, such resolution having been adopted by unanimous written consent on December 16, 1985.
IN WITNESS WHEREOF, I have this 20th day of December, 1985 hereunto set my hand.

	 		 		 	By:	 	/s/ Barry Hinchliffe	
				
ATTEST:	 		 	Name:	 	Barry Hinchliffe	
					
	 		 		 	Title:	 	Vice President	
				
/s/ Stuart R. Field	 		 		 		
 	 		 		 		
Secretary	 		 		 		

LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES E
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series E” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 19,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series E” (hereinafter sometimes referred to as “Series E”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E, be, and they hereby are, stated to be as follows:
First: Each Share of Series E shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series E shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series E shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series E at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series E shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series E for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series E shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series E. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series E, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series E shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series E shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series E shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20 th day of December, 1985 hereunto set my hand.

By:	 	/s/ Barry Hinchliffe	
		
Name:	 	Barry Hinchliffe	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ Stuart R. Field	

Secretary	
 
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LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES F
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series F” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series F” (hereinafter sometimes referred to as “Series F”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F, be, and they hereby are, stated to be as follows:
First: Each Share of Series F shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series F shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series F shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series F at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series F shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series F for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series F shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series F. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series F, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series F shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series F shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series F shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20th day of December 1985 hereunto set my hand.

By:	 	/s/ Barry Hinchliffe	
		
Name:	 	Barry Hinchliffe	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ Stuart R. Field	

Secretary	
 
-3-

LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES G
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series G” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’ Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series G” (hereinafter sometimes referred to as “Series G”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G, be, and they hereby are, stated to be as follows:
First: Each Share of Series G shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series G shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series G shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series G at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series G shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series G for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series G shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series G. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series G, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series G shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series G shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series G shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20th day of December, 1985 hereunto set my hand.

By:	 	/s/ Barry Hinchliffe	
		
Name:	 	Barry Hinchliffe	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ Stuart R. Field	

Secretary	
 
-3-

LADSTOCK HOLDING CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES H
The undersigned, being Vice President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series H” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 18,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series H” (hereinafter sometimes referred to as “Series H”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H, be, and they hereby are, stated to be as follows:
First: Each Share of Series H shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series H shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series H shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series H at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series H shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series H for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series H shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series H. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series H, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series H shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series H shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series H shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20th day of December, 1985 hereunto set my hand.

By:	 	/s/ Barry Hinchliffe	
		
Name:	 	Barry Hinchliffe	
		
Title:	 	Vice President	

ATTEST:	
	
/s/ Stuart R. Field	

Secretary	
 
-3-

THIRD AMENDMENT
TO
CERTIFICATE OF INCORPORATION
LADSTOCK HOLDING CORPORATION
LADSTOCK HOLDING CORPORATION, a corporation organized and existing under the laws of the State of Delaware, hereby certifies as follows:
1. The name of the corporation is LADSTOCK HOLDING CORPORATION. The date of filing its original Certificate of Incorporation with the Secretary of State of the State of Delaware was November 30, 1981.
2. This Amendment to the Certificate of Incorporation further amends the Certificate of Incorporation of this corporation by adding a new ARTICLE SIXTH thereto.
3. The text of the new ARTICLE SIXTH shall read in its entirety as set forth in Exhibit A hereto.
4. The amendment to the Certificate of Incorporation herein certified was duly adopted by unanimous written consent of the sole stockholder in accordance with the applicable provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
5. Except as provided in Paragraphs 2 and 3 above, the Certificate of Incorporation of Ladstock Holding Corporation shall remain unamended and in full force and effect.

IN WITNESS WHEREOF, Ladstock Holding Corporation has caused this certificate to be signed by Cyril Stein, its President, and attested by Stuart R. Field, its Secretary, this 10 th day of June, 1987.

LADSTOCK HOLDING CORPORATION	
		
By	 	/s/ Cyril Stein	
	 	Cyril Stein, President	

Attest:	
		
By:	 	/s/ Stuart R. Field	
	 	 	
	 	Stuart R. Field, Secretary	
		
	 	(SEAL)	
 
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EXHIBIT A
ARTICLE SIXTH
Section 1. Elimination of Certain Liability of Directors .
A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit.
Section 2. Indemnification and Insurance.
(a) Right to Indemnification . Each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that, except as provided in subsection (b) of this Section 2, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. The right to indemnification conferred in this Section 2 shall be a contract right and shall

include the right to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section 2 or otherwise. The Corporation may, by action of its Board of Directors, provide indemnification to employees and agents of the Corporation with the same scope and effect as the foregoing indemnification of directors and officers.
(b) Right of Claimant to Bring Suit . If a claim under subsection (a) of this Section 2 is not paid in full by the Corporation within thirty days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
(c) Non-Exclusivity of Rights . The right to indemnification and to the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section 2 shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

(d) Insurance . The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.

LADSTOCK HOLDING CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES I
The undersigned, being the President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of 21st December, 1988, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series I” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series I” hereinafter sometimes referred to as “Series I”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I, be, and they hereby are, stated to be as follows:
First: Each Share of Series I shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series I shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series I shall entitle the holder thereof to any voting rights, except with respect

to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series I at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series I shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series I for redemption at a redemption price of $10,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series I shall entitle the holder thereof to receive the sum of (i) $10,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series I. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series I, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series I shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series I shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such snare and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series I shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
 
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IN WITNESS WHEREOF, I have this 21st day of December 1988 hereunto set my hand.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	PRESIDENT	

ATTEST:	
	
/s/ Michele D. Ross	
 	
Assistant Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK HOLDING CORPORATION
The undersigned, being the President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK HOLDING CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was November 30, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 131,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 130,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 131,000 shares, which are divided into two classes as follows:
130,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated 22nd December, 1988, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
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IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 22nd day of December, 1988.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	PRESIDENT	

ATTEST:	
	
/s/ Michele D. Ross	
 	
Assistant Secretary	
 
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LADSTOCK HOLDING CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, Series J
The undersigned, being the President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of 22nd December, 1988, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series J” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 25,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series J” hereinafter sometimes referred to as “Series J”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J, be, and they hereby are, stated to be as follows:
First: Each Share of Series J shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series J shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series J shall entitle the holder thereof to any voting rights, except with respect

to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series J at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series J shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series J for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series J shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series J. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series J, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series J shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series J shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series J shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
 
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IN WITNESS WHEREOF, I have this 22nd day of December, 1988 hereunto set my hand.

By:	 	/s/ JF O’MAHONY	
		
Name:	 	JF O’MAHONY	
		
Title:	 	PRESIDENT	

ATTEST:	
	
/s/ Michele D. Ross	
 	
Assistant Secretary	
 
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CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK HOLDING CORPORATION
The undersigned, being the President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), hereby certifies as follows:
1. The name of the Corporation is LADSTOCK HOLDING CORPORATION.
2. The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was November 30, 1981.
3. Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares, shall be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 731,000 and to increase the total number of shares of Common Stock, $1.00 par value, to an aggregate number of 601,000 shares.
To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 731,000, which are divided into two classes as follows: 130,000 shares of Preferred Stock (Preferred Stock) without par value, and 601,000 shares of Common Stock (Common Stock), par value $1.00 per share.”
4. The amendment set forth above was duly adopted by written consent, dated December 13, 1991, of the sole shareholder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.

5. Except for certain amendments to the certificates of designation setting forth the rights, preferences and privileges of the Corporation’s various series of Preferred Stock, which amendments are the subject of a separate Certificate of Amendment of Certificates of Designation, the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such stockholder’s consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under penalties of perjury this 13th day of December 1991.

/s/ Jacob Friedlander	
Jacob Friedlander,	
Executive Vice President	

ATTEST:	
	
/s/ Michele D. Ross	
 	
Michele D. Ross, Secretary	
 
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LADSTOCK HOLDING CORPORATION
AMENDED
CERTIFICATE OF DESIGNATION
OF
THE RIGHTS AND PREFERENCES OF ITS SERIES OF PREFERRED STOCK
AS FOLLOWS:
PREFERRED STOCK 1982, SERIES A
PREFERRED STOCK, SERIES B
PREFERRED STOCK, SERIES C
PREFERRED STOCK, SERIES D
PREFERRED STOCK, SERIES E
PREFERRED STOCK, SERIES F
PREFERRED STOCK, SERIES G
PREFERRED STOCK, SERIES H
PREFERRED STOCK, SERIES I
PREFERRED STOCK, SERIES J
The undersigned, being the President of LADSTOCK HOLDING CORPORATION, a Delaware corporation (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation and by the written consent of the sole stockholder of the Corporation, both as of December 13, 1991, for the purpose of amending the statement of preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Corporation’s Preferred Stock, 1982 Series A, Preferred Stock, Series B, Preferred Stock, Series C, Preferred Stock, Series D, Preferred Stock, Series E, Preferred Stock, Series F, Preferred Stock, Series G, Preferred Stock, Series H, Preferred Stock, Series I and Preferred Stock, Series J.

Preferred Stock, 1982 Series A
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, 1982 Series A filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, 1982 Series A (“Series A”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series A stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series A stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series A such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series A. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any
 
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purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series A stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series A stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series A stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series A stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series B
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights
 
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and Preferences of its Preferred Stock, Series B filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series B (“Series B”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series B stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series B stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series B such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so
 
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received and distribute any balance thereof in kind to holders of Series B. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series B stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series B stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series B stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series B stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
 
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Preferred Stock, Series C
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series C filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series C (“Series C”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series C stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series C stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series C such remaining assets
 
6

of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series C. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series C stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series C stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series C stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series C stock who does not exercise it and pay for the securities
 
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pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series D
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series D filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series D (“Series D”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series D stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series D stock shall be entitled to receive all of the remaining assets of the Corporation of
 
8

whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series D such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series D. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series D stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series D stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series D stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be
 
9

essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series D stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series E
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series E filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series E (“Series E”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series E stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of
 
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the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series E stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series E such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series E. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series E stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series E stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number
 
11

of shares of Series E stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series E stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series F
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series F filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series F (“Series F”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series F stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
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Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series F stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series F such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of series F. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series F stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series F stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or
 
13

other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series F stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series F stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series G
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series G filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series G (“Series G”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series G stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation,
 
14

such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series G stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series G such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series G. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series G stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series G stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock
 
15

of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series G stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series G stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series H
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series H filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series H (“Series H”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series H stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
16

Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series H stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series H such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series H. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series H stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
 
17

Fourth: Each holder of Series H stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series H stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series H stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series I
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series I filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series I (“Series I”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s
 
18

Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series I stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series I stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series I such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series I. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series I stock has one vote in
 
19

respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series I stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series I stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series I stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series J
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J as set forth in the second resolution of that certain Ladstock Holding Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series J filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and
 
20

qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series J (“Series J”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series J stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series J stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series J such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series J. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
 
21

Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder Series J stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series J stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series J stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series J stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
IN WITNESS WHEREOF, I have this 13th day of December 1991, hereunto set my hand.

/s/ Jacob Friedlander	
Jacob Friedlander,	
Executive Vice President	

ATTEST:	
	
/s/ Michele D. Ross	
Michele D. Ross,	
Secretary	
 
22

CERTIFICATE OF OWNERSHIP AND MERGER
OF
LONDON & LEEDS MERRIMAC CORPORATION
INTO
LADSTOCK HOLDING CORPORATION
Pursuant to Section 253 of the Delaware General Corporation Law
*  *  *  *  *
Ladstock Holding Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), DOES HEREBY CERTIFY:
FIRST: That the Corporation was incorporated on the 30 th day of November, 1981, pursuant to the General Corporation Law of the State of Delaware, the provisions of which permit the merger of a subsidiary corporation of said state or another state into a parent corporation organized and existing under the laws of said state.
SECOND: That the Corporation owns 100% of the outstanding shares of the stock of London & Leeds Merrimac Corporation, a corporation incorporated on the 25 th day of July, 1988, pursuant to the General Corporation Law of the State of Delaware.
THIRD: That the Corporation, by the following resolutions of its Board of Directors, duly adopted as of October 14, 1999, by the unanimous written consent of its members filed with the minutes of the Board, determined to and did merge into itself said London & Leeds Merrimac Corporation:
RESOLVED, that Ladstock Holding Corporation merge, and it hereby does merge, into itself, its wholly-owned subsidiary, London & Leeds Merrimac Corporation, and assumes all of its obligations and liabilities pursuant to Section 253 of the Delaware General Corporation Law;
FURTHER RESOLVED, that the proper officer of the Corporation be and he or she is hereby directed to make and execute a Certificate of Ownership and Merger setting forth a copy of the appropriate resolutions to merge said London & Leeds Merrimac Corporation into the Corporation, and to cause the Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware and to do all acts and things whatsoever, whether within or without the State of Delaware, which may be in any way necessary or proper to effect said merger; and

FURTHER RESOLVED, that the merger of London & Leeds Merrimac Corporation into the Corporation shall be effective upon the filing of the Certificate of Ownership and Merger with the Secretary of State of the State of Delaware.
IN WITNESS WHEREOF, said Ladstock Holding Corporation has caused this Certificate to be signed by Paul Lierman, its Assistant Treasurer, as of this 14 day of October, 1999.

LADSTOCK HOLDING CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Paul Lierman, Assistant Treasurer	
 
- 2 -

CERTIFICATE OF OWNERSHIP AND MERGER
OF
LONDON & LEEDS CORPORATION
AND
LONDON & LEEDS (USA) CORPORATION
INTO
LADSTOCK HOLDING CORPORATION

Pursuant to Section 253 of
the General Corporation Law of Delaware

Ladstock Holding Corporation, a corporation organized and existing under the laws of the state of Delaware (this “Corporation”), DOES HEREBY CERTIFY:
FIRST: That this Corporation was incorporated on the 30th day of November 1981, pursuant to the General Corporation Law of the State of Delaware.
SECOND: That this Corporation owns all of the outstanding shares of common stock, without par value, of London & Leeds Corporation, a corporation incorporated on the 30th day of November, 1981, pursuant to the General Corporation Law of the State of Delaware.
THIRD: That this Corporation owns all of the outstanding shares of common stock, par value $1.00, of London & Leeds (USA) Corporation, a corporation incorporated on the 23rd day of June, 1987, pursuant to the General Corporation Law of the State of Delaware.
FOURTH: That this Corporation, by resolutions of its Board of Directors attached hereto as Exhibit A , duly adopted on the 20th day of December, 2002, by unanimous written consent and filed with the Minute Book of this Corporation, determined to merge each of London & Leeds Corporation and London & Leeds (USA) Corporation with and into this Corporation.

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be signed by Paul Lierman, its Vice President and Secretary, this 20 th day of December, 2002.

LADSTOCK HOLDING CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Paul Lierman	
 
2

RESOLUTIONS
OF
THE BOARD OF DIRECTORS
OF
LADSTOCK HOLDING CORPORATION

WHEREAS, Ladstock Holding Corporation, a Delaware corporation (“the Company”) is the record and beneficial owner of all of the issued and outstanding shares of common stock, par value $1.00 per share (the “L&L Stock”), of London & Leeds Corporation, a Delaware corporation (“L&L”); and
WHEREAS, the Company is the record and beneficial owner of all of the issued and outstanding shares of common stock, without par value (the “L&L (USA) Stock”), of London & Leeds (USA) Corporation, a Delaware corporation (“L&L(USA)); and
WHEREAS, the Company desires to merge each of L&L and L&L (USA) (collectively the “Merging Companies”) with and into the Company, which shall be the surviving corporation (such corporation in its capacity as such surviving company being hereinafter sometimes called the “Surviving Corporation”) pursuant to the provisions of section 253 of the Delaware General Corporation Law (the “Merger”).
NOW, THEREFORE, BE IT RESOLVED, that effective upon the filing of an appropriate Certificate of Ownership and Merger embodying these resolutions with the Secretary of State of the State of Delaware (the date and time of such filing being hereinafter referred to as the “Effective Time”), the Company shall merge the Merging Companies with and into the Company in accordance with the Delaware General Corporation Law.
RESOLVED, that the terms and conditions of the Merger are as follows:
(1) At the Effective Time, (a) the certificate of incorporation of the Company shall be the certificate of incorporation of the Surviving Corporation until thereafter changed or amended, (b) the bylaws of the Company shall be the bylaws of the Surviving Corporation until thereafter changed or amended and (c) the directors of the Company shall be the directors of the Surviving Corporation, and the officers of the Company shall be the officers of the Surviving Corporation, in each case until their successors are duly elected or appointed and qualified in the manner provided by the certificate of incorporation and bylaws of the Surviving Corporation or as otherwise provided by law.

(2) At the Effective Time, by virtue of the Merger and without any action on the part of the Company, the Surviving Corporation or the Merging Companies, each issued and outstanding share of the L&L Stock and of the L&L (USA) Stock shall be cancelled and retired.
(3) At the Effective Time, the Surviving Corporation shall succeed, without other transfer, to all rights and property of the constituent corporations to the Merger, and shall assume and be subject to all the debts and liabilities of each of the constituent corporations in the same manner as if the Surviving Corporation had itself incurred them, all with the effect set forth in the Delaware General Corporation Law.
RESOLVED, that the President, any Vice President, the Secretary, the Treasurer, the Assistant Treasurer or such other officers of the Company or such other persons as the Board may designate from time to time and any additional persons as such officers or designated persons may further designate (each, an “ Officer ” and together, the “ Officers ”) be, and each of them hereby is, directed and authorized to make, execute and deliver, in the name and on behalf of the Company, a Certificate of Ownership and Merger setting forth a copy of these resolutions providing for the Merger of the Merging Companies with and into the Company, and to cause the same to be filed with the Secretary of State of the State of Delaware and a certified copy thereof recorded in the Office of the Recorder of Deeds of the County of Kent in the State of Delaware.
General Authorizing Resolutions
RESOLVED, that each Officer of the Company be, and each of them hereby is, authorized to take or cause to be taken all such further actions and to execute and deliver all such further agreements, indentures, instruments of assumption, documents, certificates, and undertakings in the name of and on behalf of the Company, and to incur all fees and expenses as in his judgment shall be necessary, appropriate or advisable to carry out and to effect the purpose and intent of the foregoing resolutions and to complete the transactions contemplated thereby.
RESOLVED, that all actions taken prior to the adoption of these resolutions by any Officer of the Company in connection with the matters referred to herein that would have been within the authority conferred hereby had these resolutions predated such actions be, and they hereby are, ratified, confirmed and approved in all respects.
 
2

CERTIFICATE OF OWNERSHIP AND MERGER
OF
LONDON & LEEDS DEVELOPMENT CORPORATION
INTO
LADSTOCK HOLDING CORPORATION

Pursuant to Section 253 of
the General Corporation Law of Delaware

Ladstock Holding Corporation, a corporation organized and existing under the laws of the state of Delaware (this “Corporation”), DOES HEREBY CERTIFY:
FIRST: That this Corporation was incorporated on the 30 th day of November 1981, pursuant to the General Corporation Law of the State of Delaware.
SECOND: That this Corporation owns all of the outstanding shares of common stock, $1.00 par value, of London & Leeds Development Corporation, a corporation incorporated on the 30th day of September, 1987, pursuant to the General Corporation Law of the State of Delaware.
THIRD: That this Corporation, by resolutions of its Board of Directors attached hereto as Exhibit A , duly adopted on the 1st day of March, 2004, by unanimous written consent and filed with the Minute Book of this Corporation, determined to merge London & Leeds Development Corporation with and into this Corporation.

IN WITNESS WHEREOF, the undersigned has caused this Certificate to be signed by Paul Lierman, its Vice President and Secretary, this 1st day of March, 2004.

LADSTOCK HOLDING CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Paul Lierman	
 
2

RESOLUTIONS
OF
THE BOARD OF DIRECTORS
OF
LADSTOCK HOLDING CORPORATION

WHEREAS, Ladstock Holding Corporation, a Delaware corporation (“the Company”) is the record and beneficial owner of all of the issued and outstanding shares of common stock, $1.00 par value (the “L&L Stock”) of London & Leeds Development Corporation, a Delaware corporation (“L&L”); and
WHEREAS, the Company desires to merge L&L (the “Merging Company”) with and into the Company, which shall be the surviving corporation (such corporation in its capacity as such surviving company being hereinafter sometimes called the “Surviving Corporation”) pursuant to the provisions of section 253 of the Delaware General Corporation Law (the “Merger”).
NOW, THEREFORE, BE IT RESOLVED, that, effective upon the filing of an appropriate Certificate of Ownership and Merger embodying these resolutions with the Secretary of State of the State of Delaware (the date and time of such filing being hereinafter referred to as the “Effective Time”), the Company shall merge the Merging Company with and into the Company in accordance with the Delaware General Corporation Law.
RESOLVED, that the terms and conditions of the Merger are as follows:
(1) At the Effective Time, (a) the certificate of incorporation of the Company shall be the certificate of incorporation of the Surviving Corporation until thereafter changed or amended, (b) the bylaws of the Company shall be the bylaws of the Surviving Corporation until thereafter changed or amended and (c) the directors of the Company shall be the directors of the Surviving Corporation, and the officers of the Company shall be the officers of the Surviving Corporation, in each case until their successors are duly elected or appointed and qualified in the manner provided by the certificate of incorporation and bylaws of the Surviving Corporation or as otherwise provided by law.
(2) At the Effective Time, by virtue of the Merger and without any action on the part of the Company, the Surviving Corporation or the Merging Company, each issued and outstanding share of the L&L Stock shall be cancelled and retired.

(3) At the Effective Time, the Surviving Corporation shall succeed, without other transfer, to all rights and property of the constituent corporations to the Merger, and shall assume and be subject to all the debts and liabilities of each of the constituent corporations in the same manner as if the Surviving Corporation had itself incurred them, all with the effect set forth in the Delaware General Corporation Law.
RESOLVED, that the President, any Vice President, the Secretary, the Treasurer, the Assistant Treasurer or such other officers of the Company or such other persons as the Board may designate from time to time and any additional persons as such officers or designated persons may further designate (each, an “ Officer ” and together, the “ Officers ”) be, and each of them hereby is, directed and authorized to make, execute and deliver, in the name and on behalf of the Company, a Certificate of Ownership and Merger setting forth a copy of these resolutions providing for the Merger of the Merging Company with and into the Company, and to cause the same to be filed with the Secretary of State of the State of Delaware and a certified copy thereof recorded in the Office of the Recorder of Deeds of the County of New Castle in the State of Delaware.
General Authorizing Resolutions
RESOLVED, that each Officer of the Company be, and each of them hereby is, authorized to take or cause to be taken all such further actions and to execute and deliver all such further agreements, indentures, instruments of assumption, documents, certificates, and undertakings in the name of and on behalf of the Company, and to incur all fees and expenses as in his judgment shall be necessary, appropriate or advisable to carry out and to effect the purpose and intent of the foregoing resolutions and to complete the transactions contemplated thereby.
RESOLVED, that all actions taken prior to the adoption of these resolutions by any Officer of the Company in connection with the matters referred to herein that would have been within the authority conferred hereby had these resolutions predated such actions be, and they hereby are, ratified, confirmed and approved in all respects.
 
2

CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK HOLDING CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
Ladstock Holding Corporation, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify as follows:
 
(1)	ARTICLE FIRST of the Certificate of Incorporation of the Corporation is amended to read in its entirety as follows:	
“FIRST. The name of the Corporation is HIC Holdings Corporation.”
 
(2)	This Certificate of Amendment has been duly adopted by the sole stockholder of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.	
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Certificate of Incorporation to be executed and acknowledged by its duly authorized officer this 21 day of February, 2006.

LADSTOCK HOLDING CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Vice President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
HIC HOLDINGS CORPORATION
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is: HIC HOLDINGS CORPORATION.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Road, Suite 400, City of Wilmington 19808, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 11/15, 2006

Signature:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	Vice President	

Exhibit 3.108
AMENDED AND RESTATED BYLAWS
OF
HIC HOLDINGS CORPORATION
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office . The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Other Offices . The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF STOCKHOLDERS
Section 1. Place of Meetings . Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings . The Annual Meeting of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the stockholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, but such Special Meetings may not be called by any other person or persons. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation either personally or by mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which

stockholders may be deemed present in person at such adjourned meeting, until a quorum shall be present or represented. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors a plurality of the votes cast shall be sufficient to elect. All other elections and questions shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Any action required to be taken at any Annual or Special meeting of stockholders, or any action which may be taken at any Annual or Special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that consents given by a sufficient number of holders to take the action were delivered to the Corporation.
Section 8. List of Stockholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.

Section 9. Organization . At every meeting of stockholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the stockholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; (ii) in the case of determination of stockholders entitled to express consent to corporate action without a meeting, shall not be more than 10 days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (iii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining stockholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors is required by law, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (c) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however , that the Board of Directors may fix a new record date for the adjourned meeting.
Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the

proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be one. Hereafter, within the limits specified above, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal.
Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under the General Corporation Law of the State of Delaware.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Regular

meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present.
Section 7. Actions of Board . Unless otherwise provided by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in accordance with applicable law.
Section 8. Removal . Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than 80% in voting power of outstanding shares of capital stock entitled to vote at an election of directors.
Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.

ARTICLE V
NOTICES
Section l. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation thereto fore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of he Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.

Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided, however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the sole Stockholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.

Exhibit 3.109
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to § 102 of the General Corporation Law
of the State of Delaware
The undersigned, in order to form a corporation pursuant to Section 102 of the General Corporation Law of the State of Delaware, does hereby certify:
FIRST : The name of the Corporation is Ladbroke Hotels U.S.A. Corporation.
SECOND : The address of the Corporation’s registered office in the State of Delaware is Corporation Trust Center, 1209 Orange Street in the City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company.
THIRD : The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH : The total number of shares which the Corporation shall have authority to issue is 1,000 shares of Common Stock, par value $.01 per share.
FIFTH : The name and mailing address of the Incorporator is as follows:

Name	  	Mailing Address	
		
Jon Filderman	  	Room 2633	
	  	One New York Plaza	
	  	New York, NY 10004	
SIXTH : The Board of Directors is expressly authorized to adopt, amend or repeal the by-laws of the Corporation.

SEVENTH : Elections of directors need not be by written ballot unless the by-laws of the Corporation shall otherwise provide.
EIGHTH : A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director; provided , however , that the foregoing shall not eliminate or limit the liability of a director (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.
NINTH : Whenever a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this Corporation under the provisions of Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under the provisions of Section 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which said application has been made, be binding on all the creditors or class of creditors, and/or on all of the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.
TENTH : The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.
 
2

IN WITNESS WHEREOF, I have hereunto set my hand this 28 th day of September, 1987 and I affirm that the foregoing certificate is my act and deed and that the facts stated therein are true.

/s/ Jon Filderman	
Jon Filderman, Incorporator	
 
3

CERTIFICATE OF CHANGE OF LOCATION OF
REGISTERED OFFICE AND REGISTERED AGENT
OF
LADBROKE HOTELS U.S.A. CORPORATION
The undersigned corporation hereby certifies as follows:
FIRST The name of the Corporation is Ladbroke Hotels U.S.A. Corporation.
SECOND The address of the new registered office shall be 15 East North Street, in the City of Dover, County of Kent, State of Delaware 19901.
THIRD The name of the new registered agent is United Corporate Services, Inc.
FOURTH The aforesaid changes were duly authorised by appropriate resolutions adopted by the Board of Directors at a meeting thereof.
IN WITNESS WHEREOF , we have hereunto signed our names and affirm that the statements made herein are true under the penalties of perjury, this 18th day of September 1989.

LADBROKE HOTEL U.S.A CORPORATION	
	
/s/ J F JARVIS	
J F JARVIS, PRESIDENT	

ATTEST:	
	
/s/ J F O’MAHONY	
J F O’MAHONY, VICE PRESIDENT AND TREASURER	
c:\ws4\BW\C

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A CORPORATION
Ladbroke Hotels U.S.A. Corporation, a corporation organized and existing under the Jaws of the State of Delaware (the “Corporation”), does hereby certify that:
FIRST: That the Board of Directors of the Corporation, by unanimous written consent of its directors pursuant to Section 228 of the General Corporation Law of Delaware (the “GCL”) filed with the minutes of the Board, adopted resolutions proposing and declaring advisable the following amendments to the Certificate of Incorporation of the Corporation:
RESOLVED, that it is advisable that the Certificate of Incorporation of the Corporation be amended by deleting Article Fourth thereof in its entirety and by substituting in lieu thereof the following new Article Fourth:
“ FOURTH : The total number of shares of capital stock which the Corporation shall have authority to issue is twenty thousand (20,000) shares of common stock, $.0005 par value per share (the “Common Stock”).”
RESOLVED, that it is advisable for the Corporation to effect a stock split of its issued and outstanding shares of common stock such that, upon the filing of the Certificate of Amendment with the Secretary of State of Delaware, each share of the common stock of the Corporation, par value $.01 per share, issued and outstanding at the time thereof shall immediately, and without any action on the part of the holder thereof, be changed and converted into twenty (20) shares of Common Stock.
SECOND: Said amendments were duly adopted by the sole holder of all the issued and outstanding common stock of the Corporation in accordance with the provisions of Section 242 of the GCL.
IN WITNESS WHEREOF, Ladbroke Hotels U.S.A. Corporation has caused this instrument to be signed by Robert Decker, its Vice President, this 13th day of November 1995.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By	 	/s/ Robert Decker	
	 	Name:	 	Robert Decker	
	 	Title:	 	Vice President	

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
LADBROKE HOTELS U.S.A. CORPORATION, a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:
FIRST: The Board of Directors of the Corporation, by unanimous written consent, adopted and approved a resolution, pursuant to Section 242 of the General Corporation Law of the State of Delaware, setting forth an amendment to the Certificate of Incorporation of the Corporation and declaring said proposed amendment to be advisable. The amendment adopted was as follows:
“ARTICLE FOURTH of the Certificate of Incorporation of the Corporation is deleted in its entirety and the following new ARTICLE FOURTH is substituted in lieu thereof:
FOURTH :
4.1 Authorized Shares . The total number of shares of capital stock which the Corporation shall have authority to issue is twenty thousand (20,000) shares of common stock, $.0005 par value per share (“Common Stock”), of which 10,000 shares shall be designated Series A Common Stock, $.0005 par value per share (“Series A Common Stock”), and 10,000 shares shall be designated Series B Common Stock, $.0005 par value per share (“Series B Common Stock”). Each share of the Corporation’s Common Stock, $.0005 par value per share, which is issued and outstanding immediately prior to the filing of the Certificate of Amendment of the Certificate of Incorporation setting forth this amendment shall immediately, and without any action on the part of the holder thereof, be changed and reclassified into one share of Series A or Series B Common Stock, as follows:
 
 	(a)	each of the 1,082 shares of Common Stock presently issued to Ladbroke Group International Luxembourg SA, a Luxembourg corporation, shall be changed and reclassified into one share of Series A Common Stock; and	
 
 	(b)	each of the 2,522 shares of Common Stock presently issued to Ladbroke Group Limited, a United Kingdom corporation, shall be changed and reclassified into one share of Series B Common Stock.	

4 2. Voting . Holders of Series A Common Stock shall be entitled to one vote for each share of Class A Common Stock standing in their name on the books of the Corporation. Holders of Class B Common Stock shall be entitled to one vote for each share of Class B Common Stock standing in their name on the books of the Corporation. Holders of Series A Common Stock and Series B Common Stock shall be entitled to vote with respect to all matters upon which holders of Common Stock shall be entitled to vote.
4.3. Dividends . To the extent that any dividends are payable by the Corporation, the amounts of the total dividends per share paid cumulatively on shares of Series A Common Stock and shares of Series B Common Stock shall be equal (1) in respect of the period from the date of filing of this amendment through December 31, 2001 or in respect of prior periods and (2) thereafter, in respect of any annual accounting period and as of the date of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary; provided , however , that dividends paid with respect to Series A Common Stock and Series B Common Stock are not required to be paid simultaneously.
4.4. Distribution Upon Liquidation, Dissolution or Winding Up . In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the debts and other liabilities of the Corporation, the remaining net assets of the Corporation shall be distributed equally on a per share basis to the holders of Series A Common Stock and Series B Common Stock.”
SECOND: The stockholders of the Corporation duly approved the said proposed amendment by written consent in accordance with Section 228 and Section 242 of the General Corporation Law of the State of Delaware.
 
- 2 -

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed and acknowledged by its duly authorized officer this 8 th day of May, 2000.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Vice President	
 
- 3 -

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
LADBROKE HOTELS U.S.A. CORPORATION, a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:
FIRST: The Board of Directors of the Corporation, at a special meeting held on July 17, 2001 at which a quorum of the directors was present, adopted and approved a resolution, pursuant to Section 242 of the General Corporation Law of the State of Delaware, setting forth an amendment to the Certificate of Incorporation of the Corporation and declaring said proposed amendment to be advisable. The amendment adopted was as follows:
Section 4.1(a) of ARTICLE FOURTH of the Certificate of Incorporation of the Corporation is deleted in its entirety and the following new Section 4.1(a) of ARTICLE FOURTH is substituted in lieu thereof:
 
 	(a)	each of the 1,086 shares of Common Stock presently issued to Ladbroke Group International Luxembourg SA, a Luxembourg corporation, shall be changed and reclassified into one share of Series A Common Stock; and	
SECOND: The stockholder of the Corporation duly approved the said proposed amendment by written consent in accordance with Section 228 and Section 242 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed and acknowledged by its duly authorized officer this 17 day of July, 2001.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Howard Friedman	
	 	Name:	 	Howard Friedman	
	 	Title:	 	President	
 
- 2 -

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
LADBROKE HOTELS U.S.A. CORPORATION, a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:
FIRST: The Board of Directors of the Corporation, at a special meeting held on July 17, 2001 at which a quorum of the directors was present, adopted and approved a resolution, pursuant to Section 242 of the General Corporation Law of the State of Delaware, setting forth an amendment to the Certificate of Incorporation of the Corporation and declaring said proposed amendment to be advisable. The amendment adopted was as follows:
“ARTICLE FOURTH of the Certificate of Incorporation of the Corporation is deleted in its entirety and the following new ARTICLE FOURTH is substituted in lieu thereof:
FOURTH :
The total number of shares of capital stock which the Corporation shall have authority to issue is twenty thousand 20,000 shares of common stock, $.0005 par value per share (“Common Stock”). Each share of the Corporation’s Series A common stock, $.0005 par value per share, and each share of the Corporation’s Series 8 common stock, $.0005 par value per share, which are issued and outstanding immediately prior to the filing of the Certificate of Amendment of the Certificate of Incorporation setting forth this amendment shall immediately, and without any action on the part of the holder thereof, be changed and reclassified into one share of Common Stock of the Corporation.

SECOND: The sole stockholder of the Corporation duly approved the said proposed amendment by written consent in accordance with Section 228 and Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed and acknowledged by its duly authorized officer this 17 day of July, 2001.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Secretary	
 
- 2 -

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
LADBROKE HOTELS U.S.A. CORPORATION, a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:
FIRST: The Board of Directors of the Corporation, by unanimous written consent, adopted and approved a resolution, pursuant to Section 242 of the General Corporation Law of the State of Delaware, setting forth an amendment to the Certificate of Incorporation of the Corporation and declaring said proposed amendment to be advisable. The amendment adopted was as follows:
“ARTICLE FOURTH of the Certificate of Incorporation of the Corporation is deleted in its entirety and the following new ARTICLE FOURTH is substituted in lieu thereof:
FOURTH :
4.1 Authorized Shares . The total number of shares of capital stock which the Corporation shall have authority to issue is twenty thousand (20,000) shares of common stock, $.0005 par value per share (“Common Stock”), of which 10,000 shares shall be designated Series C Common Stock, $.0005 par value per share (“Series C Common Stock”), and 10,000 shares shall be designated Series D Common Stock, $.0005 par value per share (“Series D Common Stock”). Each share of the Corporation’s Common Stock, $.0005 par value per share, winch is issued and outstanding immediately prior to the filing of the Certificate of Amendment of the Certificate of Incorporation setting forth this amendment shall immediately, and without any action on the part of the holder thereof, be changed and reclassified, as follows:
 
 	(a)	each of the 3,608 shares of Common Stock presently issued to Ladbroke Group International Luxembourg SA, a Luxembourg corporation, shall be changed and reclassified into one share of Series C Common Stock; and	
 
 	(b)	each of the 616 shares of Common Stock presently issued to Ladbroke Group International Limited, a United Kingdom corporation, shall be changed and reclassified into one share of Series C Common Stock.	

4.2. Voting . Holders of Series C Common Stock shall be entitled to one vote for each share of Class C Common Stock standing in their name on the books of the Corporation. Holders of Class D Common Stock shall be entitled to one vote for each share of Class D Common Stock standing in their name on the books of the Corporation. Holders of Series C Common Stock and Series D Common Stock shall be entitled to vote with respect to all matters upon which holders of Common Stock shall be entitled to vote.
4.3. Dividends . To the extent that any dividends are payable by the Corporation, the amounts of the total dividends per share paid cumulatively on shares of Series C Common Stock and shares of Series D Common Stock shall be equal (1) in respect of the period from the date of filing of this amendment through December 31, 2004 or in respect of prior periods and (2) thereafter, in respect of any annual accounting period and as of the date of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary; provided , however , that dividends paid with respect to Series C Common Stock and Series D Common Stock are not required to be paid simultaneously.
4.4. Distribution Upon Liquidation, Dissolution or Winding Up . In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the debts and other liabilities of the Corporation, the remaining net assets of the Corporation shall be distributed equally on a per share basis to the holders of Series C Common Stock and Series D Common Stock.”
SECOND: The stockholders of the Corporation duly approved the said proposed amendment by written consent in accordance with Section 228 and Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed and acknowledged by its duly authorized officer as of this 29 th day of December, 2004.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Vice President	

CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADBROKE HOTELS U.S.A. CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
Ladbroke Hotels U.S.A. Corporation, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify as follows:
 
(1)	ARTICLE FIRST of the Certificate of Incorporation of the Corporation is amended to read in its entirety as follows:	
“FIRST. The name of the Corporation is HIC Hotels U.S.A. Corporation.”
 
(2)	This Certificate of Amendment has been duly adopted by the stockholders of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.	
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Certificate of Incorporation to be executed and acknowledged by its duly authorized officer this 21 day of February, 2006.

LADBROKE HOTELS U.S.A. CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Vice President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
HIC HOTELS U.S.A. CORPORATION
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is: HIC HOTELS U.S.A. CORPORATION.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Road, Suite 400, City of Wilmington 19808, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 11/15, 2006

Signature:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	Vice President	

Exhibit 3.110
3129e
BY-LAWS OF
LADBROKE HOTELS U.S.A. CORPORATION
(A Delaware Corporation)
ARTICLE I
Offices
SECTION l. Registered Office . The registered office of the Corporation within the State of Delaware shall be in the City of Wilmington, County of New Castle.
SECTION 2. Other Offices . The Corporation may also have an office or offices other than said registered office at such place or places, either within or without the State of Delaware, as the Board of Directors shall from time to time determine or the business of the Corporation may require.
ARTICLE II
Meetings of Stockholders
SECTION 1. Place of Meetings . All meetings of the stockholders for the election of directors or for any other purpose shall be held at any such place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors and stated in the notice of meeting or in a duly executed waiver thereof.
SECTION 2. Annual Meeting . The annual meeting of stockholders, commencing with the year 1987, shall be held at such date and time as shall be designated from time to time by the Board of Directors and stated in the notice of meeting or in a duly executed waiver thereof. At such annual meeting, the stockholders shall elect, by a plurality vote, a Board of Directors and transact such other business as may properly be brought before the meeting.
SECTION 3. Special Meetings . Special meetings of stockholders, unless otherwise prescribed by statute, may be called at any time by the Board of Directors or the Chairman of the Board, if one shall have been elected, or the President and shall be called by the Secretary upon the request in writing of a stockholder or stockholders holding of record at least 50

percent of the voting power of the issued and outstanding shares of stock of the Corporation entitled to vote at such meeting.
SECTION 4. Notice of Meetings . Except as otherwise expressly required by statute, written notice of each annual and special meeting of stockholders stating the date, place and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to each stockholder of record entitled to vote thereat not less than ten nor more than sixty days before the date of the meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice. Notice shall be given personally or by mail and, if by mail, shall be sent in a postage prepaid envelope, addressed to the stockholder at his address as it appears on the records of the Corporation. Notice by mail shall be deemed given at the time when the same shall be deposited in the United States mail, postage prepaid. Notice of any meeting shall not be required to be given to any person who attends such meeting, except when such person attends the meeting in person or by proxy for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened, or who, either before or after the meeting, shall submit a signed written waiver of notice, in person or by proxy. Neither the business to be transacted at, nor the purpose of, an annual or special meeting of stockholders need be specified in any written waiver of notice.
SECTION 5. List of Stockholders . The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, showing the address of and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city, town or village where the meeting is to be held, which place shall be specified in the notice of meeting, or, if not specified, at the place where the meeting is to be held. The list shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
SECTION 6. Quorum, Adjournments . The holders of a majority of the voting power of the issued and outstanding stock of the Corporation entitled to vote thereat, present in

person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders, except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented by proxy at any meeting of stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented by proxy. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called. If the adjournment is for more than thirty days, or, if after adjournment a new record date is set, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
SECTION 7. Organization . At each meeting of stockholders, the Chairman of the Board, if one shall have been elected, or, in his absence or if one shall not have been elected, the President shall act as chairman of the meeting. The Secretary or, in his absence or inability to act, the person whom the chairman of the meeting shall appoint secretary of the meeting shall act as secretary of the meeting and keep the minutes thereof.
SECTION 8. Order of Business . The order of business at all meetings of the stockholders shall be as determined by the chairman of the meeting.
SECTION 9. Voting . Except as otherwise provided by statute or the Certificate of Incorporation, each stockholder of the Corporation shall be entitled at each meeting of stockholders to one vote for each share of capital stock of the Corporation standing in his name on the record of stockholders of the Corporation:
(a) on the date fixed pursuant to the provisions of Section 7 of Article V of these By-Laws as the record date for the determination of the stockholders who shall be entitled to notice of and to vote at such meeting; or
(b) if no such record date shall have been so fixed, then at the close of business on the day next preceding the day on which notice thereof shall be given, or, if notice is waived, at the close of business on the date next preceding the day on which the meeting is held.

Each stockholder entitled to vote at any meeting of stockholders may authorize another person or persons to act for him by a proxy signed by such stockholder or his attorney-in-fact, but no proxy shall be voted after three years from its date, unless the proxy provides for a longer period. Any such proxy shall be delivered to the secretary of the meeting at or prior to the time designated in the order of business for so delivering such proxies. When a quorum is present at any meeting, the vote of the holders of a majority of the voting power of the issued and outstanding stock of the Corporation entitled to vote thereon, present in person or represented by proxy, shall decide any question brought before such meeting, unless the question is one upon which by express provision of statute or of the Certificate of Incorporation or of these By-Laws, a different vote is required, in which case such express provision shall govern and control the decision of such question. Unless required by statute, or determined by the chairman of the meeting to be advisable, the vote on any question need not be by ballot. On a vote by ballot, each ballot shall be signed by the stockholder voting, or by his proxy, if there by such proxy, and shall state the number of shares voted.
SECTION 10. Inspectors . The Board of Directors may, in advance of any meeting of stockholders, appoint one or more inspectors to act at such meeting or any adjournment thereof. If any of the inspectors so appointed shall fail to appear or act, the chairman of the meeting shall, or if inspectors shall not have been appointed, the chairman of the meeting may, appoint one or more inspectors. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability. The inspectors shall determine the number of shares of capital stock of the Corporation outstanding and the voting power of each, the number of shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the results, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the chairman of the meeting, the inspectors shall make a report in writing of any challenge, request or matter determined by them and shall execute a certificate of any fact found by them. No director or candidate for the office of director shall act as an inspector of an election of directors. Inspectors need not be stockholders.

SECTION 11. Action by Consent . Whenever the vote of stockholders at a meeting thereof is required or permitted to be taken for or in connection with any corporate action, by any provision of statute or of the Certificate of Incorporation or of these By-Laws, the meeting and vote of stockholders may be dispensed with, and the action taken without such meeting and vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of stock of the Corporation entitled to vote thereon were present and voted.
ARTICLE III
Board of Directors
SECTION 1. General Powers . The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The Board of Directors may exercise all such authority and powers of the Corporation and do all such lawful acts and things as are not by statute or the Certificate of Incorporation directed or required to be exercised or done by the stockholders.
SECTION 2. Number, Qualifications, Election and Term of Office . The number of directors constituting the initial Board of Directors shall be four. Thereafter, the number of directors may be fixed, from time to time, by the affirmative vote of a majority of the entire Board of Directors or by action of the stockholders of the Corporation. Any decrease in the number of directors shall be effective at the time of the next succeeding annual meeting of stockholders unless there shall be vacancies in the Board of Directors, in which case such decrease may become effective at any time prior to the next succeeding annual meeting to the extent of the number of such vacancies. Directors need not be stockholders. Except as otherwise provided by statute or these By-Laws, the directors (other than members of the initial Board of Directors) shall be elected at the annual meeting of stockholders. Each director shall hold office until his successor shall have been elected and qualified, or until his death, or until he shall have resigned, or have been removed, as hereinafter provided in these By-Laws.
SECTION 3. Place of Meetings . Meetings of the Board of Directors shall be held at such place or places, within or without the State of Delaware, as the Board of Directors may from time to time determine or as shall be specified in the notice of any such meeting.

SECTION 4. Annual Meeting . The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders, on the same day and at the same place where such annual meeting shall be held. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such other time or place (within or without the State of Delaware) as shall be specified in a notice thereof given as hereinafter provided in Section 7 of this Article III.
SECTION 5. Regular Meetings . Regular meetings of the Board of Directors shall be held at such time and place as the Board of Directors may fix. If any day fixed for a regular meeting shall be a legal holiday at the place where the meeting is to be held, then the meeting which would otherwise be held on that day shall be held at the same hour on the next succeeding business day. Notice of regular meetings of the Board of Directors need not be given except as otherwise required by statute or these By-Laws.
SECTION 6. Special Meetings . Special meetings of the Board of Directors may be called by the Chairman of the Board, if one shall have been elected, or by two or more directors of the Corporation or by the President.
SECTION 7. Notice of Meetings . Notice of each special meeting of the Board of Directors (and of each regular meeting for which notice shall be required) shall be given by the Secretary as hereinafter provided in this Section 7, in which notice shall be stated the time and place of the meeting. Except as otherwise required by these By-Laws, such notice need not state the purposes of such meeting. Notice of each such meeting shall be mailed, postage prepaid, to each director, addressed to him at his residence or usual place of business, by first class mail, at least two days before the day on which such meeting is to be held, or shall be sent addressed to him at such place by telegraph, cable, telex, telecopier or other similar means, or be delivered to him personally or be given to him by telephone or other similar means, at least twenty-four hours before the time at which such meeting is to be held. Notice of any such meeting need not be given to any director who shall, either before or after the meeting, submit a signed waiver of notice or who shall attend such meeting, except when he shall attend for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

SECTION 8. Quorum and Manner of Acting . A majority of the entire Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, and, except as otherwise expressly required by statute or the Certificate of Incorporation or these By-Laws, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors. In the absence of a quorum at any meeting of the Board of Directors, a majority of the directors present thereat may adjourn such meeting to another time and place. Notice of the time and place of any such adjourned meeting shall be given to all of the directors unless such time and place were announced at the meeting at which the adjournment was taken, in which case such notice shall only be given to the directors who were not present thereat. At any adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally called. The directors shall act only as a Board and the individual directors shall have no power as such.
SECTION 9. Organization . At each meeting of the Board of Directors, the Chairman of the Board, if one shall have been elected, or, in the absence of the Chairman of the Board or if one shall not have been elected, the President (or, in his absence, another director chosen by a majority of the directors present) shall act as chairman of the meeting and preside thereat. The Secretary or, in his absence, any person appointed by the chairman shall act as secretary of the meeting and keep the minutes thereof.
SECTION 10. Resignations . Any director of the Corporation may resign at any time by giving written notice of his resignation to the Corporation. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.
SECTION 11. Vacancies . Any vacancy in the Board of Directors, whether arising from death, resignation, removal (with or without cause), an increase in the number of directors or any other cause, may be filled by the vote of a majority of the directors then in office, though less than a quorum, or by the sole remaining director or by the stockholders at the next annual meeting thereof or at a special meeting thereof. Each director so elected shall hold office until his successor shall have been elected and qualified.

SECTION 12. Removal of Directors . Any director may be removed, either with or without cause, at any time, by the holders of a majority of the voting power of the issued and outstanding capital stock of the Corporation entitled to vote at an election of directors.
SECTION 13. Compensation . The Board of Directors shall have authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity.
SECTION 14. Committees . The Board of Directors may, by resolution passed by a majority of the entire Board of Directors, designate one or more committees, including an executive committee, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In addition, in the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.
Except to the extent restricted by statute or the Certificate of Incorporation, each such committee, to the extent provided in the resolution creating it, shall have and may exercise all the powers and authority of the Board of Directors and may authorize the seal of the Corporation to be affixed to all papers which require it. Each such committee shall serve at the pleasure of the Board of Directors and have such name as may be determined from time to time by resolution adopted by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors.
SECTION 15. Action by Consent . Unless restricted by the Certificate of Incorporation, any action required or permitted to be taken by the Board of Directors or any committee thereof may be taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board of Directors or such committee, as the case may be.
SECTION 16. Telephonic Meeting . Unless restricted by the Certificate of Incorporation, any one or more members of the Board of Directors or any committee thereof may participate

in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.
ARTICLE IV
Officers
SECTION 1. Number and Qualifications . The officers of the Corporation shall be elected by the Board of Directors and shall include the President, one or more Vice-Presidents, the Secretary and the Treasurer. If the Board of Directors wishes, it may also elect as an officer of the Corporation a Chairman of the Board and may elect other officers (including one or more Assistant Treasurers and one or more Assistant Secretaries) as may be necessary or desirable for the business of the Corporation. Any two or more offices may be held by the same person, and no officer except the Chairman of the Board need be a director. Each officer shall hold office until his successor shall have been duly elected and shall have qualified, or until his death, or until he shall have resigned or have been removed, as hereinafter provided in these By-Laws.
SECTION 2. Resignations . Any officer of the Corporation may resign at any time by giving written notice of his resignation to the Corporation. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon receipt. Unless otherwise specified therein, the acceptance of any such resignation shall not be necessary to make it effective.
SECTION 3. Removal . Any officer of the Corporation may be removed, either with or without cause, at any time, by the Board of Directors at any meeting thereof.
SECTION 4. Chairman of the Board . The Chairman of the Board, if one shall have been elected, shall be a member of the Board, an officer of the Corporation and, if present, shall preside at each meeting of the Board of Directors or the stockholders. He shall advise and counsel with the President, and in his absence with other executives of the Corporation, and shall perform such other duties as may from time to time be assigned to him by the Board of Directors.
SECTION 5. The President . The President shall be the chief executive officer of the Corporation. He shall, in the absence of the Chairman of the Board or if a Chairman of the

Board shall not have been elected, preside at each meeting of the Board of Directors or the stockholders. He shall perform all duties incident to the office of President and chief executive officer and such other duties as may from time to time be assigned to him by the Board of Directors.
SECTION 6. Vice-President . Each Vice-President shall perform all such duties as from time to time may be assigned to him by the Board of Directors or the President. At the request of the President or in his absence or in the event of his inability or refusal to act, the Vice-President, or if there shall be more than one, the Vice-Presidents in the order determined by the Board of Directors (or if there be no such determination, then the Vice-Presidents in the order of their election), shall perform the duties of the President, and, when so acting, shall have the powers of and be subject to the restrictions placed upon the President in respect of the performance of such duties.
SECTION 7. Treasurer . The Treasurer shall
(a) have charge and custody of, and be responsible for, all the funds and securities of the Corporation;
(b) keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation;
(c) deposit all moneys and other valuables to the credit of the Corporation in such depositaries as may be designated by the Board of Directors or pursuant to its direction;
(d) receive, and give receipts for, moneys due and payable to the Corporation from any source whatsoever;
(e) disburse the funds of the Corporation and supervise the investments of its funds, taking proper vouchers therefor;
(f) render to the Board of Directors, whenever the Board of Directors may require, an account of the financial condition of the Corporation; and
(g) in general, perform all duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him by the Board of Directors.

SECTION 8. Secretary . The Secretary shall
(a) keep or cause to be kept in one or more books provided for the purpose, the minutes of all meetings of the Board of Directors, the committees of the Board of Directors and the stockholders;
(b) see that all notices are duly given in accordance with the provisions of these By-Laws and as required by law;
(c) be custodian of the records and the seal of the Corporation and affix and attest the seal to all certificates for shares of the Corporation (unless the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be executed on behalf of the Corporation under its seal;
(d) see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed; and
(e) in general, perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board of Directors.
SECTION 9. The Assistant Treasurer . The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties as from time to time may be assigned by the Board of Directors.
SECTION 10. The Assistant Secretary . The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors (or if there be no such determination, then in the order of their election), shall, in the absence of the Secretary or in the event of his inability or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties as from time to time may be assigned by the Board of Directors.

SECTION 11. Officers’ Bonds or Other Security . If required by the Board of Directors, any officer of the Corporation shall give a bond or other security for the faithful performance of his duties, in such amount and with such surety as the Board of Directors may require.
SECTION 12. Compensation . The compensation of the officers of the Corporation for their services as such officers shall be fixed from time to time by the Board of Directors. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he is also a director of the Corporation.
ARTICLE V
Stock Certificates and Their Transfer
SECTION 1. Stock Certificates . Every holder of stock in the Corporation shall be entitled to have a certificate, signed by, or in the name of the Corporation by, the Chairman of the Board or the President or a Vice-President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Corporation, certifying the number of shares owned by him in the Corporation. If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restriction of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in Section 202 of the General Corporation Law of the State of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
SECTION 2. Facsimile Signatures . Any or all of the signatures on a certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the date of issue.

SECTION 3. Lost Certificates . The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen, or destroyed certificate or certificates, or his legal representative, to give the Corporation a bond in such sum as it may direct sufficient to indemnify it against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
SECTION 4. Transfers of Stock . Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its records; provided, however, that the Corporation shall be entitled to recognize and enforce any lawful restriction on transfer. Whenever any transfer of stock shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of transfer if, when the certificates are presented to the Corporation for transfer, both the transferor and the transferee request the Corporation to do so.
SECTION 5. Transfer Agents and Registrars . The Board of Directors may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one or more registrars.
SECTION 6. Regulations . The Board of Directors may make such additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning the issue, transfer and registration of certificates for shares of stock of the Corporation.
SECTION 7. Fixing the Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a

record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
SECTION 8. Registered Stockholders . The Corporation shall be entitled to recognize the exclusive right of a person registered on its records as the owner of shares of stock to receive dividends and to vote as such owner, shall be entitled to hold liable for calls and assessments a person registered on its records as the owner of shares of stock, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares of stock on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.
ARTICLE VI
Indemnification of Directors and Officers
SECTION 1. General . The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

SECTION 2. Derivative Actions . The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, provided that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.
SECTION 3. Indemnification in Certain Cases . To the extent that a director, officer, employee or agent of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1 and 2 of this Article VI, or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
SECTION 4. Procedure . Any indemnification under Sections 1 and 2 of this Article VI (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in such Sections 1 and 2. Such determination shall be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (b) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (c) by the stockholders.
SECTION 5. Advances for Expenses . Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the Corporation in advance of the final disposition

of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount if it shall be ultimately determined that he is not entitled to be indemnified by the Corporation as authorized in this Article VI.
SECTION 6. Rights Not-Exclusive . The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any law, by-law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
SECTION 7. Insurance . The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this Article VI.
SECTION 8. Definition of Corporation . For the purposes of this Article VI, references to “the Corporation” include all constituent corporations absorbed in a consolidation or merger as well as the resulting or surviving corporation so that any person who is or was a director, officer, employee or agent of such a constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise shall stand in the same position under the provisions of this Article VI with respect to the resulting or surviving corporation as he would if he had served the resulting or surviving corporation in the same capacity.
SECTION 9. Survival of Rights . The indemnification and advancement of expenses provided by, or granted pursuant to this Article VI shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

ARTICLE VII
General Provisions
SECTION 1. Dividends . Subject to the provisions of statute and the Certificate of Incorporation, dividends upon the shares of capital stock of the Corporation may be declared by the Board of Directors at any regular or special meeting, Dividends may be paid in cash, in property or in shares of stock of the Corporation, unless otherwise provided by statute or the Certificate of Incorporation.
SECTION 2. Reserves . Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors may, from time to time, in its absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation or for such other purpose as the Board of Directors may think conducive to the interests of the Corporation. The Board of Directors may modify or abolish any such reserves in the manner in which it was created.
SECTION 3. Seal . The seal of the Corporation shall be in such form as shall be approved by the Board of Directors.
SECTION 4. Fiscal Year . The fiscal year of the Corporation shall be fixed, and once fixed, may thereafter be changed, by resolution of the Board of Directors.
SECTION 5. Checks, Notes, Drafts, Etc . All checks, notes, drafts or other orders for the payment of money of the Corporation shall be signed, endorsed or accepted in the name of the Corporation by such officer, officers, person or persons as from time to time may be designated by the Board of Directors or by an officer or officers authorized by the Board of Directors to make such designation.
SECTION 6. Execution of Contracts, Deeds, Etc . The Board of Directors may authorize any officer or officers, agent or agents, in the name and on behalf of the Corporation to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts and other obligations or instruments, and such authority may be general or confined to specific instances.
SECTION 7. Voting of Stock in Other Corporations . Unless otherwise provided by resolution of the Board of Directors, the Chairman of the Board or the President, from time to time, may (or may appoint one or more attorneys or agents to) cast the votes which the Corporation may be entitled

to cast as a shareholder or otherwise in any other corporation, any of whose shares or securities may be held by the Corporation, at meetings of the holders of the shares or other securities of such other corporation. In the event one or more attorneys or agents are appointed, the Chairman of the Board or the President may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent. The Chairman of the Board or the President may, or may instruct the attorneys or agents appointed to, execute or cause to be executed in the name and on behalf of the Corporation and under its seal or otherwise, such written proxies, consents, waivers or other instruments as may be necessary or proper in the circumstances.
ARTICLE VIII
Amendments
These By-Laws may be amended or repealed or new by-laws adopted (a) by action of the stockholders entitled to vote thereon at any annual or special meeting of stockholders or (b) if the Certificate of Incorporation so provides, by action of the Board of Directors at a regular or special meeting thereof. Any by-law made by the Board of Directors may be amended or repealed by action of the stockholders at any annual or special meeting of stockholders.

Exhibit 3.111
CERTIFICATE OF INCORPORATION
OF
LADBROKE RACING CORPORATION
The undersigned, a natural person, for the purposes of organizing a corporation for conducting the business and promoting the purposes hereinafter stated, under the provisions of and subject to the requirements of the laws of the State of Delaware (particularly Chapter 1, Title 8 of the Delaware Code, identified and referred to as the “General Corporation Law of Delaware”), hereby certifies that:
FIRST: The name of the corporation is:
LADBROKE RACING CORPORATION
SECOND: The address of its registered office in the State of Delaware is 1209 Orange Street, in the City of Wilmington, County of New Castle. The name of its registered agent at such address is The Corporation Trust Company.
THIRD: The nature of the business and purposes to be conducted or promoted are to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.
FOURTH: The total number of shares of all classes of stock which the corporation shall have authority to issue is One Thousand (1,000) shares, which are divided into Four

Hundred (400) shares of Class A Common Stock without par value, One Hundred (100) shares of Class B Common Stock without par value, and Five Hundred (500) shares of Preferred Stock without par value.
The designations, voting powers, preferences and rights, and the qualifications, limitations and restrictions of the above classes of stock of the corporation shall be as follows:
A. Common Stock .
(i) General . Except as otherwise expressly provided by this Certificate of Incorporation, all shares of Common Stock of the corporation shall be identical with each other in every respect without distinction as to class, and the shares of Class A Common Stock and the shares of Class B Common Stock shall for all purposes be treated as a single class of stock and shall have the same rights, privileges, interests and attributes, and shall be subject to the same limitations, as every other share of Common Stock of the corporation.
(ii) Dividends . Each issued and outstanding share of Class A Common Stock and Class B Common Stock shall entitle the holder thereof to receive out of funds legally available therefor, when and as declared by the Board of Directors, dividends in cash at such rate and at such times
 
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as the Board of Directors shall determine. Notwithstanding anything to the contrary set forth in this subparagraph (ii), the Board of Directors, in its discretion, may but need not declare and set apart or pay such dividends (a) upon the issued and outstanding shares of Class A Common Stock but not upon the issued and outstanding shares of Class B Common Stock, or (b) upon the issued and outstanding shares of Class B Common Stock but not upon the issued and outstanding shares of Class A Common Stock, or (c) upon either of or both of the issued and outstanding shares of Class A Common Stock and of Class B Common Stock before dividends are declared and set apart or paid upon the issued and outstanding shares of Preferred Stock, or (d) in such proportions to the issued and outstanding shares of any class or series of stock of the corporation as the Board of Directors may determine.
(iii) Voting Rights . Each issued and outstanding share of Class A Common Stock and Class B Common Stock shall entitled the holder thereof to one vote per share.
B. Preferred shares .
The relative rights, preferences and limitations applicable to the shares of Preferred Stock are as follows:
(i) Liquidation . In the event of any liquidation, dissolution, or winding up of the affairs of the corporation, whether voluntary or involuntary, each issued and outstanding
 
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share of Preferred Stock shall entitle the holder of record thereof to payment at the rate per share of Fifty Thousand Dollars ($50,000) before any payment or distribution of the net assets of the corporation (whether stated capital or surplus) shall be made to or set apart for the holders of record of any of the issued and outstanding Class A Common Stock and/or Class B Common Stock in respect of said Common Stock. After setting apart or paying in full the preferential amounts aforesaid to the respective holders of record of the issued and outstanding shares of Preferred Stock, the remaining net assets (whether stated capital or surplus), if any, shall be distributed exclusively to the holders of record of the issued and outstanding shares of Common Stock, each issued and outstanding share of Common Stock entitling the holder of record thereof to receive an equal portion of the remaining net assets without distinction as to class. If the net assets of the Corporation shall be insufficient to pay in full the preferential amounts to which the holders of all the outstanding shares of Preferred Stock are respectively entitled as aforesaid, the entire net assets of the corporation shall be distributed ratably to the holders of all of the outstanding shares of Preferred Stock in proportion to the full amounts to which they are respectively entitled, and the holders of shares of either class of the
 
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Common Stock shall in no event be entitled to participate in the distribution of said net assets in respect of their Common Stock. Without excluding any other proceeding which does not in fact effect a liquidation, dissolution, or winding up of the corporation, a merger or consolidation of the corporation into or with any other corporation, a merger of any other corporation into the corporation, or a sale, lease, mortgage, pledge, exchange, transfer or other disposition by the corporation of all or substantially all of its assets shall not be deemed, for the purposes of this paragraph, to be a liquidation, dissolution, or winding up of the corporation.
(ii) Dividends . Each issued and outstanding share of Preferred Stock shall entitle the holder of record thereof to receive out of funds legally available therefor, when and as declared by the Board of Directors, non-cumulative dividends in cash at such rate and at such times as the Board of Directors shall determine, which dividends may but need not be declared and set apart or paid (a) before dividends of any kind may be declared and set apart or paid upon either of or both of the issued and outstanding shares of Class A Common Stock and of Class B Common Stock, or (b) in such proportion to the issued and outstanding shares of any class or series of stock of the corporation as the Board of Directors may determine.
 
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(iii) Voting Rights . Except as any provision of law may otherwise require, no share of Preferred Stock shall entitle the holder thereof to any voting power, to participate in any meeting of stockholders, or to have notice of any meeting of stockholders.
FIFTH: The name and mailing address of the sole incorporator is:

NAME	  	MAILING ADDRESS	
N. S. Molberger	  	c/o Weil, Gotshal & Manges	
	  	767 Fifth Avenue	
	  	New York, New York 10153	
SIXTH: The corporation is to have perpetual existence.
SEVENTH: Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them and/or between this corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this corporation or of any creditor or stockholders thereof or on the application of any receiver or receivers appointed for this corporation under the provisions of Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or
 
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receivers appointed for this corporation under the provisions of Section 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this corporation, as the case may be, and also on this corporation.
EIGHTH: In furtherance and not in limitation of the powers conferred by statute, the board of directors is expressly authorized to make, alter or repeal the by-laws of the corporation.
NINTH: a director of the corporation shall not in the absence of fraud be disqualified by his office from dealing or contracting with the corporation either as a
 
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vendor, purchaser or otherwise, nor in the absence of fraud shall a director of the corporation be liable to account to the corporation for any profit realized by him from or through any transaction or contract of the corporation by reason of the fact that he or any firm of which he is a member, or any corporation of which he is an officer, director or stockholder, was interested in such transaction or contract if such transaction or contract has been authorized, approved or ratified in the manner provided in the General Corporation Law of Delaware for authorization, approval or ratification of transactions or contracts between the corporation and one or more of its directors or officers, or between the corporation and any other corporation, partnership, association or other organization in which one or more of its directors or officers are directors or officers or have a financial interest.
TENTH: The corporation shall, to the full extent permitted by Section 145 of the General Corporation Law of Delaware, as amended from time to time, indemnify all persons whom it may indemnify pursuant thereto.
ELEVENTH: Election of directors need not be by written ballot.
TWELFTH: The corporation reserves the right to amend, alter, change or repeal any provision contained in
 
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this Certificate of Incorporation, in the manner now or herein prescribed by statute, and all rights conferred by the stockholders herein are granted subject to this reservation.
Signed at
State of Texas
County of Harris
December 18, 1985

/s/ N.S. Molberger	
N.S. Molberger	
Sole Incorporator	
 
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CERTIFICATE OF OWNERSHIP AND MERGER
OF
LADBROKE RACING MANAGEMENT CORPORATION
(a Delaware corporation)
INTO
LADBROKE RACING CORPORATION
(a Delaware corporation)
It is hereby certified that:
1. Ladbroke Racing Corporation [hereinafter sometimes referred to as the “Corporation”] is a business corporation of the State of Delaware.
2. The Corporation is the owner of all of the outstanding shares of the stock of Ladbroke Racing Management Corporation, which is also a business corporation of the State of Delaware.
3. On February 24, 1997, the Board of Directors of the Corporation adopted the following resolutions to merge Ladbroke Racing Management Corporation into the Corporation:
RESOLVED that Ladbroke Racing Management Corporation be merged into this Corporation, and that all of the estate, property, rights, privileges, powers and franchises of Ladbroke Racing Management Corporation be vested in and held and enjoyed by this Corporation as fully and entirely and without change or diminution as the same were before held and enjoyed by Ladbroke Racing Management Corporation in its name.
RESOLVED that this Corporation shall assume all of the obligations of Ladbroke Racing Management Corporation
RESOLVED that this Corporation shall cause to be executed and filed and/or recorded the documents prescribed by the laws of the State of Delaware and by the laws of any other appropriate jurisdiction and will cause to be performed all necessary acts within the State of Delaware and within any other appropriate jurisdiction.

RESOLVED that the effective time of the Certificate of Ownership and Merger setting forth a copy of these resolutions, and the time when the merger therein provided for, shall become effective shall be at 11:59 p.m. on February 28, 1997.
Executed on February 24, 1997.

LADBROKE RACING CORPORATION	
		
By:    	 	/s/ [Illegible Signature]	
Its:    	 	President	
 
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CERTIFICATE OF OWNERSHIP AND MERGER
MERGING
LADBROKE RACING CALIFORNIA INC.
WITH AND INTO
LADBROKE RACING CORPORATION
Pursuant to Section 253 of the General Corporation Law
of the State of Delaware
Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), HEREBY CERTIFIES AS FOLLOWS:
FIRST: The Corporation is a corporation incorporated on December 26, 1985, under the laws of the State of Delaware.
SECOND: The Corporation by the resolutions of its Board of Directors, duly adopted by unanimous written consent of its members, filed with the minutes of its Board of Directors and attached hereto as Annex A, as of December 27, 2002, determined to merge Ladbroke Racing California Inc. (“ Ladbroke, California ”) with and into the Corporation.
THIRD: The board of directors of Ladbroke California by a resolution, duly adopted by unanimous written consent of its members, filed with the minutes of its Board of Directors and attached hereto as Annex B, as of December 27, 2002, determined to merge Ladbroke California with and into the Corporation.
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Ownership and Merger to be signed by Paul Lierman, its Secretary, as of December 27, 2002.

LADBROKE RACING CORPORATION.	
		
By:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	Secretary	

ANNEX A
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING CORPORATION
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), in accordance with Section 141(f) of the General Corporation Law of the State of Delaware, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merges with Ladbroke Racing California Inc., (“ Ladbroke California” ), a Delaware corporation (the “ Merger ”), pursuant to Section 253 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”) ;
RESOLVED, that the Merger shall become effective at the time (the “ Effective Time ”) of the filing of a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law;
RESOLVED, that, at the Effective Time, Ladbroke California shall be merged with and into the Corporation, the separate existence of Ladbroke California shall cease, and the Corporation shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and Ladbroke California and shall be subject to all the debts, liabilities, obligations, restrictions, disabilities and duties of both the Corporation and Ladbroke California;
RESOLVED, that the Certificate of Incorporation and By-laws of the Corporation, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of Ladbroke California, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of the Corporation, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;
RESOLVED, that the directors and officers of the Corporation as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and

RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses as they, or any one of them, may deem necessary, proper or advisable in order to effect the Merger.
[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the undersigned have duly executed this document as of December 27, 2002.

	
/s/ Paul Lierman	
Name: Paul Lierman	
	
/s/ Erlinda Vesleno	
Name: Erlinda Vesleno	

ANNEX B
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING CALIFORNIA INC.
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing California Inc., a Delaware corporation (the “ Corporation ”), in accordance with Section 14l(f) of the General Corporation Law of the State of Delaware, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merges with and into Ladbroke Racing Corporation, a Delaware corporation (“ Ladbroke Racing ”), (the “ Merger ”), pursuant to Section  2 53 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”);
RESOLVED, that the Merger shall become effective at the time (the “ Effective Time ” ) of the filing of a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law;
RESOLVED, that, at the Effective Time, the Corporation shall be merged with and into Ladbroke Racing, the separate existence of the Corporation shall cease, and Ladbroke Racing shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and Ladbroke Racing and shall be subject to all the debts, liabilities, obligatons, restrictions, disabilities and duties of both the Corporation and Ladbroke Racing;
RESOLVED, that the Certificate of Incorporation and By-laws of Ladbroke Racing, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of Ladbroke Racing, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the: Effective Time, each share of the Common Stock, of Ladbroke Racing, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;
RESOLVED, that the directors and officers of Ladbroke Racing as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and

RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses as they, or any one of them, may deem necessary, proper or advisable in order to effect the Merger.
[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the undersigned have duly executed this document as of December 27, 2002.

 	
Name: Paul Lierman	

Name: Erlinda Vesleno	
	
/s/ Phil Turner	
Name: Phil Turner	

IN WITNESS WHEREOF, the undersigned have duly executed this document as of December 27, 2002.

/s/ Paul Lierman	
Name: Paul Lierman	
	
/s/ Erlinda Vesleno	
Name: Erlinda Vesleno	

Name: Phil Turner	

CERTIFICATE OF OWNERSHIP AND MERGER
MERGING
LADBROKE RACING MICHIGAN INC.
WITH AND INTO
LADBROKE RACING CORPORATION
Pursuant to Section 253 of the General Corporation Law
of the State of Delaware
Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), HEREBY CERTIFIES AS FOLLOWS:
FIRST: The Corporation is a corporation incorporated on December 26, 1985, under the laws of the State of Delaware.
SECOND: The Corporation owns all the outstanding capital stock of Ladbroke Racing Michigan Inc., a corporation incorporated on January 12, 1984, under the laws of the State of Delaware (“LRM”).
THIRD: The Corporation, by the resolutions of its Board of Directors, duly adopted by unanimous written consent of its members, filed with the minutes of its Board of Directors and attached hereto as Annex A, as of July 1, 2003, determined to merge LRM with and into the Corporation.
[Remainder of this page intentionally left blank]
 
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Ownership and Merger to be signed by Paul Lierman, its Secretary, as of July 1, 2003.

LADBROKE RACING CORPORATION	
			
	 	By:	 	/s/ Paul Lierman	
	 		 	Name: Paul Lierman	
	 		 	Title: Secretary	
 
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Annex A
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING CORPORATION
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), in accordance with Section 141(f) of the General Corporation Law of the State of Delaware, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merge Ladbroke Racing Michigan Inc., a Delaware corporation (“LRM”), with and into the Corporation (the “ Merger ”), pursuant to Section 253 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”);
RESOLVED, that the Merger shall become effective at the time (the “ Effective Time ”) of the filing of a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law;
RESOLVED, that, at the Effective Time, LRM shall be merged with and into the Corporation, the separate existence of LRM shall cease, and the Corporation shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and LRM and shall be subject to all the debts, liabilities, obligations, restrictions, disabilities and duties of both the Corporation and LRM;
RESOLVED, that the Certificate of Incorporation and By-laws of the Corporation, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of LRM, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of the Corporation, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;
RESOLVED, that the directors and officers of the Corporation as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and
RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses
 
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CERTIFICATE OF OWNERSHIP AND MERGER
MERGING
GOLDEN GATE LAND COMPANY, INC.,
WITH AND INTO
LADBROKE RACING CORPORATION
Pursuant to Section 253 of the General Corporation Law
of the State of Delaware
Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), HEREBY CERTIFIES AS FOLLOWS:
FIRST: The Corporation is a corporation incorporated on December 26, 1985, under the laws of the State of Delaware.
SECOND: The Corporation owns all the outstanding capital stock of Golden Gate Land Company, Inc., a corporation incorporated on July 22, 1997, under the laws of the State of California (“ Golden Gate Land Company ”).
THIRD: The Corporation, by the resolutions of its Board of Directors, duly adopted by unanimous written consent of its members filed with the minutes of its Board of Directors and attached hereto as Annex A, as of August 8 th , 2003, determined to merge Golden Gate Land Company with and into the Corporation.
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Ownership and Merger to be signed by Paul Lierman, its Treasurer and Secretary, as of August 8 th , 2003.

LADBROKE RACING CORPORATION	
			
	 	By:	 	/s/ Paul Lierman	
	 	Name:	 	Paul Lierman	
	 	Title:	 	Treasurer & Secretary	

ANNEX A
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING CORPORATION
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), in accordance with Section 141(f) of the General Corporation Law of the State of Delaware, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merge Golden Gate Land Company, Inc., a California corporation (“ Golden Gate Land Company ”), with and into the Corporation (the “ Merger ”), pursuant to Section 253 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”);
RESOLVED, that the Merger shall become effective at the time (the “Effective Time ”) of the filing of a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law;
RESOLVED, that, at the Effective Time, Golden Gate Land Company shall be merged with and into the Corporation, the separate existence of Golden Gate Land Company shall cease, and the Corporation shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and Golden Gate Land Company and shall be subject to all the debts, liabilities, obligations, restrictions, disabilities and duties of both the Corporation and Golden Gate Land Company;
RESOLVED, that the Certificate of Incorporation and By-laws of the Corporation, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of Golden Gate Land Company, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of the Corporation, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;
RESOLVED, that the directors and officers of the Corporation as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and

RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses as they, or any one of them, may deem necessary, proper or advisable in order to effect the Merger.
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IN WITNESS WHEREOF, the undersigned have duly executed this document as of August 8 th , 2003.

	
/s/ Paul Lierman	
Name: Paul Lierman	
	
/s/ Erlinda Vesleno	
Name: Erlinda Vesleno	
 
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CERTIFICATE OF OWNERSHIP AND MERGER
MERGING
LADBROKE RACING WYOMING INC.
WITH AND INTO
LADBROKE RACING CORPORATION
Pursuant to Section 253 of the General Corporation Law
of the State of Delaware
Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), HEREBY CERTIFIES AS FOLLOWS:
FIRST: The Corporation is a corporation incorporated on December 26, 1985, under the laws of the State of Delaware.
SECOND: The Corporation, by the resolutions of its Board of Directors, duly adopted by unanimous written consent of its members, filed with the minutes of its Board of Directors and attached hereto as Annex A, as of December 31, 2003, determined to merge Ladbroke Racing Wyoming Inc. (“ Ladbroke Wyoming ”) with and into the Corporation.
THIRD: The Board of Directors of Ladbroke Wyoming by a resolution, duly adopted by unanimous written consent of its members, filed with the minutes of its Board of Directors and attached hereto as Annex B, as of December 31, 2003, determined to merge Ladbroke Wyoming with and into the Corporation.
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Ownership and Merger to be signed by Paul Lierman, its Secretary, as of December 31, 2003.

LADBROKERACING CORPORATION	
		
By:  	 	/s/ Paul Lierman	
	 	Name: Paul Lierman	
	 	Title:   Secretary	

ANNEX A
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING CORPORATION
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing Corporation, a Delaware corporation (the “ Corporation ”), in accordance with Section 141(f) of the General Corporation Law of the State of Delaware, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merges with Ladbroke Racing Wyoming Inc., (“ Ladbroke Wyoming ”), a Wyoming corporation (the “ Merger ”), pursuant to Section 253 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”) and Article 17-16-1107 of the Wyoming Business Corporation Act;
RESOLVED, that the Merger shall become effective at the time (the “ Effective Time ”) of the filing of (i) a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law; and (ii) Articles of Merger to be filed with the Secretary of State of the State of Wyoming in accordance with the provisions of the Wyoming Business Corporation Act;
RESOLVED, that, at the Effective Time, Ladbroke Wyoming shall be merged with and into the Corporation, the separate existence of Ladbroke Wyoming shall cease, and the Corporation shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and Ladbroke Wyoming and shall be subject to all the debts, liabilities, obligations, restrictions, disabilities and duties of both the Corporation and Ladbroke Wyoming;
RESOLVED, that the Certificate of Incorporation and By-laws of the Corporation, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of Ladbroke Wyoming, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of the Corporation, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;

RESOLVED, that the directors and officers of the Corporation as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and
RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses as they, or any one of them, may deem necessary, proper or advisable in order to effect the Merger.
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IN WITNESS WHEREOF, the undersigned have duly executed this document as of December 31, 2003.

/s/ Paul Lierman	
Name: Paul Lierman	
	
/s/ Erlinda Vesleno	
Name: Erlinda Vesleno	
	
/s/ Phil Turner	
Name: Phil Turner	

ANNEX B
UNANIMOUS WRITTEN CONSENT OF THE BOARD OF DIRECTORS OF
LADBROKE RACING WYOMING INC.
ADOPTED
The undersigned, being all the members of the Board of Directors of Ladbroke Racing Wyoming Inc., a Wyoming corporation (the “ Corporation ”), in accordance with Article 17-16-821(a) of the Wyoming Business Corporation Act, hereby consent to the adoption of the following resolutions as if such resolutions had been adopted at a duly convened meeting of the Board of Directors of the Corporation:
RESOLVED, that the Corporation merges with and into Ladbroke Racing Corporation, a Delaware corporation (“ Ladbroke Racing ”), (the “ Merger ”), pursuant to Article 17-16-1107 of the Wyoming Business Corporation Act and Section 252 of the General Corporation Law of the State of Delaware (the “ General Corporation Law ”);
RESOLVED, that the Merger shall become effective at the time (the “ Effective Time ”) of the filing of (i) a Certificate of Ownership and Merger to be filed with the Secretary of State of the State of Delaware in accordance with the provisions of the General Corporation Law; and (ii) Articles of Merger to be filed with the Secretary of State of the State of Wyoming in accordance with the provisions of the Wyoming Business Corporation Act;
RESOLVED, that, at the Effective Time, the Corporation shall be merged with and into Ladbroke Racing, the separate existence of the Corporation shall cease, and Ladbroke Racing shall be the surviving corporation (the “ Surviving Corporation ”), and the Surviving Corporation, without further action, shall possess all the rights, privileges, powers and franchises, public and private, of both the Corporation and Ladbroke Racing and shall be subject to all the debts, liabilities, obligations, restrictions, disabilities and duties of both the Corporation and Ladbroke Racing;
RESOLVED, that the Certificate of Incorporation and By-laws of Ladbroke Racing, as in effect immediately prior to the Effective Time, shall be the Certificate of Incorporation and By-laws of the Surviving Corporation until thereafter amended as provided by law or such Certificate of Incorporation;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of the Corporation, which is issued and outstanding immediately prior to the Effective Time, shall be deemed cancelled;
RESOLVED, that, at the Effective Time, each share of the Common Stock, of Ladbroke Racing, which is issued and outstanding immediately prior to the Effective Time, shall remain outstanding following the Effective Time;

RESOLVED, that the directors and officers of Ladbroke Racing as of the Effective Time shall be the directors and officers of the Surviving Corporation, until their successors are duly elected or appointed; and
RESOLVED, that the proper officers of the Corporation be, and each of them acting alone hereby is, authorized to take all actions and to prepare, execute, deliver and file all agreements, instruments, documents and certificates in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such fees and expenses as they, or any one of them, may deem necessary, proper or advisable in order to effect the Merger.
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IN WITNESS WHEREOF, the undersigned have duly executed this document as of December 31, 2003.

/s/ Paul Lierman	
Name: Paul Lierman	
	
/s/ Erlinda Vesleno	
Name: Erlinda Vesleno	
	
/s/ Phil Turner	
Name: Phil Turner	

CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADBROKE RACING CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
Ladbroke Racing Corporation, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify as follows:
 
(1)	ARTICLE FIRST of the Certificate of Incorporation of the Corporation is amended to read in its entirety as follows;	
“FIRST, The name of the Corporation is HIC Racing Corporation.”
 
(2)	This Certificate of Amendment has been duly adopted by the sole stockholder of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.	
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Certificate of Incorporation to be executed and acknowledged by its duly authorized officer this 21 day of February, 2006.

LADBROKE RACING CORPORATION	
		
By:	 	/s/ Paul Lierman	
	 	Name: Paul Lierman	
	 	Title: President, Secretary & Treasurer	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
HIC RACING CORPORATION
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is: HIC RACING CORPORATION.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Road, Suite 400, City of Wilmington 19808, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 11/15, 2006

Signature:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	President	

Exhibit 3.112
AMENDED AND RESTATED BYLAWS
OF
HIC RACING CORPORATION
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office . The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Other Offices . The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF STOCKHOLDERS
Section 1. Place of Meetings . Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings . The Annual Meeting of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the stockholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, but such Special Meetings may not be called by any other person or persons. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation either personally or by mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which

stockholders may be deemed present in person at such adjourned meeting, until a quorum shall be present or represented. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors a plurality of the votes cast shall be sufficient to elect. All other elections and questions shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Any action required to be taken at any Annual or Special meeting of stockholders, or any action which may be taken at any Annual or Special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that consents given by a sufficient number of holders to take the action were delivered to the Corporation.
Section 8. List of Stockholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.
 
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Section 9. Organization . At every meeting of stockholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the stockholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; (ii) in the case of determination of stockholders entitled to express consent to corporate action without a meeting, shall not be more than 10 days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (iii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining stockholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors is required by law, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (c) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the
 
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proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be one. Hereafter, within the limits specified above, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal.
Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under the General Corporation Law of the State of Delaware.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
 
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Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Regular meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present.
Section 7. Actions of Board . Unless otherwise provided by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in accordance with applicable law.
Section 8. Removal . Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than 80% in voting power of outstanding shares of capital stock entitled to vote at an election of directors.
Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
 
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ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.
 
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Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the Sole Stockholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.
 
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Exhibit 3.113
CERTIFICATE OF INCORPORATION
OF
LADSTOCK SECOND CORPORATION
ARTICLE FIRST
NAME
The name of the Corporation is LADSTOCK SECOND CORPORATION.
ARTICLE SECOND
REGISTERED OFFICE
The address of its registered office in the State of Delaware is 410 South State Street, c/o United Corporate Services, Inc., in the City of Dover, County of Kent. The name of its registered agent at such address is United Corporate Services, Inc.
ARTICLE THIRD
PURPOSE
The purpose of the Corporation is to engage in any lawful act or activities for which corporations may be organized under the General Corporation Law of Delaware.
ARTICLE FOURTH
CAPITAL STOCK CLASSES
The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 11,000 shares which are divided into two classes as follows:
10,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) $1.00 par value per share.

Shares of Preferred Stock and Common Stock of the Corporation shall not be transferred or sold without the prior written approval of the Board of Directors.
The designations, voting powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions of the above classes of stock are as follows:
I. Preferred Stock
1. Issuance in Series.
Shares of Preferred Stock may be issued in one or more series at such time or times, and for such consideration or considerations as the Board of Directors may determine. All shares of any one series of Preferred Stock will be identical with each other in all respects, except that shares of one series issued at different times may differ as to dates from which dividends thereon may be cumulative. All series will rank equally and be identical in all respects, except as permitted by the following provisions of paragraph 2 of this Division I.
 
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2. Authority of the Board with Respect to Series.
The Board of Directors is authorized, at any time and from time to time, to provide for the issuance of shares of Preferred Stock in one or more series with such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof as are stated and expressed in the resolution or resolutions providing for the issue thereof adopted by the Board of Directors, and as are not stated and expressed in this Certificate of Incorporation or any amendment thereto including, but not limited to, determination of any of the following:
(a) the distinctive serial designation and the number of shares constituting a series;
(b) the dividend rate or rates, whether dividends are cumulative and, if so, from which date, the payment date or dates for dividends, and the participating or other special rights, if any, with respect to dividends;
(c) the voting powers, full or limited, if any, of the shares of the series;
(d) whether the shares are redeemable and, if so, the price or prices at which, and the terms and conditions on which, the shares may be redeemed;
 
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(e) the amount or amounts payable upon the shares in the event of voluntary or involuntary liquidation, dissolution or winding up of the Corporation prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to the Preferred Stock;
(f) whether the shares are entitled to the benefit of a sinking or retirement fund to be applied to the purchase or redemption of shares of a series and, if so entitled, the amount of the fund and the manner of its application, including the price or prices at which the shares may be redeemed or purchased through the application of the fund;
(g) whether the shares are convertible into, or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes of stock of the Corporation and, if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and the adjustments thereof, if any, at which the conversion or exchange may be made, and any other terms and conditions of the conversion or exchange; and
(h) any other preferences, privileges and powers, and relative participating, optional or other special rights, and qualifications, limitations or restrictions of a series, as the Board of Directors may deem advisable and as are not inconsistent with the provisions of this Certificate of Incorporation.
 
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3. Dividends.
Before any dividends on any class or classes of stock of the Corporation ranking junior to the Preferred Stock (other than dividends payable in shares of any class or classes of stock of the Corporation ranking junior to the Preferred Stock) may be declared or paid or set apart for payment, the holders of shares of Preferred Stock of each series are entitled to such cash dividends, but only when and as declared by the Board of Directors out of funds legally available therefor, as they may be entitled to in accordance with the resolution or resolutions adopted by the Board of Directors providing for the issue of the series, payable on such dates in each year as may be fixed in the resolution or resolutions. The term “class or classes of stock of the Corporation ranking junior to the Preferred Stock” means the Common Stock and any other class or classes of stock of the Corporation hereafter authorized which rank junior to the Preferred Stock as to dividends or upon 1iquidation.
4. Voting Rights.
Unless and except to the extent otherwise required by law or provided in the resolution or resolutions of the Board of Directors creating any series of Preferred Stock pursuant to this Division I, the holders of the Preferred Stock shall have no voting power with respect to any matter whatsoever.
 
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II. Common Stock
1. Dividends.
Subject to the preferential rights of the Preferred Stock, the holders of the Common Stock are entitled to receive, to the extent permitted by law or the By-Laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors.
2. Liquidation.
In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of Preferred Stock, holders of Common Stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders ratably in proportion to the number of shares of Common Stock held by them respectively. The Board of Directors may distribute in kind to the holders of Common Stock such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part
 
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of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Common Stock. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for the purposes of this paragraph.
3. Voting Rights.
Except as may be otherwise required by law or this Certificate of Incorporation, each holder of Common Stock has one vote in respect of each share of stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
4. Preemptive Rights.
Each holder of Common Stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issue of fractional shares) to purchase shares of any class of capital stock of the Corporation that may hereafter from time to time be issued (whether or not
 
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presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Common Stock he holds at the time of the issue bears to the total number of shares of Common Stock, outstanding, provided, however, this right shall be deemed waived by any holder of Common Stock who does not exercise it and pay for the securities preempted within thirty days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
ARTICLE FIFTH
NAME AND ADDRESS OF INCORPORATOR
The name and mailing address of the Incorporator is as follows:

NAME	 	 	  	MAILING ADDRESS	
Jacob Friedlander	 		  	LeBoeuf, Lamb, Leiby & MacRae
140 Broadway
New York, New York 10005	
 
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I, THE UNDERSIGNED, being the Incorporator hereinbefore named, for the purpose of forming a corporation pursuant to the General Corporation Law of the State of Delaware, do make this Certificate, hereby declaring and certifying that this is my act and deed and the facts herein stated are true, and accordingly have hereunto set my hand this 9th day of October, 1981.

/s/ Jacob Friedlander	
Jacob Friedlander	
 
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State of New York     )
                                    ) ss.:
County of New York )
Be it remembered that on this 9 th day of October, 1981, personally appeared before me a Notary Public in and for the county and state aforesaid, Jacob Friedlander, the party to the foregoing Certificate of Incorporation, known to me personally to be such, and acknowledged the said Certificate to be the act and deed of the signer, and that the facts therein stated are truly set forth.
Giver under my hand and seal of office the day and year aforesaid.

/s/ Michael Groll	
Notary Public
 
MICHAEL GROLL
Notary Public, State of New York
No. 31-4685898
Qualified in New York County
Commission Expires March 30, 1982	

LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, 1982 SERIES A
The undersigned, being the President of Ladstock Second Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of March 30, 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, 1982 Series A” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock 1982, Series A:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 9,460 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, 1982 Series A” (hereinafter sometimes referred to as “Series A”).

RESOLVED, that pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A, be, and they hereby are, stated to be as follows:
First: Each share of Series A shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: No share of Series A shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series A at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series A shares outstanding shall be required to approve any such change so submitted.
Third: The Corporation may from time to time at its sole discretion call any or all of the shares of Series A for redemption at a redemption price of $2000 per share.
Fourth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series A shall entitle the holder thereof to receive the sum of (i) $2000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series A. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series A, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series A
 
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shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series A shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Fifth: The shares of Series A shall not be entitled to the benefit of a sinking or retirement fund.
Sixth: The shares of Series A shall not be convertible into, or exchangeable for, shares of any other class or series of stock of the Corporation.
In witness whereof, I have this 30 th day of March, 1982 hereunto set my hand.

/s/ Cyril Stein	
Name:	 	Cyril Stein
President	

Attest:	
	
/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews
Secretary	
 
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LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES B
The undersigned, being the President of Ladstock Second Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 20th, 1982 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series B” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 200 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series B” (hereinafter sometimes referred to as “Series B”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B, be, and they hereby are, stated to be as follows:
First: Each share of Series B shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series B shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series B shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series B at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series B shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series B for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series B shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series B. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series B, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series B shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series B shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series B shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20 th day of December, 1982 hereunto set my hand.

[SEAL]	  	/s/ Cyril Stein
Name: Cyril Stein
President	

/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews
Secretary	
 
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LADSTOCK SECOND CORPORATION
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES C
The undersigned, being a Vice President of Ladstock Second Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article Fourth (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 19, 1983 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series C” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C:
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, 340 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series C” (hereinafter sometimes referred to as “Series C”).
RESOLVED, that, pursuant to Article Fourth (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C, be, and they hereby are, stated to be as follows:
First: Each share of Series C shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.

Second: Each share of Series C shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.
Third: No share of Series C shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series C at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series C shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series C for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series C shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series C. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series C, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series C shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series C shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series C shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 21 st day of December, 1983 hereunto set my hand.

/s/ Anthony Granam Long	
Name:	 	Anthony Granam Long	
	 	Vice President	

Attest:	
	
/s/ Christopher Henry Andrews	
Name:	 	Christopher Henry Andrews
Secretary	
 
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CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK SECOND CORPORATION
The undersigned, being President of LADSTOCK SECOND CORPORATION, a Delaware corporation (the “Corporation”), does hereby certify as follows:
FIRST: The name of the Corporation is LADSTOCK SECOND CORPORATION.
SECOND: The date it filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences, or relative, participating, optional, or other special rights of the shares, is hereby amended to increase the total number of shares of all classes of capital stock to 31,000 and to increase the shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate of 30,000 shares. To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in its entirety as follows:
FOURTH: The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 31,000 shares, which are divided into two classes as follows:
30,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”

FOURTH: That the amendment set forth above was duly adopted by the written consent of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (both common and preferred), pursuant to Sections 228 and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, with limitation, the remainder of Article FOURTH thereof, was not otherwise amended by such shareholder consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 7th day of February, 1984.

By:	 	/s/ C. Stein	
Name:	 	C. Stein	
Title:	 	President	
	 	Ladstock Second Corporation	

Attest:	
	
/s/ Christopher Henry Andrews	
Christopher Henry Andrews
Secretary	
Ladstock Second Corporation	
 
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LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATION
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES D
The undersigned, being President of Ladstock Second Corporation, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of September 21, 1984 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series D” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D:
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 15,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series D” (hereinafter sometimes referred to as “Series D”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D, be, and they hereby are, stated to be as follows:
First: Each share of Series D shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series D shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series D shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series D at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series D shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series D for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series D shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series D. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series D, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series D shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series D shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series D shall not be convertible into, or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 21 st day of September, 1984 hereunto set my hand.

/s/ C. Stein	
Name: C. Stein	
Title: President	

Attest:	
	
/s/ Christopher Henry Andrews	
Name: Christopher Henry Andrews	
Title: Secretary	
 
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CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK SECOND CORPORATION
The undersigned, being Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK SECOND CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 106,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 105,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 106,000 shares, which are divided into two classes as follows:
105,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated December 19, 1985 of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
-2-

IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 20 th day of December, 1985.

By:	 	/s/ Derek James Sate	
Name:	 	Derek James Sate	
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	
Secretary	
 
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LADSTOCK SECOND CORPORATION
CERTIFICATE CONCERNING AN INCREASE
IN NUMBER OF SHARES OF ITS PREFERRED
STOCK, SERIES D, TO WHICH PRIOR
CERTIFICATE OF DESIGNATION APPLIES
The undersigned, being Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that
FIRST: The number of shares of the Corporation’s Preferred Stock, Series D, to which the Certificate of Designation, dated September 21, 1984 and filed with the Secretary of State of the State of Delaware on September 24, 1984, applies, has been increased by 13,000 from 15,000 to a total of 28,000.
SECOND: Such increase was authorized and directed by a resolution of the Corporation’s Board of Directors pursuant to Section 151 (g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, such resolution having been adopted by unanimous written consent on December 16, 1985.
IN WITNESS WHEREOF, I have this 20th day of December, 1985 hereunto set my hand.

By:	 	/s/ Derek James Sate	
Name:	 	Derek James Sate	
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	
Secretary	

LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES F
The undersigned, being Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series F” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without. par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series F” (hereinafter sometimes referred to as “Series F”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F, be, and they hereby are, stated to be as follows:
First: Each Share of Series F shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series F shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series F shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series F at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series F shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series F for redemption at a redemption price of $2, 000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series F shall entitle the holder thereof to receive the sum of (i) $2, 000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series F. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series F, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series F shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series F shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series F shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20 th day December 1985 hereunto set my hand.

By:	 	/s/ Derek James Sate	
Name:	 	Derek James Sate	
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	
Secretary	
 
-3-

LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES G
The undersigned, being Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series G” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series G” (hereinafter sometimes referred to as “Series G”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G, be, and they hereby are, stated to be as follows:
First: Each Share of Series G shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series G shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series G shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series G at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series G shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series G for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series G shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series G. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series G, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series G shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series G shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
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Sixth: The shares of Series G shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20 th day of December 1985 hereunto set my hand.

		
By:	 	/s/ Derek James Sate	
Name:	 	Derek James Sate	
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	
Secretary	
 
-3-

LADSTOCK SECOND CORPORATION:
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES H
The undersigned, being Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of December 16, 1985 for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series H” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 18,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series H” (hereinafter sometimes referred to as “Series H”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H, be, and they hereby are, stated to be as follows:
First: Each Share of Series H shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series H shall rank equally with all shares of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series H shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series H at any special or general meeting of the shareholders for a vote of the holders of such shares. A positive vote of a majority of the Series H shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series H for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series H shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series H. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series H, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series H shares all monies to which they shall be entitled upon the liquidation, dissolution or winding U P of the Corporation, then each share of Series H shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
 
-2-

Sixth: The shares of Series H shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
IN WITNESS WHEREOF, I have this 20 th day of December 1985 hereunto set my hand.

By:	 	/s/ Derek James Sate	
Name:	 	Derek James Sate	
Title:	 	Vice President	

ATTEST:	
	
/s/ Christopher Henry Andrews	
Secretary	
 
-3-

THIRD AMENDMENT
TO
CERTIFICATE OF INCORPORATION
LADSTOCK SECOND CORPORATION
LADSTOCK SECOND CORPORATION, a corporation organized and existing under the laws of the State of Delaware, hereby certifies as follows:
1. The name of the corporation is LADSTOCK SECOND CORPORATION. The date of filing its original Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
2. This Amendment to the Certificate of Incorporation further amends the Certificate of Incorporation of this corporation by adding a new ARTICLE SIXTH thereto.
3. The text of the new ARTICLE SIXTH shall read in its entirety as set forth in Exhibit A hereto.
4. The amendment to the Certificate of Incorporation herein certified was duly adopted by unanimous written consent of the sole stockholder in accordance with the applicable provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
5. Except as provided in Paragraphs 2 and 3 above, the Certificate of Incorporation of Ladstock Second Corporation shall remain unamended and in full force and effect.

IN WITNESS WHEREOF, Ladstock Second Corporation has caused this certificate to be signed by Cyril Stein, its President, and attested by Christopher Henry Andrews, its Secretary, this 8 th day of June, 1987.

LADSTOCK SECOND CORPORATION	
		
By	 	/s/ Cyril Stein	
	 	Cyril Stein, President	

Attest:	
		
By:	 	/s/ Christopher Henry Andrews	
	 	Christopher Henry Andrews, Secretary
                    (SEAL)	
 
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EXHIBIT A
ARTICLE SIXTH
Section 1. Elimination of Certain Liability of Directors .
A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit.
Section 2. Indemnification and Insurance .
(a) Right to Indemnification . Each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative thereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the Delaware General Corporation Law, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that, except as provided in subsection (b) of this Section 2, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. The right to indemnification conferred in this Section 2 shall be a contract right and shall

include the right to be paid by the Corporation the expanses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation requires the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding, shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this Section 2 or otherwise. The Corporation may, by action of its Board of Directors, provide indemnification to employees and agents of the Corporation with the same scope and effect as the foregoing indemnification of directors and officers.
(b) Right of Claimant to Bring Suit . If a claim under subsection (a) of this Section 2 is not paid in full by the Corporation within thirty days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
(c) Non-Exclusivity of Rights . The right to indemnification and to the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section 2 shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

(d) Insurance . The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.

LADSTOCK SECOND CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, SERIES I
The undersigned, being a Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of 21st December, 1988, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series I” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 10,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series I” hereinafter sometimes referred to as “Series I”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I, be, and they hereby are, stated to be as follows:
First: Each Share of Series I shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series I shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series I shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series I at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series I shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series I for redemption at a redemption price of $10,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series I shall entitle the holder thereof to receive the sum of (i) $10,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series I. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series I, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series I shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series I shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series I shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
 
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IN WITNESS WHEREOF, I have this 21 st day of December 1988 hereunto set my hand.

By:	 	/s/ JF O’Mahony	
Name:	 	JF O’Mahony	
Title:	 	Vice - President	

ATTEST:	
	
/s/ [Illegible Signature]	
Secretary	
 
-3-

CERTIFICATE OF AMENDMENT
OF THE
CERTIFICATE OF INCORPORATION
OF
LADSTOCK SECOND CORPORATION
The undersigned, being a Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
FIRST: The name of the Corporation is LADSTOCK SECOND CORPORATION.
SECOND: The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
THIRD: Article FOURTH of the Certificate of Incorporation of the Corporation, which article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 131,000 and to increase the total number of shares of Preferred Stock (“Preferred Stock”) without par value to an aggregate number of 130,000 shares.

To effect such amendment, the first sentence of the said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 131,000 shares, which are divided into two classes as follows:
130,000 shares of Preferred Stock (Preferred Stock) without par value, and
1,000 shares of Common Stock (Common Stock) par value $1.00 per share.”
FOURTH: That the amendment set forth above was duly adopted by written consent, dated 22 nd December, 1988, of the sole holder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.
FIFTH: That the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such shareholder’s consent and remains in full force and effect.
 
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IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under the penalties of perjury, this 22 nd day of December , 1988.

By:	 	/s/ JF O’Mahony	
Name:	 	JF O’Mahony	
Title:	 	Vice President	

ATTEST:	
	
/s/ [Illegible Signature]	
Secretary	
 
-3-

LADSTOCK SECOND CORPORATION
CERTIFICATE OF DESIGNATIONS
OF THE RIGHTS AND PREFERENCES
OF ITS PREFERRED STOCK, Series J
The undersigned, being a Vice President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation as of 22nd December, 1988, for the purpose of designating a series of the Preferred Stock authorized to be issued by the Corporation as “Preferred Stock, Series J” and stating the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J.
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, 25,000 shares of the Corporation’s Preferred Stock without par value be, and they hereby are, designated as the Corporation’s “Preferred Stock, Series J” hereinafter sometimes referred to as “Series J”).
RESOLVED, that, pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J, be, and they hereby are, stated to be as follows:
First: Each Share of Series J shall entitle the holder thereof to a cumulative dividend at an annual rate equal to 8% of the consideration received by the Corporation for such share, and no more, payable out of surplus or net profits of the Corporation as and when declared by the Board of Directors, but it shall entitle the holder thereof to no other dividend.
Second: Each share of Series J shall rank equally with all shares of all series of Preferred Stock heretofore issued by the Corporation.

Third: No share of Series J shall entitle the holder thereof to any voting rights, except with respect to any change in the provisions of this resolution adversely affecting the preferences and relative, participating, optional and other special rights of such share, which change shall be submitted to the holders of the shares of Series J at any special or general meeting of the shareholders, for a vote of the holders of such shares. A positive vote of a majority of the Series J shares outstanding shall be required to approve any such change so submitted.
Fourth: The Corporation may from time to time at its sole discretion call any or all of the shares of Series J for redemption at a redemption price of $2,000 per share.
Fifth: Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, each share of Series J shall entitle the holder thereof to receive the sum of (i) $2,000 plus (ii) the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto, prior to any payment or distribution of the assets of the Corporation to any class or classes of stock of the Corporation ranking junior to Series J. If one or more other series of the Corporation’s Preferred Stock shall be outstanding and shall rank equally with Series J, and if sufficient funds shall not exist to pay the holders of such shares and the holders of Series J shares all monies to which they shall be entitled upon the liquidation, dissolution or winding up of the Corporation, then each share of Series J shall entitle the holder thereof only to his pro rata share of such funds as are available, based upon the consideration paid for such share and the aggregate amount of any cumulative dividends accrued but unpaid with respect thereto.
Sixth: The shares of Series J shall not be convertible into or exchangeable for, shares of any class or series of stock of the Corporation.
 
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IN WITNESS WHEREOF, I have this, 22 nd day of December, 1988 hereunto set my hand.

By:	 	/s/ JF O’Mahony	
Name:	 	JF O’Mahony	
Title:	 	Vice President	

ATTEST:	
	
/s/ [Illegible Signature]	
Secretary	
 
-3-

CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK SECOND CORPORATION
The undersigned, being the President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), hereby certifies as follows:
1. The name of the Corporation is LADSTOCK SECOND CORPORATION.
2. The date the Corporation filed its Certificate of Incorporation with the Secretary of State of the State of Delaware was October 13, 1981.
3. Article FOURTH of the Certificate of Incorporation of the Corporation, which Article states the number of shares, par value, designations, preferences or relative, participating, optional or other special rights of the shares, shall be, and it hereby is, amended to increase the total number of shares of all classes of capital stock to 731,000 and to increase the total number of shares of Common Stock, $1.00 par value, to an aggregate number of 601,000 shares.
To effect such amendment, the first sentence of said Article FOURTH is hereby amended to read in full as follows:
“The total number of shares of all classes of capital stock which the Corporation has the authority to issue is 731,000, which are divided into two classes as follows: 130,000 shares of Preferred Stock (Preferred Stock) without par value, and 601,000 shares of Common Stock (Common Stock), par value $1.00 per share.”
4. The amendment set forth above was duly adopted by written consent, dated December 13, 1991, of the sole shareholder of all of the issued and outstanding shares of the Corporation’s stock (Common Stock and Preferred Stock), pursuant to Sections 228(a) and 242 of the Delaware General Corporation Law.

5. Except for certain amendments to the certificates of designation setting forth the rights, preferences and privileges of the Corporation’s various series of Preferred Stock, which amendments are the subject of a separate Certificate of Amendment of Certificates of Designation, the remainder of the Corporation’s Certificate of Incorporation, including, without limitation, the remainder of Article FOURTH thereof, was not amended by such stockholder’s consent and remains in full force and effect.
IN WITNESS WHEREOF, I have hereunto signed my name and affirm that the statements made herein are true under penalties of perjury this 13th day of December 1991.

/s/ Cyril Stein	
Cyril Stein, President	

ATTEST:	
	
/s/ Jacob Friedlander	
Jacob Friedlander,
Assistant Secretary	
 
2

LADSTOCK SECOND CORPORATION
AMENDED
CERTIFICATE OF DESIGNATION
OF
THE RIGHTS AND PREFERENCES OF ITS SERIES OF PREFERRED STOCK
AS FOLLOWS:
PREFERRED STOCK 1982, SERIES A
PREFERRED STOCK, SERIES B
PREFERRED STOCK, SERIES C
PREFERRED STOCK, SERIES D
PREFERRED STOCK, SERIES E
PREFERRED STOCK, SERIES F
PREFERRED STOCK, SERIES G
PREFERRED STOCK, SERIES H
PREFERRED STOCK, SERIES I
PREFERRED STOCK, SERIES J
The undersigned, being the President of LADSTOCK SECOND CORPORATION, a Delaware corporation administered in the United Kingdom (the “Corporation”), DOES HEREBY CERTIFY, pursuant to Section 151(g) of the Delaware General Corporation Law and Article FOURTH (I) of the Corporation’s Certificate of Incorporation, that the following is a true and correct copy of certain resolutions adopted by unanimous written consent of the Directors of the Corporation and by the written consent of the sole stockholder of the Corporation, both as of December 13, 1991, for the purpose of amending the statement of preferences and relative, participating, optional and other special rights and qualifications, limitations and restrictions of the Corporation’s Preferred Stock, 1982 Series A, Preferred Stock, Series B, Preferred Stock, Series C, Preferred Stock, Series D, Preferred Stock, Series E, Preferred Stock, Series F, Preferred Stock, Series G, Preferred Stock, Series H, Preferred Stock, Series I and Preferred Stock, Series J.
Preferred Stock, 1982 Series A
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, 1982 Series A as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, 1982 Series A filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:

Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, 1982 Series A (“Series A”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series A stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series A stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series A such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series A. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
 
2

Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series A stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series A stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series A stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series A stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series B
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series B as set forth in the second resolution of that certain Ladstock Second corporation: Certificate of Designation of the Rights and
 
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Preferences of its Preferred Stock, Series B filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series B (“Series B”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series B stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series B stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series B such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so
 
4

received and distribute any balance thereof in kind to holders of Series B. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series B stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series B stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series B stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s common Stock; provided, however, this right shall be deemed waived by any holder of Series B stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
 
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Preferred Stock, Series C
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series C as set forth in the second resolution of that certain Ladstock Second corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series C filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series C (“Series C”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series C stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series C stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series C such remaining assets
 
6

of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series C. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series C stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series C stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series C stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series C stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
 
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Preferred Stock, Series D
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series D as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series D filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series D (“Series D”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series D stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series D stock shall be entitled to receive all of the remaining assets of the Corporation of
 
8

whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series D such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series D. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series D stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series D stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series D stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be
 
9

essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series D stock who does not exercise it and pay for the securities preempted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock. Series E
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series E as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series E filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series E (“Series E”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series E stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
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Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series E stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series E such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series E. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series E stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series E stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number
 
11

of shares of Series E stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series E stock who does not exercise it and pay for the securities preempted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series F
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series F as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series F filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series F (“Series F”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series F stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
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Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series F stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series F such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series F. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series F stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series F stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or
 
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other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the corporation, in the ratio that the number of shares of Series F stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series F stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series G
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series G as set forth in the second resolution of that certain Ladstock second corporation: Certificate of Designation of the Rights and Preferences of its Preferred stock, Series G filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series G (“Series G”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series G stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
 
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Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series G stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series G such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series G. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series G stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series G stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock
 
15

of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series G stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series G stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock. Series H
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series H as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series H filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series H (“Series H”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s certificate of Incorporation, and, in particular, to be as follows:
 
16

First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series H stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series H stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series H such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series H. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series H stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
 
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Fourth: Each holder of Series H stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series H stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series H stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series I
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series I as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series I filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series I (“Series I”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s
 
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Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series I stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series I stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series I such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series I. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series I stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
 
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Fourth: Each holder of Series I stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series I stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series I stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
Preferred Stock, Series J
RESOLVED, that the preferences and relative, participating, optional and special rights and qualifications, limitations and restrictions of the Preferred Stock, Series J as set forth in the second resolution of that certain Ladstock Second Corporation: Certificate of Designation of the Rights and Preferences of its Preferred Stock, Series J filed with the Secretary of State of the State of Delaware shall be, and they hereby are, deleted in their entirety and the following is substituted in lieu thereof:
Pursuant to Article FOURTH (I) of the Corporation’s Certificate of Incorporation, the preferences and relative, participating, optional and other special rights and
 
20

qualification, limitations and restrictions (collectively, the “Rights”) of the Preferred Stock, Series J (“Series J”), shall be, and they hereby are, stated to be essentially equal to the Rights of this Corporation’s Common Stock described in Article FOURTH (II) of this Corporation’s Certificate of Incorporation, and, in particular, to be as follows:
First: Subject to the preferential rights of other series of the Preferred Stock, the holders of the Series J stock will be entitled to receive, to the extent permitted by law or the by-laws of the Corporation, such dividends as may be declared from time to time by the Board of Directors equally and ratably with holders of the Common Stock of the Corporation.
Second: In the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, after distribution in full of the preferential amounts, if any, to be distributed to the holders of shares of other series of Preferred Stock, holders of Series J stock shall be entitled to receive all of the remaining assets of the Corporation of whatever kind available for distribution to stockholders equally and ratably with holders of the Common Stock of the Corporation. The Board of Directors may distribute in kind to the holders of Series J such remaining assets of the Corporation or may sell, transfer or otherwise dispose of all or any part of such remaining assets to any other corporation, trust or other entity and receive payment therefor in cash, stock or obligations of such other corporation, trust or other entity, or any combination thereof, and may sell all or any part of the consideration so received and distribute any balance thereof in kind to holders of Series J. The merger or consolidation of the Corporation into or with any other corporation, or the merger of any other corporation into it, or any purchase or redemption of shares of stock of the Corporation of any class, shall not be deemed to be a dissolution, liquidation or winding up of the Corporation for purposes of this paragraph.
 
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Third: Except as may otherwise be required by law or the Certificate of Incorporation, each holder of Series J stock has one vote in respect of each share of such stock held by him of record on the books of the Corporation on all matters voted upon by the stockholders.
Fourth: Each holder of Series J stock of the Corporation shall have the first right (subject to pragmatic adjustments to avoid the issuance of fractional shares) to purchase shares of any class of capital stock of the Corporation that may be hereafter from time to time be issued (whether or not presently authorized) or any securities exchangeable for or convertible into any class of capital stock or any warrants or other instruments evidencing rights or options to subscribe for, purchase or otherwise acquire the foregoing securities of the Corporation, in the ratio that the number of shares of Series J stock he holds at the time of the issue bears to the sum of the outstanding shares of Common Stock, plus the outstanding shares of any series of Preferred Stock the Rights of which are stated to be essentially equal to the Rights of this Corporation’s Common Stock; provided, however, this right shall be deemed waived by any holder of Series J stock who does not exercise it and pay for the securities pre-empted within 30 days of receipt of a notice in writing from the Corporation inviting him to exercise the right.
IN WITNESS WHEREOF, I have this 13th day of December 1991, hereunto set my hand.

/s/ Cyril Stein	
Cyril Stein, President	

ATTEST:	
	
/s/ Jacob Friedlander	
Jacob Friedlander,	
Assistant Secretary	
 
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CERTIFICATE OF AMENDMENT OF
THE CERTIFICATE OF INCORPORATION OF
LADSTOCK SECOND CORPORATION
Pursuant to Section 242 of the
General Corporation Law of the State of Delaware
Ladstock Second Corporation, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”), does hereby certify as follows:
 
(1)	ARTICLE FIRST of the Certificate of Incorporation of the Corporation is amended to read in its entirety as follows:	
“FIRST. The name of the Corporation is HIC Second Corporation.”
 
(2)	This Certificate of Amendment has been duly adopted by the sole stockholder of the Corporation in accordance with Sections 228 and 242 of the General Corporation Law of the State of Delaware.	
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Certificate of Incorporation to be executed and acknowledged by its duly authorized officer this 21 day of February, 2006.

LADSTOCK SECOND CORPORATION	
		
By:	 	/s/ M. J. Noble	
	 	Name: M. J. Noble	
	 	Title: President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
HIC SECOND CORPORATION
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is: HIC SECOND CORPORATION.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Road, Suite 400, City of Wilmington 19808, County of New Castle.
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 11/15, 2006

Signature:	 	/s/ Paul Lierman	
Name:	 	Paul Lierman	
Title:	 	Vice President	

Exhibit 3.114
BY-LAWS
OF
LADSTOCK SECOND CORPORATION
ARTICLE I.
MANAGEMENT
Section 1.01. The Corporation shall be managed and controlled in the United Kingdom.
ARTICLE II.
OFFICES
Section 2.01. The principal office of the Corporation shall be located in the London, England.
Section 2.02. The Corporation may also have offices and places of business at such other places, within or without the State of Delaware, as the Board of Directors may from time to time determine or the business of the Corporation may require.
ARTICLE III.
MEETINGS OF SHAREHOLDERS
Section 3.01. All meetings of shareholders shall be held at such time and place in the United Kingdom as shall be stated in the notice of the meeting, or in a duly executed waiver of notice thereof.

Section 3.02. Annual meetings of stockholders, commencing with the year 1982, shall be held on the third Tuesday of each year, if not a legal holiday, and if a legal holiday, then on the next succeeding day not a legal holiday, at 11:00 A.M., or at such other date and time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. At the annual meetings, the stockholders shall elect a Board of Directors, and transact any other proper business, notice of which has been given in the notice of the meeting. At each election of directors, every holder of stock entitled to vote shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote.
Section 3.03. Written notice of the annual meeting stating the place, date and hour of the meeting shall be given in accordance with Section 5.01 to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting.
 
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Section 3.04. The Secretary shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 3.05. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President or the Board of Directors and shall be called by the President at the request in writing of stockholders owning ten percent (10%) or more of the stock of the Corporation issued and outstanding and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting.
 
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Section 3.06. Written notice of a special meeting stating the place, date and hour of the meeting and the purpose or purposes for which the meeting is called, shall be given in accordance with Section 5.01 to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting.
Section 3.07. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 3.08. The holders of a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for
 
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more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with Section 3.03 or 3.06, as the case may be, to each stockholder of record entitled to vote at the meeting.
Section 3.09. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes or of the Certificate of Incorporation, a different vote is required in which case such express provision shall govern and control the decision of such question.
Section 3.10. Each stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power held by such stockholder, but no proxy shall be voted on after three years from its date, unless the proxy provides for a longer period. If a vote is to be taken by ballot, each ballot shall state the number of shares voted and the name of the stockholder or proxy voting.
 
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Section 3.11. Whenever a vote of stockholders at a meeting thereof is required or permitted to be taken for or in connection with any corporate action, by any provision of the statutes, the meeting and vote of stockholders may be dispensed with if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereat were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented in writing.
PRESIDING OFFICER
ORDER OF BUSINESS
Section 3.12. (a) Meetings of the stockholders shall be presided over by the President, or if he is not present, by a Vice President, or if neither the President nor a Vice President is present, by a chairman to be chosen by a majority of the stockholders entitled to vote at the meeting who are present in person or by proxy. The Secretary of the Corporation, or in his absence, an
 
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Assistant Secretary, shall act as Secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the meeting shall choose any person present to act as secretary of the meeting.
 
 	(b)	The order of business shall be as follows:	
 
 	1.	Call of meeting to order.	
 
 	2.	Proof of notice of meeting.	
 
 	3.	Reading of minutes of last previous annual meeting.	
 
 	4.	Reports of officers.	
 
 	5.	Reports of committees.	
 
 	6.	Election of directors.	
 
 	7.	Miscellaneous business.	
ARTICLE IV.
DIRECTORS
Section 4.01. The business of the Corporation shall be managed by its Board of Directors, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
Section 4.02. All directors of the Corporation shall be residents of the United Kingdom.
 
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Section 4.03. The number of directors of the Corporation which shall constitute the whole Board shall be any number from one through nine as originally determined by the incorporator and thereafter by the Board of Directors. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 4.05, and each director elected shall hold office until his successor is elected and qualified or until his earlier resignation or removal. Directors need not be stockholders of the Corporation.
Section 4.04. Any director of the Corporation may resign at any time either by oral tender of resignation at any meeting of the Board of Directors or by giving written notice thereof to the Corporation. Such resignation shall take effect at the time specified therein, and unless otherwise specified with respect thereto, the acceptance of such resignation shall not be necessary to make it effective.
Section 4.05. Any director may be removed for cause, at any time, by the affirmative vote of the holders of record of a majority of all the shares of capital stock entitled to vote at a special meeting of the stockholders called for such purpose. Vacancies in the Board of Directors created by the death, resignation or removal of directors and newly created directorships resulting from any
 
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increase in the authorized number of directors may be filled only by the affirmative vote of a majority of the remaining directors; provided , that if the vacancy is created by the death, resignation or removal of a director designated as such by any person in accordance with an agreement between stockholders pursuant to subsection (c) of section 218 of Delaware General Corporation Law, then if such person shall at the time still be entitled under such agreement to make such a designation, such directors may fill the vacancy as aforesaid only by choosing another designee of such person. If the directors remaining in office shall be unable, by majority vote, to fill such vacancy within sixty days of the occurrence thereof, the President or the Secretary may call a special meeting of the stockholders at which such vacancy shall be filled. Any directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute.
 
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MEETINGS OF THE BOARD OF DIRECTORS
Section 4.06. The Board of Directors of the Corporation shall hold meetings, both regular and special, in the United Kingdom. This provision shall not preclude participation in a meeting of the Board of Directors or any committee designated by the Board by means of a conference telephone or similar communications equipment pursuant to Section 4.12.
Section 4.07. The Board of Directors shall meet, as soon as practicable after the annual election of directors, for the purpose of organization and the transaction of other business. No notice of such meeting shall be required. Such organization meeting may, however, be held at any other time in the United Kingdom as shall be specified in a notice given as hereinafter provided for special meetings of the Board, or in a consent and waiver of notice thereof signed by all the directors.
Section 4.08. Regular meetings of the Board of Directors may be held without notice at such time and at such place in the United Kingdom as shall from time to time be determined by the Board. Any business of the Corporation may be transacted at any such regular meeting. This provision shall not preclude participation in a meeting of the Board of Directors or any committee designated by the Board by means of a conference telephone or similar communications equipment pursuant to Section 4.12.
 
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Section 4.09. Special meetings of the Board may be called by the Secretary, on three days’ notice to each director as provided in Article V, either on the request of the President or on the written request of two directors.
Section 4.10. At all meetings of the Board one-third of the directors then in office shall constitute a quorum for the transaction of business, and the act of a majority of the directors present at the meeting shall be the act of the Board of Directors, except as may be otherwise specifically provided by the Certificate of Incorporation or by these By-Laws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.
Section 4.11. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board or committee, as the case may be.
Section 4.12. Members of the Board of Directors or any committee designated by the Board pursuant to Section 4.13,
 
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may participate in a meeting of such Board or committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation in a meeting shall constitute presence in person at such meeting.
COMMITTEES OF DIRECTORS
Section 4.13. The Board of Directors may, by resolution passed by the affirmative vote of a majority of the whole Board of Directors, designate one or more committees, each committee to consist of two or more of the directors of the Corporation. The Board may by like vote designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale,
 
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lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, amending the By-laws of the Corporation, or declaring a dividend or authorizing the issuance of stock. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors.
Section 4.14. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
COMPENSATION
Section 4.15. Directors, and members of any committee of the Board of Directors, shall be entitled to such reasonable compensation for their services as directors and members of any such committee as shall be fixed from time to time by resolution of the Board of Directors, and shall also be entitled to reimbursement for any reasonable expenses incurred in attending such meetings. The compensation of directors may be on such basis as is determined in the resolution of the Board of Directors. Any director receiving compensation under these provisions shall not be barred from serving the Corporation in any other capacity and receiving reasonable compensation for such other services.
 
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ARTICLE V.
NOTICES
Section 5.01. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director, or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the mail of the United States or United Kingdom, as the case may be. Notice to directors may also be given by telegram or cable.
Section 5.02. Whenever any notice is required to be given under the provisions of applicable law or of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to such notice. Attendance in person or by proxy of a person at a meeting of stockholders shall constitute a waiver of notice of such
 
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meeting, except when the stockholder attends a meeting for the express purpose of objecting and does so object at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any director attending a meeting of the Board of Directors without protesting, prior to the meeting or at its commencement, any lack of notice shall be conclusively deemed to have waived notice of such meeting.
ARTICLE VI.
OFFICERS
Section 6.01. The Board of Directors at its initial meeting, and thereafter at its first meeting after each meeting of stockholders at which directors are elected, shall elect a Chairman of the Board, a President, one or more Vice Presidents, a Secretary and a Treasurer, each of whom shall hold office until the first meeting of the Board after the next annual meeting of the stockholders and until his successor is elected and qualified. At any time, the Board of Directors may also appoint a Comptroller, one or more Assistant Secretaries, Assistant Treasurers, Assistant Comptrollers, and such other officers and agents as in its judgment the business of the Corporation may require and who shall perform such duties as the Board shall from time to
 
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time determine. No officer of the Corporation need be a member of the Board of Directors. Two or more offices may be held by the same person.
Section 6.02. All officers of the Corporation except Assistant Secretaries and Assistant Treasurers shall be residents of the United Kingdom.
Section 6.03. The compensation of all officers and agents of the Corporation shall be fixed by the Board of Directors except to the extent such power shall be delegated, by resolution of the Board, to a committee of directors or to the President.
Section 6.04. Any officer or agent of the Corporation may be removed at any time, either with or without cause, by the Board of Directors in its sole discretion. Any vacancy occurring in any office of the Corporation may be filled at any time by the Board of Directors.
THE CHAIRMAN OF THE BOARD
Section 6.05. The Chairman of the Board of Directors shall preside at all meetings of the Board of Directors, and shall have such other powers and duties as may from time to time be assigned by the Board of Directors.
 
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THE PRESIDENT
Section 6.06. The President shall be the chief executive officer of the Corporation, and may also be referred to as the Chairman. Subject to the authority of the Board of Directors, the President shall have general and active charge, control and supervision of all its business and affairs. The President shall preside at all meetings of the stockholders at which he is present. The President shall perform such other duties as the Board may from time to time prescribe.
Section 6.07. The President shall have general authority to execute bills, notes, checks, drafts and other instruments for the payment of money, bonds, debentures, deeds, mortgages and other contracts in the name and on behalf of the Corporation, except where any such documents are required by law to be otherwise executed; provided, however, that authority to execute any such documents in the name and on behalf of the Corporation may also be delegated by resolution of the Board of Directors to any other officer or agent of the Corporation.
 
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THE VICE PRESIDENTS
Section 6.08. The several Vice Presidents may be designated by such title or titles and in such order of seniority as the Board of Directors may determine, and may also be referred to as the several Deputy Chairmen. They shall perform such duties and exercise such powers as the Board of Directors, or the President, may from time to time prescribe.
THE SECRETARY AND ASSISTANT SECRETARIES
Section 6.09. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors; attend all meetings of the Board of Directors and all meetings of the stockholders and record the proceedings of all such meetings in a book kept for that purpose; perform like duties for the standing committees when required; keep and account for all books, documents, papers and records of the Corporation, except those for which some other officer or agent is properly accountable; and perform such other duties as may be prescribed from time to time by the Board of Directors, or the President, under whose supervision he shall be. He, or an Assistant Secretary, shall have custody of the corporate seal of the Corporation and he, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature or by the signature of such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
 
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Section 6.10. The Assistant Secretary, or if there be more than one, the Assistant Secretaries, shall perform such duties and exercise such powers as the Board of Directors, the President or the Secretary may from time to time prescribe.
THE TREASURER AND ASSISTANT TREASURERS
Section 6.11. The Treasurer shall have the custody of the corporate funds and securities and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the President, shall render to the President and to the Board, whenever the President or the Board shall require, an account of all his transactions as Treasurer. The Treasurer shall give such bonds for the faithful performance of his duties as the Board of Directors may prescribe.
Section 6.12. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers, shall perform such duties and exercise such powers as the Board of Directors, the President or the Treasurer may from time to time prescribe.
 
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THE COMPTROLLER AND ASSISTANT COMPTROLLERS
Section 6.13. The Comptroller shall be the chief auditing and accounting officer of the Corporation and shall have control of and be responsible for all matters pertaining to the accounting policy of the Corporation. He shall continuously examine the affairs of the Corporation, and shall report to the Board of Directors. He shall maintain adequate and complete records of all assets, liabilities and transactions of the Corporation, shall supervise the arrangement and classification of such records, and shall supervise the accounting and auditing practices of the Corporation. He shall receive, audit and consolidate all operating and financial statements of the Corporation and its various departments and divisions. He shall have the power to make and sign all reports required by law to be made, published or filed by the Corporation, or on its behalf, with any public officer, or in any manner, in any jurisdiction.
Section 6.14. The Assistant Comptroller, or if there shall be more than one, the Assistant Comptrollers, shall perform such duties and exercise such powers as the Board of Directors, the President or the Comptroller may from time to time prescribe.
 
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ARTICLE VII.
CERTIFICATES OF STOCK
Section 7.01. The certificates for shares of the Corporation shall be in such form as shall be determined by the Board of Directors and shall be numbered consecutively and entered in the books of the Corporation as they are issued. Every holder of shares of capital stock of the Corporation shall be entitled to have a certificate in the form approved by the Board of Directors, signed by the President, or a Vice President and the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, certifying the number of such shares owned by him.
Section 7.02. Where any such certificate is signed either by a transfer agent or an assistant transfer agent, or by a transfer clerk acting on behalf of the Corporation and by a registrar, the signature of any such President, Vice President, Treasurer, Assistant Treasurer, Secretary or Assistant Secretary may be facsimile. In case any such officer who has signed, or whose facsimile signature has been used on, any such certificate shall cease to be such officer, whether because of resignation, removal or otherwise, before such certificate has been delivered by the Corporation, such certificate may nevertheless be issued and
 
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delivered by the Corporation with the same effect as if such officer had not ceased to be such at the date of such delivery.
LOST CERTIFICATES
Section 7.03. In case any certificate of stock shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer or officers thereunto duly authorized by the Board, may authorize the issuance of a substitute certificate in place of the certificate so lost, stolen or destroyed; provided , however , that in each such case the applicant for a substitute certificate shall furnish evidence to the Corporation which the Board of Directors, or any officer or officers authorized as aforesaid, determines is satisfactory, of the loss, theft or destruction of such certificate and of the ownership thereof, and also such security or indemnity as may be required by the Board.
TRANSFERS OF STOCK
Section 7.04. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate of stock duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall
 
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be the duty of the proper officers of the Corporation or of the transfer agent to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
FIXING RECORD DATE
Section 7.05. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
 
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REGISTERED STOCKHOLDERS
Section 7.06. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by applicable law.
CLASSES OF STOCK
Section 7.07. The Corporation may issue one or more clases of stock or one or more series of stock within any class thereof, any or all of which classes may be of stock with par value or stock without par value and which classes or series may have such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated and expressed in the Certificate of Incorporation or of any amendment thereto, or in the resolution or resolutions providing
 
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for the issue of such stock adopted by the Board of Directors pursuant to authority expressly vested in it by the provisions of the Certificate of Incorporation. The power to increase or decrease or otherwise adjust the capital stock as provided herein shall apply to all or any such classes of stock.
ARTICLE VIII.
GENERAL PROVISIONS
DIVIDENDS
Section 8.01. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the applicable provisions, if any, of the Certificate of Incorporation.
Section 8.02. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose
 
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as the directors shall think conducive to the interest of the Corporation, and the directors may modify or abolish any such reserve in the manner in which it was created.
FISCAL YEAR
Section 8.03. The fiscal year of the Corporation shall be the calendar year unless otherwise fixed by resolution of the Board of Directors.
DEPOSITS
Section 8.04. The Board of Directors shall select banks, trust companies, or other depositories in which all funds of the Corporation not otherwise employed shall, from time to time, be deposited to the credit of the Corporation. All checks and drafts on the Corporation’s bank accounts and all other instruments for the payment of money shall be signed by such officer or officers or other person or persons as shall be thereunto authorized from time to time by the Board of Directors.
VOTING SECURITIES HELD BY THE CORPORATION
Section 8.05. Unless otherwise ordered by the Board of Directors, the President shall have full power and authority on behalf of the Corporation to attend and to act and to vote at any meeting of security holders or other
 
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corporations in which the Corporation may hold securities. At such meeting the President shall possess and may exercise any and all rights and powers incident to the ownership of such securities which the Corporation might have possessed and exercised if it had been present. The Board of Directors may, from time to time, confer like powers upon any other person or persons.
SEAL
Section 8.06. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
ARTICLE IX.
INDEMNIFICATION
Section 9.01. Any person who was or is a party or is threatened to be made a party to any threatened, pending or contemplated action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action or suit by or in the right of the Corporation to procure a judgment in its favor) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the
 
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Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the Corporation, if, as and to the extent authorized by applicable law, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the defense or settlement of such action, suit or proceeding. The indemnification expressly provided by statute in a specific case shall not be deemed exclusive of any other rights to which any person indemnified may be entitled under any lawful agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
ARTICLE X.
AMENDMENTS
Section 10.01. These By-Laws may be amended or repealed by the affirmative vote of a majority of the stockholders entitled to vote thereon or a majority of the directors then in office at any regular meeting of the stockholders or of the Board of Directors, respectively, or
 
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at any special meeting of the stockholders or of the Board of Directors, respectively, if notice of such proposed alteration or repeal shall be contained in the notice of such meeting. The stockholders may determine by majority vote that any action taken by them with respect to adoption, amendment or repeal of any part of these By-Laws shall not be subject to subsequent amendment or repeal by the Board of Directors, provided that any such determination shall be set forth in the appropriate place in the text of these By-Laws.
 
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Exhibit 3.115
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Hilton Beverage LLC                                                                                                
                                                                                                                                                                                                                         
Second: The address of its registered office in the State of Delaware is                                                       2711 Centerville Road, Suite 400                                          in the City of Wilmington                                      . Zip code 19808                                         . The name of its Registered agent at such address is Corporation Service Company                                                                                               
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                          .”)
Fourth: (Insert any other matters the members determine to include herein.)

    

    	
In Witness Whereof, the undersigned have executed this Certificate of Formation this 23rd                  day of July                      , 2012         .

		
By:	 	/s/ Owen Wilcox	
	 	Authorized Person (s)	
		
Name:	 	Owen Wilcox, Assistant Secretary	

Exhibit 3.116
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON BEVERAGE LLC
This Limited Liability Company Agreement of HILTON BEVERAGE LLC (the “ Company ”), dated as of July 23, 2012 (this “ Agreement ”) is made by Hilton Worldwide, Inc., as the sole member (the “Member”) of the Company. The Member hereby forms the Company pursuant to the provisions of the Delaware Limited Liability Company Act, 6 Del. C, §§ 18-101 et seq. (the “ Act ”) and hereby agrees as follows:
1. Name . The name of the Company shall be Hilton Beverage LLC, or such other name as the Member may from time to time hereafter designate.
2. Definitions . Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.
3. Purpose . The Company is formed for the purpose of engaging in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. The Company shall have the power to engage in all activities and transactions which the Member deems necessary or advisable in connection with the foregoing.
4. Offices .
(a) The principal place of business and office of the Company shall initially be located at 7930 Jones Branch Drive, McLean, VA 22102, and the Company’s business shall be conducted from such place or such other places as the Member may designate from time to time.
(b) The registered office of the Company in the State of Delaware shall be located at c/o Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington, DE. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington, DE. The Member may from time to time change the registered agent or office by an amendment to the certificate of formation of the Company.
5. Members . The sole member of the Company as of the date hereof is the Member, whose business address is 7930 Jones Branch Drive, McLean, VA 22102. Additional members may be admitted to the Company with the consent of, and on such terms and conditions as shall be determined by, the Member in its sole and absolute discretion.
6. Term . The term of the Company shall commence on the date of filing of the certificate of formation of the Company in accordance with the Act and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 11 of this Agreement and a certificate of cancellation is filed in accordance with the Act.

7. Management of the Company .
(a) Management of the Company . The business and affairs of the Company shall be managed and controlled by a board of directors (the “ Board ”). The members of the Board (the “ Directors ”) shall be “managers” within the meaning of the Act. The Board shall have full and complete discretion to manage and control the business and affairs of the Company, to make all decisions affecting the business and affairs of the Company and to take all such actions as it deems necessary or appropriate to accomplish the purposes of the Company.
(b) Composition; Initial Directors . The Board shall be comprised of three (3) Directors; provided that the Board may from time to time increase or decrease the number of Directors. The initial Directors are Keith Clampet and Joseph Berger.
(c) Meetings . Regular meetings of the Board may be called on at least twenty four (24) hours notice to each Director, either personally, by telephone, by mail, by telecopier, by electronic mail or by any other means of communication reasonably calculated to give notice, at such times and at such places as shall from time to time be determined by the Board, or the chairman thereof (if any), as applicable. Any Director may call a special meeting of the Board on not less than twenty four (24) hours notice to each other Director, either personally, by telephone, by mail, by telecopier, by electronic mail or by any other means of communication reasonably calculated to give notice. Notice of a special meeting need not be given to any Director if a written waiver of notice, executed by such Director before or after the meeting, is filed with the records of the meeting, or to any Director who attends the meeting without protesting the lack of notice prior thereto or at its commencement. The notice shall state the purposes of the meeting.
(d) Quorum and Acts of the Board . At all duly called meetings of the Board, two Directors (unless at the time of the meeting there is only one Director) shall be required to establish a quorum for the transaction of business. If a quorum shall not be present at any meeting of the Board, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. No action may be taken by the Board at any meeting under this Agreement or the Act without the consent of a majority of the Directors present at the meeting. Each Director shall be entitled to one vote.
(e) Telephonic or Video Communications . Members of the Board may participate in a meeting of the Board by means of conference telephone, video conference or similar communications equipment by means of which all persons participating in the meeting can hear and speak to each other, and such participation in a meeting shall constitute presence in person at the meeting. Action by Consent . Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting and without a vote, if a consent or consents in writing (including by email), setting forth the action so taken, shall be signed by all of the Directors (provided, that for such purposes an electronic signature shall be valid).

(g) Resignations and Vacancies . Any Director may resign at any time upon notice to the Company. Unless otherwise provided by law, any newly created Board seat or any vacancy occurring in the Board for any reason may be filled by a majority of the remaining Directors (or by the Member if there are no remaining Directors).
(h) Member . Notwithstanding this paragraph 7, the Member shall have the power and authority to bind the Company and to act on behalf of and in the name of the Company.
8. Capital Contributions . The Member shall make capital contributions to the Company in such amounts and at such times as the Member determines in its sole and absolute discretion, which amounts shall be set forth in the books and records of the Company.
9. Resignation . The Member shall not resign from the Company except upon the transfer of all of his interests in the Company or the concurrent dissolution of the Company.
10. Distributions . The Member may receive distributions in cash or in kind in such amounts and at such times as the Member shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.
11. Sale of Ownership Interests . Before the transfer of any ownership interest in the Company by any Member is valid, the transfer must be approved by the City Council of the City of Minneapolis, Minnesota. Any and all certificates evidencing ownership in the Company issued by the Company shall include language stating: “The transfer of this certificate is invalid unless approved by the City Council of the Minneapolis, Minnesota.”
12. Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(a) occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act; or
(b) the resignation of the Member pursuant to Section 9 of this Agreement,
13. Indemnification . To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless each Member, Director and officer, in each case in his or its capacity as such, any affiliate of a Member, Manager or officer and any person of which a Director or officer is an officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “ Covered Person ”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the Company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature

whatsoever (collectively, “ Claims and Expenses ”) which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the Company or its controlled affiliates or the activities of such Covered Person on behalf of the Company; provided, that indemnification hereunder and the advancement of expenses under Section 13 shall be recoverable only from the assets of the Company and not from assets of the Member.
14. Advancement of Expenses . To the fullest extent permitted by applicable law, the Company shall pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding contemplated in Section 12 (other than a claim, demand, action, suit or proceeding brought by the Company against the Member for such Member’s material breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and the Company or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to Section 12.
15. Insurance . The Company may, or may cause an affiliate to, purchase and maintain directors and officers insurance, to the extent and in such amounts as the Board may, in its discretion, deem reasonable.
16. Amendments . This Agreement may be amended only upon the written consent of the Member.
17. Authorized Person . Brian Howard is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed a certificate of formation with the Secretary of State of the State of Delaware. Upon filing of the certificate of formation, Brian Howard’s powers as an authorized person ceased.
18. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Board), including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “managing director,” “chief financial officer,” “assistant treasurer” and “assistant secretary” as and to the extent authorized by the Board. The initial officers of the Company are listed on Exhibit A hereto.
19. Miscellaneous . Neither the Member nor any Director shall have any liability for the debts, obligations or liabilities of the Company except to the extent expressly required by the Act. This Agreement shall be governed by, and construed under, the laws of the State of Delaware.

IN WITNESS WHEREOF, the party hereto has executed this Agreement as of the day and year first above written.

HILTON WORLDWIDE, INC.:	
		
By:	 	/s/ Owen Wilcox	
Name:	 	Owen Wilcox	
Title:	 	Assistant Secretary	

EXHIBIT A
INITIAL OFFICERS

President	  	Joseph Berger	
Senior Vice President and Treasurer	  	Kevin Jacobs	
Senior Vice President	  	W. Steven Standefer	
Vice President and Assistant Treasurer	  	Keith Clampet	
Vice President	  	Robert Phillip Sabin, Jr.	
Assistant Secretary	  	Owen Wilcox	

Exhibit 3.117
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Hilton Chicago Beverage I LLC
Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington. Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                  .”)
Fourth : (Insert any other matters the members determine to include herein.)

 	

 	
In Witness Whereof , the undersigned have executed this Certificate of Formation this 7th day of December, 2011.

By:	 	/s/ Owen Wilcox	
	 	Authorized Person (s)	
		
Name:	 	Owen Wilcox	

Exhibit 3.118
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Chicago Beverage I LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Chicago Beverage I LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”).
NOW, THEREFORE, the Managing Member hereby agrees as follows:
1. Name . The name of the limited liability company is Hilton Chicago Beverage I LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the

meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON WORLDWIDE, INC.,	
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Limited Liability Company Agreement – Hilton Chicago Beverage I LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	          7930 Jones Branch Drive
          McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.119
STATE of  DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of  FORMATION
First: The name of the limited liability company is Hilton Chicago Beverage II LLC
Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington.
Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                                       .”)
Fourth: (Insert any other matters the members determine to include herein.)

 	

In Witness Whereof , the undersigned have executed this Certificate of Formation this 7th day of December, 2011.

By:	 	/s/ Owen Wilcox	
	 	Authorized Person (s)	
Name:	 	Owen Wilcox	

Exhibit 3.120
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Chicago Beverage II LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Chicago Beverage II LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”).
NOW, THEREFORE, the Managing Member hereby agrees as follows:
1. Name . The name of the limited liability company is Hilton Chicago Beverage II LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the

meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON WORLDWIDE, INC. ,	
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Limited Liability Company Agreement – Hilton Chicago Beverage II LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	          7930 Jones Branch Drive
          McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.121
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Hilton Chicago Beverage III LLC
Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington.
Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                                       .”)
Fourth: (Insert any other matters the members determine to include herein.)

 	

 	
In Witness Whereof , the undersigned have executed this Certificate of Formation this 23rd day of January, 2013.

By:	 	/s/ Brian Howard	
	 	Authorized Person (s)	
Name:	 	Brian Howard	

Exhibit 3.122
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Chicago Beverage III LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Chicago Beverage III LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”).
NOW, THEREFORE, the Managing Member hereby agrees as follows:
1. Name . The name of the limited liability company is Hilton Chicago Beverage III LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the

meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON WORLDWIDE, INC. ,
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Limited Liability Company Agreement – Hilton Chicago Beverage III LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	          7930 Jones Branch Drive
          McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.123
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Hilton Chicago Beverage IV LLC
Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington.
Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                                                       .”)
Fourth: (Insert any other matters the members determine to include herein.)

 	

 	
In Witness Whereof , the undersigned have executed this Certificate of Formation this 23rd day of January, 2013.

By:	 	/s/ Brian Howard	
	 	Authorized Person (s)	
Name:	 	Brian Howard	

Exhibit 3.124
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Chicago Beverage IV LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Chicago Beverage IV LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”).
NOW, THEREFORE, the Managing Member hereby agrees as follows:
1. Name . The name of the limited liability company is Hilton Chicago Beverage IV LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the

meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON WORLDWIDE, INC. ,
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Limited Liability Company Agreement – Hilton Chicago Beverage IV LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	          7930 Jones Branch Drive
          McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.125
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION
First: The name of the limited liability company is Hilton Corporate Director LLC
Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington.
Zip code 19808. The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is N/A.”)
Fourth: (Insert any other matters the members determine to include herein.)

N/A	

 	
In Witness Whereof , the undersigned have executed this Certificate of Formation this 10th day of October, 2008.

By:	 	/s/ David Marote	
	 	Authorized Person (s)	
		
Name:	 	David Marote	

Exhibit 3.126
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON CORPORATE DIRECTOR LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Corporate Director LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of October 10, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Corporate Director LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
                                                  MANAGING MEMBER :

HILTON WORLDWIDE, INC.,
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton Corporate Director LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	          7930 Jones Branch Drive
          McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.127
CERTIFICATE OF FORMATION
OF
Hilton EI Con Management LLC

The undersigned, an authorized natural person, for the purpose of forming a limited liability company (hereinafter called the “company”), under the provisions and subject to the requirements of the Delaware Limited Liability Company Act, hereby certifies that:
1. The name of the limited liability company is Hilton EI Con Management LLC
2. The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904, County of Kent.
Executed on September 26, 2008.

Bryan Gordon	
Bryan Gordon Authorized Person	

	 	Delaware Limited Liability Certificate of Formation 5/05 - 1	

CERTIFICATE OF AMENDMENT TO CERTIFICATE OF FORMATION
OF
HILTON EL CON MANAGEMENT LLC
Hilton El Con Management LLC (hereinafter called the “company”), a limited liability company organized and existing under and by virtue of the Limited Liability Company Act of the State of Delaware, does hereby certify:
1. The name of the limited liability company is Hilton El Con Management LLC. The original Certificate of Formation of the Company was filed with the Secretary of State of the State of Delaware on September 26, 2008.
2. The Certificate of Formation of the Company is hereby amended by deleting Section 2 thereof and replacing it with the following new Section 2:
“The address of the registered office and the name and the address of the registered agent of the limited liability company in the State of Delware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.”
Executed on this 16 th day of December, 2008.

/s/ Bryan Gordon	
Authorized Person	

	 	Delaware Domestic Limited Liability Company Certificate of Amendment 1/96 - 1	

Exhibit 3.128
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton El Con Management LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton El Con Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Waldorf=Astoria International Manage LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton El Con Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
MANAGING MEMBER :

HLT WALDORF=ASTORIA INTERNATIONAL MANAGE LLC,	
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton El Con Management LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
HLT Waldorf=Astoria International Manage LLC	  	100%	 	  7930 Jones Branch Drive
  McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.129
CERTIFICATE OF FORMATION
OF
Hilton EI Operator LLC

The undersigned, an authorized natural person, for the purpose of forming a limited liability company (hereinafter called the “company”), under the provisions and subject to the requirements of the Delaware Limited Liability Company Act, hereby certifies that:
1. The name of the limited liability company is Hilton EI Operator LLC
2. The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904, County of Kent.
Executed on September 26, 2008.

Bryan Gordon	
Bryan Gordon Authorized Person	

	 	Delaware Limited Liability Certificate of Formation 5/05 - 1	

CERTIFICATE OF AMENDEMENT TO CERTIFICATE OF FORMATION
OF
HILTON EL OPERATOR LLC
Hilton EI Operator LLC (hereinafter called the “Company”), a limited liability company organized and existing under and by virtue of the Limited Liability Company Act of the State of Delaware, does hereby certify:
1. The name of the limited liability company is Hilton EI Operator LLC. The original Certificate of Formation of the Company was filed with the Secretary of State of the State of Delaware on September 26, 2008.
2. The Certificate of Formation of the Company is hereby amended by deleting Section 1 thereof and replacing it with the following new Section 1:
“The name of the limited liability company is Hilton EI Con Operator LLC”
Executed on this 20th day of November, 2008.

/s/ Bryan Gordon	
Authorized Person	

Certificate of Amendment to Certificate of Formation
of
HILTON EL CON OPERATOR LLC
It is hereby certified that:
1. The name of the limited liability company (hereinafter called the “limited liability company”) is:
HILTON EL CON OPERATOR LLC
2. The certificate of formation of the limited liability company is hereby amended by striking out the statement relating to the limited liability company’s registered agent and registered office and by substituting in lieu thereof the following new statement:
“The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.”
Executed on 1/15/09

/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Authorized Person	

	  	dedllcca 9/06	

Exhibit 3.130
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON EL CON OPERATOR LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton El Con Operator LLC, a Delaware limited liability company, is entered into as of September 26, 2008, by Hilton Hotels Corporation, a Delaware corporation (“ Hilton ”), as the sole member (Hilton and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Hilton hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton El Con Operator LLC (the “ Company ”). The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, County of New Castle.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, County of New Castle.
5. Member . Hilton is hereby admitted as a member of the Company. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Certificate of Formation . Bryan Gordon, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each

a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Management . The business and affairs of the Company shall be managed by or under the direction of a board of one or more directors designated by the Member (the “ Board ”). The Member may determine at any time in its sole and absolute discretion the number of directors to constitute the Board. The authorized number of directors may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all directors. The initial number of directors shall be two. Each director elected, designated or appointed by the Member shall hold office until a successor is elected and qualified or until such director’s earlier death, resignation, expulsion or removal. Directors need not be a Member. The initial directors designated by the Member are W. Steven Standefer and David A. Thompson.
8. Powers . The Board shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. The Board has the authority to bind the Company.
9. Meeting of the Board . The Board of the Company may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. Special meetings of the Board may be called by the Secretary on not less than one day’s notice to each director by telephone, facsimile, mail, telegram or any other means of communication, and special meetings shall be called by the Secretary in like manner and with like notice upon the written request of any one or more of the directors.
10. Quorum: Acts of the Board . At all meetings of the Board, a majority of the directors shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board. If a quorum shall not be present at any meeting of the Board, the directors present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting if all members of the Board consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board.
 
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11. Electronic Communications . Members of the Board may participate in meetings of the Board by means of telephone conference or similar communications equipment that allows all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company.
12. Compensation of Directors; Expenses . The Board shall have the authority to fix the compensation of the directors. The directors may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as director. No such payment shall preclude any Director from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
13. Removal of Directors . Unless otherwise restricted by law, any director or the entire Board may be removed or expelled, with or without cause, at any time by the Member and any vacancy caused by any such removal or expulsion may be filled by action of the Member.
14. Directors as Agents . To the extent of their powers set forth in this Agreement the directors are agents of the Company for the purpose of the Company’s business, and the actions of the directors taken in accordance with such powers set forth in this Agreement shall bind the Company. Notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in a resolution of the directors, a director may not bind the Company.
15. Officers . The initial officers of the Company shall be designated by the Member. The additional or successor officers of the Company shall be chosen by the Board and shall consist of at least a President, a Secretary and a Treasurer. The Board may also choose one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers. Any number of offices may be held by the same person. The Board may appoint such other officers and agents as it shall deem necessary or advisable who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board. The salaries of all officers and agents of the Company shall be fixed by or in the manner prescribed by the Board. The officers of the Company shall hold office until their successors are chosen and qualified. Any officer may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board. Any vacancy occurring in any office of the Company shall be filled by the Board. The initial officers of the Company designated by the Member are:

Officer	 	Position	
W. Steven Standefer	 	President and Treasurer	
		
David A. Thompson	 	Senior Vice President and Secretary	
		
Barry Lewin	 	Vice President	
 
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16. Duties of Board and Officers . Except to the extent otherwise provided herein, each director and officer shall have a fiduciary duty of loyalty and care similar to that of directors and officers of business corporations organized under the General Corporation Law of the State of Delaware.
17. Limited Liability . Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Member nor any director or officer shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, director or officer of the Company.
18. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
19. Liquidation . Upon dissolution pursuant to Section 18 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
20. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
21. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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22. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
23. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
24. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
25. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
26. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
27. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
28. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
29. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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30. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Hotels Corporation	
		
By:	 	/s/ David A. Thompson	
Name:	 	David A. Thompson	
Title:	 	Senior Vice President	
[LLC Agreement of Hilton El Con Operator LLC]

Schedule A
Member

Name	 	 	  	Address	
Hilton Hotels Corporation	 		  	9336 Civic Center Drive, Beverly Hills, CA 90210	

Exhibit 3.131
CERTIFICATE OF FORMATION
OF
HILTON ELECTRONIC DISTRIBUTION SYSTEMS, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is:
Hilton Electronic Distribution Systems, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on February 7, 2002.

/s/ M. Hue Smith III	
M. Hue Smith III	
Authorized Person	

Exhibit 3.132
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Electronic Distribution Systems, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Electronic Distribution Systems, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of February 8, 2002 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Electronic Distribution Systems, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
MANAGING MEMBER :

HILTON WORLDWIDE, INC.,	
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton Electronic Distribution Systems, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	 		  	100%	 	    7930 Jones Branch Drive
    McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.133
CERTIFICATE OF FORMATION
OF
HILTON ENERGY INVESTMENTS, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
HILTON ENERGY INVESTMENTS, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on July 23, 2004.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.134
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Energy Investments, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Energy Investments, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Operating Agreement of the Company dated as of July 26, 2004 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Energy Investments, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
MANAGING MEMBER :

HILTON WORLDWIDE, INC.,	
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
Name:	 	W. Steven Standefer	
Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton Energy Investments, LLC ]

Schedule A
Members

Name	 	 	  	Ownership Percentage	 	Address	
Hilton Worldwide, Inc.	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	  	 	
Christopher Nassetta	  	Chief Executive Officer and President	  		
			
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	  		
			
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	  		
			
Sean Dell’Orto	  	Senior Vice President and Treasurer	  		
			
W. Steven Standefer	  	Senior Vice President	  		
			
Keith Clampet	  	Senior Vice President	  		
			
Joseph Berger	  	Senior Vice President	  		
			
Owen Wilcox	  	Assistant Secretary	  		
			
Deanne Brand	  	Assistant Treasurer	  		
			
Fred Schacknies	  	Assistant Treasurer	  		
			
Alexandra Neely	  	Assistant Treasurer	  		
			
Justin Hensley	  	Assistant Treasurer	  		

Exhibit 3.135
CERTIFICATE OF FORMATION
OF
HILTON FRANCHISE HOLDING LLC
This Certificate of Formation of Hilton Franchise Holding LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Franchise Holding LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.136
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Franchise Holding LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Franchise Holding LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER:	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Franchise Holding LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	  	100%	 	            7930 Jones Branch Drive
            McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.137
CERTIFICATE OF FORMATION
OF
HILTON FRANCHISE LLC
This Certificate of Formation of Hilton Franchise LLC (the “LLC”), dated as of September 12,2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C . § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

  /s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.138
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007(the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER:	
		
	 	HILTON FRANCHISE HOLDING LLC,
a Delaware limited liability company	

	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Franchise LLC ]

Schedule A
Members

Name                       	  	Ownership
Percentage	 	 	  	Address	
Hilton Franchise Holding LLC	  	100%	 		  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.139
CERTIFICATE OF FORMATION
OF
HILTON GARDEN INNS FRANCHISE LLC
This Certificate of Formation of Hilton Garden Inns Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Garden Inns Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.140
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Garden Inns Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Garden Inns Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Garden Inns Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC,
a Delaware limited liability company	

	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Garden Inns Franchise LLC ]

Schedule A
Members

Name                         	  	Ownership
Percentage	 	 	  	Address	
Hilton Franchise Holding LLC	  	100%	 		  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.141
CERTIFICATE OF FORMATION
OF
HILTON GARDEN INNS MANAGEMENT LLC
This Certificate of Formation of Hilton Garden Inns Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Garden Inns Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

  /s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.142
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Garden Inns Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Garden Inns Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Garden Inns Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Garden Inns Management LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.143
CERTIFICATE OF FORMATION
OF
HILTON GRAND VACATIONS CLUB, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is:
Hilton Grand Vacations Club, LLC
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on December 20, 1999.

/s/ David Marote	
David Marote, Authorized Person	

Exhibit 3.144
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
of
HILTON GRAND VACATIONS CLUB, LLC
a Delaware limited-liability company
(the “Company”)
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) is made effective as of October 26, 2013 by HILTON RESORTS CORPORATION, a Delaware corporation (“Sole Member”), and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company (6 Del.C. § 18-101, et.seq.), as amended from time to time (the “Act”), and is currently governed by the Amended and Restated Limited Liability Company of the Company dated as of October 25, 2013 (the “Existing Agreement”); and
WHEREAS, the Sole Member desires to amend and restates the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The Sole Member formed the Company subject to the provisions of the Delaware limited liability company laws. A Certificate of Formation was filed with the Secretary of State on December 23, 1999.	
 
1.2	NAME. The name of the Company is HILTON GRAND VACATIONS CLUB, LLC.	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation is 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The Company’s registered agent at such address is the Corporation Service Company.	
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	

 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	
 
1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be 6355 MetroWest Blvd., Suite 180, Orlando, FL 32835, or at such other place as the Managers may from time to time select,	
 
1.7	MEMBERS. The name and business address of the Company’s Sole Member is: Hilton Resorts Corporation,. 6355 MetroWest Blvd., Suite 180, Orlando, Florida 32835.	
ARTICLE 2
Capital Contributions
 
2.1	INIT1AL CONTRIBUTIONS. The sole Member initially contributed to the Company $100.00 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS and LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Compmay available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1 (b)(2)(ii)(d).	

ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The Company shall be Management Committee managed. The name of each member of the Management Committee is set forth on Schedule A attached hereton.t. By a vote of the Members holding a majority of the capital interests in the Company, as set forth in Schedule B,, as amended from time to time, shall elect so many Management Committee members as the Members determine, but no fewer than one.	
 
4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation and management of the company’s business; and	
 
 	(h)	The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
 	(a)	all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts covering or affecting the Company’s assets;	

 	(b)	all checks, drafts and other orders for the payment of the company’s funds;	
 
 	(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officer’s powers and duties. The officers of the Company, which may be amended by Management Committee election, shall be set forth on Schedule C attached hereto.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to may Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and my inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause or result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	
 
4.8	INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company by reason of the fact that he is or was a Member of the company, Manager, officer, employee or agent of the Company, or is or was serving at the request of the Company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.	
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a

presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
 
4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
 
 	(a)	any additional capital contribution made by him/her;	
 
 	(b)	credit balances transferred from his distribution account to his capital account;	

and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	
 
 	(ii)	the Member’s share of Company losses if charged to his/her capital account.	
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	
ARTICLE 7
Transfers
 
7.l	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 25 th day of July, 2014

SOLE MEMBER:	 	HILTON RESORTS CORPORATION	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 	Name:	 	W. Steven Standefer	
	 	Title:	 	Senior Vice President	

Schedule A
Management Committee
Mark Wang
K. Robert Kreiger
Rebecca L. Sloan

Schedule B
Members

Name	  	Ownership	 	Address	
Hilton Resorts Corporation	  	100%	 	6355 MetroWest Blvd., Suite
180, Orlando, FL 32835	

Schedule C
Officers

Officer	  	Title	  	 	
			
Mark Wang	  	President	  		
K. Robert Kreiger	  	Senior Vice President	  		
Kevin Jacobs	  	Senior Vice President & Treasure	  		
Rebecca L. Sloan	  	Senior Vice President	  		
Kelly Lodde	  	Vice President & Secretary	  		
Rebekah Ellouze	  	Vice President	  		
Lisa Levert	  	Vice President	  		
Robert Shaw	  	Vice President Controller	  		
Randy Piatt	  	Vice President	  		
Justin Hensley	  	Vice President & Assistant Treasurer	  		
Elena Norman	  	Vice President	  		
Neil Peraza	  	Vice President	  		
Neil Hutchinson	  	Vice President	  		

Exhibit 3.145
CERTIFICATE OF FORMATION
OF
HILTON D.C., LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:

FIRST :	 	The name of the limited liability company is	
	 	HILTON D.C., LLC	
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on August 11, 1999.

/s/ David Marote	
David Marote, Authorized Person	

CERTIFICATE OF AMENDMENT TO CERTIFICATE OF FORMATION
OF
HILTON D.C., LLC
It is hereby certified that:
 
 	1.	The name of the limited liability company (hereinafter called the “limited liability company”) is Hilton D.C., LLC	
 
 	2.	The limited liability company’s Certificate of Formation is hereby amended by striking out Article First thereof and by substituting in lieu of said Article the following new Article:	

FIRST .	 	The name of the limited liability company is	
	 	Hilton Grand Vacations Company, LLC	
 
 	3.	The amendment herein certified shall become effective on the date this Certificate of Amendment is filed with the Delaware Secretary of State.	
Executed on December 13, 1999.

/s/ Dieter H. Huckestein	
Dieter H. Huckestein	
Authorized Person	

Exhibit 3.146
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY
AGREEMENT
Of
OF HILTON GRAND VACATIONS COMPANY, LLC
a Delaware limited-liability company
(the “Company”)
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) is made effective as of October 26, 2013 by HILTON RESORTS CORPORATION, a Delaware corporation (the “Sole Member”), and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Company Act (6 Del.C. § 18-101, et.seq .), as amended from time to time (the “Act”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 25, 2013 (the “ Existing Agreement ”); and
WHEREAS, the Sole Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The Sole Member formed the Company subject to the provisions of the Delaware limited liability company laws. A Certificate of Formation was filed with the Delaware Secretary of State on August 11, 1999.	
 
1.2	NAME. The name of the Company is Hilton Grand Vacations Company, LLC, or such other name as the Sole Member may from time to time hereafter designate.	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation is 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The Company’s registered agent at such address is the Corporation Service Company.	
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	

1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be 6355 Metro West Blvd., Suite 180, Orlando, FL 32835, or at such other place as the Managers may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s Sole Member is Hilton Resorts Corporation, 7930 Jones Branch Drive, McLean, VA 22102.	
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTIONS. The sole Member initially contributed to the Company $ 100.00 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS and LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant 10 Treasury Regulation 1.704-1 (b)(2)(ii)(b)(2) To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1 (b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS, The Company shall be Management Committee managed. The name of each member of the Management Committee is set forth on Schedule A attached hereto. By a vote of the Members holding a majority of the capital interests in the Company, as set forth in Schedule B , as amended from time to time, shall elect so many Management Committee members all the Members determine, but no fewer than one.	

4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all limes the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds:	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation and management of the company’s business; and	
 
 	(h)	The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable and define and modify, from time to time, such officers 1 and agents ‘ duties; provided; however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee. In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:	
 
 	(a)	all contracts, conveyances, assignments, leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets ;	
 
 	(b)	all checks, drafts and other orders for the payment of the company’s funds ,	
 
 	(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect or appoint one or more officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties. The officers of the Company, which may be amended by Management Committee election, shall be as set forth on Schedule C attached hereto.	

4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	
 
4.8	INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the company, Manager, officer, employee or agent of the Company, or is or was serving at the request of the Company, against expenses (including attorney ‘ s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal act ion proceeding, has no reasonable cause to believe his/her conduct was unlawful.	
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “no lo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
 
4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	

ARTICLES 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services,	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/ or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate hooks of account of the company’s affairs at the Company’s principal place of business Such book s shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704l(b)(2)(iv) and shall consist of his initial capital contribution increased by	
(a) any additional capital contribution made by him/her,
(b) credit balances transferred from his distribution account to his capital account; and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	
 
 	(ii)	the Member’s share of Company losses if charged to his/her capital account.	
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	
ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
 
5

Executed as of this 25 th day of July, 2014.

SOLE MEMBER:	 		 		 	HILTON RESORTS CORPORATION.	
	 		 		 	a Delaware corporation	
					
	 		 		 	By:	 	/s/ W. Steven Standefer	
	 		 		 		 	Name: W. Steven Standefer	
	 		 		 		 	Title: Senior Vice President	

Schedule A
Management Committee
R. Robert Kreiger
Mark Wang
Rebecca Sloan

Schedule B
Members

                     Name	  	Ownership Percentage	 	Address	
Hilton Resorts Corporation	  	100%	 	6355 MetroWest Blvd., Suite 180, Orlando, FL 32835	

Schedule C
Officers

Officer	  	Title	
		
Mark Wang	  	President	
Michael Brown	  	Chief Operating Officer	
Bryan Klum	  	Executive Vice President	
K. Robert Kreiger,	  	Senior Vice President	
David Desforges	  	Senior Vice President	
Christian Hayes	  	Senior Vice President	
Kevin J. Jacobs	  	Senior Vice President	
Rebecca L. Sloan	  	Senior Vice President	
W. Steven Standefer	  	Senior Vice President	
Kelly Lodde	  	Vice President & Secretary	
Owen Wilcox	  	Assistant Secretary	
Rebekah Ellouze	  	Vice President	
Lisa Levert	  	Vice President	
Robert Shaw	  	Vice President Controller	
Robert Harper	  	Vice President	
Richard Jackson	  	Vice President	
Justin Hensley	  	Vice President & Assistant Treasurer	
Daniel Dinell	  	Vice President	
Stan R. Soroka	  	Vice President	
Randy Piatt	  	Vice President	
Neil Hutchinson	  	Vice President	
Neil Peraza	  	Vice President	
Kelly Olinger	  	Vice President	
Michael Hilton	  	Vice President	
Elena Norman	  	Vice President	
Linda Burks	  	Vice President	
Marie Sarno	  	Vice President	
Linda Dusart	  	Vice President	
Dennis Delorenzo	  	Vice President	
Michael Uchida	  	Vice President	
Michelle Messina	  	Vice President	
Lisa Cohen	  	Vice President	
Brian Coan	  	Vice President	
Michael Elliot	  	Vice President	
Stefanie M. Chong Kuma	  	Vice President	
Jim Hansen	  	Vice President	

Exhibit 3.147
CERTIFICATE OF FORMATION
OF
HILTON GRAND VACATIONS FINANCING, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:

FIRST :	 	The name of the limited liability company is	
		
	 	HILTON GRAND VACATIONS FINANCING, LLC	
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on January 18, 2002.

/s/ Bryan S. White	
Bryan S. White	
Authorized Person	

Exhibit 3.148
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Grand Vacations Financing, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Grand Vacations Financing, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Grand Vacations Management, LLC, a Nevada limited liability company, and Hilton Resorts Corporation, a Delaware corporation (together, the “ Managing Members ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of April 30, 2002 (the “ Existing Agreement ”); and
WHEREAS, the Managing Members desire to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Grand Vacations Financing, LLC, or such other name as the Managing Members may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Members. Each Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. Each Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. Each Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. Each Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by consent of the Managing Members, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Members, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Members or their designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by the consent of the Managing Members.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Members. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Members and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Members.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBERS :	
		
	 	HILTON GRAND VACATIONS MANAGEMENT, LLC,
a Nevada limited liability company	
			
	 	By:	 	/s/ Rebecca L. Sloan	
	 		 	Name:	 	Rebecca L. Sloan	
	 		 	Title:	 	Senior Vice President, General Counsel and Secretary	
		
	 	HILTON RESORTS CORPORATION,
a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton Grand Vacations Financing, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
Hilton Grand Vacations Management, LLC	 		  	50%	  	7930 Jones Branch Drive
McLean, Virginia 22102	
Hilton Resorts Corporation	 		  	50%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.149
CERTIFICATE OF INCORPORATION
OF
HILTON-BURNS HOLDING COMPANY
We, the undersigned, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the provisions of the General Corporation Law of the State of Delaware, do hereby certify as follows:
FIRST: The name of the corporation is:
HILTON-BURNS HOLDING COMPANY
SECOND: The principal office of the corporation in the State of Delaware is to be located at 129 South State Street, in the City of Dover, in the County of Kent, in the State of Delaware. The name and address of its resident agent is the UNITED STATES CORPORATION COMPANY, 129 South State Street, Dover, Delaware.
THIRD: The nature of the business of the corporation and the objects or purposes proposed to be transacted, promoted or carried on by it are:
To acquire by purchase, lease, subscription or otherwise to own, hold for investment or otherwise, and to use, improve develop, maintain, operate, administer, let, lease, sell,

assign, transfer, mortgage, pledge or otherwise dispose of real and personal property of every kind and description, and wheresoever situated including, without being limited to, lands and interests in lands of every kind and description and wheresoever situated, and to construct and erect buildings and structures in and on such lands for any use or purpose.
To own, construct, lease or otherwise acquire and operate or to manage hotels, motels, apartment houses, apartment hotels, restaurants, cafes, refreshment rooms, music halls, places of amusement, recreation, sport, entertainment and instruction of all kinds, bars for the sale of intoxicating liquors, clubs, commercial buildings, office buildings, and other businesses which can be conveniently carried on in connection with any of the foregoing, including, but not limited to, the operation and maintenance of newsstands, tobacco counters, laundries, theatre ticket agencies, agencies for railway and shipping companies and carriers, barber shops, beauty parlors, gymnasiums, swimming pools, public baths and garages;
To acquire by purchase, subscription or otherwise, and to receive, hold, own, guarantee, sell, assign, exchange, transfer, mortgage, pledge or otherwise dispose of or deal in and
 
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with any of the shares of the capital stock, or any voting trust certificates in respect of the shares of capital stock, scrip, warrant, rights, bonds, debentures, notes, trust receipts, and other securities, obligations, choses in action and evidences of indebtedness or interest issued or created by any corporations, joint stock companies, syndicates, associations, firms, trusts or persons, public or private, or by the government of the United States of America, or by any foreign government, or by any state, territory, province, municipality or other political subdivision or by any governmental agency, and to issue in exchange therefor or in payment thereof its own stocks, bonds, or other obligations or securities or otherwise pay therefor, and as owner thereof to possess and exercise all the rights, powers and privileges of ownership, including the right to execute consents and vote thereon, and to do any and all acts and things necessary or advisable for the preservation, protection, improvement and enhancement in value thereof; to aid by loan, subsidy, guaranty, or in any manner, those issuing, creating or responsible for any of such securities; to merge or consolidate with any corporation in such manner as may be permitted by law, and to guarantee the payment of dividends upon any stock or the principal or interest, or both of any bonds or other obligations, and the performance of any contracts;
 
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To enter into, make and perform contracts of every kind and description with any person, firm, association, corporation, municipality, county, state, body politic or government or colony or dependency thereof.
To borrow or raise moneys for any of the purposes of the corporation and, from time to time, without limit as to amount to draw, make, accept, endorse, execute and issue promissory notes, drafts, bills of exchange, warrants, bonds, debentures and other negotiable or non-negotiable instruments and evidences of indebtedness, and to secure the payment of any thereof and of the interest thereon by mortgage upon or pledge conveyance or assignment in trust of, the whole or any part of the property of the corporation, whether at the time owned or thereafter acquired, and to sell, pledge or otherwise dispose of such bonds or other obligations of the corporation for its corporate purposes;
To purchase or otherwise acquire shares of its own stock and options to purchase shares of its own stock (so far as may be permitted by law) and its bonds, debentures, notes, scrip or other securities or evidences of indebtedness, and to cancel
 
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or to hold, transfer or reissue the same to such persons, firms, corporations or associations, and upon such terms and conditions as the Board of Directors may in its discretion determine, without offering any thereof on the same terms or on any terms to the stockholders then of record or to any class of stockholders;
To manufacture, purchase or otherwise acquire, invest in own, mortgage, pledge, sell, assign and transfer or otherwise dispose of, trade, deal in and with goods, wares and merchandise and personal property of every class and description;
To enter into partnership or into any arrangement for sharing of profits, union of interests, co-operation, joint a venture, reciprocal concession or otherwise, with any person, partnership, association, firm or corporation carrying on or engaged in or about to carry on or engage in any business or transaction which the corporation is authorized to carry on or engage in, or any business or transaction capable of being conducted so as directly or indirectly to benefit or promote the interests of the corporation; and to make secured and unsecured loans, with or without interest to assume or guarant the stock, bonds, and obligations of, or otherwise assist are
 
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such person, partnership, association, firm or corporation, and to take or otherwise acquire shares and securities of any such corporation, and to sell, hold reissue, with or without guarantee, or otherwise deal with the same;
To purchase or otherwise acquire the whole or any part of the property, assets, business, good will, rights and franchises, and to undertake and assume the whole or any part of the liabilities and obligations, of any person, firm, partnership, trust, association, syndicate or corporation engaged in a business which the corporation is authorized to conduct, and to pay for the same in cash or in shares of stock of the corporation, or in bonds, notes or other evidences of indebtedness thereof, or otherwise; and to exercise all the powers necessary, incidental or appropriate to the conduct, management and carrying on of such business;
To acquire, hold, use, sell, assign, lease, grant license in respect of, mortgage or otherwise dispose of letters patent of the United States or any foreign country, patent rights, licenses, privileges, inventions, formulae, improvements and processes, copyrights, trade-marks, and trade names, relating to or useful in connection with any business of this corporation;
 
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To participate or cooperate with others in the creation, establishment, support and maintenance of community, charitable, philanthropic, benevolent or patriotic associations, funds, or institutions; and the Board of Directors shall have power in its discretion to appropriate and expend for those purposes such sum or sums as it may deem appropriate;
To create, establish, support, and maintain associations, institutions, funds, trusts and plans designed to benefit employees or ex-employees of the corporation or the relatives or dependents of such employees or ex-employees;
To carry on any other lawful business whatsoever in connection with the above, or calculated directly or indirectly to promote the interests of the corporation or to enhance the value of its properties; to have, enjoy and exercise all the rights, powers and privileges which are now or which may hereafter be conferred upon corporations organized under the same statutes as the corporation; to do any and all things herein set forth, and in addition such other acts and things as are necessary or convenient to the attainment of the purposes of the corporation, or any of them, to the same extent as the natural person might lawfully do in any part of the world (as principal, agent, contractor or otherwise, and
 
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either alone or in conjunction with any other persons, firms associations, trust estates or corporations), insofar as such acts are permitted to be done by a corporation organized under the General Corporation Laws of the State of Delaware; and
To conduct its business in the State of Delaware, other states, the District of Columbia, the territories and colonies of the United States and in foreign countries, and to have one or more offices without as well as within the State of Delaware.
The objects and purposes specified in the foregoing clause shall, except where otherwise expressed, be in nowise limited or restricted by reference to, or inference from, the terms of any other clause in this certificate of incorporation, but the objects and purposes specified in each of the foregoing clauses of this article shall be regarded as independent objects and purposes.
FOURTH: The total number of shares of stock which the corporation shall have authority to issue is 130,220 divided into three classes as follows: (i) 5,000 shares of Common Stock, par value $100.00 per share (“Common Stock”), (ii) 115,000 shares of 5% Preferred Stock, par value $100.00 per
 
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share (“5% Preferred Stock”), and (iii) 10,220 shares of 6% Non-Voting Cumulative Preferred Stock, par value $25.00 per share (“6% Non-Voting Cumulative Preferred Stock”). Said 5% Preferred Stock and said 6% Non-Voting Cumulative Preferred Stock are sometimes herein referred to collectively as the “Preferred Stock.”
The designations and the powers, preferences, qualifications, limitations, restrictions and the relative, participating, optional or other special rights in respect of the various classes of stock of the corporation are as follows:
 
 	A.	Dividend Rights.	
 
 	(1)	6% Non-Voting Cumulative Preferred Stock.	
The holders of the outstanding shares of 6% Non-Voting Cumulative Preferred Stock shall be entitled to receive when and as declared by the Board of Directors of the corporation, preferential cumulative dividends, payable in cash, out of funds legally available therefor, at the rate of $1.50 per share per annum (or a prorata portion thereof for any dividend period which is less than a full fiscal year of the corporation), and no more, payable annually on the first day of April of each year for the immediately preceding dividend period.
 
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Dividends on the 6% Non-Voting Cumulative Preferred Stock shall accrue and be cumulative from the date of issuance of a certificate therefor and shall be paid, or shall be declared and a sum sufficient for the payment thereof set apart, before any dividends shall be declared or set apart or paid on the 5% Preferred Stock or the Common Stock. Whenever full dividends on the 6% Non-Voting Cumulative Preferred Stock for the current dividend period and all accrued dividends (as hereinafter defined) , if any, for all past dividend periods shall have been declared and the corporation shall either have paid such dividends, or shall have set apart a sum sufficient for the payment thereof, the Board of Directors of the corporation shall have the power, in its discretion, to declare and pay a dividend for the current dividend period on the 5% Preferred Stock and then, subject to the prior rights of the holders of the 5% Preferred Stock, on the Common Stock.
All dividends payable on the 6% Non-Voting Cumulative Preferred Stock which are not paid as aforesaid with respect to any dividend period shall be cumulative, but shall not bear interest, and the aggregate thereof is referred to herein as “accrued dividends”.
 
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 	(2)	5% Preferred Stock.	
Subject to the prior rights of the holders of 6% Non-Voting Cumulative Preferred Stock, as set forth above, the holders of the outstanding shares of 5% Preferred Stock shall be entitled to receive, when and as declared by the Board of Directors of the corporation, preferential non-cumulative dividends, payable in cash, out of funds legally available therefor, at the rate of $5.00 per share per annum (or a prorata portion thereof for any dividend period which is less than a full fiscal year of the corporation), and no more, payable on the first day of April of each year for the immediately preceding dividend period. Whenever full dividends on the 6% Non-Voting Cumulative Preferred Stock for the current dividend period and all accrued dividends, if any, for all past dividend periods, and full dividends on the 5% Preferred Stock for the current dividend period, shall have been declared and the corporation shall either have paid such dividends, or shall have set apart a sum sufficient for the payment thereof, the Board of Directors of the corporation shall have the power, in its discretion, to declare and pay a dividend for the current dividend period on the Common Stock.
 
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 	(3)	Ratable Payment.	
Any dividends paid upon the 6% Non-Voting Cumulative Preferred Stock for the current dividend period or any past dividend period in an amount less than the full dividends payable upon all such stock outstanding, and any dividends paid upon the 5% Preferred Stock for the current dividend period in an amount less than the full dividends payable upon all such stock outstanding, shall be divided ratably among the holders of 6% Non-Voting Cumulative Preferred Stock or 5% Preferred Stock, as the case may be, in proportion to the aggregate amounts which would be distributable to the holders of such class of Preferred Stock if full dividends were declared and paid thereon.
 
 	(4)	Restrictions as to Junior Stock.	
So long as any shares of the 6% Non-Voting Cumulative Preferred Stock or the 5% Preferred Stock shall be outstanding, in no event shall any dividends whatsoever, either in cash, stock or otherwise, be paid or declared (excluding dividends paid in junior stock), or any distribution be made, on any class of junior stock (the term “junior stock” to mean stock ranking junior to said 6% Non-Voting Cumulative Preferred Stock or said 5% Preferred Stock, as the case may be, as to
 
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dividends or distribution of assets upon liquidation), unless, insofar as the 5% Preferred Stock and the Common Stock “are concerned, full dividends on the 6% Non-Voting Cumulative Preferred Stock for the current dividend period and all accrued dividends, if any, for all past dividend periods have been paid or have been declared and a sum sufficient for the payment thereof has been set apart, and unless insofar as the Common Stock is concerned, full dividends on the 6% Non-Voting Cumulative Preferred Stock for the current dividend period and all accrued dividends, if any, for all past dividend periods, and full dividends on the 5% Preferred Stock for the current dividend period, have been paid or have been declared and a sum sufficient for the payment thereof has been set apart; and so long as any shares of the 6% Non-Voting Cumulative Preferred Stock or the 5% Preferred Stock shall be outstanding, in no event shall any junior stock be purchased, redeemed or otherwise acquired for a valuable consideration by the corporation (excluding from such restriction junior stock purchased, redeemed or otherwise acquired in exchange for, or from the proceeds of the issue of, other junior stock).
 
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 	(5)	Dividend Periods.	
For the purpose of this Article FOURTH, dividend periods shall coincide with and be identical to fiscal years of the corporation, except that the first dividend period shall be the period from the date of original issuance of a certificate for shares of 6% Non-Voting Cumulative Preferred Stock or 5% Preferred Stock, as the case may be, to the last day of the fiscal year of the corporation in which such certificate is issued; and the “current dividend period”, as used in this Article FOURTH, shall mean the dividend period immediately preceding the April 1 dividend payment date.
 
 	B.	Redemption.	
At any time after five (5) years from the date of its issuance, and from time to time thereafter, the 6% Non-Voting Cumulative Preferred Stock may be redeemed, in whole or in part, at the option of the corporation, by resolution of its Board of Directors, at a redemption price equal to 100% of the par value per share of said 6% Non-Voting Cumulative Preferred Stock, plus a sum equal to the amount of all dividends declared and unpaid thereon, and the amount of all accrued dividends, if any, for past dividend periods, up to and including the date fixed for redemption; and, subject to the limitations set forth in Section A(4) of this Article FOURTH, at any time or from time to time the 5% Preferred Stock may be redeemed
 
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in whole or in part, at the option of the corporation, by resolution of its Board of Directors, at a redemption price equal to 100% of the par value per share of said 5% Preferred Stock, plus a sum equal to the amount of all dividends declared and unpaid thereon up to and including the date fixed for redemption. At least forty-five days’ previous written notice of any such redemption of either class of Preferred Stock shall be mailed, addressed to the holders of record of the shares to be redeemed at their respective addresses as the same shall appear on the books of the corporation. In case of the redemption of less than all of the outstanding shares of either class of Preferred Stock, the shares to be redeemed shall be redeemed prorata.
If notice of redemption shall have been given as provided above, and if, on or before the redemption date, all funds necessary for such redemption shall have been set aside by the corporation, in trust, or, at its option, shall have been deposited with a responsible bank or trust company, having a combined capital, surplus and undivided profits of a least $5,000,000.00, in trust, in either case, for the pro-rata benefit of the holders of shares so called for redemption, then, notwithstanding that any certificate for shares of
 
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the class of Preferred Stock so called for redemption shall not have been surrendered for cancellation, the shares represented thereby shall no longer be deemed outstanding, the right to receive dividends thereon shall cease to accrue or to be paid from and after the date of redemption and all right with respect to such shares of the class of Preferred Stock so called for redemption shall forthwith on such redemption date cease and terminate, except the right of the holders thereof to receive the redemption price of such shares so to be redeemed (but without interest thereon).
Any funds so set apart or deposited by the corporation which, at the end of six months after the redemption date, remain unclaimed by the holders of the class of Preferred Stock called for redemption, shall be released and returned to the corporation upon demand, and shall thereafter be available for general corporate purposes, and the depositary, if any, shall thereupon be relieved of all responsibilities therefor to such holders, and after such repayment the holders of such shares so called for redemption shall look only to the corporation for payment of the redemption price. Any interest accrued on funds so deposited shall be paid to the corporation from time to time. Any shares of either class of Preferred Stock
 
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which are redeemed as provided in this Section shall be permanently retired and cancelled and shall not be reissued or resold.
 
 	C.	Voting Rights.	
 
 	(1)	Common Stock and 5% Preferred Stock.	
Each outstanding share of Common Stock and each outstanding share of 5% Preferred Stock shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders. At all elections of the directors of the corporation, each stockholder entitled to a vote shall be entitled to as many votes as shall equal the number of votes which (except for this provision as to cumulative voting) he would be entitled to cast for the election of directors with respect to his shares of voting stock, multiplied by the number of directors to be elected, and he may cast all of such votes for a single director or may distribute them among the number to be voted for, or for any two or more of them as he may see fit.
 
 	(2)	6% Non-Voting Cumulative Preferred Stock.	
The holders of 6% Non-Voting Cumulative Preferred Stock shall not be entitled to notice of or to vote at any meeting of the stockholders of the corporation, unless otherwise provided herein or by law.
 
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 	D.	Rights on Liquidation.	
 
 	(1)	6% Non-Voting Cumulative Preferred Stock.	
In the event of a dissolution, liquidation or winding up of the corporation, whether voluntary or involuntary, the holders of the outstanding shares of 6% Non-Voting Cumulative Preferred Stock shall be entitled to receive out of the assets of the corporation, before any payment or distribution of the assets of the corporation shall be made to or set apart for the 5% Preferred Stock or the Common Stock, the sum of 100% of the par value per share of said 6% Non-Voting Cumulative Preferred Stock, plus the amount of all dividends declared and unpaid thereon and the amount of all accrued dividends, if any, for past dividend periods to the date of final distribution to the holders of 6% Non-Voting Cumulative Preferred Stock, and no more. If, upon any dissolution, liquidation or winding up, the assets of the corporation distributable among the holders of the outstanding shares of 6% Non-Voting Cumulative Preferred Stock shall be insufficient to pay in full the preferential amount aforesaid , then such assets or the proceeds thereof shall be distributed ratably among the holders of the outstanding shares of 6% Non-Voting Cumulative Preferred Stock in accordance with the sums which would be payable on such distribution if all sums payable were discharged in full.
 
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 	(2)	5% Preferred Stock.	
In the event of a liquidation, dissolution or winding up of the corporation, whether voluntary or involuntary, the holders of the outstanding shares of 5% Preferred Stock shall be entitled to receive out of the assets of the corporation, before any payment or distribution of the assets of the corporation shall be made to or set apart for the Common Stock, but subject to the prior rights of the holders of outstanding shares of 6% Non-Voting Cumulative Preferred Stock, as set forth above, the sum of 100% of the par value per share of said 5% Preferred Stock, plus the amount of all dividends declared and unpaid thereon to the date of final distribution to the holders of outstanding shares of 5% Preferred Stock, and no more. If, upon any dissolution, liquidation or winding up, the assets of the corporation distributable among the holders of outstanding shares of 5% Preferred Stock shall be insufficient to pay in full the preferential amount aforesaid, then such assets or the proceeds thereof shall be distributed ratably among the holders of outstanding shares of 5 Preferred Stock in accordance with the sums which would be payable on such distribution if all sums payable were discharged in full.
 
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 	(3)	Common Stock.	
In the event of a liquidation, dissolution or winding up of the corporation, whether voluntary or involuntary, after payment shall have been made in full to the holders of outstanding shares of 6% Non-Voting Cumulative Preferred Stock and 5% Preferred Stock of the preferential amounts provided for in Sections D(1) and D(2) of this Article FOURTH, or after an amount sufficient to make such payments in full (or the portion of such amounts not already paid out for such purpose) shall have been deposited, in trust, for such purpose in any bank or trust company having a combined capital, surplus and undivided profits of not less than $5,000,000.00, but not prior thereto, the holders of outstanding shares of Common Stock shall share alike per share and be entitled to receive any and all assets remaining to be paid or distributed, and the holders of Preferred Stock of either class shall not be entitled to share therein.
 
 	(4)	Sale or Exchange; Merger or Consolidation.	
For purposes of this Section D of Article FOURTH, the voluntary sale, conveyance, exchange or transfer (for cash
 
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shares of stock, securities or other consideration) of all or substantially all of the property and assets of the corporation shall be deemed a voluntary dissolution, liquidation or winding up of the corporation, but the merger or consolidation of the corporation into or with another corporation shall not be deemed to be a dissolution, liquidation or winding up, voluntary or involuntary, for the purposes of this Section D of Article FOURTH.
 
 	E.	Preemptive Rights.	
Each holder of 6% Non-Voting Cumulative Preferred Stock, 5% Preferred Stock and Common Stock shall be entitled to full preemptive or preferential rights to purchase and/or subscribe for his proportionate part of 6% Non-Voting Cumulative Preferred Stock, 5% Preferred Stock and Common Stock, respectively (including stock held in the corporate treasury, if any), which may be issued and/or sold at any time by the corporation.
 
 	F.	General Provisions.	
So long as any shares of 6% Non-Voting Cumulative Preferred Stock or 5% Preferred Stock are outstanding, the corporation shall not, without the consent of the holders of at least a majority of the shares of such class of Preferred Stock
 
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at the time outstanding (whether by the terms of this Certificate of Incorporation, or any amendment thereto, such class be entitled to vote or not), given in person or by proxy, either in writing or by vote at a meeting called for the purpose:
(1) Amend, alter or repeal any of the provisions of the Certificate of Incorporation or the by-laws so as to affect adversely the rights, powers or preferences of the holders of such class of Preferred Stock; or
(2) Create, authorize or issue any additional class of stock ranking prior to or on a parity with such class of Preferred Stock in respect of dividends or distribution of assets on liquidation; or increase the authorized amount of such class of Preferred Stock or any additional class of stock ranking prior to or on a parity with such class of Preferred Stock in respect of dividends or distribution of assets on liquidation; or create or authorize any obligation or security convertible into shares of any class of stock ranking prior to or on a parity with such class of Preferred Stock in respect of dividends or distribution of assets on liquidation.
FIFTH: The minimum amount of capital with which the corporation will commence business is One Thousand Dollars ($1,000.00).
 
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SIXTH: The name and place of residence of each of the incorporators is as follows:

NAME	  	 	  	RESIDENCE	  	 	
				
Granvil I. Specks	  		  	208 South La Salle Street Chicago, Illinois	  		
				
Evelyn Mansfield	  		  	208 South La Salle Street Chicago, Illinois	  		
				
Daniel S. Nuter	  		  	33 North La Salle Street Chicago, Illinois	  		
SEVENTH: The corporation is to have perpetual existence.
EIGHTH: The private property of the stockholders shall not be subject to the payment of corporate debts to any extent whatever.
NINTH: The following provisions are inserted for the management of the business and for the conduct of the affairs of this corporation, and for further definition, limitation and regulation of the powers of this corporation and of its directors and stockholders:
(1) The number of directors of the corporation shall be such as from time to time shall be fixed by, or in the manner provided in the by-laws, but shall not be less than four. Election of directors need not be by ballot unless the by-law so provide.
 
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(2) The Board of Directors shall have power:
(a) Without the assent or vote of the stockholders to fix and vary the amount to be reserved for any proper purpose; to authorize and cause to be executed mortgages and liens upon any part of the property of the corporation provided it be less than substantially all; to determine the use and disposition of any surplus or net profits, and subject to the provisions of Article FOURTH hereof, to fix the times for the declaration and payment of dividends.
(b) Without the assent or vote of the stockholders to make, alter, change, amend, add to or repeal the by-laws of this corporation (except that no change in the by-laws affecting the following matters may be made except by the vote of the holders of at least a majority of the stock issued and outstanding and entitled to vote: (i) the number of directors, (ii) the method of filling vacancies in the Board of Directors, (iii) the number of directors constituting a quorum at directors’ meetings, (iv) the number of stockholders constituting a quorum at stockholders’ meetings, and (v) the number of directors whose act shall constitute an act of the Board of Directors).
(c) To determine from time to time whether, and to what extent, and at what times and places, and under what conditions and regulations, the accounts and books of the corporation (other than the stock ledger), or any of them, shall be open to the inspection of the stockholders.
(3) The directors, in their discretion, may submit any contract or act for approval or ratification at any annual meeting of the stockholders or at any meeting of the stockholders called for the purpose of considering any such act or contract, and any contract or act that shall be approved or be ratified by the vote of the holders of a majority of
 
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the stock of the corporation which is represented in person or by proxy at such meeting and entitled to vote thereat (provided that a lawful quorum of stockholders be there represented in person or by proxy) shall be as valid and as binding upon the corporation and upon all the stockholders, as though it had been approved or ratified by every stockholder of the corporation, whether or not the contract or act would otherwise be open to legal attack because of directors’ interest, or for any other reason.
(4) In addition to the powers and authorities herein-before or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the corporation, subject, nevertheless, to the provisions of the statutes of Delaware, and of this Certificate of Incorporation.
TENTH: No contract or other transaction between the corporation and any other corporation or any person or persons, firm, association or partnership shall be affected or invalidated by the fact that any one or more of the directors or officers of this corporation is or are pecuniarily or otherwise interested in, or is a director, member or officer
 
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of, or are directors, members or officers of, such other corporation or of such firm, association, or partnership, or is a party to or is pecuniarily or otherwise interested in such contract or other transaction or in any way connected with any person or persons, firm, association, partnership or corporation pecuniarily or otherwise interested therein, and any director or directors, officer or officers, individually or jointly, may be a party or parties to or may be interested in any contract or transaction of this corporation or in which this corporation is interested; and no contract, act or transaction of this corporation with any person or persons, firm, association, partnership or corporation shall be affected or invalidated by the fact that any director or directors or officer or officers of this corporation is a party, or are parties to, or interested in, such contract, act or transaction, or in any way connected with such person or persons, firm, association, partnership or corporation, and each and every person who may become a director or officer of this corporation is hereby relieved from any liability that might otherwise exist from contracting with the corporation for the benefit of himself or any firm, association, partnership or corporation in which he may be in any wise interested. Any
 
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director may be counted in determining the existence of a quorum at any meeting of the Board of Directors of this corporation for the purpose of authorizing any such contract, act or transaction with like force and effect as if he were not a director, member or officer of such other corporation, firm, association or partnership.
ELEVENTH: Each director and officer of the corporation and any person serving at its request as director or officer of another corporation in which it owns shares of capital stock or of which it is a creditor shall be indemnified by the corporation against all expenses which may be reasonably incurred or paid by him in connection with any claim, or actual or threatened action, suit or proceeding (civil, criminal, administrative or other, including appeals) in which he may be involved by reason of his being or having been such director or officer or by reason of any action or omission or alleged action or omission by him in any such capacity and against any amount or amounts which may be paid by him (other than to the corporation) in reasonable settlement of any such claim, action, suit or proceeding where it is in the interest of the corporation that such settlement be made. In cases where such action, suit or proceeding shall proceed to final
 
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adjudication, such indemnification shall not extend to matters as to which it shall be adjudged therein that such director or officer is liable for negligence or misconduct in the performance of his duties to the corporation. Neither a judgment of conviction nor the entry of any plea in a criminal case shall of itself be deemed an adjudication that such director or officer was liable for negligence or misconduct in the performance of his duties if he acted in good faith, for a purpose which he reasonably believed to be in the best interest of the corporation, and had no reasonable cause to believe that his conduct was unlawful. The determination whether a settlement was reasonable and in the interest of the corporation or whether such director or officer acted in good faith, for a purpose which he reasonably believed to be in the best interest of the corporation and had no reasonable cause to believe that his conduct was unlawful shall be made by a majority of a quorum of the Board of Directors comprised of those directors who are not involved in the claim, action, suit or proceeding and if there be no such quorum, by one or more disinterested persons to whom the question may be referred by the Board of Directors. Each employee, and each retired employee who is or has been a party to a written agreement under which he might be, or might
 
–28–

have been, obligated to render services to the corporation, shall be indemnified in the same manner and to the same extent as provided above for a director or officer in connection with any claim, or actual or threatened action, suit or proceeding (civil, criminal, administrative or other, including appeals) in which he may be involved by reason of his being or having been such employee or a party to any such written agreement or by reason of any action or omission or alleged action or omission by him in any such capacity. As used herein, the term “expenses” shall include, without limitation, attorneys’ fees costs, judgments, fines, penalties and other liabilities. The rights of indemnification herein provided for shall be severable, shall not be exclusive of other rights to which any director, officer, employee or retired employee may now or hereafter be entitled, shall continue as to a person who has ceased to be such director, officer, employee or retired employee and shall inure to the benefit of the heirs, executors administrators and legal representatives of such a person.
TWELFTH: Subject to the limitations, restrictions and special rights set forth in Section F of Article FOURTH hereof, the corporation reserves the right to amend, alter, change, or repeal any provision contained in this Certificate of
 
–29–

Incorporation in the manner now or hereafter prescribed by law; and all rights and powers conferred herein on stockholders, directors and officers are subject to this reserved power, except that the such reserved power shall at all times be subject to the limitations, restrictions and special rights set forth in Section F of Article FOURTH hereof.
IN WITNESS WHEREOF, we have hereunto set our hands and seals, the 29th day of August, 1966.

/s/ Granvil I. Specks	 	(L.S.)	
		
/s/ Evelyn Mansfield	 	(L.S.)	
		
/s/ Daniel S. Nuter	 	(L.S.)	
 
–30–

					
STATE OF ILLINOIS	  	    )	  		
	  	    )	  	SS.	
COUNTY OF COOK	  	    )	  		
BE IT REMEMBERED that on this 29th day of August, A.D., 1966, personally came before me GRANVIL I. SPECKS, EVELYN MANSFIELD and DANIEL S. NUTER, parties to the foregoing Certificate of Incorporation, known to me personally to be such, and severally acknowledged the said Certificate to be the act and deed of the signers respectively, and that the facts therein stated are truly set forth.
GIVEN under my hand and notarial seal the day and year aforesaid.

/s/ [Illegible Signature]	 	(SEAL)	
Notary Public in and for Cook County, Illinois	
			
My commission expires:	 	5-6-7 [Illegible]	 		

CERTIFICATE OF OWNERSHIP AND MERGER
merging
HILTON-BURNS HOTELS COMPANY, INC.
into
HILTON-BURNS HOLDING COMPANY
and changing the name of the surviving corporation to
HILTON-BURNS HOTELS COMPANY, INC.
Pursuant to Section 253 of the General Corporation Law of Delaware

THE UNDERSIGNED, HILTON-BURNS HOLDING COMPANY, a corporation organized and existing under the laws of the State of Delaware (hereinafter referred to as “HOLDING”), pursuant to Section 253 of the General Corporation Law of the State of Delaware, hereby certifies as follows:
(1) That it owns all of the outstanding shares of the capital stock of HILTON-BURNS HOTELS COMPANY, INC., a corporation organized and existing under the laws of the State of Delaware (hereinafter referred to as “HOTELS”).
(2) That HOLDING, by a resolution of its Board of Directors, duly adopted at a meeting held on November  7 , 1968, determined to and did merge HOTELS into it, which resolution did provide as follows:
WHEREAS, this corporation (hereinafter referred to as “Holding”) holds all of the outstanding shares of stock of Hilton-Burns Hotels Company, Inc., a corporation of the State of Delaware (hereinafter referred to as “Hotels”); and

WHEREAS, Holding desires to merge Hotels into it and to assume all the obligations of Hotels;
NOW, THEREFORE, BE IT RESOLVED, as follows:
(1) That Holding hereby merges Hotels into it in accordance with the provisions of Section 253 of the General Corporation Law of the State of Delaware;
(2) On the effective date of the merger, Holding shall assume all of the rights and obligations of Hotels;
(3) That Holding survives the merger and may be served with process in the State of Delaware in any proceeding for enforcement of any obligation of Hotels;
(4) That upon the effective date of this merger the corporate name of Holding shall become changed to Hilton-Burns Hotels Company, Inc.
(5) That the President or a Vice President and the Secretary or Treasurer be, and they hereby are, authorized to execute and cause to be filed and recorded a Certificate of Ownership and Merger in the form and manner required by Section 253 and Section 103 of the General Corporation Law of Delaware, and that the proper officers of Holding be, and they hereby are, authorized and directed to take all such further action and to execute and deliver all such other instruments, documents and notices in the name and on behalf of the Corporation, and under its corporate seal or otherwise, and to pay all such expenses as in their judgment shall be necessary, proper or advisable in order to carry out the intent and to accomplish the purposes of the foregoing resolutions.
IN WITNESS WHEREOF, HILTON-BURNS HOLDING COMPANY has caused this Certificate of Ownership and Merger to be made in its corporate name, signed by FRITZ B. BURNS its President, and STANLEY R. ZAX , its Secretary, and under its corporate seal, this 27th day of November , 1968.
 
–2–

			
HILTON-BURNS HOLDING COMPANY	
		
By	 	/s/ Fritz D. Burns	
	 	President	
		
Attest:	 	/s/ Stanley R. Zax	
	 	Secretary	
 
–3–

					
STATE OF CALIFORNIA	 	)	  		
	 	)	  	SS.	
COUNTY OF LOS ANGELES	 	)	  		
BE IT REMEMBERED, that on this 27th day of November , 1968, personally came before me, the Subscriber, a Notary Public in and for the County and State aforesaid, FRITZ B. BURNS , President of Hilton-Burns Holding Company, a corporation of the State of Delaware, the corporation described in and which executed the foregoing Certificate of Ownership and Merger, known to me personally to be such, and he, the said FRITZ B. BURNS , as such President, duly executed said Certificate of Ownership and Merger before me and acknowledged the same to be his act and deed and the act and deed of said corporation and that the facts stated therein are true; that the signatures of said President and of the Secretary of said corporation to said Certificate of Ownership and Merger are in the handwriting of said President and Secretary of said corporation, respectively, and that the seal affixed to said Certificate of Ownership and Merger is the common or corporate seal of said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year aforesaid.

/s/ [Illegible Signature]	
Notary Public	

					
RECORDATION REQUESTED BY:	  		  		
	 		
AFTER RECORDATION, RETURN TO:	  		  		
	 		
RETURN BY:    MAIL  (        )    PICKUP  (         )        	  	 	  	 	
SPACE ABOVE THIS LINE FOR REGISTRAR’S USE                              
CERTIFICATE OF OWNERSHIP AND MERGER
MERGING
DEWEY WAY INVESTMENT, INC.
INTO
HILTON-BURNS HOTELS COMPANY, INC.

HILTON-BURNS HOTELS COMPANY, INC., a corporation duly organized and validly existing under the laws of the State of Delaware, does hereby certify:
FIRST: That this corporation was incorporated pursuant to the laws of the State of Delaware and validly exists under the laws of the State of Delaware; and Section 253 of the General Corporation Law of Delaware and Section 417-42 of the Hawaii Revised Statutes permit the merger of a subsidiary corporation of Hawaii into the parent corporation existing under the laws of the State of Delaware.
SECOND: That this corporation owns 100% of the outstanding shares of capital stock (there being only one class of stock outstanding) of Dewey Way Investment, Inc., a corporation incorporated on the 3rd day of August, 1959, pursuant to the general corporation law of the State of Hawaii.

THIRD: That the following resolution was duly adopted by the Board of Directors of this corporation at a meeting thereof held on February  2 , 1972, at which a quorum was present and acted throughout, and that such resolution has not been rescinded and is in full force and effect as of the date hereof:
WHEREAS, this corporation owns all of the outstanding shares of capital stock of Dewey Way Investment, Inc., a corporation organized under the general corporation law of the State of Hawaii;
WHEREAS, this corporation desires to merge into itself said Dewey Way Investment, Inc. and to be possessed of all the rights, privileges, franchises and property of said Dewey Way Investment, Inc.;
NOW, THEREFORE, BE IT:
RESOLVED, that this corporation merge into itself, and it does hereby merge into itself said Dewey Way Investment, Inc. and assume all of its liabilities and obligations.
FURTHER RESOLVED, that said merger of Dewey Way Investment, Inc. into this corporation shall be effective at 4:00 o’clock P. M. on Tuesday, February 29, 1972.
FURTHER RESOLVED, that the president or a vice-president of this corporation and the secretary or the treasurer of this corporation be and they hereby are directed to make and execute, under the corporate seal of this corporation, a certificate of ownership and merger setting forth a copy of the resolution to merge said Dewey Way Investment, Inc. into it and assume all of its liabilities and obligations, and the date of the adoption thereof, and to file the same with the office of the Director of Regulatory Agencies of the State of Hawaii and with the Secretary of State of the State of Delaware.
 
. 2 .

FURTHER RESOLVED, that the officers of this corporation be and they hereby are authorised and directed to sign, deliver, file and record all such certificates, agreements and other instruments as may be required by law to give effect to said merger and to do all acts and things whatsoever, whether within or without the States of Hawaii and Delaware, which may be in anywise necessary or proper to effect said merger.
FOURTH: That this corporation survives the merger and may be served with legal notice and process from the courts of the State of Hawaii or notices from officials of the State of Hawaii in any proceeding for the enforcement of any obligation or duty of Dewey Way Investment, Inc., as well as for enforcement of any obligation or duty of the surviving corporation arising from the merger, including any suit brought by any dissenting stockholders pursuant to Section 417-23 of the Hawaii Revised Statutes, and it does hereby irrevocably appoint Mr. Don Madsen, who resides at Hilton Hawaiian Village, 2005 Kalia Road, Honolulu, Hawaii 96815, as its agent to accept service of process or notice in any such suit or other proceeding.
IN WITNESS WHEREOF, the undersigned corporation has caused this Certificate of Ownership and Merger to be signed on its behalf by its President and its Vice President , and its corporate seal to be hereunto affixed, this 7th day of February, 1972.

	 		 	HILTON-BURNS HOTELS COMPANY, INC.	
				
	 		 	By	 	/s/ Fritz D. Burns	
	 		 		 	 	
	 		 		 	Its	
	 		 	By	 	/s/ Gregory R. Dillon	
	 		 		 	 	
	 		 		 	Its Vice President	

 
. 3 .

					
STATE OF HAWAII	 	    )	  		
	 	    )	  	ss:	
CITY AND COUNTY OF HONOLULU	 	    )	  		
On this 7th day of February, 1972, before me appeared FRITZ B. BURNS and GREGORY R. DILLON, to me personally known, who, being by we duly sworn, did say that they President and Vice President, respectively, of HILTON-BURNS HOTELS COMPANY, INC., a Delaware corporation; that they are duly authorized on behalf of said corporation to execute and acknowledge the foregoing Certificate; that the seal affixed to the foregoing instrument is the corporate seal of said corporation; that said instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors; that the facts stated therein are true; and said FRITZ D. BURNS and GREGORY R. DILLON acknowledged the instrument to be the free act and deed of said corporation.

 
[SEAL]	 		 	/s/ Janet M. Kodama	
	 		 	 	
	 		 	Notary Public, First Circuit,	
	 		 	State of Hawaii	
	 		 	 
My Commission expires: 3-15-75	

STATE OF HAWAII	 	    )	 	SS.	 		
CITY AND COUNTY OF HONOLULU	 	    )	 		 		

[SEAL]	 		 	 
I,         STANLEY T. IKEDA         , Clerk of the Circuit Court of the First Circuit, State of Hawaii, the same being a court of record and having a seal, do hereby certify that         JANET M. KODAMA         before whom the foregoing acknowledgment was taken, was at the time of taking the same. A NOTARY PUBLIC duly commissioned and sworn for the First Judicial Circuit of the State of Hawaii and duly authorized by the laws of said State and certify acknowledgments or proofs of deeds of land, etc., in said State in the manner aforesaid; that I am well acquainted with the handwriting of said
 
JANET M. KODAMA
and verily believe that the signature to said certificate of acknowledgment is genuine. And further, that said acknowledgment was taken in accordance with the laws of the State of Hawaii; that I have compared the impression of the seal affixed thereto with a specimen impression thereof deposited in my office and that I believe the impression of the seal upon the original certificate is genuine.
 
IN TESTIMONY whereof I have hereunto set my hand and affixed the seal of said court at Honolulu, Hawaii, aforesaid this   8TH   day of   FEBRUARY   19 72	

/s/    [Illegible Signature]        	
Clerk
Circuit Court of the First Circuit
State of Hawaii	

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
HILTON-BURNS HOTELS COMPANY, INC.
(Pursuant to Section 242)
We, George I. Cowell, Vice President and George W. Davis, Assistant Secretary of HILTON-BURNS HOTELS COMPANY, INC., a corporation existing under the laws of the State of Delaware, do hereby certify as follows:
FIRST: That the Certificate of Incorporation of said corporation, as heretofore amended, has been further amended as follows:
(a) By striking out the whole of Article FIRST thereof as it now exists and inserting in lieu and instead thereof a new Article FIRST reading as follows:
“The name of the corporation is:
HILTON HAWAII CORPORATION”
(b) By striking out the whole of Article FOURTH thereof as it now exists and inserting in lieu and instead thereof a new Article FOURTH reading as follows:
“The total number of shares of stock which the corporation shall have authority to issue is 2,500 shares of Common Stock, par value $1.00 per share.”
SECOND: That such amendments have been duly adopted in accordance with the provisions of the General Corporation Law of the State of Delaware by the unanimous written consent of all of the stockholders entitled to vote in accordance with the provisions of Section 228 of the General Corporation Law of the State of Delaware.
THIRD: That a Certificate of Reduction of Capital pursuant to Section 244(c) of the said General Corporation Law is being filed concurrently with the filing of this Certificate of Amendment.
IN WITNESS WHEREOF, we have signed this Certificate of Amendment this 5th day of April, 1978.

HILTON-BURNS HOTELS COMPANY, INC.	
		
BY	 	/s/ George I. Cowell	
	 	 	
	 	Vice President	
		
	 	/s/ George W. Davis	
	 	 	
ATTEST:	 	Assistant Secretary	

CERTIFICATE OF REDUCTION OF CAPITAL
OF
HILTON-BURNS HOTELS COMPANY, INC.
Adopted in accordance with the provisions of Section 244
of the General Corporation Law of the
State of Delaware
We, George I. Cowell, Vice President and George W. Davis, Assistant Secretary of HILTON-BURNS HOTELS COMPANY, INC., do hereby certify as follows:
FIRST: That a resolution of the Board of Directors of HILTON-BURNS HOTELS COMPANY, INC. has been duly adopted reducing the capital of said corporation from TWELVE MILLION TWO HUNDRED FIFTY-FIVE THOUSAND FIVE HUNDRED DOLLARS ($12,255,500) to TWO THOUSAND FIVE HUNDRED DOLLARS ($2,500), constituting a total reduction of TWELVE MILLION TWO HUNDRED FIFTY-THREE THOUSAND DOLLARS ($12,253,000), and that the manner in which such reduction is to be effective is as follows:

(a)	  	By eliminating the capital represented by the 10,220 shares of said corporation’s 6% Non-Voting Cumulative Preferred Stock, par value $25 per share, heretofore purchased or redeemed, and theretofore retired by said corporation	  	$	255,500	  	
			
(b)	  	By eliminating the capital represented by the 115,000 shares of said corporation’s 5% Preferred Stock, par value $100 per share, heretofore purchased or redeemed, and theretofore retired, by said corporation	  	$	11,500,000	  	
			
(c)	  	By applying to the purchase by said corporation of 2,500 shares of its previously outstanding shares of Common Stock, par value $100 per share, all of the capital represented by said shares of Common Stock so purchased	  	$	250,000	  	
			
(d)	  	By transferring to surplus all of the capital in excess by the par value thereof represented by the 2,500 shares of said corporation’s Common Stock whose par value is, concurrently herewith, being reduced from $100 per share to $1 per share	  	$	247,500	  	
SECOND: That the assets of the corporation remaining after such reduction of capital are sufficient to pay any debts of said corporation, payment of which has not otherwise been provided for.
IN WITNESS WHEREOF, we have signed this certificate this 5th day of April, 1978.

/s/ George I. Cowell	
Vice President	

ATTEST:	
	
/s/ George W. Davis	
Assistant Secretary	

Exhibit 3.150
HILTON-BURNS HOLDING COMPANY
B Y - L A W S
ARTICLE I
OFFICES
Section 1. The principal office shall be in the City of Dover, County of Kent, State of Delaware.
Section 2. The corporation may also have offices at such other places both within and without the State of Delaware as the board of directors may from time to time determine or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. All meetings of the stockholders for the election of directors shall be held in the City of Los Angeles, State of California, at such place as may be fixed from time to time by the board of directors. Meetings of stockholders for any other purpose may be held at such time and place, within or without the State of Delaware, as shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.
Section 2. Annual meetings of stockholders, commencing with the year 1967, shall be held on the third Tuesday of April if not a legal holiday, and if a legal holiday, then on the next secular day following, at 11:30 A.M., at which they shall elect by a plurality vote a board of directors, and transact such other business as may properly be brought before the meeting.
Section 3. Unless otherwise provided by statute or the Certificate of Incorporation, written notice of the annual meeting shall be given to each stockholder entitled to vote thereat at least ten days before the date of the meeting.

Section 4. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every election of directors, a complete list of the stockholders entitled to vote at said election, arranged in alphabetical order, showing the address of and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, during ordinary business hours, for a period of at least ten days prior to the election, either at a place within the city, town or village where the election is to be held and which place shall be specified in the notice of the meeting, or, if not specified, at the place where said meeting is to be held, and the list shall be produced and kept at the time and place of election during the whole time thereof, and subject to the inspection of any stockholder who may be present.
Section 5. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the president and shall be called by the president or secretary at the request in writing of a majority of the board of directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the corporation issued and outstanding and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting.
Section 6. Unless otherwise provided by statute or the Certificate of Incorporation, written notice of a special meeting of stockholders, stating the time, place and object thereof, shall be given to each stockholder entitled to vote thereat, at least five days before the date fixed for the meeting.
Section 7. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 8. The holders of at least a majority of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute

or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the meeting as originally notified.
Section 9. When a quorum is present at any meeting, the vote of the holders of at least a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes or of the Certificate of Incorporation, a different vote is required in which case such express provision shall govern and control the decision of such question.
Section 10. Unless otherwise provided by statute or by the Certificate of Incorporation, each outstanding share of stock shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders. At all elections of directors of the corporation, each stockholder shall be entitled to as many votes as shall equal the number of votes which (except for this provision as to cumulative voting) he would be entitled to cast for the election of directors with respect to his shares of stock, multiplied by the number of directors to be elected, and he may cast all of such votes for a single director or may distribute them among the number to be voted for, or for any two or more of them as he may see fit. No proxy shall be voted on after three years from its date, unless the proxy provides for a longer period, and, except where the transfer books of the corporation have been closed or a date has been fixed as a record date for the determination of its stockholders entitled to vote, no share of stock shall be voted on at any election for directors which has been transferred on the books of the corporation within twenty days next preceding such election of directors.
Section 11. Whenever the vote of stockholders at a meeting thereof is required or permitted to be taken in connection with any corporate action by any provisions of

the statutes or of the Certificate of Incorporation, the meeting and vote of stockholders may be dispensed with, if all the stockholders who would have been entitled to vote upon the action if such meeting were held, shall consent in writing to such corporate action being taken.
ARTICLE III
DIRECTORS
Section 1. The number of directors which shall constitute the whole board shall be ten (10). The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified. Directors need not be stockholders.
Section 2. If a vacancy shall occur in the board of directors, a special meeting of stockholders entitled to vote thereat shall be held within 30 days after the date of such occurrence on the date and at the time and place designated by the president or, if no such date, time and place shall be designated, such meeting shall be held in the City of Los Angeles, State of California, at such place as may be fixed by the board of directors, at 11:00 o’clock A.M., on the 15th day following the date of such occurrence (or if such day be Saturday, Sunday or a legal holiday, on the next succeeding business day), for the purpose of filling the vacancy and electing successors to each of the directors, provided that the directors then in office may, if duly re-elected at such meeting, succeed themselves; provided, further, that such meeting shall not be held if the date for the next annual meeting shall occur prior to the date fixed for such special meeting or if there shall be at least nine directors remaining in office and, within 15 days after the occurrence of such vacancy, such vacancy shall be filled by the unanimous vote of such remaining directors. The term of office of all the directors in office prior to the date of any special meeting held pursuant to this Section 2 of Article III shall expire on such date and when their successors shall have been elected and shall have qualified.
Section 3. The business of the corporation shall be managed by its board of directors which may exercise all

such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these by-laws directed or required to be exercised or done by the stockholders.
MEETINGS OF THE BOARD OF DIRECTORS
Section 4. The board of directors of the corporation may hold meetings, both regular and special, either within or without the State of Delaware.
Section 5. The first meeting of each newly elected board of directors shall be held at such time and place as shall be fixed by the vote of the stockholders entitled to vote thereon at the annual meeting and no notice of such meeting shall be necessary to the newly elected directors in order legally to constitute the meeting, provided a quorum shall be present. In the event of the failure of the stockholders to fix the time or place of such first meeting of the newly elected board of directors, or in the event such meeting is not held at the time and place so fixed by the stockholders, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the board of directors, or as shall be specified in a written waiver signed by all of the directors.
Section 6. Regular meetings of the board of directors may be held without notice at such time and at such place as shall from time to time be determined by the board.
Section 7. Special meetings of the board may be called by the president on five days’ notice to each director, either personally or by mail or by telegram; special meetings shall be called by the president or secretary in like manner and on like notice on the written request of two directors.
Section 8. At all meetings of the board, six (6) directors shall constitute a quorum for the transaction of business and the act of six (6) directors present at any meeting at which there is a quorum shall be the act of the board of directors, except as may be otherwise specifically provided by statute or by the Certificate of Incorporation. If a quorum shall not be present at any meeting of the board

of directors the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.
Section 9. Unless otherwise restricted by statute, the Certificate of Incorporation or these by-laws, any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting, if prior to such action a written consent thereto is signed by all members of the board or of such committee as the case may be, and such written consent is filed with the minutes of proceedings of the board of committee.
COMMITTEES OF DIRECTORS
Section 10. The board of directors may, by resolution passed by a majority of the whole board, designate one or more committees, each committee to consist of two or more of the directors of the corporation, which, to the extent provided in the resolution, shall have and may exercise the powers of the board of directors in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which may require it. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the board of directors.
Section 11. Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.
COMPENSATION OF DIRECTORS
Section 12. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the corporation, in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

ARTICLE IV
NOTICES
Section 1. Notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice by mail shall be deemed to be given at the time when the same shall be mailed. Notice to directors may also be given by telegram.
Section 2. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these by-laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
ARTICLE V
OFFICERS
Section 1. The officers of the corporation shall be chosen by the board of directors and shall be a president, one or more vice-presidents (one of whom may be designated executive vice-president), a secretary and a treasurer. The board of directors may also choose a chairman of the board, a vice chairman of the board, and one or more assistant secretaries and assistant treasurers. Two or more offices may be held by the same person, except the offices of president and secretary.
Section 2. The board of directors at its first meeting after each annual meeting of stockholders shall choose a president, one or more vice-presidents, a secretary and a treasurer.
Section 3. The board of directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board.
Section 4. The salaries of all officers and agents of the corporation shall be fixed by the board of directors, and the officers of the corporation shall hold office until their successors are chosen and qualify. Any officer elected or appointed by the board of directors may be removed at any

time by the affirmative vote of a majority of the board of directors. Any vacancy occurring in any office of the corporation shall be filled by the board of directors.
CHAIRMAN OF THE BOARD AND
VICE CHAIRMAN OF THE BOARD
Section 5. The chairman of the board of directors, if one be elected, shall preside at all meetings of the board of directors and he shall have and perform such other duties as from time to time may be assigned to him by the board of directors. In the absence or disability of the chairman of the board, the vice chairman of the board, if one be elected, shall preside at all meetings of the board of directors and shall perform the duties and exercise the powers of the chairman of the board. The vice chairman of the board shall perform such other duties as from time to time may be assigned to him by the board of directors.
THE PRESIDENT
Section 6. The president shall be the chief executive officer of the corporation, shall preside at all meetings of the stockholders and, in the absence or disability of both the chairman of the board and the vice chairman of the board, if one be elected, at all meetings of the board of directors, shall have general and active management of the business of the corporation and shall see that all orders and resolutions of the board of directors are carried into effect.
Section 7. He shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer or agent of the corporation.
THE VICE-PRESIDENTS
Section 8. The vice-president, or if there shall be more than one, the vice-presidents in the order determined by the board of directors, shall, in the absence or disability of the president, perform the duties and exercise the powers of the president and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
THE SECRETARY AND ASSISTANT SECRETARIES
Section 9. The secretary shall attend all meetings of the board of directors and all meetings of the stockholders

and record all the proceedings of the meetings of the corporation and of the board of directors in a book to be kept for that purpose and shall perform like duties for the standing committees when required. He shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the board of directors, and shall perform such other duties as may be prescribed by the board of directors or president, under whose supervision he shall be. He shall have custody of the corporate seal of the corporation and he, or an assistant secretary, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by his signature or by the signature of such assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his signature.
Section 10. The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
THE TREASURER AND ASSISTANT TREASURERS
Section 11. The treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the corporation in such depositories as may be designated by the board of directors.
Section 12. He shall disburse the funds of the corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the president and the board of directors, at its regular meetings, or when the board of directors so requires, an account of all his transactions as treasurer and of the financial condition of the corporation.
Section 13. If required by the board of directors, he shall give the corporation a bond (which shall be renewed every six years) in such sum and with such surety or sureties

as shall be satisfactory to the board of directors for the faithful performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
Section 14. The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order determined by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
ARTICLE VI
CERTIFICATES OF STOCK
Section 1. Every holder of stock in the corporation shall be entitled to have a certificate, signed by, or in the name of the corporation by, the chairman of the board of directors, the president or a vice-president and the treasurer or an assistant treasurer, or the secretary or an assistant secretary of the corporation, certifying the number of shares owned by him in the corporation.
Section 2. Where a certificate is signed (1) by a transfer agent or an assistant transfer agent or (2) by a transfer clerk acting on behalf of the corporation and a registrar, the signature of such chairman of the board of directors, president, vice-president, treasurer, assistant treasurer, secretary or assistant secretary may be facsimile. In case any officer or officers who have signed, or whose facsimile signature or signatures have been used on, any such certificate or certificates shall cease to be such officer or officers of the corporation, whether because of death, resignation or otherwise, before such certificate or certificates have been delivered by the corporation, such certificate or certificates may nevertheless be adopted by the corporation and be issued and delivered as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures have been used thereon had not ceased to be such officer or officers of the corporation.

LOST CERTIFICATES
Section 3. The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost or destroyed.
TRANSFERS OF STOCK
Section 4. Upon surrender to the corporation or the transfer agent of the corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
CLOSING OF TRANSFER BOOKS
Section 5. Unless otherwise provided by statute or the Certificate of Incorporation, the board of directors may close the stock transfer books of the corporation for a period not exceeding fifty days preceding the date of any meeting of stockholders or the date for payment of any dividend or the date for the allotment of rights or the date when any change or conversion or exchange of capital stock shall go into effect or for a period not exceeding fifty days in connection with obtaining the consent of stockholders for any purpose. In lieu of closing the stock transfer books as aforesaid, the board of directors may fix in advance a date, not exceeding fifty days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the allotment of rights, or the date when any change or conversion or exchange of capital

stock shall go into effect, or a date in connection with obtaining such consent, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such meeting, and any adjournment thereof, or entitled to receive payment of any such dividend, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of capital stock, or to give such consent, and in such case such stockholders and only such stockholders as shall be stockholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting and any adjournment thereof, or to receive payment of such dividend, or to receive such allotment of rights, or to exercise such rights, or to give such consent, as the case may be notwithstanding any transfer of any stock on the books of the corporation after any such record date fixed as aforesaid.
REGISTERED STOCKHOLDERS
Section 6. The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.
ARTICLE VII
GENERAL PROVISIONS
DIVIDENDS
Section 1. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.

Section 2. Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interest of the corporation, and the directors may modify or abolish any such reserve in the manner in which it was created.
ANNUAL STATEMENT
Section 3. The board of directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the corporation.
CHECKS
Section 4. All checks or demands for money and notes of the corporation shall be signed by such officer or officers or such other person or persons as the board of directors may from time to time designate.
FISCAL YEAR
Section 5. The fiscal year of the corporation shall be fixed by resolution of the board of directors.
SEAL
Section 6. The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the words “Corporate Seal, Delaware.” The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
ARTICLE VIII
AMENDMENTS
Except as otherwise provided by statute or the Certificate of Incorporation, these by-laws may be altered or repealed at any regular meeting of the stockholders or of the board of

directors or at any special meeting of the stockholders or of the board of directors if notice of such alteration or repeal be contained in the notice of such special meeting, except that:
(a) No change of the time or place of the meeting for the election of directors shall be made within sixty days next before the day on which such meeting is to be held, and in case of any change of such time or place, notice thereof shall be given to each stockholder in person or by letter mailed to his last known post-office address at least twenty days before the meeting is held.
(b) No change in the by-laws affecting the following matters may be made except by the vote of the holders of at least a majority of the stock issued and outstanding and entitled to vote: (i) the number of directors; (ii) the method of filling vacancies in the board of directors; (iii) the number of directors constituting a quorum at directors’ meetings; (iv) the number of stockholders constituting a quorum at stockholders’ meetings; and (v) the number of directors whose act shall constitute an act of the board of directors.

Exhibit 3.151
CERTIFICATE OF FORMATION
OF
HILTON HHONORS WORLDWIDE, L.L.C.
The undersigned, an authorized natural person, for the purpose of forming a limited liability company, under the provisions and subject to the requirements of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code and the acts amendatory thereof and supplemental thereto, and known, identified, and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST: The name of the limited liability company (hereinafter called the “limited liability company”) is:
Hilton HHonors Worldwide, L.L.C.
SECOND: The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are:
Corporation Service Company
1013 Centre Road
Wilmington, New Castle County, Delaware 19805-1297
Executed on January 10, 1997.

/s/ Siobhan S. Smith	
Siobhan S. Smith,	
Authorized Person	

Exhibit 3.152
THIRD AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton HHonors Worldwide, L.L.C.
This Third Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton HHonors Worldwide, L.L.C., a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Franchise II Borrower LLC, a Delaware limited liability company, and HLT Franchise V Borrower LLC, a Delaware limited liability company (together, the “ Managing Members ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Second Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2004 (the “ Existing Agreement ”); and
WHEREAS, the Managing Members desire to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton HHonors Worldwide, L.L.C., or such other name as the Managing Members may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Members. Each Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. Each Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. Each Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. Each Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by consent of the Managing Members, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Members, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Members or their designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by the consent of the Managing Members.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Members. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Members and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Members.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Third Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBERS :	
		
	 	HLT FRANCHISE II BORROWER LLC,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
		
	 	HLT FRANCHISE V BORROWER LLC,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Third Amended and Restated Limited Liability Company Agreement – Hilton HHonors Worldwide, L.L.C. ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Franchise II Borrower LLC	 		  	50%	  	7930 Jones Branch Drive
McLean, Virginia 22102	
HLT Franchise V Borrower LLC	 		  	50%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.153
CERTIFICATE OF FORMATION
OF
HILTON ILLINOIS HOLDINGS LLC
This Certificate of Formation of Hilton Illinois Holdings LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Illinois Holdings LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.154
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON ILLINOIS HOLDINGS LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Illinois Holdings LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Hilton Holdings, LLC, a Nevada limited liability company (“ Hilton ”), as the sole member (Hilton and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Hilton, by execution of this Agreement and pursuant to the conversion of Hilton Illinois Holdings, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton Illinois Holdings LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Hilton was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	 		
	
Hilton Holdings, LLC, a Nevada limited liability company	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
Hilton Holdings, LLC, a
Nevada limited liability company	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.155
CERTIFICATE OF FORMATION
OF
HILTON INNS LLC
This Certificate of Formation of Hilton Inns LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Inns LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.156
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON INNS LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Inns LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by 90210 LLC (“ 90210 ”)’ as the sole member (90210 and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
90210, by execution of this Agreement and pursuant to the conversion of Hilton Inns, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “Act”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton Inns LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed tinder the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . 90210 was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members, The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with title Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the pro visions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
90210 LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
90210 LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.157
CERTIFICATE OF INCORPORATION
OF
HILTON INTERNATIONAL HOLDING CORPORATION
I, the undersigned, for the purposes of incorporating and organizing a corporation under the General Corporation Law of the State of Delaware, do execute this Certificate of Incorporation and do hereby certify as follows:
FIRST. The name of the corporation is Hilton International Holding Corporation.
SECOND. The address of the corporation’s registered office in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The name of its registered agent at such address is Corporation Service Company.
THIRD. The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH. The total number of shares of stock which the corporation shall have authority to issue is 1,000. All such shares are to be Common Stock, par value of $0.01 per share, and are to be of one class.
FIFTH. The incorporator of the corporation is Owen Wilcox, whose mailing address is 7930 Jones Branch Drive, McLean, Virginia 22102.
SIXTH. Unless and except to the extent that the by-laws of the corporation shall so require, the election of directors of the corporation need not be by written ballot.
SEVENTH. In furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board of Directors of the corporation is expressly authorized to make, alter and repeal the by-laws of the corporation.
EIGHTH. A director of the corporation shall not be liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended. Any amendment, modification or repeal of the foregoing sentence shall not adversely affect any right or protection of a director of the corporation hereunder in respect of any act or omission occurring prior to the time of such amendment, modification or repeal.
NINTH. The corporation reserves the right at any time, and from time to time, to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of any nature conferred upon stockholders, directors or any other persons by and pursuant to this Certificate of Incorporation in its present form or as hereafter amended are granted subject to the rights reserved in this article.

The undersigned incorporator hereby acknowledges that the foregoing certificate of incorporation is his act and deed on this 22 nd day of May, 2014.

	
/s/ Owen Wilcox	
Name: Owen Wilcox
Incorporator	
 
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Exhibit 3.158
BYLAWS
OF
HILTON INTERNATIONAL HOLDING CORPORATION
ARTICLE I
Meetings of Stockholders
Section 1.1. Annual Meetings . If required by applicable law, an annual meeting of stockholders shall be held for the election of directors at such date, time and place, if any, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting. The corporation may postpone, reschedule or cancel any annual meeting of stockholders previously scheduled by the Board of Directors.
Section 1.2. Special Meetings . Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, but such special meetings may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice. The corporation may postpone, reschedule or cancel any special meeting of stockholders previously scheduled by the Board of Directors.
Section 1.3. Notice of Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting) and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the certificate of incorporation or these bylaws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at the meeting as of the record date for determining the stockholders entitled to notice of the meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder’s address as it appears on the records of the corporation.
Section 1.4. Adjournments . Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder

of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record as of the record date so fixed for notice of such adjourned meeting.
Section 1.5. Quorum . Except as otherwise provided by law, the certificate of incorporation or these bylaws, at each meeting of stockholders the presence in person or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum, the stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in Section 1.4 of these bylaws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
Section 1.6. Organization . Meetings of stockholders shall be presided over by the Chairperson of the Board, if any, or in his or her absence by the Vice Chairperson of the Board, if any, or in his or her absence by the President, or in his or her absence by a Vice President, or in the absence of the foregoing persons by a chairperson designated by the Board of Directors, or in the absence of such designation by a chairperson chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his or her absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.
Section 1.7. Voting; Proxies . Except as otherwise provided by or pursuant to the provisions of the certificate of incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors at which a quorum is present a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the certificate of incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the corporation, or applicable law or pursuant to any regulation applicable to the corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the corporation which are present in person or by proxy and entitled to vote thereon.
 
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Section 1.8. Fixing Date for Determination of Stockholders of Record .
(a) In order that the corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.
(b) In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such action. If no such record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
(c) Unless otherwise restricted by the certificate of incorporation, in order that the corporation may determine the stockholders entitled to express consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date for determining stockholders entitled to express consent to corporate action in writing without a meeting is fixed by the Board of Directors, (i) when no prior action of the Board of Directors is required by law, the record date for such purpose shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, and (ii) if prior action by the Board of Directors is required by law, the record date for such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.
 
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Section 1.9. List of Stockholders Entitled to Vote . The officer who has charge of the stock ledger shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting at least ten (10) days prior to the meeting (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of meeting or (ii) during ordinary business hours at the principal place of business of the corporation. If the meeting is to be held at a place, then a list of stockholders entitled to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole time thereof and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 1.9 or to vote in person or by proxy at any meeting of stockholders.
Section 1.10. Action By Written Consent of Stockholders . Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation.
Section 1.11. Inspectors of Election . The corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully
 
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the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the corporation represented at the meeting and such inspectors’ count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
Section 1.12. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the person presiding over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding person of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the presiding person of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
 
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ARTICLE II
Board of Directors
Section 2.1. Number; Qualifications . The Board of Directors shall consist of one or more members, the number thereof to be determined from time to time by resolution of the Board of Directors. Directors need not be stockholders.
Section 2.2. Election; Resignation; Vacancies . The Board of Directors shall initially consist of the persons named as directors in the certificate of incorporation or elected by the incorporator of the corporation, and each director so elected shall hold office until the first annual meeting of stockholders or until his or her successor is duly elected and qualified. At the first annual meeting of stockholders and at each annual meeting thereafter, the stockholders shall elect directors each of whom shall hold office for a term of one year or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation, disqualification or removal. Any director may resign at any time upon notice to the corporation. Unless otherwise provided by law or the certificate of incorporation, any newly created directorship or any vacancy occurring in the Board of Directors for any cause may be filled by a majority of the remaining members of the Board of Directors, although such majority is less than a quorum, or by a plurality of the votes cast at a meeting of stockholders, and each director so elected shall hold office until the expiration of the term of office of the director whom he or she has replaced or until his or her successor is elected and qualified.
Section 2.3. Regular Meetings . Regular meetings of the Board of Directors may be held at such places within or without the State of Delaware and at such times as the Board of Directors may from time to time determine.
Section 2.4. Special Meetings . Special meetings of the Board of Directors may be held at any time or place within or without the State of Delaware whenever called by the President, any Vice President, the Secretary, or by any member of the Board of Directors. Notice of a special meeting of the Board of Directors shall be given by the person or persons calling the meeting at least twenty-four hours before the special meeting.
Section 2.5. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this by-law shall constitute presence in person at such meeting.
Section 2.6. Quorum; Vote Required for Action . At all meetings of the Board of Directors the directors entitled to cast a majority of the votes of the whole Board of Directors shall constitute a quorum for the transaction of business. Except in cases in which the certificate of incorporation, these bylaws or applicable law otherwise provides, a majority of the votes entitled to be cast by the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
 
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Section 2.7. Organization . Meetings of the Board of Directors shall be presided over by the Chairperson of the Board, if any, or in his or her absence by the Vice Chairperson of the Board, if any, or in his or her absence by the President, or in their absence by a chairperson chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his or her absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.
Section 2.8. Action by Unanimous Consent of Directors . Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmissions are filed with the minutes of proceedings of the board or committee in accordance with applicable law.
 
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ARTICLE III
Committees
Section 3.1. Committees . The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
Section 3.2. Committee Rules . Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these bylaws.
 
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ARTICLE IV
Officers
Section 4.1. Officers; Election; Qualifications; Term of Office; Resignation; Removal; Vacancies . The Board of Directors shall elect a President and Secretary, and it may, if it so determines, choose a Chairperson of the Board and a Vice Chairperson of the Board from among its members. The Board of Directors may also choose one or more Vice Presidents, one or more Assistant Secretaries, a Treasurer and one or more Assistant Treasurers and such other officers as it shall from time to time deem necessary or desirable. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding his or her election, and until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.
Section 4.2. Powers and Duties of Officers . The officers of the corporation shall have such powers and duties in the management of the corporation as may be prescribed in a resolution by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors. The Board of Directors may require any officer, agent or employee to give security for the faithful performance of his or her duties.
Section 4.3. Appointing Attorneys and Agents; Voting Securities of Other Entities . Unless otherwise provided by resolution adopted by the Board of Directors, the Chairperson of the Board, the President or any Vice President may from time to time appoint an attorney or attorneys or agent or agents of the corporation, in the name and on behalf of the corporation, to cast the votes which the corporation may be entitled to cast as the holder of stock or other securities in any other corporation or other entity, any of whose stock or other securities may be held by the corporation, at meetings of the holders of the stock or other securities of such other corporation or other entity, or to consent in writing, in the name of the corporation as such holder, to any action by such other corporation or other entity, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consents, and may execute or cause to be executed in the name and on behalf of the corporation and under its corporate seal or otherwise, all such written proxies or other instruments as he or she may deem necessary or proper. Any of the rights set forth in this Section 4.3 which may be delegated to an attorney or agent may also be exercised directly by the Chairperson of the Board, the President or the Vice President.
 
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ARTICLE V
Stock
Section 5.1. Certificates . The shares of the corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the corporation. Every holder of stock represented by certificates shall be entitled to have a certificate signed by or in the name of the corporation by the Chairperson or Vice Chairperson of the Board of Directors, if any, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the corporation certifying the number of shares owned by such holder in the corporation. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if such person were such officer, transfer agent, or registrar at the date of issue.
Section 5.2. Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates . The corporation may issue a new certificate of stock in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
 
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ARTICLE VI
Indemnification and Advancement of Expenses
Section 6.1. Right to Indemnification . The corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the corporation or, while a director or officer of the corporation, is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in Section 6.3, the corporation shall be required to indemnify a Covered Person in connection with a proceeding (or part thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors of the corporation.
Section 6.2. Advancement of Expenses . The corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any proceeding in advance of its final disposition, provided , however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled to be indemnified under this Article VI or otherwise.
Section 6.3. Claims . If a claim for indemnification under this Article VI (following the final disposition of such proceeding) is not paid in full within sixty days after the corporation has received a claim therefor by the Covered Person, or if a claim for any advancement of expenses under this Article VI is not paid in full within thirty days after the corporation has received a statement or statements requesting such amounts to be advanced, the Covered Person shall thereupon (but not before) be entitled to file suit to recover the unpaid amount of such claim. If successful in whole or in part, the Covered Person shall be entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by law. In any such action, the corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or advancement of expenses under applicable law.
Section 6.4. Nonexclusivity of Rights . The rights conferred on any Covered Person by this Article VI shall not be exclusive of any other rights which such Covered Person may have or hereafter acquire under any statute, provision of the certificate of incorporation, these bylaws, agreement, vote of stockholders or disinterested directors or otherwise.
Section 6.5. Other Sources . The corporation’s obligation, if any, to indemnify or to advance expenses to any Covered Person who was or is serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity shall be reduced by any amount such Covered Person may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or non-profit enterprise.
 
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Section 6.6. Amendment or Repeal . Any right to indemnification or to advancement of expenses of any Covered Person arising hereunder shall not be eliminated or impaired by an amendment to or repeal of these bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought.
Section 6.7. Other Indemnification and Advancement of Expenses . This Article VI shall not limit the right of the corporation, to the extent and in the manner permitted by law, to indemnify and to advance expenses to persons other than Covered Persons when and as authorized by appropriate corporate action.
 
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ARTICLE VII
Miscellaneous
Section 7.1. Fiscal Year . The fiscal year of the corporation shall be determined by resolution of the Board of Directors.
Section 7.2. Seal . The corporate seal shall have the name of the corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.
Section 7.3. Manner of Notice . Except as otherwise provided herein or permitted by applicable law, notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Without limiting the manner by which notice otherwise may be given effectively to stockholders, and except as prohibited by applicable law, any notice to stockholders given by the corporation under any provision of applicable law, the certificate of incorporation, or these bylaws shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Any such consent shall be revocable by the stockholder by written notice to the corporation. Any stockholder who fails to object in writing to the corporation, within 60 days of having been given written notice by the corporation of its intention to send the single notice permitted under this Section 7.3, shall be deemed to have consented to receiving such single written notice. Notice to directors may be given by telecopier, telephone or other means of electronic transmission.
Section 7.4. Waiver of Notice of Meetings of Stockholders, Directors and Committees . Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 7.5. Form of Records . Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 7.6. Amendment of Bylaws . These bylaws may be altered, amended or repealed, and new bylaws made, by the Board of Directors, but the stockholders may make additional bylaws and may alter and repeal any bylaws whether adopted by them or otherwise.
 
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Exhibit 3.159
CERTIFICATE OF FORMATION
OF
HILTON KINGSLAND 1, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “ Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is Hilton Kingsland 1, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on April 15, 2005.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.160
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON KINGSLAND 1, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Kingsland 1, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by HLT Timeshare Borrower II LLC, a Delaware limited liability company (“ Timeshare II ”), as the sole member (Timeshare II and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
W I T N E S S E T H:
WHEREAS, the Company has been formed as a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), pursuant to the Certificate of Formation, as filed in the office of the Secretary of State of the State of Delaware on April 15, 2005, and the Limited Liability Company Agreement of the Company, dated as of April 18, 2005 (the “ Original Agreement ”), by Building Exchange Company, a Virginia corporation, as the initial member of the Company (the “ Initial Member ”);
WHEREAS, (i) the Initial Member has heretofore assigned all of its interest in the Company to Hilton Illinois Corp., a Nevada corporation (“ HIC ”) pursuant to that certain Assignment of Membership Interest dated as of October 25, 2005, (ii) HIC was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Initial Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) HIC has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-K LLC, a Delaware limited liability company (the “ First Intermediate Member ”), pursuant to that certain Contribution Agreement dated as of the date hereof (the “ Contribution Agreement ”), (ii) the First Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) HIC has heretofore ceased to be a member of the Company;
WHEREAS, (i) the First Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-J LLC, a Delaware limited liability company (the “ Second Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Second Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the First Intermediate Member has heretofore ceased to be a member of the Company;
 
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WHEREAS, (i) the Second Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-I LLC, a Delaware limited liability company (the “ Third Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Third Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Second Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Third Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-H LLC, a Delaware limited liability company (the “ Fourth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Fourth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Third Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Fourth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-G LLC, a Delaware limited liability company (the “ Fifth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Fifth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Fourth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Fifth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-F LLC, a Delaware limited liability company (the “ Sixth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Sixth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Fifth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Sixth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-E LLC, a Delaware limited liability company (the “ Seventh Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Seventh Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Sixth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Seventh Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-D LLC, a Delaware limited liability company (the “ Eighth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Eighth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Seventh Intermediate Member has heretofore ceased to be a member of the Company;
 
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WHEREAS, (i) the Eighth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz, II-C LLC, a Delaware limited liability company (the “ Ninth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Ninth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Eighth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Ninth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-B LLC, a Delaware limited liability company (the “ Tenth Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Tenth Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Ninth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Tenth Intermediate Member has heretofore contributed all of its interest in the Company to HLT Timeshare Mezz II-A LLC, a Delaware limited liability company (the “ Eleventh Intermediate Member ”), pursuant to the Contribution Agreement, (ii) the Eleventh Intermediate Member was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Tenth Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, (i) the Eleventh Intermediate Member has heretofore contributed all of its interest in the Company to Timeshare II, pursuant to the Contribution Agreement, (ii) Timeshare II was heretofore admitted to the Company as the member of the Company, (iii) the Company continued without dissolution, and (iv) the Eleventh Intermediate Member has heretofore ceased to be a member of the Company;
WHEREAS, the parties hereto desire to amend and restate the Original Agreement in its entirety;
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend and restate the Original Agreement in its entirety as follows:
1. Name . The name of the limited liability company continued hereby is Hilton Kingsland 1, LLC (the “ Company ”).
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
 
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3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Timeshare II hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The name and mailing address of the Member is set forth on Schedule A attached hereto, as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. The Certificate of Formation of the Company, and each other certificate of or relating to the Company, filed on or prior to the date hereof with the Secretary of State of the State of Delaware, have been executed, delivered and filed by an “authorized person” of the Company within the meaning of the Act. The execution, delivery and filing of each such certificate of or relating to the Company filed on or prior to the date hereof with the Secretary of State of the State of Delaware are hereby expressly approved, ratified and confirmed in all respects. Upon the execution of this Agreement, the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Executive Vice President, Senior Vice President, Assistant Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and shall continue as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer shall execute, deliver and file any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “executive vice president”, “senior vice president”, “assistant vice president”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The Designated Officers of the Company as of the date hereof are listed on Schedule B hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written
 
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consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8, the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any mariner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
 
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15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date first above written.

MEMBER:	
	
HLT Timeshare Borrower II LLC, a Delaware limited liability company	
		
By:	 	/s/ Andrew Lax	
	 	Name:	 	Andrew Lax	
	 	Title:	 	Vice President	

Schedule A
Member

Name	  	Address	
		
HLT Timeshare Borrower II
LLC, a Delaware limited liability company	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Schedule B
Designated Officers

OFFICERS	  	TITLE	
		
Jonathan D. Gray	  	Senior Managing Director and President	
		
William Stein	  	Senior Managing Director and Vice President	
		
Kenneth A. Caplan	  	Senior Managing Director and Vice President	
		
Michael Chae	  	Senior Managing Director and Vice President	
		
Shiva Viswanathan	  	Vice President and Secretary	
		
Robert Harper	  	Vice President	
		
Andrew Lax	  	Vice President	
		
Thomas L. Keltner	  	Executive Vice President	
		
Madeleine A. Kleiner	  	Executive Vice President, General Counsel and Assistant Secretary	
		
Robert M. La Forgia	  	Executive Vice President and Chief Financial Officer	
		
Mariel A. Joliet	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
David A. Thompson	  	Senior Vice President	
		
Bryan White	  	Vice President and Assistant Secretary	
		
Loraine DeJesus	  	Assistant Secretary	
		
Karen Riedel	  	Assistant Vice President and Assistant Secretary	
		
Justin Hensley	  	Assistant Vice President and Assistant Treasurer	

Exhibit 3.161
CERTIFICATE OF FORMATION
OF
HILTON MANAGEMENT LLC
This Certificate of Formation of Hilton Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.162
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Management LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.163
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS HOLDING CORP.
FIRST. The name of the corporation shall be: Hilton Resorts Holding Corp.
SECOND. Its registered office in the State of Delaware is to be located at 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
THIRD. The purpose or purposes of the corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH. The total number of shares of stock which the corporation shall have authority to issue is one hundred (100), all of which shall be denominated as Common Stock, and each share shall have no par value.
FIFTH. The name and mailing address of the incorporator are:
David Marote
c/o Hilton Hotels Corporation
9336 Civic Center Drive
Beverly Hills, California 90210
SIXTH. In furtherance, and not in limitation, of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal the bylaws of the corporation.
SEVENTH. Election of directors need not be by written ballot, unless the bylaws of the corporation shall so provide.
EIGHTH. No director of the corporation shall be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders,
 
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(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.
IN WITNESS WHEREOF, the undersigned, being the sole incorporator hereinbefore named, has executed, signed and acknowledged this certificate of incorporation this 12th day of August, 1999.

/s/ David Marote	
David Marote, Incorporator	
 
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CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS HOLDING CORP.
It is hereby certified that:
 
 	1.	The name of the corporation (hereinafter called “the Corporation”) is Hilton Resorts Holding Corp.	
 
 	2.	The Certificate of Incorporation of the Corporation is hereby amended by striking out Article First thereof and by substituting in lieu of said Article the following new Article:	
“FIRST. The name of the corporation is Hilton New Jersey Service Corp. ”
 
 	3.	The amendment of the Certificate of Incorporation herein certified has been duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.	
Signed on November 15, 2000.

/s/ M. Hue Smith III	
M. Hue Smith III	
Secretary	

Exhibit 3.164
BYLAWS
OF
HILTON RESORTS HOLDING CORP.
a Delaware corporation
ARTICLE I
OFFICES
Section 1. REGISTERED OFFICES. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. OTHER OFFICES. The corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. PLACE OF MEETINGS. Meetings of stockholders shall be held at any place within or outside the State of Delaware designated by the Board of Directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the corporation.
Section 2. ANNUAL MEETING OF STOCKHOLDERS. The annual meeting of stockholders shall be held each year on a date and a time designated by the Board of Directors. At each annual meeting directors shall be elected and any other proper business may be transacted.
Section 3. QUORUM; ADJOURNED MEETINGS AND NOTICE THEREOF. A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute
 
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a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these Bylaws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
Section 4. VOTING. When a quorum is present at any meeting, in all matters other than the election of directors, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes, or the Certificate of Incorporation, or these Bylaws, a different vote is required in which case such express provision shall govern and control the decision of such question. Directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.
Section 5. PROXIES. At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a
 
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longer period. All proxies must be filed with the Secretary of the corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the corporation on the record date set by the Board of Directors as provided in Article VII, Section 6 hereof.
Section 6. SPECIAL MEETINGS. Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President and shall be called by the President or the Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 7. NOTICE OF STOCKHOLDERS’ MEETINGS. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 8. MAINTENANCE AND INSPECTION OF STOCKHOLDER LIST. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote
 
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at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 9. STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING. Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Every written consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty days of the earliest dated consent delivered in the manner required by this Section 9 to the corporation, written consents signed by a sufficient number of holders to take action are delivered to the corporation by delivery to its registered office in Delaware, its principal place of business or to an officer or agent of the
 
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corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
Section 1. THE NUMBER OF DIRECTORS. The number of directors which shall constitute the whole Board shall be three (3). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by the Certificate of Incorporation or by law, any director or the entire Board of Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
Section 2. VACANCIES. Vacancies on the Board of Directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole Board (as constituted immediately
 
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prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
Section 3. POWERS. The property and business of the corporation shall be managed by or under the direction of its Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 4. PLACE OF DIRECTORS’ MEETINGS. The directors may hold their meetings and have one or more offices, and keep the books of the corporation outside of the State of Delaware.
Section 5. REGULAR MEETINGS. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board.
Section 6. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by the President on forty-eight hours’ notice to each director, either personally or by mail or by facsimile, electronic mail or telegram; special meetings shall be called by the President or the Secretary in like manner and on like notice on the written request of two directors unless the Board consists of only one director; in which case special meetings shall be called by the President or Secretary in like manner or on like notice on the written request of the sole director.
 
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Section 7. QUORUM. At all meetings of the Board of Directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, by the Certificate of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
Section 8. ACTION WITHOUT MEETING. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee.
Section 9. TELEPHONIC MEETINGS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
Section 10. COMMITTEES OF DIRECTORS. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any
 
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absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation’s property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the Bylaws of the corporation; and, unless the resolution or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.
Section 11. MINUTES OF COMMITTEE MEETINGS. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
Section 12. COMPENSATION OF DIRECTORS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
 
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ARTICLE IV
OFFICERS
Section 1. OFFICERS The officers of this corporation shall be chosen by the Board of Directors and shall include a Chairman of the Board of Directors or a President, or both, and a Secretary. The corporation may also have at the discretion of the Board of Directors such other officers as are desired, including a Vice-Chairman of the Board of Directors, a Chief Executive Officer, a Treasurer, one or more Vice Presidents, one or more Assistant Secretaries and Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 hereof. In the event there are two or more Vice Presidents, then one or more may be designated as Executive Vice President, Senior Vice President, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these Bylaws otherwise provide.
Section 2. ELECTION OF OFFICERS. The Board of Directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the corporation.
Section 3. SUBORDINATE OFFICERS. The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.
Section 4. COMPENSATION OF OFFICERS. The salaries of all officers and agents of the corporation shall be fixed by the Board of Directors.
 
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Section 5. TERM OF OFFICE; REMOVAL AND VACANCIES. The officers of the corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. If the office of any officer or officers becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.
Section 6. CHAIRMAN OF THE BOARD. The Chairman of the Board, if such an officer be elected, shall, if present, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the Board of Directors or prescribed by these Bylaws. If there is no President, the Chairman of the Board shall in addition be the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article IV.
Section 7. PRESIDENT. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chairman of the Board, if there be such an officer, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. He shall preside at all meetings of the stockholders and, in the absence of the Chairman of the Board, or if there be none, at all meetings of the Board of Directors. He shall be an ex officio member of all committees and shall have the general powers and duties of management usually vested in the office of President and Chief Executive Officer of corporations, and shall have such other powers and duties as may be prescribed by the Board of Directors or these Bylaws.
Section 8. VICE PRESIDENTS. In the absence or disability of the President, the Vice Presidents in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated by the Board of Directors, shall perform all the duties of the President,
 
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and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the Board of Directors.
Section 9. SECRETARY. The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the Board of Directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or these Bylaws. He shall keep in safe custody the seal of the corporation, and when authorized by the Board, affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his signature.
Section 10. ASSISTANT SECRETARY. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors, or if there be no such determination, the Assistant Secretary designated by the Board of Directors, shall, in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
Section 11. TREASURER. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the corporation, in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the corporation as may be ordered by the Board of
 
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Directors, taking proper vouchers for such disbursements, and shall render to the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, he shall give the corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors, for the faithful performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
Section 12. ASSISTANT TREASURER. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors, or if there be no such determination, the Assistant Treasurer designated by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
ARTICLE V
INDEMNIFICATION OF DIRECTORS AND OFFICERS
(a) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he
 
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acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper.
 
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(c) To the extent that a director or officer of the corporation shall be successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
(d) Any indemnification under paragraphs (a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such determination shall be made (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (3) by the stockholders. The corporation, acting through its Board of Directors or otherwise, shall cause such determination to be made if so requested by any person who is indemnifiable under this Article V.
(e) Expenses (including attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this Article V.
(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Article V shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity, and as to action in another capacity while holding such office.
 
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(g) The Board of Directors may authorize, by a vote of a majority of a quorum of the Board of Directors, the corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article V.
(h) For the purposes of this Article V, references to “the corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
(i) For purposes of this section, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include service as a director or officer of the corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he
 
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reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this section.
(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k) The corporation shall be required to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the corporation.
ARTICLE VI
INDEMNIFICATION OF EMPLOYEES AND AGENTS
The corporation may indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an employee or agent of the corporation or, while an employee or agent of the corporation, is or was serving at the request of the corporation as an employee or agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the extent permitted by applicable law.
 
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ARTICLE VII
CERTIFICATES OF STOCK
Section 1. CERTIFICATES. Every holder of stock of the corporation shall be entitled to have a certificate signed by, or in the name of the corporation by, the Chairman or Vice Chairman of the Board of Directors, or the President or a Vice President, and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer of the corporation, certifying the number of shares represented by the certificate owned by such stockholder in the corporation.
Section 2. SIGNATURES ON CERTIFICATES. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 3. STATEMENT OF STOCK RIGHTS, PREFERENCES AND PRIVILEGES. If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
 
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Section 4. LOST CERTIFICATES. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
Section 5. TRANSFERS OF STOCK. Upon surrender to the corporation, or the transfer agent of the corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
Section 6. FIXED RECORD DATE. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment
 
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of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date which shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.
Section 7. REGISTERED STOCKHOLDERS. The corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Delaware.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. DIVIDENDS. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.
Section 2. PAYMENT OF DIVIDENDS; DIRECTORS’ DUTIES. Before payment of any dividend there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interests of the corporation, and the directors may abolish any such reserve.
 
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Section 3. CHECKS. All checks or demands for money and notes of the corporation shall be signed by such officer or officers as the Board of Directors may from time to time designate.
Section 4. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
Section 5. CORPORATE SEAL. The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the words “Corporate Seal, Delaware.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
Section 6. MANNER OF GIVING NOTICE. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by facsimile, electronic mail or telegram.
Section 7. WAIVER OF NOTICE. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
Section 8. ANNUAL STATEMENT. The Board of Directors shall present at each annual meeting, and at any special meeting of the stockholders when called for by vote of the stockholders, a full and clear statement of the business and condition of the corporation.
 
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ARTICLE IX
AMENDMENTS
Section 1. AMENDMENT BY DIRECTORS OR STOCKHOLDERS. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the stockholders or by the Board of Directors, when such power is conferred upon the Board of Directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the Board of Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration, amendment, repeal or adoption of new Bylaws be contained in the notice of such special meeting. If the power to adopt, amend or repeal Bylaws is conferred upon the Board of Directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal Bylaws.
 
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CERTIFICATE OF SECRETARY
I, the undersigned, do hereby certify:
 
 	1)	That I am the duly elected and acting Secretary of Hilton Resorts Holding Corp. , a Delaware corporation; and	
 
 	2)	That the foregoing bylaws, consisting of twenty-one (21) pages, constitute the bylaws of said corporation as duly adopted by the written consent of the Incorporator of Hilton Resorts Holding Corp. as of August 13, 1999.	
IN WITNESS WHEREOF, I have hereunto subscribed my name this 16 th day of August, 1999.

/s/ Rebecca L. Sloan	
Rebecca L. Sloan, Secretary	

Exhibit 3.165
CERTIFICATE OF FORMATION
OF
HILTON OPB, LLC
This Certificate of Formation of Hilton OPB, LLC (the “LLC”), dated as of November 23, 2005, is being duly executed and filed by Dana Taylor, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq ).
FIRST: The name of the limited liability company formed hereby is:
Hilton OPB, LLC
SECOND: The address of the registered office of the LLC in the State of Delaware is do The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801.
THIRD: The name and address of the registered agent for service of process of the LLC in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Dana Taylor	
Dana Taylor, Authorized Person	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
 
1.	Name of Limited Liability Company: HILTON OPB, LLC	
 
2.	The Certificate of Formation of the limited liability company is hereby amended as follows: Strike out the statement relating to the limited liability company’s registered office and registered agent and substitute in lieu thereof the following statement:	
“The address of the registered office and the name and the address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808.”
IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 1 st day of March, A.D. 2006.

By:	 	/s/ Dana Taylor	
	 	Authorized Person(s)	
		
Name:	 	Dana Taylor	
	 	Print or Type	

Exhibit 3.166
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton OPB, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton OPB, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc. (formerly known as Hilton Hotels Corporation), a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of January 6, 2006 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton OPB, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON WORLDWIDE, INC. ,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton OPB, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.167
STATE OF DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE OF FORMATION
FIRST: The name of the limited liability company is HILTON ORLANDO PARTNERS II, LLC.
SECOND: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, Delaware 19808. The name of its Registered Agent at such address is Corporation Service Company.
THIRD: The limited liability company will be member managed.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of Hilton Orlando Partners II, LLC as of this 10 th day of December, 2002.

By:	 	/s/ Anthony J. Scaletta	
Name:	 	Anthony J. Scaletta	

Exhibit 3.168
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Orlando Partners II, LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Orlando Partners II, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT JV I Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Orlando Partners II, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT JV I BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Orlando Partners II, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT JV I Borrower LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.169
CERTIFICATE OF FORMATION
OF
HILTON ORLANDO PARTNERS III, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is:
HILTON ORLANDO PARTNERS III, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on November 25, 2003.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.170
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Orlando Partners III, LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Orlando Partners III, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT JV I Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Orlando Partners III, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT JV I BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Hilton Orlando Partners III, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT JV I Borrower LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.171
CERTIFICATE OF FORMATION
OF
HILTON RECREATION LLC
This Certificate of Formation of Hilton Recreation LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Recreation LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.172
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON RECREATION LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Recreation LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Hilton Holdings, LLC, a Nevada limited liability company (“ Hilton ”), as the sole member (Hilton and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Hilton, by execution of this Agreement and pursuant to the conversion of Hilton Recreation, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton Recreation LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Hilton was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Holdings, LLC, a Nevada limited liability company	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
Hilton Holdings, LLC, a
Nevada limited liability company	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.173
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS CORPORATION

The undersigned, a natural person, for the purpose of organizing a corporation for conducting the business and promoting the purposes hereinafter stated, under the provisions and subject to the requirements of the laws of the State of Delaware (particularly Chapter 1, Title 8 of the Delaware Code and the acts amendatory thereof and supplemental thereto, and known, identified, and referred to as the “General Corporation Law of the State of Delaware”), hereby certifies that:
FIRST : The name of the corporation (hereinafter called the “corporation”) is HILTON RESORTS CORPORATION.
SECOND : The address, including street, number, city, and county, of the registered office of the corporation in the State of Delaware is 32 Loockerman Square, Suite L-100, Dover, Delaware 19901, County of Kent; and the name of the registered agent of the corporation in the State of Delaware at such address is The Prentice-Hall Corporation System, Inc.
THIRD : The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under General Corporation Law of the State of Delaware.
FOURTH : The total number of shares of stock which the corporation shall have authority to issue is Fifteen Hundred (1,500), all of which are without par value. All such shares are of one class and are shares of Common Stock.
FIFTH : The name and the mailing address of the incorporator are as follows:

NAME	    	MAILING ADDRESS	
		
K.S. Mays	    	5670 Wilshire Blvd., Ste. 750
Los Angeles, CA 90036	
SIXTH : The corporation is to have perpetual existence.
SEVENTH : Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them and/or between this corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this
 
1

corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this corporation under the provisions of § 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under the provisions of § 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this corporation, as the case may be, and also on this corporation.
EIGHTH : For the management of the business and for the conduct of the affairs of the corporation, and in further definition, limitation, and regulation of the powers of the corporation and of its directors and of its stockholders or any class thereof, as the case may be, it is further provided:
1. The management of the business and the conduct of the affairs of the corporation shall be vested in its Board of Directors. The number of directors which shall constitute the whole Board of Directors shall be fixed by, or in the manner provided in, the Bylaws. The phrase “whole Board” and the phrase “total number of directors” shall be deemed to have the same meaning, to wit, the total number of directors which the corporation would have if there were no vacancies. No election of directors need be by written ballot.
2. After the original or other Bylaws of the corporation have been adopted, amended, or repealed, as the case may be, in accordance with the provisions of 5 109 of the General Corporation Law of the State of Delaware, and, after the corporation has received any payment for any of its stock, the power to adopt, amend, or repeal the Bylaws of the corporation may be exercised by the Board of Directors of the corporation; provided, however, that any provision for the classification of directors of the corporation for staggered terms pursuant
 
2

to the provisions of subsection (d) of § 141 of the General Corporation Law of the State of Delaware shall be set forth in an initial Bylaw or in a Bylaw adopted by the stockholders entitled to vote of the corporation unless provisions for such classification shall be set forth in this certificate of incorporation.
3. Whenever the corporation shall be authorized to issue only one class of stock, each outstanding share shall entitle the holder thereof to notice of, and the right to vote at, any meeting of stockholders. Whenever the corporation shall be authorized to issue more than one class of stock, no outstanding share of any class of stock which is denied voting power under the provisions of the certificate of incorporation shall entitle the holder thereof to the right to vote at any meeting of stockholders except as the provisions of paragraph (2) of subsection (b) of § 242 of the General Corporation Law of the State of Delaware shall otherwise require; provided, that no share of any such class which is otherwise denied voting power shall entitle the holder thereof to vote upon the increase or decrease in the number of authorized shares of said class.
NINTH : The personal liability of the directors of the corporation is hereby eliminated to the fullest extent permitted by the provisions of paragraph (7) of subsection (b) of § 102 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented.
TENTH : The corporation shall, to the fullest extent permitted by the provisions of § 145 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented, indemnify any and all persons whom it shall have power to indemnify under said section from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said section, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.
ELEVENTH : From time to time any of the provisions of this certificate of incorporation may be amended, altered, or repealed, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted in the
 
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manner and at the time prescribed by said laws, and all rights at any time conferred upon the stockholders of the corporation by this certificate of incorporation are granted subject to the provisions of this Article ELEVENTH.
Signed on November 15, 1991

/s/ K.S. Mays	
K.S. Mays, Incorporator	
 
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Exhibit 3.174
BY-LAWS 1
OF
HILTON RESORTS CORPORATION
ARTICLE I
OFFICES
SECTION 1. REGISTERED OFFICE. The registered office shall be established and maintained at the office of United States Corporation Company, in the City of Dover, in the County of Kent, in the State of Delaware, and said corporation shall be the registered agent of this corporation.
SECTION 2. OTHER OFFICES. The corporation may have other offices, either within or without the State of Delaware, at such place or places as the Board of Directors may from time to time appoint or the business of the corporation may require.
ARTICLE II
MEETING OF STOCKHOLDERS
SECTION 1. MEETINGS. All meetings of stockholders, including annual meetings for the election of directors, shall be held at such time, and on such date and at such place, either within or without the State of Delaware, as shall be determined by the Chairman of the Board or the Board of Directors acting pursuant to Section 4 of this Article II. In the event the Chairman of the Board or the Board of Directors fail to so determine the time, date and place of meeting, the annual meeting of stockholders shall be held annually on the Corporation’s anniversary of incorporation, beginning with the year 1992. If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day. At each annual meeting, the stockholders entitled to vote shall elect a Board of Directors and may transact such other business as may properly come before the meeting.

1  	As adopted by the sole incorporator, pursuant to a written statement of organization, dated November 18, 1991.	
 
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SECTION 2. VOTING. Except as otherwise required by the Certificate of Incorporation, each stockholder at every meeting of stockholders shall be entitled to one vote for each share of the capital stock of the corporation held by such stockholder. Except as otherwise required by the laws of the State of Delaware or by the Certificate of Incorporation, all matters submitted to a vote at all meetings of stockholders shall be decided by a majority vote of those present in person or by proxy.
SECTION 3. QUORUM. Except as otherwise required by the laws of the State of Delaware, or by the Certificate of Incorporation, the presence in person, or by proxy, of stockholders having the right to cast a majority of the votes upon the matters to be acted upon at any meeting of stockholders shall constitute a quorum for such meeting. In case a quorum shall not be present at any meeting, the officer entitled to preside at such meeting shall have the power to adjourn the meeting by announcing that such meeting has been adjourned to another specified time, date and place.
SECTION 4. CALL OF MEETINGS. Except as otherwise required by the laws of the State of Delaware or the Certificate of Incorporation, either the Chairman of the Board, by written notice of the Secretary, or the Board of Directors, by resolution, shall have the power to call special meetings of the stockholders and shall have the power to determine that the annual meeting of stockholders shall be held at a time, on a date, or at a place other than the time, date and place specified in Section 1 of this Article II. Any such notice or resolution shall state the time, date, place and purpose or purposes of the meeting.
SECTION 5. NOTICES OF MEETING. The Secretary shall give written notice of the annual or any special meetings to each stockholder, not less than ten nor more than sixty days before such meeting, which notice shall specify the time, date and place of the meeting and the purpose or purposes for which the meeting is being held.
SECTION 6. ACTION WITHOUT MEETING. Any action required or permitted to be taken at any meeting of stockholders, may be taken without a meeting if all of the stockholders consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the meeting.
 
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ARTICLE III
DIRECTORS
SECTION 1. NUMBER. The number of directors which shall constitute the whole board shall initially be five (5), but such number may be increased from time to time, by resolution of the Board of Directors.
SECTION 2. REMOVAL. Any director or directors may be removed either for, or without, cause at any time by stockholders having the right to cast a majority of the votes upon such matter.
SECTION 3. VACANCIES. Vacancies on the board, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director.
SECTION 4. POWERS. The Board of Directors shall exercise all the powers of the corporation, except such as are by law, or by the Certificate of Incorporation of the corporation or by these By-Laws conferred upon or reserved to the stockholders.
SECTION 5. COMMITTEES. The Board of Directors may, by resolution or resolutions passed by a majority of the whole board, designate one or more committees, each committee to consist of two or more of the directors of the corporation. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution and not inconsistent with the laws of the State of Delaware, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
SECTION 6. MEETINGS. If a quorum shall be present, a newly elected Board of Directors may hold its first meeting, without notice, immediately after the annual meeting of stockholders. Regular meetings of the Board of Directors may be held, without notice, at such places and times as shall be determined, from time to time, by resolution of the Board of Directors. Special meetings of the Board of Directors may be called by the Chairman of the Board on two days’ notice to each director, either personally or by mail or by telegram. Special meetings shall be called by the Chairman of the Board on two days’ notice to each director, either personally or by mail or by telegram. Special meetings shall be called by the Chairman of the Board or Secretary in like manner and on like notice on the written request of any two directors.
 
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SECTION 7. QUORUM. A majority of the directors shall constitute a quorum for the transaction of business. If at any meeting of the board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned.
SECTION 8. ACTION WITHOUT MEETING. Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all of the members of the board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the board or committee.
ARTICLE IV
OFFICERS
SECTION 1. OFFICERS. The officers of the corporation shall be a Chairman of the Board, a President, a Secretary, and a Treasurer, all of whom shall be elected by the Board of Directors and who shall hold office until their successors are elected or qualified. In addition, the Board of Directors may elect one or more Vice Presidents and such Assistant Secretaries and Assistant Treasurers as they may deem proper. The Chairman of the Board shall be a director, but none of the other officers of the corporation need be directors. The officers shall be elected at the first meeting of the Board of Directors after each annual meeting. Two or more offices may be held by the same person.
SECTION 2. CHAIRMAN OF THE BOARD. The Chairman of the Board shall be the chief executive officer of the corporation and shall be responsible for formulating general policies and programs for the corporation for submission to the Board of Directors, and for carrying out the programs and policies approved by the Board of Directors. The Chairman of the Board shall preside at all meetings of the stockholders and of the Board of Directors at which he shall be present and he shall be, ex officio, a member of all standing committees. He shall supervise the activities of the President, and, in the absence or disability of the President, or in the event that for any reason it is impracticable for the President to act personally, he shall have the powers and duties of the President. The Chairman shall have the power to sign and execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments, except in any case where the
 
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signing and execution thereof has been delegated to some other officer or agent of the corporation. The Chairman of the Board shall also have such other powers and duties as shall be assigned to him by the Board of Directors.
SECTION 3. PRESIDENT. The President shall be the chief administrative officer of the corporation and shall have the general supervision over the business and operations of the corporation. He shall have the power to sign and execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments. In the absence or disability of the Chairman of the Board, or in the event that for any reason it is impracticable for the Chairman to act personally, the President shall have the powers and duties of the Chairman, including the responsibility to preside at all meetings of stockholders and of the Board of Directors in the absence of the Chairman of the Board. In the performance of all of the duties hereunder, the President shall be subject to the supervision of, and shall report to, the Chairman of the Board. The President shall also have such other powers and duties as shall be assigned to him by the Chairman of the Board or the Board of Directors.
SECTION 4. VICE PRESIDENTS. The Vice Presidents shall have the power to sign and execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments. The Vice Presidents shall also have such other powers and duties as shall be assigned to them by the Chairman of the Board, the President or the Board of Directors, and they shall be subject to the supervision of, and shall report to the Chairman of the Board and the President.
SECTION 5. THE SECRETARY. The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors, and all other notices required by law or by these By-Laws. The Secretary shall record all the proceedings of the meetings of the corporation and of the directors in a proper corporation minute book. The Secretary shall have custody of the seal of the corporation and shall affix the seal to all proper corporate documents and instruments, and when so affixed shall attest the same. The Secretary shall also perform such other duties as may be assigned to the Secretary by the Chairman of the Board, the President or the Board of Directors.
 
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SECTION 6. ASSISTANT SECRETARIES. An Assistant Secretary (or in the event there be more than one Assistant Secretary, the Assistant Secretaries in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election) shall in the absence or disability of the Secretary, or in the event that for any reason it is impracticable for the Secretary to act, shall have the powers and duties of the Secretary. The attestation of the seal of the corporation on any instrument of the corporation by any Assistant Secretary shall be conclusive evidence, as to third parties, of such person’s authority to act in the place of the Secretary.
SECTION 7. TREASURER. The Treasurer shall be the chief financial officer of the corporation. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation. The Treasurer shall deposit all monies and other valuables in the name and to the credit of the corporation in such depositaries as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, or the President, taking proper vouchers for such disbursements. The Treasurer shall render to the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, the Treasurer shall give the corporation a bond for the faithful discharge of his duties in such amount and with such surety as the Board shall prescribe. The Treasurer shall also perform such other duties as may be assigned by the Chairman of the Board, the President or the Board of Directors.
SECTION 8. ASSISTANT TREASURERS. The Assistant Treasurer (or in the event there be more than one Assistant Treasurer, the Assistant Treasurers in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election) shall in the absence of the Treasurer, or in the event that for any reason it is impracticable for the Treasurer to act, shall have the powers and the duties of the Treasurer.
 
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ARTICLE V
LIMITATION OF LIABILITY
A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involved intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit.
ARTICLE VI
INDEMNIFICATION
SECTION 1. ACTION, ETC. OTHER THAN BY OR IN THE RIGHT OF THE CORPORATION. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, Agent (as hereinafter defined) against costs, charges and expenses (as hereinafter defined) (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by an Agent in connection with such action, suit or proceeding, and any appeal therefrom, if Agent acted in good faith and in a manner Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding — whether by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent — shall not, of itself, create a presumption that the Agent did not act in good faith and in a manner which the Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, that such person had reasonable cause to believe that the Agent’s conduct was unlawful.
SECTION 2. ACTION ETC., BY OR IN THE RIGHT OF THE CORPORATION. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed judicial action or suit brought by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was an Agent against costs, charges and expenses (including attorneys’ fees) actually and reasonably incurred
 
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by an Agent in connection with the defense or settlement of such action or suit and any appeal therefrom if the Agent acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of the Agent’s duty to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Court of Chancery or other such court shall deem proper.
SECTION 3. DETERMINATION OF RIGHT OF INDEMNIFICATION. Any indemnification under Paragraphs (a) and (b) of this Section (unless ordered by a court) shall be paid by the Corporation unless a determination is reasonably and promptly made (i) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders, that such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonably cause to believe that his conduct was unlawful.
SECTION 4. INDEMNIFICATION AGAINST EXPENSES OF SUCCESSFUL PARTY. Notwithstanding the other provisions of this Section, to the extent that an Agent has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, the settlement of an action without admission of liability, or the defense of any claim, issue or matter therein, or on appeal from any such proceeding, action, claim or matter, such Agent shall be indemnified against all costs, charges and expenses incurred in connection therewith.
SECTION 5. ADVANCES OF EXPENSES. Except as limited by Paragraph (f) of this Section, costs, charges and expenses (including attorneys’ fees) incurred by an Agent in any action, suit, proceeding or investigation or any appeal therefrom shall be paid by the Corporation in advance of the final disposition of such matter, if the Agent shall undertake to repay such amount in the event that it is ultimately determined, as provided herein, that such person is not entitled to indemnification. Notwithstanding the foregoing,
 
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no advance shall be made by the Corporation if a determination is reasonably and promptly made by the board of directors by a majority vote of a quorum of disinterested directors, or (if such a quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs) by independent legal counsel in a written opinion, that, based upon the facts known to the board of directors or counsel at the time such determination is made, the Agent acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interest of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any advance be made in instances where the board of directors or independent legal counsel reasonably determines that the Agent deliberately breached such person’s duty to the Corporation or its shareholders.
SECTION 6. OTHER RIGHTS AND REMEDIES. The indemnification provided by this Section shall not be deemed exclusive of, and shall not affect, any other rights to which an Agent seeking indemnification may be entitled under any law, Bylaw, or charter provision, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be an Agent and shall inure to the benefit of the heirs, executors and administrators of such a person. All rights to indemnification under this Section shall be deemed to be a contract between the Corporation and the Agent who serves in such capacity at any time while these bylaws and other relevant provisions of the general corporation law and other applicable law, if any, are in effect. Any repeal or modification thereof shall not affect any rights or obligations then existing.
SECTION 7. INSURANCE. The Corporation may purchase and maintain insurance on behalf of any person who is or was an Agent against any liability asserted against such person and incurred by him or her in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of this Section. The Corporation may create a trust fund, grant a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such sums as may become necessary to effect indemnification as provided herein.
SECTION 8. OTHER ENTERPRISES, FINES, AND SERVING AT CORPORATION’S REQUEST. For purposes of this Section, references to “other enterprise” in Paragraph (a) shall include employee benefit plans; references to “fines” shall
 
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include any excise taxes assessed on a person with respect to any employee benefit plan; and references to “serving at the request of the Corporation” shall include any service by Agent as director, officer, employee, agent or fiduciary of the corporation which imposes duties on, or involves services by, such Agent with respect to any employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Section.
SECTION 9. SAVINGS CLAUSE. If this Section or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Agent as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit, proceeding or investigation, and any appeal therefrom, whether civil, criminal or administrative, and whether internal or external, including a grand jury proceeding and an action or suit brought by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Section that shall not have been invalidated, and to the fullest extent permitted by applicable law.
SECTION 10. DEFINITIONS. For the purposes of this Article:
(a) “Agent” means any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the Corporation (other than a judicial action or suit brought by or in the right of the Corporation) by reason of the fact that he or she is or was or has agreed to be a director, officer, employee, agent or fiduciary of the Corporation, or that, being or having been such a director, officer, employee, agent or fiduciary, he or she is or was serving at the request of the Corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise.
(b) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
 
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fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a proceeding.
ARTICLE VI
MISCELLANEOUS
SECTION 1. CERTIFICATES OF STOCK. Certificates of stock, signed by the Chairman of the Board, President or any Vice President, and the Treasurer or an Assistant Treasurer, or Secretary or any Assistant Secretary, shall be issued to each stockholder certifying the number of shares owned in the corporation; the signatures of each officer may be facsimiles. When such certificates are countersigned (1) by a transfer agent other than the corporation or its employees, or (2) by a registrar other than the corporation or its employee, the signatures of such agents may be facsimiles.
SECTION 2. LOST CERTIFICATES. A new certificate of stock may be issued in the place of any certificate theretofore issued by the corporation alleged to have been lost or destroyed, and the directors may, in their discretion, require the owner of the lost or destroyed certificate, or his legal representatives, to give the corporation a bond, in such sum as they may direct, not exceeding double the value of the stock, to indemnify the corporation against any claim that may be made against it on account of the alleged loss of any such certificate, or the issuance of any such new certificate.
SECTION 3. TRANSFER OF SHARES. The shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer the old certificates shall be surrendered to the corporation by the delivery thereof to the person in charge of the stock and transfer books and ledgers, or to such other person as the directors may designate, by whom they shall be cancelled, and new certificates shall thereupon be issued. A record shall be made of each transfer and whenever a transfer shall be made for collateral security and not absolutely, it shall be so expressed in the entry of the transfer.
SECTION 4. DIVIDENDS. Subject to the provisions of the Certificate of Incorporation, the Board of Directors may, out of funds legally available therefor, at any regular or special meeting, declare dividends upon the capital stock of the corporation as and when they deem expedient.
 
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SECTION 5. SEAL. The corporation seal shall be circular in form and shall contain the name of the corporation, the year of its creation and the words, “CORPORATE SEAL DELAWARE”. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 6. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
SECTION 7. CHECKS. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation, and in such manner as shall be determined from time to time by resolution of the Board of Directors.
SECTION 8. NOTICE AND WAIVER OF NOTICE. Whenever any notice is required by these By-Laws to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his address as it appears on the records of the corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meeting except as otherwise required by the laws of the State of Delaware.
Whenever any notice whatever is required to be given under the provisions of any law, or under the provisions of the Certificate of Incorporation of the corporation or these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
SECTION 9. RECORD DATES. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allocation of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix in advance a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action.
 
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ARTICLE VII
AMENDMENTS
These By-Laws may be made, altered, amended or repealed by resolution of the Board of Directors.
 
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Exhibit 3.175
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS MARKETING (JAPAN) CORP.
FIRST. The name of the corporation shall be: Hilton Resorts Marketing (Japan) Corp.
SECOND. Its registered office in the State of Delaware is to be located at 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
THIRD. The purpose or purposes of the corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH. The total number of shares of stock which the corporation shall have authority to issue is one thousand (1,000), all of which shall be denominated as Common Stock, and each share shall have no par value.
FIFTH. The name and mailing address of the incorporator are:
David Marote
c/o Hilton Hotels Corporation
9336 Civic Center Drive
Beverly Hills, California 90210
SIXTH. In furtherance, and not in limitation, of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal the bylaws of the corporation.
SEVENTH. Election of directors need not be by written ballot, unless the bylaws of the corporation shall so provide.
EIGHTH. No director of the corporation shall be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders,
 
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(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.
IN WITNESS WHEREOF, the undersigned, being the sole incorporator hereinbefore named, has executed, signed and acknowledged this certificate of incorporation this 24 th day of June, 2003.

/s/ David Marote	
David Marote	
Incorporator	
 
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CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS MARKETING (JAPAN) CORP.
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Hilton Resorts Marketing (Japan) Corp.
2. The Certificate of Incorporation of the corporation is hereby amended by changing Article First of the Certificate of Incorporation as follows:
“FIRST: The name of the corporation is Hilton Resorts Marketing (Asia- Pacific) Corp.”
3. The amendment of the Certificate of Incorporation herein certified has been duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.
4. The amendment of the Certificate of Incorporation herein certified has been duly adopted and written consents have been given in accordance with the provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
Signed on July 26, 2007

/s/ Mark Wang	
Mark Wang, President	

CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
HILTON RESORTS MARKETING (ASIA-PACIFIC) CORP.
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Hilton Resorts Marketing (Asia-Pacific) Corp.
2. The Certificate of Incorporation of the corporation is hereby amended by changing Article First of the Certificate of Incorporation as follows:
“FIRST: The name of the corporation is Hilton Resorts Marketing Corp.”
3. The amendment of the Certificate of Incorporation herein certified has been duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.
4. The amendment of the Certificate of Incorporation herein certified has been duly adopted and written consents have been given in accordance with the provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
Signed on December 20, 2007

/s/ Mark Wang	
Mark Wang, President	

Exhibit 3.176
BYLAWS
OF
HILTON RESORTS MARKETING (JAPAN) CORP.
a Delaware corporation
ARTICLE I
OFFICES
Section 1. REGISTERED OFFICES. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. OTHER OFFICES. The corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. PLACE OF MEETINGS. Meetings of stockholders shall be held at any place within or outside the State of Delaware designated by the Board of Directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the corporation.
Section 2. ANNUAL MEETING OF STOCKHOLDERS. The annual meeting of stockholders shall be held each year on a date and a time designated by the Board of Directors. At each annual meeting directors shall be elected and any other proper business may be transacted.
Section 3. QUORUM; ADJOURNED MEETINGS AND NOTICE THEREOF. A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute
 
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a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these Bylaws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
Section 4. VOTING. When a quorum is present at any meeting, in all matters other than the election of directors, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes, or the Certificate of Incorporation, or these Bylaws, a different vote is required in which case such express provision shall govern and control the decision of such question. Directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.
Section 5. PROXIES. At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a
 
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longer period. All proxies must be filed with the Secretary of the corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the corporation on the record date set by the Board of Directors as provided in Article VII, Section 6 hereof.
Section 6. SPECIAL MEETINGS. Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President and shall be called by the President or the Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 7. NOTICE OF STOCKHOLDERS’ MEETINGS. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 8. MAINTENANCE AND INSPECTION OF STOCKHOLDER LIST. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote
 
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at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 9. STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING. Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Every written consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty days of the earliest dated consent delivered in the manner required by this Section 9 to the corporation, written consents signed by a sufficient number of holders to take action are delivered to the corporation by delivery to its registered office in Delaware, its principal place of business or to an officer or agent of the
 
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corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
Section 1. THE NUMBER OF DIRECTORS. The initial number of directors which shall constitute the whole Board shall be three (3). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by the Certificate of Incorporation or by law, any director or the entire Board of Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
Section 2. VACANCIES. Vacancies on the Board of Directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole Board (as constituted immediately
 
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prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
Section 3. POWERS. The property and business of the corporation shall be managed by or under the direction of its Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 4. PLACE OF DIRECTORS’ MEETINGS. The directors may hold their meetings and have one or more offices, and keep the books of the corporation outside of the State of Delaware.
Section 5. REGULAR MEETINGS. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board.
Section 6. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by the President on forty-eight hours’ notice to each director, either personally or by mail or by facsimile, electronic mail or telegram; special meetings shall be called by the President or the Secretary in like manner and on like notice on the written request of two directors unless the Board consists of only one director; in which case special meetings shall be called by the President or Secretary in like manner or on like notice on the written request of the sole director.
 
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Section 7. QUORUM. At all meetings of the Board of Directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, by the Certificate of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
Section 8. ACTION WITHOUT MEETING. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee.
Section 9. TELEPHONIC MEETINGS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
Section 10. COMMITTEES OF DIRECTORS. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any
 
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absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation’s property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the Bylaws of the corporation; and, unless the resolution or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.
Section 11. MINUTES OF COMMITTEE MEETINGS. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
Section 12. COMPENSATION OF DIRECTORS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
 
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ARTICLE IV
OFFICERS
Section 1. OFFICERS The officers of this corporation shall be chosen by the Board of Directors and shall include a Chairman of the Board of Directors or a President, or both, and a Secretary. The corporation may also have at the discretion of the Board of Directors such other officers as are desired, including a Vice-Chairman of the Board of Directors, a Chief Executive Officer, a Treasurer, one or more Vice Presidents, one or more Assistant Secretaries and Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 hereof. In the event there are two or more Vice Presidents, then one or more may be designated as Executive Vice President, Senior Vice President, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these Bylaws otherwise provide.
Section 2. ELECTION OF OFFICERS. The Board of Directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the corporation.
Section 3. SUBORDINATE OFFICERS. The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.
Section 4. COMPENSATION OF OFFICERS. The salaries of all officers and agents of the corporation shall be fixed by the Board of Directors.
 
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Section 5. TERM OF OFFICE; REMOVAL AND VACANCIES. The officers of the corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. If the office of any officer or officers becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.
Section 6. CHAIRMAN OF THE BOARD. The Chairman of the Board, if such an officer be elected, shall, if present, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the Board of Directors or prescribed by these Bylaws. If there is no President, the Chairman of the Board shall in addition be the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article IV.
Section 7. PRESIDENT. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chairman of the Board, if there be such an officer, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. He shall preside at all meetings of the stockholders and, in the absence of the Chairman of the Board, or if there be none, at all meetings of the Board of Directors. He shall be an ex officio member of all committees and shall have the general powers and duties of management usually vested in the office of President and Chief Executive Officer of corporations, and shall have such other powers and duties as may be prescribed by the Board of Directors or these Bylaws.
Section 8. VICE PRESIDENTS. In the absence or disability of the President, the Vice Presidents in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated by the Board of Directors, shall perform all the duties of the President,
 
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and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the Board of Directors.
Section 9. SECRETARY. The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the Board of Directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or these Bylaws. He shall keep in safe custody the seal of the corporation, and when authorized by the Board, affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his signature.
Section 10. ASSISTANT SECRETARY. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors, or if there be no such determination, the Assistant Secretary designated by the Board of Directors, shall, in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
Section 11. TREASURER. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the corporation, in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the corporation as may be ordered by the Board of
 
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Directors, taking proper vouchers for such disbursements, and shall render to the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, he shall give the corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors, for the faithful performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
Section 12. ASSISTANT TREASURER. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors, or if there be no such determination, the Assistant Treasurer designated by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
ARTICLE V
INDEMNIFICATION OF DIRECTORS AND OFFICERS
(a) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he
 
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acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper.
 
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(c) To the extent that a director or officer of the corporation shall be successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
(d) Any indemnification under paragraphs (a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such determination shall be made (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (3) by the stockholders. The corporation, acting through its Board of Directors or otherwise, shall cause such determination to be made if so requested by any person who is indemnifiable under this Article V.
(e) Expenses (including attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this Article V.
(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Article V shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
 
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(g) The Board of Directors may authorize, by a vote of a majority of a quorum of the Board of Directors, the corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article V.
(h) For the purposes of this Article V, references to “the corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
(i) For purposes of this section, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include service as a director or officer of the corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he
 
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reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this section.
(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k) The corporation shall be required to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the corporation.
ARTICLE VI
INDEMNIFICATION OF EMPLOYEES AND AGENTS
The corporation may indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an employee or agent of the corporation or, while an employee or agent of the corporation, is or was serving at the request of the corporation as an employee or agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the extent permitted by applicable law.
 
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ARTICLE VII
CERTIFICATES OF STOCK
Section 1. CERTIFICATES. Every holder of stock of the corporation shall be entitled to have a certificate signed by, or in the name of the corporation by, the Chairman or Vice Chairman of the Board of Directors, or the President or a Vice President, and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer of the corporation, certifying the number of shares represented by the certificate owned by such stockholder in the corporation.
Section 2. SIGNATURES ON CERTIFICATES. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 3. STATEMENT OF STOCK RIGHTS, PREFERENCES AND PRIVILEGES. If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
 
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Section 4. LOST CERTIFICATES. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
Section 5. TRANSFERS OF STOCK. Upon surrender to the corporation, or the transfer agent of the corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
Section 6. FIXED RECORD DATE. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment
 
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of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date which shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.
Section 7. REGISTERED STOCKHOLDERS. The corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Delaware.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. DIVIDENDS. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.
Section 2. PAYMENT OF DIVIDENDS; DIRECTORS’ DUTIES. Before payment of any dividend there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interests of the corporation, and the directors may abolish any such reserve.
 
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Section 3. CHECKS. All checks or demands for money and notes of the corporation shall be signed by such officer or officers as the Board of Directors may from time to time designate.
Section 4. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
Section 5. CORPORATE SEAL. The corporate seal shall have inscribed thereon the name of the corporation, the jurisdiction in which the corporation was formed, and its date of incorporation. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
Section 6. MANNER OF GIVING NOTICE. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by facsimile, electronic mail or telegram.
Section 7. WAIVER OF NOTICE. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
 
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ARTICLE IX
AMENDMENTS
Section 1. AMENDMENT BY DIRECTORS OR STOCKHOLDERS. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the stockholders or by the Board of Directors, when such power is conferred upon the Board of Directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the Board of Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration, amendment, repeal or adoption of new Bylaws be contained in the notice of such special meeting. If the power to adopt, amend or repeal Bylaws is conferred upon the Board of Directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal Bylaws.
 
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CERTIFICATE
I hereby certify that I am the Secretary of Hilton Resorts Marketing (Japan) Corp. (the “Corporation”), and that the foregoing Bylaws, consisting of twenty-one (21) pages, constitute the Bylaws of the Corporation, as duly adopted by the Corporation’s Board of Directors on June 26, 2003.

/s/ Rebecca L. Sloan	
Rebecca L. Sloan	
Secretary	

Exhibit 3.177
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HILTON SPRING CORPORATION
The undersigned, in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware, hereby certifies that:
The present name of the corporation is Hilton Spring Corporation (the “Corporation”). The Corporation was incorporated under the same name by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on August 25, 2000. This Amended and Restated Certificate of Incorporation of the Corporation, which amends and restates the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on September 22, 2000, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Section 228, 242, and 245 of the General Corporation Law of the State of Delaware.
The Amended and Restated Certificate of Incorporation of the Corporation is hereby amended and restated to read in its entirety as follows:
FIRST. The name of the Corporation is Hilton Spring Corporation.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Amended and Restated Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.
SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted

under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Amended and Restated Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Amended and Restated Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SIXTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which
 
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may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholder for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or an department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
[ Remainder of page intentionally left blank ]
 
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on October 25, 2013.

/s/ Owen L. Wilcox	
Owen L. Wilcox	
Authorized Officer	
 
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Exhibit 3.178
AMENDED AND RESTATED BYLAWS
OF
HILTON SPRING CORPORATION
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF STOCKHOLDERS
Section 1. Place of Meetings. Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the stockholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, but such Special Meetings may not be called by any other person or persons. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation either personally or by mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which

stockholders may be deemed present in person at such adjourned meeting, until a quorum shall be present or represented. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors a plurality of the votes cast shall be sufficient to elect. All other elections and questions shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Any action required to be taken at any Annual or Special meeting of stockholders, or any action which may be taken at any Annual or Special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that consents given by a sufficient number of holders to take the action were delivered to the Corporation.
Section 8. List of Stockholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.
 
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Section 9. Organization . At every meeting of stockholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the stockholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; (ii) in the case of determination of stockholders entitled to express consent to corporate action without a meeting, shall not be more than 10 days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (iii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining stockholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors is required by law, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (c) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the
 
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proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be four. Hereafter, within the limits specified above, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal.
Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under the General Corporation Law of the State of Delaware.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Regular
 
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meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present.
Section 7. Actions of Board . Unless otherwise provided by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in accordance with applicable law.
Section 8. Removal . Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than 80% in voting power of outstanding shares of capital stock entitled to vote at an election of directors.
Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
 
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ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.
 
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Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
 
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Exhibit 3.179
CERTIFICATE OF FORMATION
OF
HILTON SUPPLY MANAGEMENT LLC
This Certificate of Formation of Hilton Supply Management LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Hilton Supply Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.180
LIMITED LIABILITY COMPANY AGREEMENT
OF
HILTON SUPPLY MANAGEMENT LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Hilton Supply Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by 90210 LLC (“ 90210 ”), as the sole member (90210 and each other person admitted to the Company in accordance with the terms of this Agreement until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
90210, by execution of this Agreement and pursuant to the conversion of Hilton Supply Management, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del, C, § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Hilton Supply Management LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under 1he Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . 90210 was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement, The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware, David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party of otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
90210 LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
90210 LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.181
CERTIFICATE OF FORMATION
OF
HILTON SYSTEMS SOLUTIONS, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
HILTON SYSTEMS SOLUTIONS, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on September 20, 2002.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.182
LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
for
HILTON SYSTEMS SOLUTIONS, LLC
a Delaware limited-liability company
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (the “Agreement”) is made and entered into this 23 rd day of September, 2002 by Hilton Hotels Corporation , a Delaware corporation, and each individual or business entity subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
On September 20, 2002, the sole Member, through its agent, David Marote, formed HILTON SYSTEMS SOLUTIONS, LLC (the “Company”) under the laws of the State of Delaware. Accordingly, in consideration of the conditions contained herein, the sole Member sets forth the following:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The sole Member has formed the Company subject to the provisions of the Delaware limited liability company laws currently in effect as of this date. A Certificate of Formation was filed with the Delaware Secretary of State on September 20, 2002.	
 
1.2	NAME. The name of the Company is HILTON SYSTEMS SOLUTIONS, LLC .	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation shall be 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.	
The Company’s registered agent at such address shall be Corporation Service Company.
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	
 
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1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be at 9336 Civic Center Drive, Beverly Hills, California 90210, or at such other place as the Company’s Members may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s sole Member is:	
Hilton Hotels Corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTION. The sole Member shall initially contribute to the Company $1,000 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS/LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Members. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1(b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The Company shall be managed by its Members.	
 
4.4	OFFICERS. The Members may, as they deem advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties.	
 
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4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Members may designate. The Members shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Company shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	INDEMNIFICATION AND LIABILITY OF OFFICERS.	
 
(a)	The Company shall indemnify and hold harmless all officers of the Company (individually, an “Indemnitee”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved or threatened to be involved as a Party or otherwise, relating to the performance of nonperformance of any act concerning the activities of the Company, if (i) the Indemnitee acted in a manner it believed to be in, or not contrary to, the best interests of the company, and (ii) the Indemnitee’s conduct did not constitute gross negligence or willful misconduct. The termination of an action, suit or proceeding by judgment, order, settlement, or a plea of no contest or its equivalent, shall not, in and of itself, create a presumption or otherwise constitute evidence that the Indemnitee acted in a manner contrary to that specified in clause (i) or (ii) above.	
 
(b)	Expenses incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this Paragraph 4.7 shall be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized in this Paragraph 4.7.	
 
(c)	Subject to the Indemnitee’s obligation to repay monies as set forth in Paragraph 4.7 (b) above, any indemnification provided hereunder shall be satisfied solely out of the assets of the Company, as an expense of the Company. No Member shall be subject to personal liability by reason of these indemnification provisions, unless such Member has acted in bad faith.	
 
(d)	The provisions of this Paragraph 4.7 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of any other person.	
 
(e)	The Officers of the Company shall not be liable to the Company or to a Member for any losses sustained or liabilities incurred as a result of any act or omission of Officers or any such other person if (i) the act or failure to act of the Officer or such other person was in good faith and in a manner it believed to be in, or not contrary to, the best interests of the Company, and (ii) the conduct of the Officer or such other person did not constitute gross negligence or willful misconduct.	
 
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(f)	To the extent that the Members or officers of the Company (each, a “ Responsible Party ”) have, at law or in equity, duties (including, without limitation, fiduciary duties) to the Company, any Member or other person bound by the terms of this Agreement, such Responsible Parties acting in accordance with this Agreement shall not be liable to the Company, any Member or any such other person for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of a Responsible Party, otherwise existing at law or in equity, are agreed by all parties hereto to replace such other duties to the greatest extent permitted under applicable law.	
 
(g)	The Company shall cause the President and other key executives of the Company to be named as beneficiaries under a policy or policies of fidelity and directors and officers liability insurance, such insurance to contain terms and conditions reasonably acceptable to the Members.	
 
4.8	RECORDS. The Members shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	REIMBURSEMENT. The Company shall reimburse the Members for all direct out-of- pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Members shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Members shall select. The Company’s accounting period shall be the calendar year.	
 
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6.2	MEMBER’S ACCOUNTS. The Members shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by.	
 
 	(a)	any additional capital contribution made by him/her;	
 
 	(b)	credit balances transferred from his distribution account to his capital account;	
and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	
 
 	(ii)	the Member’s share of Company losses if charged to his/her capital account.	
 
6.3	REPORTS. The Members shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	
ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 23rd day of September, 2002.

SOLE MEMBER:	 		 	HILTON HOTELS CORPORATION,
a Delaware corporation	
				
	 		 	By:	 	/s/ K. Allen Anderson	
	 		 		 	K. Allen Anderson	
	 		 		 	Vice President	

Exhibit 3.183
CERTIFICATE OF FORMATION
OF
HILTON SYSTEMS, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
HILTON SYSTEMS, LLC
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on August 11, 1999.

/s/ David Marote	
David Marote, Authorized Person	

CERTIFICATE OF MERGER
OF
HILTON SYSTEMS, INC.
(a Nevada corporation)
AND
HILTON SYSTEMS, LLC
(a Delaware limited liability company)
It is hereby certified that:
 
 	1.	The constituent business entities participating in the merger herein certified arc:	
 
 	(i)	Hilton Systems, Inc. , a corporation which is incorporated under the laws of the State of Nevada; and	
 
 	(ii)	Hilton Systems, LLC , a limited liability company which is organized under the laws of the State of Delaware.	
 
 	2.	An Agreement of Merger has been approved, adopted, certified, executed and acknowledged by each of the aforesaid constituent business entities in accordance with the applicable provisions of the Nevada Revised Statutes and subsection (b) of Section 18-209 of the Delaware Limited Liability Company Act.	
 
 	3.	The name of the surviving limited liability company in the merger herein certified is Hilton Systems, LLC , which will continue its existence as said surviving limited liability company under its present name upon the effective date of said merger pursuant to the provisions of the Delaware Limited Liability Company Act.	
 
 	4.	The executed Agreement of Merger between the aforesaid constituent business entities is on file at a place of business of the aforesaid surviving limited liability company, the address of which is as follows:	
9336 Civic Center Drive
Beverly Hills, California 90210
 
 	5.	A copy of the aforesaid Agreement of Merger will be furnished by the aforesaid surviving limited liability company on request, and without cost, to any member of the aforesaid surviving limited liability company or any person holding an interest in the terminating corporation.	

 	6.	The Agreement of Merger between the aforesaid constituent business entities provides that the merger herein certified shall be effective on September 30, 1999.	
Dated: September 17, 1999

	 	Hilton Systems, Inc.	 		 		 	Hilton Systems, LLC	
					
By:	 	/s/ William B. Rees	 		 	By:	 	/s/ Dieter H. Huckestein	
	 	William B. Rees	 		 		 	Dieter H. Huckestein	
	 	Vice President and	 		 		 	Management Committee	
	 	Secretary	 		 		 	Member	

CERTIFICATE OF CORRECTION OF
CERTIFICATE OF MERGER
OF
HILTON SYSTEMS, INC.
(a Nevada corporation)
AND
HILTON SYSTEMS, LLC
(a Delaware limited-liability company)
It is hereby certified that:
 
1.	The name of the limited-liability company (hereinafter called “the Company”) is HILTON SYSTEMS, LLC.	
 
2.	The Certificate of Merger of Hilton Systems, Inc. and the Company, which was filed with the Secretary of State of Delaware on September 17, 1999, with an effective date of September 30, 1999, is hereby declared null and void for the following reason:	
Hilton Systems, Inc. currently holds an alcoholic beverage license in Massachusetts. Under the laws of that state, it is imperative that this license be transferred to another entity before Hilton Systems, Inc. is merged into the Company and disappears.
IN WITNESS WHEREOF, this Certificate of Correction has been duly executed by an authorized person as of the 30 th day of September, 1999.

	 	HILTON SYSTEMS, LLC	
		
By:	 	/s/ David Marote	
	 	David Marote, Authorized Person	

CERTIFICATE OF MERGER
OF
HILTON SYSTEMS, INC.
(a Nevada corporation)
AND
HILTON SYSTEMS, LLC
(a Delaware limited liability company)
It is hereby certified that:
 
 	1.	The constituent business entities participating in the merger herein certified are:	
 
 	(i)	Hilton Systems, Inc., a corporation which is incorporated under the laws of the State of Nevada; and	
 
 	(ii)	Hilton Systems, LLC, a limited liability company which is organised under the laws of the State of Delaware.	
 
 	2.	An Agreement of Merger has been approved, adopted, certified, executed and acknowledged by each of the aforesaid constituent business entities in accordance with the applicable provisions of the Nevada Revised Statutes and subsection (b) of Section 18-209 of the Delaware Limited Liability Company Act.	
 
 	3.	The name of the surviving limited liability company in the merger herein certified is Hilton Systems, LLC, which will continue its existence as said surviving limited liability company under its present name upon the effective date of said merger pursuant to the provisions of the Delaware Limited Liability Company Act.	
 
 	4.	The executed Agreement of Merger between the aforesaid constituent business entities is on file at a place of business of the aforesaid surviving limited liability company, the address of which is as follows:	
9336 Civic Center Drive
Beverly Hills, California 90210
 
 	5.	A copy of the aforesaid Agreement of Merger will be furnished by the aforesaid surviving limited liability company on request, and without cost, to any member of the aforesaid surviving limited liability company or any person holding an interest in the terminating corporation.	

 	6.	The Agreement of Merger between the aforesaid constituent business entities provides that the merger herein certified shall be effective on January 31, 2000.	
Dated: January 31, 2000

	 	Hilton Systems, Inc.	 		 		 	Hilton Systems, LLC	
					
By:	 	/s/ William B. Rees	 		 	By:	 	/s/ M. Hue Smith III	
	 	William B. Rees	 		 		 	M. Hue Smith III	
	 	Vice President and	 		 		 	Management Committee	
	 	Secretary	 		 		 	Member	

Exhibit 3.184
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton Systems, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton Systems, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc. (formerly known as Hilton Hotels Corporation), a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of August 12, 1999 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Systems, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON WORLDWIDE, INC.,
a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton Systems, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
Hilton Worldwide, Inc.	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.187
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HILTON HOTELS CORPORATION
Hilton Hotels Corporation (the “Corporation”), a corporation organized and existing under the General Corporation Law of the State of Delaware (“DGCL”), does hereby certify as follows:
(1) The original Certificate of Incorporation of the Corporation was filed with the office of the Secretary of State of the State of Delaware on May 29, 1946.
(2) This Amended and Restated Certificate of Incorporation was duly adopted by the board of directors of the Corporation (the “Board of Directors”) and by the sole stockholder of the Corporation in accordance with Sections 228, 242 and 245 of the DGCL.
(3) This Amended and Restated Certificate of Incorporation restates and integrates and amends the Certificate of Incorporation of the Corporation in its entirety.
(4) The text of the Certificate of Incorporation hereby is amended and restated in its entirety as follows:
FIRST: The name of the Corporation is Hilton Hotels Corporation.
SECOND: The registered office and registered agent of the Corporation is Corporation Service Company, 2711 Centerville Road, State 400, Wilmington, New Castle County, Delaware, 19808.
THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL.
FOURTH: The total number of shares of stock that the Corporation is authorized to issue is 150,000,000 shares of common stock, par value $0.01 each.
FIFTH: The Board of Directors of the Corporation may adopt, amend or repeal the By-Laws of the Corporation.
SIXTH: Except as otherwise provided by the DGCL as the same exists or may hereafter be amended, no director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. Any repeal or modification of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation existing at the time of such repeal or modification.

SEVENTH:
(a) Action, etc., other than by or in the Right of the Corporation . The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, Agent (as hereinafter defined) against costs, charges and Expenses (as hereinafter defined), judgments, fines and amounts paid in settlement actually and reasonably incurred by Agent in connection with such action, suit or proceeding, and any appeal therefrom, if Agent acted in good faith and in a manner Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding (whether by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent) shall not, of itself, create a presumption that the Agent did not act in good faith and in a manner which the Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, that the Agent had reasonable cause to believe that the Agent’s conduct was unlawful.
(b) Action, etc., by or in the Right of the Corporation . The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed judicial action or suit brought by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was an Agent, against costs, charges and Expenses actually and reasonably incurred by an Agent in connection with the defense or settlement of such action or suit and any appeal therefrom if the Agent acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of the Agent’s duty to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and Expenses which the Court of Chancery or other such court shall deem proper.
(c) Determination of Right of Indemnification . Any indemnification under Paragraphs (a) and (b) of this Section (unless ordered by a court) shall be paid by the Corporation unless a determination is reasonably and promptly made (i) by the Board of Directors by a majority vote of a quorum consisting of Directors who were not parties to such action, suit or proceeding, or (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders, that such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe that his conduct was unlawful.
 
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(d) Indemnification against Expenses of Successful Party . Notwithstanding the other provisions of this Section, to the extent that an Agent has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, the settlement of an action without admission of liability, or the defense of any claim, issue or matter therein, or on appeal from any such proceeding, action, claim or matter, such Agent shall be indemnified against all costs, charges and Expenses incurred in connection therewith.
(e) Advances of Expenses . Except as limited by Paragraph (f) of this Section, costs, charges, and Expenses incurred by an Agent in any action, suit, proceeding or investigation or any appeal therefrom shall be paid by the Corporation in advance of the final disposition of such matter, if the Agent shall undertake to repay such amount in the event that it is ultimately determined, as provided herein, that such person is not entitled to indemnification. Notwithstanding the foregoing, no advance shall be made by the Corporation if a determination is reasonably and promptly made by the Board of Directors by a majority vote of a quorum of disinterested Directors, or (if such a quorum is not obtainable or, even if obtainable, a quorum of disinterested Directors so directs) by independent legal counsel in a written opinion, that, based upon the facts known to the Board of Directors or counsel at the time such determination is made, the Agent acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe Ms conduct was unlawful. In no event shall any advance be made in instances where the Board of Directors or independent legal counsel reasonably determines that the Agent deliberately breached such person’s duty to the Corporation or its stockholders.
(f) Right of Agent to Indemnification upon Application; Procedure upon Application . Any indemnification under Paragraphs (a), (b) and (d) or advance under Paragraph (e) of this Section, shall be made promptly, and in any event within 60 days, upon the written request of the Agent, unless with respect to applications under Paragraphs (a), (b) or (e), a determination is reasonably and promptly made by the Board of Directors by a majority vote of a quorum of disinterested Directors that such Agent acted in a manner set forth in such Paragraphs as to justify the Corporation’s not indemnifying or making an advance to the Agent. In the event no quorum of disinterested Directors is obtainable, the Board of Directors shall promptly direct that independent legal counsel shall decide whether the Agent acted in the manner set forth in such Paragraphs as to justify the Corporation’s not indemnifying or making an advance to the Agent The right to indemnification or advances as granted by this Section shall be enforceable by the Agent in any court of competent jurisdiction, if the Board of Directors or independent legal counsel denies the claim in whole or in part, or if no disposition of such claim is made within 60 days. The Agent’s costs, charges and Expenses incurred in connection with successfully establishing such person’s right to indemnification, in whole or in part, in any such proceeding shall also be indemnified by the Corporation.
(g) Other Rights and Remedies . The indemnification provided by this Section shall not be deemed exclusive of, and shall not affect, any other rights to which an Agent seeking indemnification may be entitled under any law, By-Law, or charter provision,
 
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agreement, vote of stockholders or disinterested Directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be an Agent and shall inure to the benefit of the heirs, executors and administrators of such a person. All rights to indemnification under this Section shall be deemed to be a contract between the Corporation and the Agent who serves in such capacity at any time while these Articles and other relevant provisions of the DGCL and other applicable law, if any, are in effect. Any repeal or modification thereof shall not affect any rights or obligations then existing.
(h) Insurance . The Corporation may purchase and maintain insurance on behalf of any person who is or was an Agent against any liability asserted against such person and incurred by him or her in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of this Section. The Corporation may create a trust fund, grant a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such sums as may become necessary to effect indemnification as provided herein.
(i) Presumptions and Effect of Certain Proceedings .
(1) In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that the Agent is entitled to indemnification under this Section if the Agent has submitted a request for indemnification in accordance with Paragraph (f) of this Section, and the Corporation shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.
(2) If the person, persons or entity empowered or selected under Paragraph (f) of this Section to determine whether the Agent is entitled to indemnification shall not have made such determination within 60 days after receipt by the Corporation of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Agent shall be entitled to such indemnification, absent (i) a misstatement by the Agent of a material fact, or an omission of a material fact necessary to make the Agent’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Paragraph (i) (2) shall not apply if the determination of entitlement to indemnification is to be made by independent counsel pursuant to Paragraph (f) of this Section.
 
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(j) Other Enterprises, Fines, and Serving at Corporation’s Request . For purposes of this Section, references to “other enterprise” in Paragraph (l) (1) shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to “serving at the request of the Corporation” shall include any service by Agent as Director, officer, employee, agent or fiduciary of the Corporation which imposes duties on, or involves services by, such Agent with respect to any employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Section.
(k) Savings Clause . If this Section or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Agent as to costs, charges and Expenses, judgments, fines and amounts paid in settlement with respect to any action, suit, proceeding or investigation, and any appeal therefrom, whether civil, criminal or administrative, and whether internal or external, including a grand jury proceeding and an action or suit brought by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Section that shall not have been invalidated, and to the fullest extent permitted by applicable law.
(l) Definitions . For the purposes of this Article:
(1) “Agent” means any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the Corporation (other than a judicial action or suit brought by or in the right of the Corporation) by reason of the fact that he or she is or was or has agreed to be a Director, officer or employee of the Corporation, or that, being or having been such a Director, officer or employee, he or she is or was serving at the request of the Corporation as a Director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise.
(2) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a proceeding.
 
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on November 19, 2007.

HILTON HOTELS CORPORATION	
		
By:	 	/s/ Robert M. La Forgia	
Name:	 	Robert M. La Forgia	
Title:	 	EVP & CFO	
 
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CERTIFICATE OF AMENDMENT
TO THE
CERTIFICATE OF INCORPORATION
OF
HILTON HOTELS CORPORATION
Hilton Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), pursuant to Section 242 of the General Corporation Law of the State of Delaware (the “DGCL”), does hereby certify as follows:
1. The name of the Corporation is Hilton Hotels Corporation.
2. The original Certificate of Incorporation of the Corporation was filed with the office of the Secretary of State of the State of Delaware on May 29, 1946. An amended and restated Certificate of Incorporation was filed with the office of the Secretary of State of the State of Delaware on November 19, 2007.
3. The amendment of the Certificate of Incorporation set forth herein has been duly adopted by the Board of Directors of the Corporation and by the sole stockholder in accordance with the provisions of Sections 228 and 242 of the DGCL.
4. Article First of the Certificate of Incorporation of the Corporation is hereby amended to read in its entirety as follows:
“FIRST: The name of the Corporation is Hilton Worldwide, Inc.”
5. This amendment to the Certificate of Incorporation shall be effective on and as of the date of filing of this Certificate of Amendment with the office of the Secretary of State of the State of Delaware.
IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Corporation and on behalf of the Corporation in the capacity specified under the undersigned’s name, has duly executed this Certificate of Amendment as of December 10, 2009.

/s/ Richard M. Lucas	
Name:	 	RICHARD M. LUCAS	
Title:	 	EXECUTIVE VICE PRESIDENT	

Exhibit 3.188
[Hilton Worldwide Letterhead]
Hilton Worldwide, Inc.
Amended and Restated Bylaws
Adopted March 14, 2012
ARTICLE I
MEETINGS OF STOCKHOLDERS
Section 1. Place of Meeting and Notice . Meetings of the stockholders of Hilton Worldwide, Inc. ( the “Corporation”) shall be held at such place either within or without the State of Delaware as the Board of Directors may determine.
Section 2. Annual and Special Meetings . Annual meetings of stockholders shall be held, at a date, time and place fixed by the Board of Directors and stated in the notice of meeting, to elect a Board of Directors and to transact such other business as may properly come before the meeting. Special meetings of the stockholders may be called by the Chairman of the Board or the Board of Directors pursuant to a resolution approved by a majority of the entire Board of Directors. Special meetings may be held on such date, time and place as the Chairman of the Board or the Board of Director shall direct.
Section 3. Notice . Except as otherwise provided by law, at least 10 and not more than 60 days before each meeting of stockholders, written notice of the time, date and place of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to each stockholder. Without limiting the manner by which notice otherwise may be given to stockholders, any notice shall be effective if given by a form of electronic transmission consented to (in a manner consistent with the Delaware General Corporation Law) by the stockholder when the notice is given.
Section 4. Quorum . At any meeting of stockholders, the holders of record, present in person or by proxy, of a majority of the Corporation’s issued and outstanding capital stock shall constitute a quorum for the transaction of business, except as otherwise provided by law. In the absence of a quorum, any officer entitled to preside at or to act as secretary of the meeting shall have power to adjourn the meeting from time to time until a quorum is present.
Section 5. Voting . Except as otherwise provided by law, all matters submitted to a meeting of stockholders shall be decided by affirmative vote of a majority of the Corporation’s issued and outstanding capital stock present in person or by proxy.
Section 6. Action By Written Consent of Stockholders. Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

ARTICLE II
DIRECTORS
Section 1. Number, Election and Removal of Directors . The number of Directors that shall constitute the Board of Directors shall not be less than three or more than fifteen as determined by the Board of Directors or the stockholders. Each Director shall hold office for a term of one year or until his or her successor is duly elected and qualified, subject to such Director’s earlier death, resignation or removal. Vacancies and newly created directorships resulting from any increase in the number of Directors may be filled by a majority of the Directors then in office, although less than a quorum, or by the sole remaining Director or by the stockholders. A Director may be removed with or without cause by the stockholders.
Section 2. Meetings . Regular meetings of the Board of Directors shall be held at such times and places as may from time to time be fixed by the Board of Directors or as may be specified in a notice of meeting. Special meetings of the Board of Directors may be held at such times and places whenever called by the Chairman of the Board, the President or by two or more members of the Board of Directors. Notice of a special meeting of the Board of Directors shall be given by the person or persons calling the meeting at least twenty-four hours before the special meeting.
Section 3. Quorum . A majority of the total number of Directors shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the Board of Directors, the Directors present may adjourn the meeting from time to time, without notice other than announcement at the meeting, until such a quorum is present. Except as otherwise provided by law, the Certificate of Incorporation of the Corporation or these Bylaws, the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board of Directors.
Section 4. Committees . The Board of Directors may, by resolution adopted by a majority of the whole Board, designate one or more committees, including, without limitation, an Executive Committee, to have and exercise such power and authority as the Board of Directors shall specify. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another Director to act as the absent or disqualified member.
Section 5. Telephonic Meetings Permitted. Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this by-law shall constitute presence in person at such meeting.
Section 6. Organization . Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in their absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his or her absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 7. Action by Unanimous Consent of Directors. Unless otherwise restricted by the certificate of incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee entitled to vote thereon, as the case may be, consent thereto in accordance with applicable law.
ARTICLE III
OFFICERS
The officers of the Corporation shall consist of such officers with such titles as the Board of Directors shall determine, all of which shall be chosen by and shall serve at the pleasure of the Board
 
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of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the Board of Directors with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause. Each officer, subject at all times to these Bylaws and to the direction and control of the Board of Directors, shall have and may exercise, in addition to the duties and powers specifically set forth in these Bylaws, such duties and powers as are prescribed by law, commonly incident to his or her office or as the Board of Directors may from time to time prescribe.
ARTICLE IV
SEAL
The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal, Delaware 1946”. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
ARTICLE V
SHARE CERTIFICATES
Each stockholder shall be entitled to, upon request to the Secretary, a certificate or certificates which shall represent and certify the number and class of capital stock owned by such stockholder in the Corporation. In all other cases certificates will not be issued. Each certificate shall be signed by the Chairman of the Board or the President or a Vice President and countersigned by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer.
The signatures on any certificates may be either manual or facsimile signatures and the Seal may be either facsimile or any other form of Seal. In the case any officer who has signed any certificate ceases to be an officer of the Corporation before the certificate is issued, the certificate may nevertheless be issued by the Corporation with the same effect as if the officer had not ceased to be such officer as of the date of its issue. Each share certificate shall include on its face the name of the Corporation, the name of the stockholder and the class of shares and number of shares represented by the certificate.
The Corporation may issue a new certificate of stock in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. The Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Corporation a bond sufficient to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
ARTICLE VI
INDEMNIFICATION
The Corporation shall indemnify to the fullest extent permitted by law any person made or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person or such person’s testator or intestate is or was a director or officer of the Corporation or serves or served, at the request of the Corporation, any other enterprise as a director or officer (all such persons being referred to hereafter as an “Indemnitee”). Expenses, including attorneys’ fees, incurred by an Indemnitee in defending any such action, suit or proceeding shall be paid or reimbursed by the Corporation promptly after a request therefor and upon receipt by the Corporation of an undertaking of such Indemnitee to repay such expenses if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation. The rights provided to an Indemnitee by this Section shall be enforceable against the Corporation by such person who shall be presumed to have relied upon it in serving or continuing to serve as a director or officer as provided above. For purposes
 
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of this Section, the term “other enterprise” shall include any corporation, partnership, limited liability company, joint venture, trust, association or other unincorporated organization or other entity or employee benefit plan; service “at the request of the Corporation” shall include service as a director or officer of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; any excise taxes assessed on a person with respect to an employee benefit plan shall be deemed to be indemnifiable expenses; and action by a person with respect to an employee benefit plan which such person reasonably believes to be in the interest of the participants and beneficiaries of such plan shall be deemed to be action not opposed to the best interests of the Corporation. No amendment, termination or repeal of this Article or of the relevant provisions of the Delaware General Corporation Law or any other applicable laws shall affect or diminish in any way the rights of an Indemnitee to indemnification under the provisions hereof with respect to any actions, suit, proceeding or investigation arising out of or related to any actions, transactions or facts occurring prior to the final adjudication of such amendment, termination or repeal.
The indemnification and advancement of expenses provided by, or granted pursuant to, this Section shall not be deemed exclusive of, and shall not affect, any other rights to which those seeking indemnification or advancement of expenses may be entitled under any law, by-law, charter provision, agreement, vote of stockholders or disinterested Directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, and shall continue as to a person who ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person.
ARTICLE VII
GENERAL PROVISIONS
Section 1. Notices . Whenever any statute, the Certificate of Incorporation or these Bylaws require notice to be given to any Director or stockholder, such notice may be given in writing by mail, addressed to such Director or stockholder at his address as it appears in the records of the Corporation, with postage thereon prepaid. Such notice shall be deemed to have been given when it is deposited in the United States mail. Notice to Directors may also be given by telecopier, telephone or other means of electronic transmission.
Section 2. Fiscal Year. The fiscal year of the Corporation shall begin the first day of January in each year.
Section 3. Waiver of Notice of Meetings of Stockholders, Directors and Committees . Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 4. Form of Records. Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 5. Amendment of Bylaws . These Bylaws may be altered, amended or repealed, and new bylaws made, by the Board of Directors, but the stockholders may make additional bylaws and may alter and repeal any bylaws whether adopted by them or otherwise.
 
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Exhibit 3.189
CERTIFICATE OF FORMATION
OF
HLT AUDUBON LLC
This Certificate of Formation of HLT Audubon LLC (the “LLC”), dated as of October 17, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Audubon LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.190
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Audubon LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Audubon LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Audubon LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT Audubon LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Owned Mezz III-A LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.191
CERTIFICATE OF FORMATION
OF
HLT CA HILTON LLC
This Certificate of Formation of HLT CA Hilton LLC (the “LLC”), dated as of October 16, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT CA Hilton LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.192
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT CA Hilton LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT CA Hilton LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT CA Hilton LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT CA Hilton LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Owned Mezz III-A LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.193
CERTIFICATE OF FORMATION
OF
HLT CONRAD DOMESTIC LLC
This Certificate of Formation of HLT Conrad Domestic LLC (the “LLC”), dated as of October 5, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Conrad Domestic LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.194
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Conrad Domestic LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Conrad Domestic LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Managed VII-A Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Conrad Domestic LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGED VII-A BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT Conrad Domestic LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Managed VII-A Borrower LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.195
CERTIFICATE OF FORMATION
OF
HLT CONRAD GP LLC
This Certificate of Formation of HLT Conrad GP LLC (the “LLC”), dated as of October 17, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101. et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Conrad GP LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.196
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT CONRAD GP LLC
This Limited Liability Company Agreement (this “ Agreement ”) of HLT Conrad GP LLC, a Delaware limited liability company, is entered into as of October 17, 2007, by Hilton Hotels Corporation, a Delaware corporation (“ HHC ”), as the sole member (HHC and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
HHC hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is HLT Conrad GP LLC (the “ Company ”). The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . HHC is hereby admitted as a member of the Company. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State

of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators axe authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Hotels Corporation, a Delaware corporation	
		
By:	 	/s/ K. Allen Anderson	
	 	Name:	 	K. Allen Anderson	
	 	Title:	 	Vice President	

Schedule A
Member

                         Name	  	Address	
		
Hilton Hotels Corporation, a
Delaware corporation	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.197
CERTIFICATE OF FORMATION
OF
HLT DOMESTIC JV HOLDINGS LLC
This Certificate of Formation of HLT Domestic JV Holdings LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Domestic JV Holdings LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.198
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT DOMESTIC JV HOLDING LLC
This Limited Liability Company Agreement (this “ Agreement ”) of HLT Domestic JV Holding LLC, a Delaware limited liability company, is entered into as of October 10, 2007, by Hilton Hotels Corporation, a Delaware corporation (“HHC”), as the sole member HHC and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
HHC hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is HLT Domestic JV Holding LLC (the “ Company ”). The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . HHC is hereby admitted as a member of the Company. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State
 
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of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Hotels Corporation, a Delaware corporation	
		
By:	 	/s/ K. Allen Anderson	
	 	Name:	 	K. Allen Anderson	
	 	Title:	 	Vice President	

Schedule A
Member

                     Name	  	Address	
		
Hilton Hotels Corporation, a
Delaware corporation	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.199
CERTIFICATE OF FORMATION
OF
HLT DOMESTIC OWNER LLC
This Certificate of Formation of HLT Domestic Owner LLC (the “LLC”), dated as of September 20, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Domestic Owner LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.200
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Domestic Owner LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Domestic Owner LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Domestic Owner LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT Domestic Owner LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Owned Mezz III-A LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.201
CERTIFICATE OF FORMATION
OF
HLT ESP FRANCHISE LLC
This Certificate of Formation of HLT ESP Franchise LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT ESP Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.202
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT ESP Franchise LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT ESP Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT ESP Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT ESP Franchise LLC ]

Schedule A
Members

Name	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.203
CERTIFICATE OF FORMATION
OF
HLT ESP INTERNATIONAL FRANCHISE LLC
This Certificate of Formation of HLT ESP International Franchise LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT ESP International Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.204
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT ESP International Franchise LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT ESP International Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Franchise III Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT ESP International Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT FRANCHISE III BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT ESP International Franchise LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Franchise III Borrower LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.205
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
The undersigned, in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware, hereby certifies that:
The present name of the corporation is HLT ESP International Franchisor Corporation (the “Corporation”). The Corporation was incorporated under the same name by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on November 17, 2008. This Amended and Restated Certificate of Incorporation of the Corporation, which amends and restates the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on December 2, 2008, as amended by the Certificate of Amendment to the Certificate of Incorporation filed with the Secretary of State of the State of Delaware on April 6, 2010, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.
The Amended and Restated Certificate of Incorporation of the Corporation, as amended, is hereby amended and restated to read in its entirety as follows:
FIRST. The name of the Corporation is HLT ESP International Franchisor Corporation.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Amended and Restated Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.

SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Amended and Restated Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Amended and Restated Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SIXTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
 
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Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholders for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or a department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
[ Remainder of page intentionally left blank ]
 
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on October 25, 2013.

/s/ Owen L. Wilcox	
Owen L. Wilcox	
Authorized Officer	
 
5

Exhibit 3.206
BY-LAWS
OF
HLT ESP INTERNATIONAL FRANCHISOR CORPORATION
ADOPTED DECEMBER 2, 2008

ARTICLE I
Meetings of Stockholders
Section 1.1. Annual Meetings . If required by applicable law, an annual meeting of stockholders shall be held for the election of directors at such place, if any, date and time, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.
Section 1.2. Special Meetings . Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, but such special meetings may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 1.3. Notice of Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the certificate of incorporation or these by-laws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 1.4. Adjournments . Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

Section 1.5. Quorum . Except as otherwise provided by law, the certificate of incorporation or these by-laws, at each meeting of stockholders the presence in person or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum, the stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in Section 1.4 of these by-laws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
Section 1.6. Organization . Meetings of stockholders shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in his absence by a Vice President, or in the absence of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 1.7. Voting; Proxies . Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot At all meetings of stockholders for the election of directors of which a quorum is present, a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the certificate of incorporation, these by-laws, the rules or regulations of any stock exchange applicable to the corporation, or applicable law or pursuant to any regulation applicable to the corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the corporation which are present in person or by proxy and entitled to vote thereon.
Section 1.8. Fixing Date for Determination of Stockholders of Record . In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or

allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date: (1) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting; (2) in the case of determination of stockholders entitled to express consent to corporate action in writing without a meeting, shall not be more than ten (10) days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (3) in the case of any other action, shall not be more than sixty (60) days prior to such other action. If no record date is fixed: (1) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (2) the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action of the Board of Directors is required by law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (3) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 1.9. Stock Ledger . Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to vote in person or by proxy at any meeting of stockholders.
Section 1.10. Action By Written Consent of Stockholders . Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation.

Section 1.11. Inspectors of Election . The corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the corporation represented at the meeting and such inspectors’ count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
Section 1.12. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the person presiding over any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business

than 1/3 of the total number of directors, shall constitute a quorum for the transaction of business. Except in cases in which the certificate of incorporation, these by-laws or applicable law otherwise provides, the vote of a majority of the directors present and entitled to vote on a particular matter at which a quorum is present shall be the act of the Board of Directors.
Section 2.6. Organization . Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in their absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 2.7. Action by Unanimous Consent of Directors . Unless otherwise restricted by the certificate of incorporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee entitled to vote thereon, as the case may be, consent thereto in accordance with applicable law.
ARTICLE III
Committees
Section 3.1. Committees . The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
Section 3.2. Committee Rules . Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these by-laws.

ARTICLE IV
Officers
Section 4.1. Executive Officers; Election; Qualifications; Term of Office; Resignation; Removal; Vacancies . The Board of Directors may choose a Chairman, Vice Chairman, President, one or more Senior Managing Directors, Managing Directors, Vice Presidents, a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers and Principals. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding his election, and until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.
Section 4.2. Powers and Duties of Executive Officers . The officers of the corporation shall have such powers and duties in the management of the corporation as may be prescribed in a resolution by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors and the provisions of the Certificate of Incorporation. The Board of Directors may require any officer, agent or employee to give security for the faithful performance of his duties.
ARTICLE V
Stock
Section 5.1. Certificates . Every holder of stock shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman or Vice Chairman of the Board of Directors, if any, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the corporation certifying the number of shares owned by him in the corporation. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 5.2. Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates . The corporation may issue a new certificate of stock in the place of any certificate

theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
ARTICLE VI
Miscellaneous
Section 6.1. Fiscal Year . The fiscal year of the corporation shall be determined by resolution of the Board of Directors.
Section 6.2. Seal . The corporate seal shall have the name of the corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.
Section 6.3. Manner of Notice . Except as otherwise provided herein or permitted by applicable law, notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice to directors may be given by telecopier, telephone or other means of electronic transmission.
Section 6.4. Waiver of Notice of Meetings of Stockholders, Directors and Committees . Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 6.5. Form of Records . Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 6.6. Amendment of By-Laws . These by-laws may be altered, amended or repealed, and new by-laws made, by the Board of Directors, but the stockholders may make additional by-laws and may alter and repeal any by-laws whether adopted by them or otherwise.

Section 6.7. Interests of Creditors . To the extent permitted by applicable law, the Board of Directors is to consider the interests of the corporation’s creditors in connection with all corporate actions.

Exhibit 3.207
CERTIFICATE OF FORMATION
OF
HLT ESP INTERNATIONAL MANAGE LLC
This Certificate of Formation of HLT ESP International Manage LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT ESP International Manage LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.208
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT ESP International Manage LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT ESP International Manage LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Managed VII-A Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT ESP International Manage LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGED VII-A BORROWER LLC,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT ESP International Manage LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Managed VII-A Borrower LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.209
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
The undersigned, in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware, hereby certifies that:
The present name of the corporation is HLT ESP International Management Corporation (the “Corporation”). The Corporation was incorporated under the same name by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on November 17, 2008. This Amended and Restated Certificate of Incorporation of the Corporation, which amends and restates the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on December 2, 2008, as amended by the Certificate of Amendment to the Certificate of Incorporation filed with the Secretary of State of the State of Delaware on April 6, 2010, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.
The Amended and Restated Certificate of Incorporation of the Corporation, as amended, is hereby amended and restated to read in its entirety as follows:
FIRST. The name of the Corporation is HLT ESP International Management Corporation.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Amended and Restated Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.

SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Amended and Restated Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Amended and Restated Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SIXTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
 
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Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholders for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or a department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on October 25, 2013.

/s/ Owen L. Wilcox	
Owen L. Wilcox	
Authorized Officer	
 
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Exhibit 3.210
BY-LAWS
OF
HLT ESP INTERNATIONAL MANAGEMENT CORPORATION
ADOPTED DECEMBER 2, 2008

ARTICLE I
Meetings of Stockholders
Section 1.1. Annual Meetings . If required by applicable law, an annual meeting of stockholders shall be held for the election of directors at such place, if any, date and time, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.
Section 1.2. Special Meetings . Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, but such special meetings may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 1.3. Notice of Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the certificate of incorporation or these by-laws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 1.4. Adjournments . Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

Section 1.5. Quorum . Except as otherwise provided by law, the certificate of incorporation or these by-laws, at each meeting of stockholders the presence in person or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum, the stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in Section 1.4 of these by-laws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
Section 1.6. Organization . Meetings of stockholders shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in his absence by a Vice President, or in the absence of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 1.7. Voting; Proxies . Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors of which a quorum is present, a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the certificate of incorporation, these by-laws, the rules or regulations of any stock exchange applicable to the corporation, or applicable law or pursuant to any regulation applicable to the corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the corporation which are present in person or by proxy and entitled to vote thereon.
Section 1.8. Fixing Date for Determination of Stockholders of Record . in order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or

allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date: (1) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting; (2) in the case of determination of stockholders entitled to express consent to corporate action in writing without a meeting, shall not be more than ten (10) days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (3) in the case of any other action, shall not be more than sixty (60) days prior to such other action. If no record date is fixed: (1) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (2) the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action of the Board of Directors is required by law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (3) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 1.9. Stock Ledger . Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to vote in person or by proxy at any meeting of stockholders.
Section 1.10. Action By Written Consent of Stockholders . Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation.

Section 1.11. Inspectors of Election . The corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the corporation represented at the meeting and such inspectors’ count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
Section 1.12. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the person presiding over any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) roles and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business

not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE II
Board of Directors
Section 2.1. Resignation; Vacancies . Subject to the certificate of incorporation, each director shall hold office for a term of one year or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation, disqualification or removal. The number of directors shall be fixed as provided in the certificate of incorporation. Any director may resign at any time upon notice to the corporation. Unless otherwise provided by law or the certificate of incorporation, any newly created directorship or any vacancy occurring in the Board of Directors for any cause may be filled by a majority of the remaining members of the applicable class of directors, if more than one class exists, although such majority is less than a quorum, or by a plurality of the votes cast at a meeting of the applicable class of stockholders, if more than one class exists, and each director so elected shall hold office until the expiration of the term of office of the director whom he has replaced or until his successor is elected and qualified.
Section 2.2. Regular Meetings . Regular meetings of the Board of Directors may be held at such places within or without the State of Delaware and at such times as the Board of Directors may from time to time determine.
Section 2.3. Special Meetings . Special meetings of the Board of Directors may be held at any time or place within or without the State of Delaware whenever called by the President, any Vice President, the Secretary, or by any member of the Board of Directors. Notice of a special meeting of the Board of Directors shall be given by the person or persons calling the meeting at least twenty-four hours before the special meeting.
Section 2.4. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this by-law shall constitute presence in person at such meeting.
Section 2.5. Quorum; Vote Required for Action . At all meetings of the Board of Directors a majority of the Board of Directors entitled to vote at the meeting, as long as not less

than 1/3 of the total number of directors, shall constitute a quorum for the transaction of business. Except in cases in which the certificate of incorporation, these by-laws or applicable law otherwise provides, the vote of a majority of the directors present and entitled to vote on a particular matter at which a quorum is present shall be the act of the Board of Directors.
Section 2.6. Organization . Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in their absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 2.7. Action by Unanimous Consent of Directors . Unless otherwise restricted by the certificate of incorporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee entitled to vote thereon, as the case may be, consent thereto in accordance with applicable law.
ARTICLE III
Committees
Section 3.1. Committees . The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
Section 3.2. Committee Rules . Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same mariner as the Board of Directors conducts its business pursuant to Article II of these by-laws.

ARTICLE IV
Officers
Section 4.1. Executive Officers; Election; Qualifications; Term of Office; Resignation; Removal; Vacancies . The Board of Directors may choose a Chairman, Vice Chairman, President, one or more Senior Managing Directors, Managing Directors, Vice Presidents, a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers and Principals. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding his election, and until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.
Section 4.2. Powers and Duties of Executive Officers . The officers of the corporation shall have such powers and duties in the management of the corporation as may be prescribed in a resolution by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors and the provisions of the Certificate of Incorporation. The Board of Directors may require any officer, agent or employee to give security for the faithful performance of his duties.
ARTICLE V
Stock
Section 5.1. Certificates . Every holder of stock shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman or Vice Chairman of the Board of Directors, if any, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the corporation certifying the number of shares owned by him in the corporation. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 5.2. Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates . The corporation may issue a new certificate of stock in the place of any certificate

theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
ARTICLE VI
Miscellaneous
Section 6.1. Fiscal Year . The fiscal year of the corporation shall be determined by resolution of the Board of Directors.
Section 6.2. Seal . The corporate seal shall have the name of the corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.
Section 6.3. Manner of Notice . Except as otherwise provided herein or permitted by applicable law, notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice to directors may be given by telecopier, telephone or other means of electronic transmission.
Section 6.4. Waiver of Notice of Meetings of Stockholders, Directors and Committees . Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 6.5. Form of Records . Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 6.6. Amendment of By-Laws . These by-laws may be altered, amended or repealed, and new by-laws made, by the Board of Directors, but the stockholders may make additional by-laws and may alter and repeal any by-laws whether adopted by them or otherwise.

Section 6.7. Interests of Creditors . To the extent permitted by applicable law, the Board of Directors is to consider the interests of the corporation’s creditors in connection with all corporate actions.

Exhibit 3.211
CERTIFICATE OF FORMATION
OF
HLT ESP MANAGE LLC
This Certificate of Formation of HLT ESP Manage LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT ESP Manage LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.212
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT ESP Manage LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT ESP Manage LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT ESP Manage LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT ESP Manage LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.213
CERTIFICATE OF FORMATION
OF
HLT FRANCHISE II BORROWER LLC
This Certificate of Formation of HLT Franchise II Borrower LLC (the “LLC”), dated as of October 22, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Franchise II Borrower LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.214
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Franchise II Borrower LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Franchise II Borrower LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Franchise Mezz II-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Franchise II Borrower LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT FRANCHISE MEZZ II-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Franchise II Borrower LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	  	Address	
HLT Franchise Mezz II-A LLC	 		  	100%	  	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.215
CERTIFICATE OF FORMATION
OF
HLT HQ SPE LLC
This Certificate of Formation of HLT HQ SPE LLC (the “LLC”), dated as of October 5, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT HQ SPE LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.216
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT HQ SPE LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT HQ SPE LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT HQ SPE LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
-2-

12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
-3-

20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT HQ SPE LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned Mezz III-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.217
CERTIFICATE OF FORMATION
OF
HLT HSM HOLDING LLC
This Certificate of Formation of HLT HSM Holding LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT HSM Holding LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.218
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT HSM Holding LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT HSM Holding LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT HSM Holding LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT HSM Holding LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.219
CERTIFICATE OF FORMATION
OF
HLT HSS HOLDING LLC
This Certificate of Formation of HLT HSS Holding LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT HSS Holding LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.220
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT HSS Holding LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT HSS Holding LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT HSS Holding LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT HSS Holding LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.221
CERTIFICATE OF FORMATION
OF
HLT JV ACQUISITION LLC
This Certificate of Formation of HLT JV Acquisition LLC (the “LLC”), dated as of October 11, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT JV Acquisition LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.222
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT JV Acquisition LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT JV Acquisition LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT JV Acquisition LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT JV Acquisition LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned Mezz III-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.223
CERTIFICATE OF FORMATION
OF
HLT JV I BORROWER LLC
This Certificate of Formation of HLT JV I Borrower LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101. et seq .).
FIRST. The name of the limited liability company formed hereby is HLT JV I Borrower LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.224
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT JV I Borrower LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT JV I Borrower LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT JV Mezz I-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT JV I Borrower LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT JV MEZZ I-A LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT JV I Borrower LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT JV Mezz I-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.225
CERTIFICATE OF FORMATION
OF
HLT LIFESTYLE FRANCHISE LLC
This Certificate of Formation of HLT Lifestyle Franchise LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Lifestyle Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.226
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Lifestyle Franchise LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Lifestyle Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Lifestyle Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Lifestyle Franchise LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.227
CERTIFICATE OF FORMATION
OF
HLT LIFESTYLE INTERNATIONAL FRANCHISE LLC
This Certificate of Formation of HLT Lifestyle International Franchise LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Lifestyle International Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.228
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Lifestyle International Franchise LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Lifestyle International Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Franchise III Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Lifestyle International Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT FRANCHISE III BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Lifestyle International Franchise LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Franchise III Borrower LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.229
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
The undersigned, in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware, hereby certifies that:
The present name of the corporation is HLT Lifestyle International Franchisor Corporation (the “Corporation”). The Corporation was incorporated under the same name by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on November 17, 2008. This Amended and Restated Certificate of Incorporation of the Corporation, which amends and restates the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on December 2, 2008, as amended by the Certificate of Amendment to the Certificate of Incorporation filed with the Secretary of State of the State of Delaware on April 6, 2010, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.
The Amended and Restated Certificate of Incorporation of the Corporation, as amended, is hereby amended and restated to read in its entirety as follows:
FIRST. The name of the Corporation is HLT Lifestyle International Franchisor Corporation.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Amended and Restated Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.

SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Amended and Restated Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Amended and Restated Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SIXTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
 
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Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholders for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or a department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on October 25, 2013.

/s/ Owen L. Wilcox	
Owen L. Wilcox	
Authorized Officer	
 
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Exhibit 3.230
BY-LAWS
OF
HLT LIFESTYLE INTERNATIONAL FRANCHISOR CORPORATION
ADOPTED DECEMBER 2, 2008

ARTICLE I
Meetings of Stockholders
Section 1.1. Annual Meetings . If required by applicable law, an annual meeting of stockholders shall be held for the election of directors at such place, if any, date and time, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.
Section 1.2. Special Meetings . Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, but such special meetings may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 1.3. Notice of Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the certificate of incorporation or these by-laws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 1.4. Adjournments . Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

Section 1.5. Quorum . Except as otherwise provided by law, the certificate of incorporation or these by-laws, at each meeting of stockholders the presence in person or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum, the stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in Section 1.4 of these by-laws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
Section 1.6. Organization . Meetings of stockholders shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in his absence by a Vice President, or in the absence of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 1.7. Voting; Proxies . Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors of which a quorum is present, a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the certificate of incorporation, these by-laws, the rules or regulations of any stock exchange applicable to the corporation, or applicable law or pursuant to any regulation applicable to the corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the corporation which are present in person or by proxy and entitled to vote thereon.
Section 1.8. Fixing Date for Determination of Stockholders of Record . In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or

allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date: (1) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting; (2) in the case of determination of stockholders entitled to express consent to corporate action in writing without a meeting, shall not be more than ten (10) days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (3) in the case of any other action, shall not be more than sixty (60) days prior to such other action. If no record date is fixed: (1) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (2) the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action of the Board of Directors is required by law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (3) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 1.9. Stock Ledger . Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to vote in person or by proxy at any meeting of stockholders.
Section 1.10. Action By Written Consent of Stockholders . Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation.

Section 1.11. Inspectors of Election . The corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the corporation represented at the meeting and such inspectors’ count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
Section 1.12. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the person presiding over any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business

not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE II
Board of Directors
Section 2.1. Resignation; Vacancies . Subject to the certificate of incorporation, each director shall hold office for a term of one year or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation, disqualification or removal. The number of directors shall be fixed as provided in the certificate of incorporation. Any director may resign at any time upon notice to the corporation. Unless otherwise provided by law or the certificate of incorporation, any newly created directorship or any vacancy occurring in the Board of Directors for any cause may be filled by a majority of the remaining members of the applicable class of directors, if more than one class exists, although such majority is less than a quorum, or by a plurality of the votes cast at a meeting of the applicable class of stockholders, if more than one class exists, and each director so elected shall hold office until the expiration of the term of office of the director whom he has replaced or until his successor is elected and qualified.
Section 2.2. Regular Meetings . Regular meetings of the Board of Directors may be held at such places within or without the State of Delaware and at such times as the Board of Directors may from time to time determine.
Section 2.3. Special Meetings . Special meetings of the Board of Directors may be held at any time or place within or without the State of Delaware whenever called by the President, any Vice President, the Secretary, or by any member of the Board of Directors. Notice of a special meeting of the Board of Directors shall be given by the person or persons calling the meeting at least twenty-four hours before the special meeting.
Section 2.4. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this by-law shall constitute presence in person at such meeting.
Section 2.5. Quorum; Vote Required for Action . At all meetings of the Board of Directors a majority of the Board of Directors entitled to vote at the meeting, as long as not less

than 1/3 of the total number of directors, shall constitute a quorum for the transaction of business. Except in cases in which the certificate of incorporation, these by-laws or applicable law otherwise provides, the vote of a majority of the directors present and entitled to vote on a particular matter at which a quorum is present shall be the act of the Board of Directors.
Section 2.6. Organization . Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in their absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 2.7. Action by Unanimous Consent of Directors . Unless otherwise restricted by the certificate of incorporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee entitled to vote thereon, as the case may be, consent thereto in accordance with applicable law.
ARTICLE III
Committees
Section 3.1. Committees . The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
Section 3.2. Committee Rules . Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these by-laws.

ARTICLE IV
Officers
Section 4.1. Executive Officers: Election: Qualifications; Term of Office; Resignation; Removal; Vacancies . The Board of Directors may choose a Chairman, Vice Chairman, President, one or more Senior Managing Directors, Managing Directors, Vice Presidents, a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers and Principals. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding his election, and until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.
Section 4.2. Powers and Duties of Executive Officers . The officers of the corporation shall have such powers and duties in the management of the corporation as may be prescribed in a resolution by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors and the provisions of the Certificate of Incorporation. The Board of Directors may require any officer, agent or employee to give security for the faithful performance of his duties.
ARTICLE V
Stock
Section 5.1. Certificates . Every holder of stock shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman or Vice Chairman of the Board of Directors, if any, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the corporation certifying the number of shares owned by him in the corporation. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 5.2. Lost Stolen or Destroyed Stock Certificates; Issuance of New Certificates . The corporation may issue a new certificate of stock in the place of any certificate

theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
ARTICLE VI
Miscellaneous
Section 6.1. Fiscal Year . The fiscal year of the corporation shall be determined by resolution of the Board of Directors.
Section 6.2. Seal . The corporate seal shall have the name of the corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.
Section 6.3. Manner of Notice . Except as otherwise provided herein or permitted by applicable law, notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice to directors may be given by telecopier, telephone or other means of electronic transmission.
Section 6.4. Waiver of Notice of Meetings of Stockholders . Directors and Committees. Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 6.5. Form of Records . Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 6.6. Amendment of By-Laws . These by-laws may be altered, amended or repealed, and new by-laws made, by the Board of Directors, but the stockholders may make additional by-laws and may alter and repeal any by-laws whether adopted by them or otherwise.

Section 6.7. Interests of Creditors . To the extent permitted by applicable law, the Board of Directors is to consider the interests of the corporation’s creditors in connection with all corporate actions.

Exhibit 3.231
CERTIFICATE OF FORMATION
OF
HLT LIFESTYLE INTERNATIONAL MANAGE LLC
This Certificate of Formation of HLT Lifestyle International Manage LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Lifestyle International Manage LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.232
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Lifestyle International Manage LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Lifestyle International Manage LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Managed VII-A Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Lifestyle International Manage LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGED VII-A BORROWER LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Lifestyle International Manage LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Managed VII-A Borrower LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.233
AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION
OF
HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
The undersigned, in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware, hereby certifies that:
The present name of the corporation is HLT Lifestyle International Management Corporation (the “Corporation”). The Corporation was incorporated under the same name by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on November 17, 2008. This Amended and Restated Certificate of Incorporation of the Corporation, which amends and restates the Corporation’s Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on December 2, 2008, as amended by the Certificate of Amendment to the Certificate of Incorporation filed with the Secretary of State of the State of Delaware on April 6, 2010, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware.
The Amended and Restated Certificate of Incorporation of the Corporation, as amended, is hereby amended and restated to read in its entirety as follows:
FIRST. The name of the Corporation is HLT Lifestyle International Management Corporation.
SECOND. The registered office and registered agent of the Corporation in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
THIRD. The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware or any successor statute.
FOURTH. The total number of shares of capital stock which the Corporation shall have authority to issue is 1,000 shares of common stock, par value $0.01 per share.
FIFTH. The Board of Directors of the Corporation, acting by majority vote, is expressly authorized to make, alter, amend or repeal the Bylaws of the Corporation. In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained elsewhere in this Amended and Restated Certificate of Incorporation, Bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors of the Corporation, but any Bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot.

SIXTH. (a) No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, except to the extent that such exemption from liability or limitation thereof is not permitted under the General Corporation Law of the State of Delaware as currently in effect or as the same may hereafter be amended. Any repeal or modification of this subsection (a) of this Article SIXTH by the stockholders of the Corporation shall not adversely affect any right or protection of a director, officer or the Corporation existing at the time of such repeal or modification. If the General Corporation Law of the State of Delaware is amended after the filing of this Amended and Restated Certificate of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended. For purposes of this Amended and Restated Certificate of Incorporation, all references to a director or officer shall be references to any current or former directors or officers of the Corporation.
(b) The Corporation shall indemnify and hold harmless any person who was or is a party or is threatened to be made a party to, or testifies in, any threatened, pending or completed action, claim, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, against all claims, losses, liabilities, expenses (including attorneys’ fees and disbursements), damages, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding to the fullest extent permitted under the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with any such person for the purpose of providing for such indemnification.
(c) To the extent that a director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraph (b) of this Article SIXTH, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by such person in connection therewith.
(d) Expenses (including attorneys’ fees and disbursements) incurred by an officer or director in defending or testifying in a civil, criminal, administrative or investigative action, claim, suit or proceeding by reason of the fact that such person is or was an officer or director of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise) shall be paid by the Corporation in advance of the final disposition of such action, claim, suit or proceeding within ten business days of the Corporation’s receipt of a request for advancement of such expenses from such director or officer and, to the extent required by law, upon receipt of an undertaking by or on behalf of any such director or officer to repay such amount if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Corporation against such expenses as authorized by the relevant sections of the General Corporation Law of the State of Delaware, and the Corporation may adopt Bylaws or enter into agreements with such persons for the purpose of providing for such advances.
 
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(e) The indemnification permitted by this Article SIXTH shall not be deemed exclusive of any other rights to which any person may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding an office, and shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such person. To assure indemnification under this Article SIXTH of all current and former directors and officers who are determined by the Corporation or otherwise to be or to have been “fiduciaries” of any employee benefit plan of the Corporation which may exist from time to time, Section 145 of the General Corporation Law of the State of Delaware shall, for the purposes of this Article SIXTH, be interpreted as follows: “other enterprise” shall be deemed to include such an employee benefit plan, including without limitation, any plan of the Corporation which is governed by the Act of Congress entitled “Employee Retirement Income Security Act of 1974,” as amended from time to time; the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; and excise taxes assessed on a person with respect to an employee benefit plan pursuant to such Act of Congress shall he deemed “fines.”
(f) The Corporation shall have the power to purchase and maintain insurance to protect itself and any person who is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the General Corporation Law of the State of Delaware or the provisions of this Article SIXTH or otherwise.
SEVENTH. Except as otherwise agreed in writing between such director and the Corporation, or as provided below, to the fullest extent permitted by law, except as may be otherwise agreed in writing between such director and the Corporation, (a) no director of the Corporation shall have any duty (fiduciary or otherwise) or obligation, if any, to refrain from (i) engaging in the same or similar activities or lines of business as the Corporation or any of its subsidiaries or (ii) doing business with any client, customer or vendor of the Corporation or any of its subsidiaries, including, in the cases of clauses (i) or (ii), any such matters as may be Corporate Opportunities (as defined below); and (b) no officer, director or employee thereof shall be deemed to have breached any duty (fiduciary or otherwise), if any, to the Corporation or any of its subsidiaries or stockholders solely by reason of any director of the Corporation engaging in any such activity or entering into such transactions, including any Corporate Opportunities. “Corporate Opportunity” means any potential transaction, investment or business opportunity or prospective economic or competitive advantage in which the Corporation or any of its subsidiaries could have any expectancy or interest.
 
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Without limiting the foregoing, the Corporation and its subsidiaries shall have no interest or expectation in, nor right to be informed of, any Corporate Opportunity, and in the event that any director of the Corporation acquires knowledge of a potential transaction or matter which may be a Corporate Opportunity, such director shall, to the fullest extent permitted by law, have no duty (fiduciary or otherwise) or obligation to communicate or offer such Corporate Opportunity to the Corporation or any of its subsidiaries or to any other director of the Corporation and shall not, to the fullest extent permitted by law, be liable to the Corporation or any of its subsidiaries or stockholders for breach of any fiduciary duty as a director or officer of the Corporation or any of its subsidiaries solely by reason of the fact that any director of the Corporation acquires or seeks such Corporate Opportunity for itself, directs such Corporate Opportunity to another individual, partnership, joint venture, corporation, association, joint stock company, limited liability company, trust, unincorporated organization or government or a department or agency or political subdivision thereof, or otherwise does not communicate information regarding such Corporate Opportunity to the Corporation or its subsidiaries, and the Corporation and its subsidiaries, to the fullest extent permitted by law, waive and renounce any claim that such business opportunity constituted a Corporate Opportunity that should have been presented to the Corporation or its subsidiaries; provided that if an opportunity is expressly communicated to a director of the Corporation in his or her capacity as a director as an opportunity intended exclusively for the Corporation or its subsidiaries (hereinafter called an “Identified Corporate Opportunity”), such Identified Corporate Opportunity shall belong to the Corporation and its subsidiaries and, unless the Corporation notifies the stockholders that neither the Corporation nor any of its subsidiaries intend to pursue such Identified Corporate Opportunity.
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IN WITNESS WHEREOF, the undersigned has signed this Amended and Restated Certificate of Incorporation on October 25, 2013.

/s/ Owen L. Wilcox	
Owen L. Wilcox	
Authorized Officer	
 
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Exhibit 3.234
BY-LAWS
OF
HLT LIFESTYLE INTERNATIONAL MANAGEMENT CORPORATION
ADOPTED DECEMBER 2, 2008

ARTICLE I
Meetings of Stockholders
Section 1.1. Annual Meetings . If required by applicable law, an annual meeting of stockholders shall be held for the election of directors at such place, if any, date and time, either within or without the State of Delaware, as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.
Section 1.2. Special Meetings . Special meetings of stockholders for any purpose or purposes may be called at any time by the Board of Directors, but such special meetings may not be called by any other person or persons. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 1.3. Notice of Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, date and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by law, the certificate of incorporation or these by-laws, the notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 1.4. Adjournments . Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, and notice need not be given of any such adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

Section 1.5. Quorum . Except as otherwise provided by law, the certificate of incorporation or these by-laws, at each meeting of stockholders the presence in person or by proxy of the holders of a majority in voting power of the outstanding shares of stock entitled to vote at the meeting shall be necessary and sufficient to constitute a quorum. In the absence of a quorum, the stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in Section 1.4 of these by-laws until a quorum shall attend. Shares of its own stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes; provided, however, that the foregoing shall not limit the right of the corporation or any subsidiary of the corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.
Section 1.6. Organization . Meetings of stockholders shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in his absence by a Vice President, or in the absence of the foregoing persons by a chairman designated by the Board of Directors, or in the absence of such designation by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 1.7. Voting; Proxies . Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors of which a quorum is present, a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the certificate of incorporation, these by-laws, the rules or regulations of any stock exchange applicable to the corporation, or applicable law or pursuant to any regulation applicable to the corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the corporation which are present in person or by proxy and entitled to vote thereon.
Section 1.8. Fixing Date for Determination of Stockholders of Record . In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or

allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date: (1) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than sixty (60) nor less than ten (10) days before the date of such meeting; (2) in the case of determination of stockholders entitled to express consent to corporate action in writing without a meeting, shall not be more than ten (10) days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (3) in the case of any other action, shall not be more than sixty (60) days prior to such other action. If no record date is fixed: (1) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (2) the record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action of the Board of Directors is required by law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (3) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
Section 1.9. Stock Ledger . Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to vote in person or by proxy at any meeting of stockholders.
Section 1.10. Action By Written Consent of Stockholders . Unless otherwise restricted by the certificate of incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the corporation.

Section 1.11. Inspectors of Election . The corporation may, and shall if required by law, in advance of any meeting of stockholders, appoint one or more inspectors of election, who may be employees of the corporation, to act at the meeting or any adjournment thereof and to make a written report thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. In the event that no inspector so appointed or designated is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. The inspector or inspectors so appointed or designated shall (i) ascertain the number of shares of capital stock of the corporation outstanding and the voting power of each such share, (ii) determine the shares of capital stock of the corporation represented at the meeting and the validity of proxies and ballots, (iii) count all votes and ballots, (iv) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (v) certify their determination of the number of shares of capital stock of the corporation represented at the meeting and such inspectors’ count of all votes and ballots. Such certification and report shall specify such other information as may be required by law. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders of the corporation, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for an office at an election may serve as an inspector at such election.
Section 1.12. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the person presiding over any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding officer of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding officer at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such presiding officer should so determine, such person shall so declare to the meeting and any such matter or business

not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE II
Board of Directors
Section 2.1. Resignation; Vacancies . Subject to the certificate of incorporation, each director shall hold office for a term of one year or until his or her successor is duly elected and qualified, subject to such director’s earlier death, resignation, disqualification or removal. The number of directors shall be fixed as provided in the certificate of incorporation. Any director may resign at any time upon notice to the corporation. Unless otherwise provided by law or the certificate of incorporation, any newly created directorship or any vacancy occurring in the Board of Directors for any cause may be filled by a majority of the remaining members of the applicable class of directors, if more than one class exists, although such majority is less than a quorum, or by a plurality of the votes cast at a meeting of the applicable class of stockholders, if more than one class exists, and each director so elected shall hold office until the expiration of the term of office of the director whom he has replaced or until his successor is elected and qualified.
Section 2.2. Regular Meetings . Regular meetings of the Board of Directors may be held at such places within or without the State of Delaware and at such times as the Board of Directors may from time to time determine.
Section 2.3. Special Meetings . Special meetings of the Board of Directors may be held at any time or place within or without the State of Delaware whenever called by the President, any Vice President, the Secretary, or by any member of the Board of Directors. Notice of a special meeting of the Board of Directors shall be given by the person or persons calling the meeting at least twenty-four hours before the special meeting.
Section 2.4. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this by-law shall constitute presence in person at such meeting.
Section 2.5. Quorum; Vote Required for Action . At all meetings of the Board of Directors a majority of the Board of Directors entitled to vote at the meeting, as long as not less

than 1/3 of the total number of directors, shall constitute a quorum for the transaction of business. Except in cases in which the certificate of incorporation, these by-laws or applicable law otherwise provides, the vote of a majority of the directors present and entitled to vote on a particular matter at which a quorum is present shall be the act of the Board of Directors.
Section 2.6. Organization . Meetings of the Board of Directors shall be presided over by the Chairman of the Board, if any, or in his absence by the Vice Chairman of the Board, if any, or in his absence by the President, or in their absence by a chairman chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his absence the chairman of the meeting may appoint any person to act as secretary of the meeting.
Section 2.7. Action by Unanimous Consent of Directors . Unless otherwise restricted by the certificate of incorporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or such committee entitled to vote thereon, as the case may be, consent thereto in accordance with applicable law.
ARTICLE III
Committees
Section 3.1. Committees . The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member. Any such committee, to the extent permitted by law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
Section 3.2. Committee Rules . Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article II of these by-laws.

ARTICLE IV
Officers
Section 4.1. Executive Officers; Election; Qualifications; Term of Office; Resignation; Removal; Vacancies . The Board of Directors may choose a Chairman, Vice Chairman, President, one or more Senior Managing Directors, Managing Directors, Vice Presidents, a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers and Principals. Each such officer shall hold office until the first meeting of the Board of Directors after the annual meeting of stockholders next succeeding his election, and until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the corporation. The Board of Directors may remove any officer with or without cause at any time, but such removal shall be without prejudice to the contractual rights of such officer, if any, with the corporation. Any number of offices may be held by the same person. Any vacancy occurring in any office of the corporation by death, resignation, removal or otherwise may be filled for the unexpired portion of the term by the Board of Directors at any regular or special meeting.
Section 4.2. Powers and Duties of Executive Officers . The officers of the corporation shall have such powers and duties in the management of the corporation as may be prescribed in a resolution by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors and the provisions of the Certificate of Incorporation. The Board of Directors may require any officer, agent or employee to give security for the faithful performance of his duties.
ARTICLE V
Stock
Section 5.1. Certificates . Every holder of stock shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman or Vice Chairman of the Board of Directors, if any, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the corporation certifying the number of shares owned by him in the corporation. Any of or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 5.2. Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates . The corporation may issue a new certificate of stock in the place of any certificate

theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or his legal representative, to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.
ARTICLE VI
Miscellaneous
Section 6.1. Fiscal Year . The fiscal year of the corporation shall be determined by resolution of the Board of Directors.
Section 6.2. Seal . The corporate seal shall have the name of the corporation inscribed thereon and shall be in such form as may be approved from time to time by the Board of Directors.
Section 6.3. Manner of Notice . Except as otherwise provided herein or permitted by applicable law, notices to directors and stockholders shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice to directors may be given by telecopier, telephone or other means of electronic transmission.
Section 6.4. Waiver of Notice of Meetings of Stockholders, Directors and Committees . Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any regular or special meeting of the stockholders, directors, or members of a committee of directors need be specified in a waiver of notice.
Section 6.5. Form of Records . Any records maintained by the corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.
Section 6.6. Amendment of By-Laws . These by-laws may be altered, amended or repealed, and new by-laws made, by the Board of Directors, but the stockholders may make additional by-laws and may alter and repeal any by-laws whether adopted by them or otherwise.

Section 6.7. Interests of Creditors . To the extent permitted by applicable law, the Board of Directors is to consider the interests of the corporation’s creditors in connection with all corporate actions.

Exhibit 3.235
CERTIFICATE OF FORMATION
OF
HLT LIFESTYLE MANAGE LLC
This Certificate of Formation of HLT Lifestyle Manage LLC (the “LLC”), dated as of November 17, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Lifestyle Manage LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ Robert Harper	
Robert Harper	
Authorized Person	

Exhibit 3.236
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Lifestyle Manage LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Lifestyle Manage LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of December 31, 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Lifestyle Manage LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Lifestyle Manage LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.237
CERTIFICATE OF FORMATION
OF
HLT MEMPHIS DATA LLC
This Certificate of Formation of HLT Memphis Data LLC (the “LLC”), dated as of October 17, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Memphis Data LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.238
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Memphis Data LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Memphis Data LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz III-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Memphis Data LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ III-A LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT Memphis Data LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned Mezz III-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.239
CERTIFICATE OF FORMATION
OF
HLT O’HARE LLC
This Certificate of Formation of HLT O’Hare LLC (the “LLC”), dated as of September 20, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT O’Hare LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.240
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT O’Hare LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT O’Hare LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz II-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT O’Hare LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ II-A LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT O’Hare LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned Mezz II-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.241
CERTIFICATE OF FORMATION
OF
HLT OPERATE DTWC LLC
This Certificate of Formation of HLT Operate DTWC LLC (the “LLC”), dated as of January 30, 2008, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Operate DTWC LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ K. Allen Anderson	
K. Allen Anderson	
Authorized Person	

Exhibit 3.242
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Operate DTWC LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Operate DTWC LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Operating Mezz I-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of January      , 2008 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Operate DTWC LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OPERATING MEZZ I-A LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Operate DTWC LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Operating Mezz I-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.243
CERTIFICATE OF FORMATION
OF
HLT OWNED II HOLDING LLC
This Certificate of Formation of HLT Owned II Holding LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Owned II Holding LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.244
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT OWNED II HOLDING LLC
This Limited Liability Company Agreement (this “ Agreement ”) of HLT Owned II Holding LLC, a Delaware limited liability company, is entered into as of October 10, 2007, by Hilton Illinois Corp., a Nevada corporation (“Hilton Illinois Corp.”), as the sole member Hilton Illinois Corp. and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Hilton Illinois Corp. hereby forms a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is HLT Owned II Holding LLC (the “ Company ”). The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Hilton Illinois Corp. is hereby admitted as a member of the Company. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State
 
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of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Illinois Corp., a Nevada corporation	
		
By:	 	/s/ K. Allen Anderson	
	 	Name:	 	K. Allen Anderson	
	 	Title:	 	Vice President	
 
2

Schedule A
Member

                                     Name	  	Address	
		
Hilton Illinois Corp., a Nevada corporation	  	9336 Civic Center Dr. Beverly Hills, CA 90210	

Exhibit 3.245
CERTIFICATE OF FORMATION
OF
HLT OWNED II-A BORROWER LLC
This Certificate of Formation of HLT Owned II-A Borrower LLC (the “LLC”), dated as of October 23, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Owned II-A Borrower LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.246
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Owned II-A Borrower LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Owned II-A Borrower LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned Mezz II-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Owned II-A Borrower LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

							
MANAGING MEMBER :	
		
	 	HLT OWNED MEZZ II-A LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Owned II-A Borrower LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned Mezz II-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.247
CERTIFICATE OF FORMATION
OF
HLT PALMER LLC
This Certificate of Formation of HLT Palmer LLC (the “LLC”), dated as of October 5, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Palmer LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.248
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Palmer LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Palmer LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Owned II-A Borrower LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Palmer LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT OWNED II-A BORROWER LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HLT Palmer LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Owned II-A Borrower LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.249
CERTIFICATE OF FORMATION
OF
HLT TIMESHARE BORROWER I LLC
This Certificate of Formation of HLT Timeshare Borrower I LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Timeshare Borrower I LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.250
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Timeshare Borrower I LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Timeshare Borrower I LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Timeshare Mezz I-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Timeshare Borrower I LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT TIMESHARE MEZZ I-A LLC , 
 a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Timeshare Borrower I LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Timeshare Mezz I-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.251
CERTIFICATE OF FORMATION
OF
HLT TIMESHARE BORROWER II LLC
This Certificate of Formation of HLT Timeshare Borrower II LLC (the “LLC”), dated as of October 10, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101. et seq .).
FIRST. The name of the limited liability company formed hereby is HLT Timeshare Borrower II LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.252
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HLT Timeshare Borrower II LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HLT Timeshare Borrower II LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Timeshare Mezz II-A LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HLT Timeshare Borrower II LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT TIMESHARE MEZZ II-A LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HLT Timeshare Borrower II LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Timeshare Mezz II-A LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.253
CERTIFICATE OF FORMATION
OF
HOMEWOOD SUITES FRANCHISE LLC
This Certificate of Formation of Homewood Suites Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Homewood Suites Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.254
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Homewood Suites Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Homewood Suites Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Homewood Suites Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Homewood Suites Franchise LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.255
CERTIFICATE OF FORMATION
OF
HOMEWOOD SUITES MANAGEMENT LLC
This Certificate of Formation of Homewood Suites Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Homewood Suites Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.256
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Homewood Suites Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Homewood Suites Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Homewood Suites Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
-2-

11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
-3-

19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Homewood Suites Management LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.257
CERTIFICATE OF INCORPORATION
OF
HOTELS STATLER COMPANY, INC.

We, the undersigned, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the provisions of the General Corporation of the State of Delaware, do hereby certify as follows:
FIRST: The name of the corporation is
HOTELS STATLER COMPANY, INC.
SECOND: The principal office of the corporation is to be located in the City of Dover, in the County of Kent, in the State of Delaware. The name of its resident agent is the United States Corporation Company, whose address is 129 South State Street in said city.
THIRD: The nature of the business of the corporation and the objects or purposes proposed to be transacted, promoted or carried on by it are.
(a) To acquire by purchase, lease, subscription or otherwise, to own, hold for investment or otherwise, and to use, improve, develop, maintain, operate, administer, let, lease, sell, assign, transfer, mortgage, pledge or otherwise dispose of real and personal property of every kind and description, including without being limited to, lands and interests in lands of every kind and description and wheresoever situated, and to construct and erect buildings and structures in and on such lands for any use or purpose;
(b) To acquire and operate or to manage hotels and apartment houses, apartment hotels, restaurants, cafes, refreshment rooms, music halls, places of amusement, recreation, sport, entertainment and instruction of all kinds, bars for the sale of intoxicating liquors, clubs, commercial buildings, office buildings, and other businesses which can be conveniently carried on in connection with any of the foregoing, including, but not limited to, the operation and maintenance of newsstands, tobacco counters, laundries, theatre ticket agencies, agencies for railway and shipping companies and carriers, barber shops, beauty parlors, gymnasiums, swimming pools, public baths and garages;

(c) To guarantee, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of shares of the capital stock (including options to purchase shares of capital stock) of, or any bonds, notes, securities or evidences of indebtedness created by, any other corporation or corporations organized under the laws of the State of Delaware or any other State, country, nation or government, and while the owner thereof to exercise all the rights, powers and privileges of ownership, including the right to vote thereon;
(d) To enter into, make and perform contracts of every kind and description with any person, firm, association, corporation, municipality, county, state, body politic or government or colony or dependency thereof;
(e) To borrow or raise moneys for any of the purposes of the corporation and, from time to time, without limit as to amount, to draw, make, accept, endorse, execute and issue promissory notes, drafts, bills of exchange, warrants, bonds, debentures and other negotiable or non-negotiable instruments and evidences of indebtedness, and to secure the payment of any thereof and of the interest thereon by mortgage upon or pledge, conveyance or assignment in trust of, the whole or any part of the property of the corporation, whether at the time owned or thereafter acquired, and to sell, pledge or otherwise dispose of ouch bonds or other obligations of the corporation for its corporate purposes;
(f) To purchase or otherwise acquire shares of its own stock and options to purchase shares of its own stock (so far as may be permitted by law) and its bonds, debentures, notes, scrip or other securities or evidences of indebtedness, and to cancel or to hold, transfer or reissue the same to such persons, firms, corporations or associations and upon such terms and conditions as the Board of Directors may in its discretion determine, without offering any thereof on the same terms or on any terms to the stockholders then of record or to any class of stockholders;
(g) To carry on any other lawful business whatsoever in connection with the above, or calculated directly or indirectly to promote the interests of the corporation or to enhance the value of its properties; to have, enjoy and exercise all the rights, powers and privileges which are now or which may hereafter be conferred upon corporations organized under the same statutes as the corporation; to do any and all things herein set forth, and in addition such other acts and things as are necessary or convenient to the attainment of the purposes of the corporation, or any of them, to the same extent as a natural person might lawfully do in any part of the world

(as principal, agent, contractor or otherwise, and either alone or in conjunction with any other persons, firms, associations, trust estates or corporations), in so far as such acts are permitted to be done by a corporation organized under the General Corporation Laws of the State of Delaware;
(h) To conduct its business in the State of Delaware, other states, the District of Columbia, the territories and colonies of the United States and in foreign countries, and to have one or more offices without as well as within the State of Delaware.
The foregoing clauses shall be construed as objects, purposes and powers, and it is hereby expressly provided that the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the powers of the corporation.
FOURTH: The total number of shares of stock which the corporation is authorized to issue is One Hundred (100) and the par value of each of such shares is Ten Dollars ($10.00).
FIFTH: The minimum amount of capital with which the corporation will commence business is One Thousand Dollars ($1,000).
SIXTH: The name and place of residence of each of the incorporators is as follows:

Name	  	Residence	
		
M. P. Gorsuch	  	Dover, Delaware	
E. E. Boyles    	  	Dover, Delaware	
M. R. Hall       	  	Dover, Delaware	
SEVENTH: The corporation is to have perpetual existence.
EIGHTH: The private property of the stockholders shall not be subject to the payment of corporate debts to any extent whatever.
NINTH: The number of directors of the corporation shall be such as from time to time shall be fixed by, or in the manner provided in the by-laws, but shall not be less than three. All corporate powers shall be exercised by The Board of Directors, except as otherwise provided by Statute or by the Certificate of Incorporation, of the Corporation, or by amendment thereof.

IN FURTHERANCE AND NOT IN LIMITATION OF THE POWERS CONFERRED BY STATUTE, THE BOARD OF DIRECTORS IS EXPRESSLY AUTHORIZED:
(a) To make, amend or repeal the by-laws of the corporation; provided, however, that all such by-laws may be amended, altered or repealed by the stockholders.
(b) By resolution or resolutions passed by a majority of the whole Board, to designate an Executive Committee and one or more other committees which shall have and may exercise such powers and rights of the Board of Directors in the management of the business and affairs of the corporation as may be provided in the by-laws or in said resolution or resolutions, and shall have power to authorize the seal of the corporation to be affixed to all papers which may require it.
(c) To authorize and cause to be executed mortgages and liens, without limit as to amount, upon the real and/or personal property of the corporation.
(d) To fix, determine and vary from time to time the amount to be maintained as surplus and the amount or amounts to be set apart as working capital or reserves for any purpose.
(e) From time to time, to determine whether and to what extent, at what time and place, and under what conditions and regulations the accounts and books of the corporation or any of them shall be open to the inspection of any stockholders; and no stockholder shall have any right to inspect any account or book or document of the corporation except as conferred by statute or the by-laws, or as authorized by a resolution of the stockholders or Board of Directors.
(f) When and as authorized by the affirmative vote of the holders of a majority of the stock issued and outstanding having voting power given at a stockholders’ meeting duly called for that purpose, or when authorized by the written consent of the holders of a majority of the voting stock issued and outstanding, to sell, lease or exchange all of the property and assets of the corporation, including its good will and its corporate franchises, upon such terms and conditions and for such consideration which may be in whole or in part in shares of stock in, and/or other securities of, any other corporation or corporations, as its Board of Directors shall deem expedient and for the best interests of the corporation.
 
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(g) To determine whether any, and, if any, what part of any funds legally available for dividends shall be declared and paid as dividends, to determine the date or dates for the declaration or payment of dividends, and to direct and determine the use and disposition of any net assets in excess of capital or any net profits.
(h) To authorize the payment of compensation to the directors for services to the corporation, including fees for attendance at meetings of the Board of Directors, of the Executive Committee and of other committees, and to determine the amount of such compensation and fees.
(i) To acquire the securities of or the assets of other corporations engaged in the hotel business or in any other business, and to pay therefor such consideration (including, without being limited to, cash, the assumption of indebtedness and/or securities of the corporation) as they, in their judgment shall deem appropriate.
TENTH: A director of the corporation shall not be disqualified by his office from dealing or contracting with the corporation either as a vendor, purchaser or otherwise, nor shall any transaction or contract of the corporation be void or voidable by reason of the fact that any director or any firm of which any director is a member or any corporation of which any director is a shareholder, officer or director, is in any way interested in such transaction or contract, provided that such transaction or contract is or shall be authorized, ratified or approved (1) by a vote of a majority of a quorum of the Board of Directors or of the Executive Committee, without counting in such majority or quorum any director so interested or member of a firm so interested, or a shareholder, officer or director of a corporation so interested, or (2) by the written consent, or by the vote at any stockholders’ meeting, of the holders of record of a majority of all the outstanding shares of stock of the corporation entitled to vote, nor shall any director be liable to account to the corporation for any profits realized by or from or through any such transaction or contract of the corporation authorized, ratified or approved as aforesaid by reason of the fact that he, or any firm of which he is a member or any corporation of which he is a shareholder, officer or director was interested in such transaction or contract. Nothing herein contained shall create liability in the events above described or prevent the authorization, ratification or approval of such contracts in any other manner provided by law.
Any contract, transaction or act of the corporation or of the Board of Directors which shall be ratified by a majority of a quorum of the stockholders entitled to
 
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vote at any annual meeting or at any special meeting called for that purpose, shall be as valid and binding as though ratified by every stockholder of the corporation; provided, however, that any failure of the stockholders to approve or ratify such contract, transaction or act, when and if submitted, shall not be deemed in any way to invalidate the same or to deprive the corporation, its directors or officers of their right to proceed with such contract, transaction or action. The corporation shall indemnify any and all of its directors or officers or former directors or officers or any person who may have served at its request as a director or officer of another corporation in which it owns shares of capital stock or of which it is a creditor against expenses actually and necessarily incurred by them in connection with the defense of any action, suit or proceeding in which they, or any of them, are made parties, or a party, by reason of being or having been directors or officers or a director or officer of the corporation or of such other corporation, except in relation to matters as to which any such director or officer or former director or officer or person shall be adjudged in such action, suit or proceeding to be liable for negligence or misconduct in the performance of duty. Such indemnification shall not be deemed exclusive of any other rights to which those indemnified may be entitled, under any by-laws, agreement, vote of stockholders, or otherwise.
ELEVENTH: No stockholder shall be entitled as a matter of right to subscribe for, purchase or receive any shares of the stock or any rights or options of the corporation which it may issue or sell, whether out of the number of shares authorized by the Certificate of Incorporation of the corporation or by amendment thereof or out of the shares of the stock of the corporation acquired by it after the issuance thereof, nor shall any stockholder be entitled as a matter of right to purchase or subscribe for or receive any bonds, debentures or other obligations which the corporation may issue or sell that shall be convertible into or exchangeable for stock or to which shall be attached or appertain any warrant or warrants or other instrument or instruments that shall confer upon the holder or owner of such obligation the right to subscribe for or purchase from the corporation any shares of its capital stock. But all such additional issues of stock, rights, options, or of bonds, debentures or other obligations convertible into or exchangeable for stock or to which warrants shall be attached or appertain or which shall confer upon the holder the right to subscribe for or purchase any shares of stock may (to the extent permitted by law) be issued and disposed of by the Board of Directors to such persons and upon such terms as in their absolute discretion they may deem advisable.
TWELFTH: The corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation in the manner now or hereafter prescribed by law, and all rights and powers conferred herein on stockholders, directors and officers are subject to this reserved power.

IN WITNESS WHEREOF, we have hereunto set our hands and seals, the 23rd day of March, 1955.
In the presence of:

/s/ Emma V. Hall	

/s/ M. P. Gorsuch	 	(L.S.)	
		
/s/ E. E. Boyles	 	(L.S.)	
		
/s/ M. R. Hall	 	(L.S.)	

STATE OF DELAWARE	  	)	  		
	  	)	  	SS.	
COUNTY OF KENT	  	)	  		
BE IT REMEMBERED that on this 23rd day of March, A.D. 1955, personally came before me Emma V. Hall, a Notary Public in and for the County and State aforesaid, M. P. Gorsuch, E. E. Bòyles and M. R. Hall, parties to the foregoing certificate of incorporation, known to me personally to be such, and severally acknowledged the said certificate to be the act and deed of the signers respectively, and that the facts therein stated are truly set forth.
GIVEN under my hand and seal of office the day and year aforesaid.

/s/ Emma V. Hall	
Notary Public	
 
[Seal]

Exhibit 3.258
B Y - L A W S
OF
HOTELS STATLER COMPANY , INC .
* * * * * *
ARTICLE I
OFFICES
SECTION 1. PRINCIPAL OFFICE.—The principal office shall be established and maintained at the office of the United States Corporation Company, in the City of Dover, in the County of Kent, in the State of Delaware, and said corporation shall be the resident agent of this corporation in charge thereof.
SECTION 2. OTHER OFFICES.—The corporation may have other offices, either within or outside of the State of Delaware, at such place or places as the Board of Directors may from time to time appoint or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
SECTION 1. PLACE OF MEETINGS.—The annual meeting of stockholders shall be held in the City of Chicago, Illinois at the place therein determined by the directors and set forth in the notice thereof, but other meetings of the stockholders may be held at such place or places as shall be fixed by the directors and stated in the notice of the meeting.
SECTION 2. ANNUAL ELECTION OF DIRECTORS.—The annual meeting of stockholders for the election of directors and the transaction of other business shall be held, in each year, commencing in 1956, on the second Tuesday of March, at 10:00 A.M.
If this date shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day. At each annual meeting the stockholders entitled to vote shall elect a Board of Directors and they may transact such other corporate business as shall be stated in the notice of the meeting.
No change of the time or place of a meeting for the election of directors, as fixed by the By-Laws, shall be made within sixty days next before the day on which such election is to be held. In case of any change in such time or place for such election of directors, notice thereof shall be given to

each stockholder entitled to vote, in person, or by letter mailed to his last known post office address, twenty days before the election is held.
SECTION 3. VOTING.—Each stockholder entitled to vote in accordance with the terms of the Certificate of Incorporation and in accordance with the provisions of these By-Laws shall be entitled to one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder, but no proxy shall be voted after three years from its date unless such proxy provides for a longer period. After the first election of directors, except where the transfer books of the corporation shall have been closed or a date shall have been fixed as the record date for the determination of its stockholders entitled to vote, no share of stock shall be voted on at any election for directors which shall have been transferred on the books of the corporation within twenty days next preceding such election. Upon the demand of any stockholder, the vote for directors and the vote upon any question before the meeting, shall be by ballot. All elections for directors shall be decided by plurality vote; all other questions shall be decided by majority vote except as otherwise provided by the Certificate of Incorporation or the laws of the State of Delaware.
A complete list of the stockholders entitled to vote at the ensuing election, arranged in alphabetical order, with the residence of each, and the number of voting shares held by each, shall be prepared by the Secretary and filed in the office where the election is to be held, at least ten days before every election, and shall at all times during the usual hours for business, and during the whole time of said election, be open to examination of any stockholder.
SECTION 4. QUORUM.—Except as otherwise required by law, by the Certificate of Incorporation or by these By-Laws, the presence, in person or by proxy, of stockholders holding a majority of the stock of the corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. In case a quorum shall not be present at any meeting, a majority in interest of the stockholders entitled to vote thereat, present in person or by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of stock entitled to vote shall be present. At any such adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted which might have been transacted at the meeting as originally noticed; but only those stockholders entitled to vote at the meeting as originally noticed shall be entitled to vote at any adjournment or adjournments thereof.

SECTION 5. SPECIAL MEETINGS.—Special meetings of the stockholders for any purpose or purposes may be called by the President or Secretary, and shall be called upon a requisition in writing therefor, stating the purpose or purposes thereof, delivered to the President or Secretary, signed by a majority of the directors or by twenty-five per cent. in interest of the stockholders entitled to vote, or by resolution of the directors.
SECTION 6. NOTICE OF MEETINGS.—Written or printed notice, stating the place and time of the meeting, and the general nature of the business to be considered, shall be given by the Secretary to each stockholder entitled to vote thereat at his last known post-office address, at least ten days before the meeting in the case of an annual meeting and five days before the meeting in the case of a special meeting.
No business other than that stated in the notice shall be transacted at any meeting without the unanimous consent of all the stockholders entitled to vote thereat.
SECTION 7. ACTION WITHOUT MEETING.—Whenever the vote of stockholders at a meeting thereof is required or permitted to be taken In connection with any corporate action by any provisions of the statutes or of the Certificate of Incorporation or of these By-Laws, the meeting and vote of stockholders may be dispensed with, if all the stockholders who would have been entitled to vote upon the action if such meeting were held, shall consent in writing to such corporate action being taken.
ARTICLE III
DIRECTORS
SECTION 1. NUMBER AND TERM.—The number of directors shall be five. The directors shall be elected at the annual meeting of the stockholders and each director shall be elected to serve until his successor shall be elected and shall qualify. Directors need not be stockholders.
SECTION 2. RESIGNATIONS.—Any director, member of a committee or other officer may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and if no time be specified, at the time of its receipt by the President or Secretary. The acceptance of a resignation shall not be necessary to make it effective.
SECTION 3. VACANCIES.—If the office of any director, member of a committee or other officer becomes vacant, the remaining directors in office, by a majority vote, may appoint any qualified person to fill such vacancy, who shall hold office for the unexpired term and until his successor shall be duly chosen.

SECTION 4. REMOVAL.—Any director or directors may be removed either for or without cause at any time by the affirmative vote of the holders of a majority of all the shares of stock outstanding and entitled to vote, at a special meeting of the stockholders called for the purpose.
SECTION 5. INCREASE OF NUMBER.—The number of directors may be increased by amendment of these By-Laws by the affirmative vote of a majority of the directors, though less than a quorum, or, by the affirmative vote of a majority in interest of the stockholders, at the annual meeting or at a special meeting called for that purpose, and by like vote the additional directors may be chosen at such meeting to hold office until the next annual election and until their successors are elected and qualify.
SECTION 6. POWERS.—The Board of Directors shall exercise all of the powers of the corporation except such as are by law, or by the Certificate of Incorporation of the corporation, or by these By-Laws conferred upon or reserved to the stockholders.
SECTION 7. COMMITTEES.—The Board of Directors may, by resolution or resolutions, passed by a majority of the whole board, designate one or more committees, each committee to consist of two or more of the directors of the corporation, which, to the extent provided in said resolution or resolutions or in these By-Laws, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the corporation, and may have power to authorize the seal of the corporation to be affixed to all papers which may require it. Such committee or committees shall have such name or names as may be stated in these By-Laws or as may be determined from time to time by resolution adopted by the Board of Directors. The committees shall keep regular minutes of their proceedings and report the same to the board when required.
SECTION 8. MEETINGS.—The newly elected directors may hold their first meeting for the purpose of organization and the transaction of business, if a quorum be present, immediately after the annual meeting of the stockholders; or the time and place of such meeting may be fixed by consent in writing of all the directors.
Regular meetings of the directors may be held without notice at such places and times as shall be determined from time to time by resolution of the directors.
Special meetings of the board may be called by the President or by the Secretary on the written request of any two directors on at least two days’ notice to each director and shall be held at such place or places as may be determined by the directors, or as shall be stated in the call of the meeting.

SECTION 9. QUORUM.—A majority of the directors shall constitute a quorum for the transaction of business. If at any meeting of the board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned.
SECTION 10. COMPENSATION.—Directors shall not receive any stated salary for their services as directors or as members of committees, but by resolution of the board a fixed fee and expenses of attendance may be allowed for attendance at each meeting. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent or otherwise, and receiving compensation therefor.
ARTICLE IV
OFFICERS
SECTION 1. OFFICERS.—The officers of the corporation shall be a President, one or more Vice-Presidents, a Treasurer, and a Secretary, and such Assistant Treasurers and Assistant Secretaries as the Board of Directors may deem proper. In addition, the Board of Directors may elect a Chairman of the Board of Directors. All of such officers shall be elected by the Board of Directors. None of the officers, except the Chairman of the Board of Directors and the President, need be directors. The officers shall be elected at the first meeting of the Board of Directors after each annual meeting. Any two offices, other than those of President and Vice-President, may be held by the same person. More than two offices, other than those of President and Secretary, may be held by the same person.
SECTION 2. OTHER OFFICERS AND AGENTS.—The Board of Directors may appoint such other officers and agents as it may deem advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors.
SECTION 3. CHAIRMAN.—The Chairman of the Board of Directors, if one be elected, shall preside at all meetings of the Board of Directors and he shall have and perform such other duties as from time to time may be assigned to him by the Board of Directors or the Executive Committee.
Section 4. PRESIDENT.—The President shall be the chief executive officer of the corporation and shall have the general powers and duties of supervision and management usually vested

in the office of President of a corporation. He shall preside at all meetings of the stockholders if present thereat, and in the absence or non-election of the Chairman of the Board of Directors, at all meetings of the Board of Directors, and shall have general supervision, direction and control of the business of the corporation. Except as the Board of Directors shall authorize the execution thereof in some other manner, he shall execute bonds, mortgages and other contracts in behalf of the corporation, and shall cause the seal to be affixed to any instrument requiring it and when so affixed, the seal shall be attested by the signature of the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer.
SECTION 5. VICE-PRESIDENT.—Each Vice-President shall have such powers and shall perform such duties as shall be assigned to him by the Directors.
SECTION 6. TREASURER.—The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation. He shall deposit all moneys and other valuables in the name and to the credit of the corporation in such depositaries as may be designated by the Board of Directors.
The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, or the President, taking proper vouchers for such disbursements. He shall render to the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all his transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, he shall give the corporation a bond for the faithful discharge of his duties in such amount and with such surety as the board shall prescribe.
SECTION 7. SECRETARY.—The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors, and all other notices required by law or by these By-Laws, and in case of his absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the President, or by the directors, or stockholders, upon whose requisition the meeting is called as provided in these By-Laws. He shall record all the proceedings of the meetings of the corporation and of the directors in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him by the directors or the President. He shall have the custody of the seal of the corporation and shall affix the same to all instruments requiring it, when authorized by the directors or the President, and attest the same.

SECTION 8. ASSISTANT TREASURERS AND ASSISTANT SECRETARIES.—Assistant Treasurers and Assistant Secretaries, if any, shall be elected and shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the directors.
ARTICLE V
MISCELLANEOUS
SECTION 1. CERTIFICATES OF STOCK.—Certificates of stock, numbered and with the seal of the corporation affixed, signed by the President or Vice-President, and the Treasurer or an Assistant Treasurer, or Secretary or an Assistant Secretary, shall be issued to each stockholder certifying the number of shares owned by him in the corporation. When such certificates are signed by a transfer agent or an assistant transfer agent or by a transfer clerk acting on behalf of the corporation and a registrar, the signatures of such officers may be facsimiles.
SECTION 2. LOST CERTIFICATES.—A new certificate of stock may be issued in the place of any certificate theretofore issued by the corporation, alleged to have been lost or destroyed, and the directors may, in their discretion, require the owner of the lost or destroyed certificate, or his legal representatives, to give the corporation a bond, in such sum as they may direct, not exceeding double the value of the stock, to indemnify the corporation against any claim that may be made against it on account of the alleged loss of any such certificate, or the issuance of any such new certificate.
SECTION 3. TRANSFER OF SHARES.—The shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer the old certificates shall be surrendered to the corporation by the delivery thereof to the person in charge of the stock and transfer books and ledgers, or to such other person as the directors may designate, by whom they shall be cancelled, and new certificates shall thereupon be issued. A record shall be made of each transfer, and a duplicate thereof mailed to the Delaware office, and whenever a transfer shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer.
SECTION 4. CLOSING OF TRANSFER BOOKS.—The Board of Directors shall have power to close the stock transfer books of the corporation for a period not exceeding fifty days preceding the date of any meeting of stockholders or the date for payment of any dividend or the date for the allotment of rights or the date when any change or conversion or exchange of capital stock shall go into effect; provided, however, that in lieu of closing the stock transfer books as aforesaid, the Board of Directors may fix in advance a date, not exceeding fifty days preceding the date of

any meeting of stockholders or the date for the payment of any dividend or the date for the allotment of rights or the date when any change or conversion or exchange of capital stock shall go into effect, as a record date for the determination of the stockholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any such dividends or to any such allotment of rights or to exercise the rights in respect of any such change, conversion or exchange of capital stock, and in such case such stockholders only as shall be stockholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or to receive such allotment of rights or to exercise such rights, as the case may be, notwithstanding any transfer of any stock on the books of the corporation after any such record date fixed as aforesaid.
SECTION 5. DIVIDENDS.—Subject to the provisions of the Certificate of Incorporation, the Board of Directors may, out of funds legally available therefor at any regular or special meeting, declare dividends upon the capital stock of the corporation as and when they deem expedient. Before declaring any dividend there may be set apart out of any funds of the corporation available for dividends, such sum or sums as the directors from time to time in their discretion deem proper for working capital or as a reserve fund to meet contingencies or for equalizing dividends or for such other purposes as the directors shall deem conducive to the interests of the corporation.
SECTION 6. SEAL.—The corporate seal shall be circular in form and shall contain the name of the corporation, the year of its creation and the words “CORPORATE SEAL DELAWARE”. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 7. FISCAL YEAR.—The fiscal year of the corporation shall be the calendar year.
SECTION 8. CHECKS.—All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation, and in such manner as shall be determined from time to time by resolution of the Board of Directors.
SECTION 9. NOTICE AND WAIVER OF NOTICE.—Whenever any notice is required by these By-Laws to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in a post office box in a sealed post-paid wrapper, addressed to the person entitled thereto at his last known post-office address, and such notice shall be deemed to have been

given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by Statute.
Whenever any notice whatever is required to be given under the provisions of any law, or under the provisions of the Certificate of Incorporation of the corporation or these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
ARTICLE VI
AMENDMENTS
These By-Laws may be altered or repealed and By-Laws may be made at any annual meeting of the stockholders or at any special meeting thereof if notice of the proposed alteration or repeal or By-Law or By-Laws to be made be contained in the notice of such special meeting, by the affirmative vote of a majority of the stock issued and outstanding and entitled to vote thereat, or by the affirmative vote of a majority of the Board of directors, at any regular meeting of the Board of Directors, or at any special meeting of the Board of Directors, if notice of the proposed alteration or repeal, or By-Law or By-Laws to be made, be contained in the Notice of such Special Meeting.

Exhibit 3.259
CERTIFICATE OF INCORPORATION
OF
HILTON HOTELS U.S.A., INC.

The undersigned, a natural person, for the purpose of organizing a corporation for conducting the business and promoting the purposes hereinafter stated, under the provisions and subject to the requirements of the laws of the State of Delaware (particularly Chapter 1, Title 8 of the Delaware Code and the acts amendatory thereof and supplemental thereto, and known, identified, and referred to as the “General Corporation Law of the State of Delaware”), hereby certifies that:
FIRST : The name of the corporation (hereinafter called the “corporation”) is
HILTON HOTELS U.S.A., INC.
SECOND : The address, including street, number, city, and county, of the registered office of the corporation in the State of Delaware is 229 South State Street, City of Dover, County of Kent; and the name of the registered agent of the corporation in the State of Delaware at such address is The Prentice-Hall Corporation System, Inc.
THIRD : The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH : The total number of shares of stock which the corporation shall have authority to issue is Two Thousand (2,000), all of which are without par value. All such shares are of one class and are shares of Common stock.
FIFTH : The name and the mailing address of the incorporator are as follows:

NAME	  	ADDRESS	
		
Martha Moulenbelt	  	6430 Sunset Boulevard	
	  	Suite 1117	
	  	Los Angeles, CA 90028	
 
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SIXTH : The corporation is to have perpetual existence.
SEVENTH : Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them and/or between this corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this corporation under § 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under § 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this corporation, as the case may be, and also on this corporation.
EIGHTH : For the management of the business and for the conduct of the affairs of the corporation, and in further definition, limitation, and regulation of the powers of the corporation and of its directors and of its stockholders or any class thereof, as the case may be, it is further provided:
1. The management of the business and the conduct of the affairs of the corporation shall be vested in its Board of Directors. The number of directors which shall constitute the whole Board of Directors shall be fixed by, or in the manner provided in, the Bylaws. The phrase “whole Board” and the phrase “total number of directors” shall be deemed to have the same meaning, to wit, the total number of directors
 
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which the corporation would have if there were no vacancies. No election of directors need be by written ballot.
2. After the original or other Bylaws of the corporation have been adopted, amended, or repealed, as the case may be, in accordance with the provisions of § 109 of the General Corporation Law of the State of Delaware, and, after the corporation has received any payment for any of its stock, the power to adopt, amend, or repeal the Bylaws of the corporation may be exercised by the Board of Directors of the corporation; provided, however, that any provision for the classification of directors of the corporation for staggered terms pursuant to the provisions of subsection (d) of § 141 of the General Corporation Law of the State of Delaware shall be set forth in an initial Bylaw or in a Bylaw adopted by the stockholders entitled to vote of the corporation unless provisions for such classification shall be set forth in this certificate of incorporation.
3. Whenever the corporation shall be authorized to issue only one class of stock, each outstanding share shall entitle the holder thereof to notice of, and the right to vote at, any meeting of stockholders. Whenever the corporation shall be authorized to issue more than one class of stock, no outstanding share of any class of stock which is denied voting power under the provisions of the certificate of incorporation shall entitle the holder thereof to the right to vote at any meeting of stockholders except as the provisions of paragraph (2) of subsection (b) of § 242 of the General Corporation Law of the State of Delaware shall otherwise require; provided, that no share of any such class which is otherwise denied voting power shall entitle the holder thereof to vote upon the increase or decrease in the number of authorized shares of said class.
 
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NINTH : The personal liability of the directors of the corporation is hereby eliminated to the fullest extent permitted by paragraph (7) of subsection (b) of § 102 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented.
TENTH : The corporation shall, to the fullest extent permitted by § 145 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented, indemnify any and all persons whom it shall have power to indemnify under said section from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said section, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.
ELEVENTH : From time to time any of the provisions of this certificate of incorporation may be amended, altered, or repealed, and other provisions authorized by the laws of the State of Delaware at the time in force may be added or inserted in the manner and at the time prescribed by said laws, and all rights at any time conferred upon the stockholders of the corporation by this certificate of incorporation are granted subject to the provisions of this Article ELEVENTH.
DATED: March 3, 1989

/s/ Martha Moulenbelt	
Martha Moulenbelt, Incorporator	
 
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CERTIFICATE OF AMENDMENT
OF
CERTIFICATE OF INCORPORATION
OF
HILTON HOTELS U.S.A., INC.
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is HILTON HOTELS U.S.A., INC.
2. The certificate of incorporation of the corporation is hereby amended by striking out Article First thereof and by substituting in lieu of said Article the following new Article:
“ FIRST : The name of the corporation (hereinafter called the “corporation”) is CONRAD HOTELS USA, INC. ”
3. T he amendment of the certificate of incorporation herein certified has been duly adopted and written consent has been given in accordance with the provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware.
Signed on October 31, 2005.

/s/ M. Hue Smith III	
M. Hue Smith III	
Senior Vice President and Secretary	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT
OF CERTIFICATE OF INCORPORATION
The corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware does hereby certify:
FIRST : That at a meeting of the Board of Directors of CONRAD HOTELS USA, INC. resolutions were duly adopted setting forth a proposed amendment of the Certificate of Incorporation of said corporation, declaring said amendment to be advisable and calling a meeting of the stockholders of said corporation for consideration thereof The resolution setting forth the proposed amendment is as follows:
RESOLVED , that the Certificate of Incorporation of this corporation be amended by changing the Article thereof numbered “ FIRST ” so that, as amended, said Article shall be and read as follows:

FIRST:	  	The name of the corporation (hereinafter called the “corporation”) is HPP HOTELS USA, INC.	
SECOND : That thereafter, pursuant to resolution of its Board of Directors, a special meeting of the stockholders of said corporation was duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware at which meeting the necessary number of shares as required by statute were voted in favor of the amendment.
THIRD : That said amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.
IN WITNESS WHEREOF , said corporation has caused this certificate to be signed this 6th day of February, 2009.

By:	 	/s/ W. STEVEN STANDEFER	
	 	Authorized Officer	
Title:	 	SENIOR VICE PRES & TREASURER	
		
Name:	 	W. STEVEN STANDEFER	
	 	Print or Type	

Exhibit 3.260
BY-LAWS 1
OF
HILTON HOTELS U.S.A., INC.
ARTICLE I
OFFICES
SECTION 1. REGISTERED OFFICE. The registered office shall be established and maintained at the office of United States Corporation Company, in the City of Dover, in the County of Kent, in the State of Delaware, and said corporation shall be the registered agent of this corporation.
SECTION 2. OTHER OFFICES. The corporation may have other offices, either within or without the State of Delaware, at such place or places as the Board of Directors may from time to time appoint or the business of the corporation may require.
ARTICLE II
MEETING OF STOCKHOLDERS
SECTION 1. MEETINGS. All meetings of stockholders, including annual meetings for the election of directors, shall be held at such time, and on such date and at such place, either within or without the State of Delaware, as shall be determined by the Chairman of the Board or the Board of Directors acting pursuant to Section 4 of this Article II. In the event the Chairman of the Board or the Board of Directors fail to so determine the time, date and place of meeting, the annual meeting of stockholders shall be held annually on the Corporation’s anniversary of incorporation, beginning with the year 1990. If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day. At each annual meeting, the stockholders entitled to vote shall elect a Board of Directors and may transact such other business as may properly come before the meeting.

1  	As adopted by the sole incorporator, pursuant to a written statement of organization, dated March 6, 1989.	
 
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SECTION 2. VOTING. Except as otherwise required by the Certificate of Incorporation, each stockholder at every meeting of stockholders shall be entitled to one vote for each share of the capital stock of the corporation held by such stockholder. Except as otherwise required by the laws of the State of Delaware or by the Certificate of Incorporation, all matters submitted to a vote at all meetings of stockholders shall be decided by a majority vote of those present in person or by proxy.
SECTION 3. QUORUM. Except as otherwise required by the laws of the State of Delaware, or by the Certificate of Incorporation, the presence in person, or by proxy, of stockholders having the right to cast a majority of the votes upon the matters to be acted upon at any meeting of stockholders shall constitute a quorum for such meeting. In case a quorum shall not be present at any meeting, the officer entitled to preside at such meeting shall have the power to adjourn the meeting by announcing that such meeting has been adjourned to another specified time, date and place.
SECTION 4. CALL OF MEETINGS. Except as otherwise required by the laws of the State of Delaware or the Certificate of Incorporation, either the Chairman of the Board, by written notice of the Secretary, or the Board of Directors, by resolution, shall have the power to call special meetings of the stockholders and shall have the power to determine that the annual meeting of stockholders shall be held at a time, on a date, or at a place other than the time, date and place specified in Section 1 of this Article II. Any such notice or resolution shall state the time, date, place and purpose or purposes of the meeting.
SECTION 5. NOTICES OF MEETING. The Secretary shall give written notice of the annual or any special meetings to each stockholder, not less than ten nor more than sixty days before such meeting, which notice shall specify the time, date and place of the meeting and the purpose or purposes for which the meeting is being held.
SECTION 6. ACTION WITHOUT MEETING. Any action required or permitted to be taken at any meeting of stockholders, may be taken without a meeting if all of the stockholders consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the meeting.
 
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ARTICLE III
DIRECTORS
SECTION 1. NUMBER. The number of directors which shall constitute the whole board shall initially be five (5), but such number may be increased from time to time, by resolution of the Board of Directors.
SECTION 2. REMOVAL. Any director or directors may be removed either for, or without, cause at any time by stockholders having the right to cast a majority of the votes upon such matter.
SECTION 3. VACANCIES. Vacancies on the board, and newly created directorships resulting from any increase in the authorized number of directors, may be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director.
SECTION 4. POWERS. The Board of Directors shall exercise all the powers of the corporation, except such as are by law, or by the Certificate of Incorporation of the corporation or by these By-Laws conferred upon or reserved to the stockholders.
SECTION 5. COMMITTEES. The Board of Directors may, by resolution or resolutions passed by a majority of the whole board, designate one or more committees, each committee to consist of two or more of the directors of the corporation. The board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Any such committee, to the extent provided in the resolution and not inconsistent with the laws of the State of Delaware, shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it.
SECTION 6. MEETINGS. If a quorum shall be present, a newly elected Board of Directors may hold its first meeting, without notice, immediately after the annual meeting of stockholders. Regular meetings of the Board of Directors may be held, without notice, at such places and times as shall be determined, from time to time, by resolution of the Board of Directors. Special meetings of the Board of Directors may be called by the Chairman of the Board on two days’ notice to each director, either personally or by mail or by telegram. Special meetings shall be called by the Chairman of the Board on two days’ notice to each director, either personally or by
 
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mail or by telegram. Special meetings shall be called by the Chairman of the Board or Secretary in like manner and on like notice on the written request of any two directors.
SECTION 7. QUORUM. A majority of the directors shall constitute a quorum for the transaction of business. If at any meeting of the board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned.
SECTION 8. ACTION WITHOUT MEETING. Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all of the members of the board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the board or committee.
ARTICLE IV
OFFICERS
SECTION 1. OFFICERS. The officers of the corporation shall be a Chairman of the Board, a President, a Secretary, and a Treasurer, all of whom shall be elected by the Board of Directors and who shall hold office until their successors are elected or qualified. In addition, the Board of Directors may elect one or more Vice Presidents and such Assistant Secretaries and Assistant Treasurers as they may deem proper. The Chairman of the Board shall be a director, but none of the other officers of the corporation need be directors. The officers shall be elected at the first meeting of the Board of Directors after each annual meeting. Two or more offices may be held by the same person.
SECTION 2. CHAIRMAN OF THE BOARD. The Chairman of the Board shall be the chief executive officer of the corporation and shall be responsible for formulating general policies and programs for the corporation for submission to the Board of Directors, and for carrying out the programs and policies approved by the Board of Directors. The Chairman of the Board shall preside at all meetings of the stockholders and of the Board of Directors at which he shall be present and he shall be, ex officio, a member of all standing committees. He shall supervise the activities of the President, and, in the absence or disability of the President, or in the event that for any reason it is impracticable for the President to act personally, he shall have the powers and duties of the President. The Chairman shall have the power to sign and
 
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execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments, except in any case where the signing and execution thereof has been delegated to some other officer or agent of the corporation. The Chairman of the Board shall also have such other powers and duties as shall be assigned to him by the Board of Directors.
SECTION 3. PRESIDENT. The President shall be the chief administrative officer of the corporation and shall have the general supervision over the business and operations of the corporation. He shall have the power to sign and execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments. In the absence or disability of the Chairman of the Board, or in the event that for any reason it is impracticable for the Chairman to act personally, the President shall have the powers and duties of the Chairman, including the responsibility to preside at all meetings of stockholders and of the Board of Directors in the absence of the Chairman of the Board. In the performance of all of the duties hereunder, the President shall be subject to the supervision of, and shall report to, the Chairman of the Board. The President shall also have such other powers and duties as shall be assigned to him by the Chairman of the Board or the Board of Directors.
SECTION 4. VICE PRESIDENTS. The Vice Presidents shall have the power to sign and execute in the name of the corporation all bonds, deeds, mortgages, leases and other contracts and instruments. The Vice Presidents shall also have such other powers and duties as shall be assigned to them by the Chairman of the Board, the President or the Board of Directors, and they shall be subject to the supervision of, and shall report to the Chairman of the Board and the President.
SECTION 5. THE SECRETARY. The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors, and all other notices required by law or by these By-Laws. The Secretary shall record all the proceedings of the meetings of the corporation and of the directors in a proper corporation minute book. The Secretary shall have custody of the seal of the corporation and shall affix the seal to all proper corporate documents and instruments, and when so affixed shall attest the same. The Secretary shall also perform such other duties as may be assigned to the Secretary by the Chairman of the Board, the President or the Board of Directors.
 
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SECTION 6. ASSISTANT SECRETARIES. An Assistant Secretary (or in the event there be more than one Assistant Secretary, the Assistant Secretaries in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election) shall in the absence or disability of the Secretary, or in the event that for any reason it is impracticable for the Secretary to act, shall have the powers and duties of the Secretary. The attestation of the seal of the corporation on any instrument of the corporation by any Assistant Secretary shall be conclusive evidence, as to third parties, of such person’s authority to act in the place of the Secretary.
SECTION 7. TREASURER. The Treasurer shall be the chief financial officer of the corporation. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation. The Treasurer shall deposit all monies and other valuables in the name and to the credit of the corporation in such depositaries as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, or the President, taking proper vouchers for such disbursements. The Treasurer shall render to the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, the Treasurer shall give the corporation a bond for the faithful discharge of his duties in such amount and with such surety as the Board shall prescribe. The Treasurer shall also perform such other duties as may be assigned by the Chairman of the Board, the President or the Board of Directors.
SECTION 8. ASSISTANT TREASURERS. The Assistant Treasurer (or in the event there be more than one Assistant Treasurer, the Assistant Treasurers in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election) shall in the absence of the Treasurer, or in the event that for any reason it is impracticable for the Treasurer to act, shall have the powers and the duties of the Treasurer.
 
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ARTICLE V
LIMITATION OF LIABILITY
A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involved intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or (iv) for any transaction from which the director derived an improper personal benefit.
ARTICLE VI
INDEMNIFICATION
SECTION 1. ACTION, ETC. OTHER THAN BY OR IN THE RIGHT OF THE CORPORATION. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, Agent (as hereinafter defined) against costs, charges and expenses (as hereinafter defined) (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by an Agent in connection with such action, suit or proceeding, and any appeal therefrom, if Agent acted in good faith and in a manner Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding — whether by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent — shall not, of itself, create a presumption that the Agent did not act in good faith and in a manner which the Agent reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, that such person had reasonable cause to believe that the Agent’s conduct was unlawful.
SECTION 2. ACTION ETC., BY OR IN THE RIGHT OF THE CORPORATION. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed judicial action or suit brought by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was an Agent against costs, charges and expenses
 
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(including attorneys’ fees) actually and reasonably incurred by an Agent in connection with the defense or settlement of such action or suit and any appeal therefrom if the Agent acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of the Agent’s duty to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such costs, charges and expenses which the Court of Chancery or other such court shall deem proper.
SECTION 3. DETERMINATION OF RIGHT OF INDEMNIFICATION. Any indemnification under Paragraphs (a) and (b) of this Section (unless ordered by a court) shall be paid by the Corporation unless a determination is reasonably and promptly made (i) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (iii) by the stockholders, that such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonably cause to believe that his conduct was unlawful.
SECTION 4. INDEMNIFICATION AGAINST EXPENSES OF SUCCESSFUL PARTY. Notwithstanding the other provisions of this Section, to the extent that an Agent has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, the settlement of an action without admission of liability, or the defense of any claim, issue or matter therein, or on appeal from any such proceeding, action, claim or matter, such Agent shall be indemnified against all costs, charges and expenses incurred in connection therewith.
SECTION 5. ADVANCES OF EXPENSES. Except as limited by Paragraph (f) of this Section, costs, charges and expenses (including attorneys’ fees) incurred by an Agent in any action, suit, proceeding or investigation or any appeal therefrom shall be paid by the Corporation in advance of the final disposition of such matter, if the Agent shall
 
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undertake to repay such amount in the event that it is ultimately determined, as provided herein, that such person is not entitled to indemnification. Notwithstanding the foregoing, no advance shall be made by the Corporation if a determination is reasonably and promptly made by the board of directors by a majority vote of a quorum of disinterested directors, or (if such a quorum is not obtainable or, even if obtainable, a quorum of disinterested directors so directs) by independent legal counsel in a written opinion, that, based upon the facts known to the board of directors or counsel at the time such determination is made, the Agent acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interest of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any advance be made in instances where the board of directors or independent legal counsel reasonably determines that the Agent deliberately breached such person’s duty to the Corporation or its shareholders.
SECTION 6. OTHER RIGHTS AND REMEDIES. The indemnification provided by this Section shall not be deemed exclusive of, and shall not affect, any other rights to which an Agent seeking indemnification may be entitled under any law, Bylaw, or charter provision, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be an Agent and shall inure to the benefit of the heirs, executors and administrators of such a person. All rights to indemnification under this Section shall be deemed to be a contract between the Corporation and the Agent who serves in such capacity at any time while these bylaws and other relevant provisions of the general corporation law and other applicable law, if any, are in effect. Any repeal or modification thereof shall not affect any rights or obligations then existing.
SECTION 7. INSURANCE. The Corporation may purchase and maintain insurance on behalf of any person who is or was an Agent against any liability asserted against such person and incurred by him or her in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of this Section. The Corporation may create a trust fund, grant a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such sums as may become necessary to effect indemnification as provided herein.
 
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SECTION 8. OTHER ENTERPRISES, FINES, AND SERVING AT CORPORATION’S REQUEST. For purposes of this Section, references to “other enterprise” in Paragraph (a) shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to “serving at the request of the Corporation” shall include any service by Agent as director, officer, employee, agent or fiduciary of the corporation which imposes duties on, or involves services by, such Agent with respect to any employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Section.
SECTION 9. SAVINGS CLAUSE. If this Section or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Agent as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit, proceeding or investigation, and any appeal therefrom, whether civil, criminal or administrative, and whether internal or external, including a grand jury proceeding and an action or suit brought by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Section that shall not have been invalidated, and to the fullest extent permitted by applicable law.
SECTION 10. DEFINITIONS. For the purposes of this Article:
(a) “Agent” means any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the Corporation (other than a judicial action or suit brought by or in the right of the Corporation) by reason of the fact that he or she is or was or has agreed to be a director, officer, employee, agent or fiduciary of the Corporation, or that, being or having been such a director, officer, employee, agent or fiduciary, he or she is or was serving at the request of the Corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise.
 
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(b) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a proceeding.
ARTICLE VI
MISCELLANEOUS
SECTION 1. CERTIFICATES OF STOCK. Certificates of stock, signed by the Chairman of the Board, President or any Vice President, and the Treasurer or an Assistant Treasurer, or Secretary or any Assistant Secretary, shall be issued to each stockholder certifying the number of shares owned in the corporation; the signatures of each officer may be facsimiles. When such certificates are countersigned (1) by a transfer agent other than the corporation or its employees, or (2) by a registrar other than the corporation or its employee, the signatures of such agents may be facsimiles.
SECTION 2. LOST CERTIFICATES. A new certificate of stock may be issued in the place of any certificate theretofore issued by the corporation alleged to have been lost or destroyed, and the directors may, in their discretion, require the owner of the lost or destroyed certificate, or his legal representatives, to give the corporation a bond, in such sum as they may direct, not exceeding double the value of the stock, to indemnify the corporation against any claim that may be made against it on account of the alleged loss of any such certificate, or the issuance of any such new certificate.
SECTION 3. TRANSFER OF SHARES. The shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer the old certificates shall be surrendered to the corporation by the delivery thereof to the person in charge of the stock and transfer books and ledgers, or to such other person as the directors may designate, by whom they shall be cancelled, and new certificates shall thereupon be issued. A record shall be made of each transfer and whenever a transfer shall be made for collateral security and not absolutely, it shall be so expressed in the entry of the transfer.
 
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SECTION 4. DIVIDENDS. Subject to the provisions of the Certificate of Incorporation, the Board of Directors may, out of funds legally available therefor, at any regular or special meeting, declare dividends upon the capital stock of the corporation as and when they deem expedient.
SECTION 5. SEAL. The corporation seal shall be circular in form and shall contain the name of the corporation, the year of its creation and the words, “CORPORATE SEAL DELAWARE”. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 6. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
SECTION 7. CHECKS. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation, and in such manner as shall be determined from time to time by resolution of the Board of Directors.
SECTION 8. NOTICE AND WAIVER OF NOTICE. Whenever any notice is required by these By-Laws to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his address as it appears on the records of the corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meeting except as otherwise required by the laws of the State of Delaware.
Whenever any notice whatever is required to be given under the provisions of any law, or under the provisions of the Certificate of Incorporation of the corporation or these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
SECTION 9. RECORD DATES. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allocation of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any
 
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other lawful action, the Board of Directors may fix in advance a record date, which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action.
ARTICLE VII
AMENDMENTS
These By-Laws may be made, altered, amended or repealed by resolution of the Board of Directors.
 
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Exhibit 3.261
STATE of DELAWARE
LIMITED LIABILITY COMPANY
CERTIFICATE of FORMATION

First:  The name of the limited liability company is	 	 HRC Kalakaua LLC	

Second: The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400 in the City of Wilmington . Zip code 19808 . The name of its Registered agent at such address is Corporation Service Company
Third: (Use this paragraph only if the company is to have a specific effective date of dissolution: “The latest date on which the limited liability company is to dissolve is                     .”)
Fourth: (Insert any other matters the members determine to include herein.)

In Witness Whereof, the undersigned have executed this Certificate of Formation this 21st day of April , 2011 .

By:	 	/s/ Owen Wilcox	
	 	Authorized Person (s)	
		
Name:	 	Owen Wilcox	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT

1.	  	Name of Limited Liability Company:   	 	HRC Kalakaua LLC	 		

							
				
2.	  	The Certificate of Formation of the limited liability company is hereby amended as follows:	 	 	 		
			
	  	The Name of the Limited Liability Company is HRC Islander LLC	 		

			

	  	 	 		

			
	  	 	 	.	
			
	  	IN WITNESS WHEREOF , the undersigned have executed this Certificate on the 26th day of April , A.D. 2011 .	 		

By:	 	/s/ Owen Wilcox	
	 	Authorized Person(s)	
		
Name:	 	Owen Wilcox	
	 	Print or Type	

Exhibit 3.262
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HRC Islander LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HRC Islander LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Resorts Corporation, a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of May 26, 2011 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HRC Islander LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON RESORTS CORPORATION ,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – HRC Islander LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Resorts Corporation	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.263
CERTIFICATE OF FORMATION
OF
HTGV, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is HTGV, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on December 31, 2001.

/s/ M. Hue Smith III	
M. Hue Smith III, Authorized Person	

Exhibit 3.264
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
HTGV, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of HTGV, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc. (formerly known as Hilton Hotels Corporation), a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of January 2, 2002 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is HTGV, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON WORLDWIDE, INC. ,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – HTGV, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.265
CERTIFICATE OF FORMATION
OF
INNVISION, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that
FIRST : The name of the limited liability company is INNVISION, LLC
SECOND . The address of its registered office in the State of Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation on October 4, 1999.

/s/ Mark A. Robertson	
Mark A. Robertson, Authorized Person	

Exhibit 3.266
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
InnVision, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of InnVision, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc. (formerly known as Hilton Hotels Corporation), a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 4, 1999 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is InnVision, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON WORLDWIDE, INC.,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – InnVision, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.267
CERTIFICATE OF FORMATION
OF
TRADER VIC’S PALMER HOUSE, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
TRADER VIC’S PALMER HOUSE, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on May 12, 2003.

/s/ David Marote	
David Marote	
Authorized Person	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT

1.	  	Name of Limited Liability Company:   	 	TRADER VIC’S PALMER HOUSE, LLC	 		

							
				
2.	  	The Certificate of Formation of the limited liability company is hereby amended as follows:	 	 	 		
			
	  	The name of the limited liability company is LOCKWOOD PALMER HOUSE, LLC	 		

			

	  	 	 		
			
	  	 	 	.	
		
	  	IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 1st day of October , A.D. 2007 .	

By:	 	/s/    David Marote        	
	 	Authorized Person(s)	
		
Name:	 	David Marote	
	 	Print or Type	

Exhibit 3.268
LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
for
TRADER VIC’S PALMER HOUSE, LLC
a Delaware limited-liability company
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (the “Agreement”) is made and entered into this 14th day of May, 2003 by Hilton Illinois Corp. , a Nevada corporation, and each individual or business entity subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
On May 12, 2003, the sole Member, through its agent, David Marote, formed TRADER VIC’S PALMER HOUSE, LLC (the “Company”) under the laws of the State of Delaware. Accordingly, in consideration of the conditions contained herein, the sole Member sets forth the following:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The sole Member has formed the Company subject to the provisions of the Delaware limited liability company laws currently in effect as of this date. A Certificate of Formation was filed with the Delaware Secretary of State on May 12, 2003.	
 
1.2	NAME. The name of the Company is TRADER VIC’S PALMER HOUSE, LLC .	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation shall be 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.	
The Company’s registered agent at such address shall be Corporation Service Company.
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	

1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be at Trader Vic’s Restaurant, Palmer House Hilton, 17 East Monroe Street, Chicago, Illinois 60603, or at such other place as the Management Committee may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s sole Member is:	
Hilton Illinois Corp., 9336 Civic Center Drive, Beverly Hills, California 90210.
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTION. The sole Member shall initially contribute to the Company $1,000 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS/LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1(b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The name and business address of each initial member of the Management Committee is attached as Exhibit A to this Agreement. By a vote of the Members holding a majority of the capital interests in the Company, the Members shall elect so many Management Committee members as the Members determine, but no fewer than one.	

4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation and management of the company’s business; and	
 
 	(h)	The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
 	(a)	all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets;	
 
 	(b)	all checks, drafts and other orders for the payment of the company’s funds;	
 
 	(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	

4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	INDEMNIFICATION AND LIABILITY OF THE MANAGEMENT COMMITTEE.	
 
(a)	The Company shall indemnify and hold harmless the members of the Management Committee and all officers of the Company (individually, an “Indemnitee”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved or threatened to be involved as a Party or otherwise, relating to the performance of nonperformance of any act concerning the activities of the Company, if (i) the Indemnitee acted in a manner it believed to be in, or not contrary to, the best interests of the company, and (ii) the Indemnitee’s conduct did not constitute gross negligence or willful misconduct. The termination of an action, suit or proceeding by judgment, order, settlement, or a plea of no contest or its equivalent, shall not, in and of itself, create a presumption or otherwise constitute evidence that the Indemnitee acted in a manner contrary to that specified in clause (i) or (ii) above.	
 
(b)	Expenses incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this Paragraph 4.7 shall be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized in this Paragraph 4.7.	
 
(c)	Subject to the Indemnitee’s obligation to repay monies as set forth in Paragraph 4.7 (b) above, any indemnification provided hereunder shall be satisfied solely out of the assets of the Company, as an expense of the Company. No Member shall be subject to personal liability by reason of these indemnification provisions, unless such Member has acted in bad faith.	

(d)	The provisions of this Paragraph 4.7 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of any other person.	
 
(e)	Neither the Management Committee nor the officers of the Company shall be liable to the Company or to a Member for any losses sustained or liabilities incurred as a result of any act or omission of the Management Committee or any such other person if (i) the act or failure to act of the Management Committee or such other person was in good faith and in a manner it believed to be in, or not contrary to, the best interests of the Company, and (ii) the conduct of the Management Committee or such other person did not constitute gross negligence or willful misconduct.	
 
(f)	To the extent that the members of the Management Committee or any officer of the Company (each, a “ Responsible Party ”) has, at law or in equity, duties (including, without limitation, fiduciary duties) to the Company, any Member or other person bound by the terms of this Agreement, such Responsible Parties acting in accordance with this Agreement shall not be liable to the Company, any Member or any such other person for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of a Responsible Party, otherwise existing at law or in equity, are agreed by all parties hereto to replace such other duties to the greatest extent permitted under applicable law.	
 
(g)	The Company shall cause each member of the Management Committee, the President and other key executives of the Company to be named as beneficiaries under a policy or policies of fidelity and directors and officers liability insurance, such insurance to contain terms and conditions reasonably acceptable to the Members.	
 
(h)	Whenever any officer, or member of the Management Committee, is required or permitted to make a decision, take or approve an action, or omit to do any of the foregoing: (a) in his or her discretion, under a similar grant of authority or latitude, or without an express standard of behavior (including, without limitation, standards such as “reasonable” or “good faith”), then such individual shall be entitled to consider such interests and factors, including his or her own, as he or she desires, and shall have no duty or obligation to consider any other interests or factors whatsoever, or (b) with an express standard of behavior (including, without limitation, standards such as “reasonable” or “good faith”), then such individual shall comply with such express standard but shall not be subject to any other different or additional standards unless expressly imposed by this Agreement or which are mandatory requirements of law. For the avoidance of doubt, the provisions of this Paragraph 4.7.(h) do not apply to any of the officers or other employees of the Company.	
 
4.8	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	

 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/ or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
(a) any additional capital contribution made by him/her;
(b) credit balances transferred from his distribution account to his capital account;
and decreased by:
(i) distributions to him/her in reduction of Company capital;
(ii) the Member’s share of Company losses if charged to his/her capital account.
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	

ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 14 th day of May, 2003.

SOLE MEMBER:	 		 	HILTON ILLINOIS CORP.,	
	 		 	a Nevada corporation	
				
	 		 	By:	 	/s/ Carlos Garcia	
	 		 		 	Carlos Garcia	
	 		 		 	Executive Vice President	

-EXHIBIT A-
INITIAL MANAGEMENT COMMITTEE

	  	Matthew J. Hart
9336 Civic Center Drive
Beverly Hills, CA 90210
 
K. Allen Anderson
9336 Civic Center Drive
Beverly Hills, CA 90210	  		

Exhibit 3.269
CERTIFICATE OF FORMATION
OF
MERITEX, LLC
1. Name . The name of the limited liability company is MeriTex, LLC.
2. Registered Office . The address of its registered office in the State of Delaware is c/o Corporation Service Company, 1013 Centre Road, Wilmington, Delaware 19805.
3. Registered Agent . The name and address of its registered agent for service of process in the State of Delaware is Corporation Service Company, 1013 Centre Road, Wilmington, Delaware 19805.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the 14 th day of November, 1997.

	 	HILTON HOTELS CORPORATION,
a Delaware corporation	
		
By:	 	/s/ Dennis Koci	
	 	Dennis Koci	
	 	Senior Vice President	

Exhibit 3.270
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Meritex, LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Meritex, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Tex Holdings, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of January 1, 2004 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Meritex, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
-2-

12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
-3-

20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	TEX HOLDINGS, INC.,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Meritex, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Tex Holdings, Inc.	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.271
CERTIFICATE OF FORMATION
OF
BIG DOWNTOWN PALMER HOUSE, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
BIG DOWNTOWN PALMER HOUSE, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on May 12, 2003.

/s/ David Marote	
David Marote	
Authorized Person	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT

1.	  	Name of Limited Liability Company:   	 	BIG DOWNTOWN PALMER HOUSE, LLC	 		

							
				
2.	  	The Certificate of Formation of the limited liability company is hereby amended as follows:	 	 	 		
			
	  	The name of the limited liability company is POTTER’S BAR PALMER HOUSE, LLC	 		

			

	  	 	 		
			
	  	 	 	.	
		
	  	IN WITNESS WHEREOF , the undersigned have executed this Certificate on the 1st day of October , A.D. 2007 .	

By:	 	/s/    David Marote        	
	 	Authorized Person(s)	
		
Name:	 	David Marote	
	 	Print or Type	

Exhibit 3.272
LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
for
BIG DOWNTOWN PALMER HOUSE, LI
a Delaware limited-liability company
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (the “Agreement”) is made and entered into this 14th day of May, 2003 by Hilton Illinois Corp. , a Nevada corporation, and each individual or business entity subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
On May 12, 2003, the sole Member, through its agent, David Marote, formed BIG DOWNTOWN PALMER HOUSE, LLC (the “Company”) under the laws of the State of Delaware. Accordingly, in consideration of the conditions contained herein, the sole Member sets forth the following:
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The sole Member has formed the Company subject to the provisions of the Delaware limited liability company laws currently in effect as of this date. A Certificate of Formation was filed with the Delaware Secretary of State on May 12, 2003.	
 
1.2	NAME. The name of the Company is BIG DOWNTOWN PALMER HOUSE, LLC .	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation shall be 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808.	
The Company’s registered agent at such address shall be Corporation Service Company.
 
1.4	TERM. The Company shall continue in existence indefinitely, until dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Delaware.	

1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Delaware Limited Liability Company Act.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be at Big Downtown Restaurant, Palmer House Hilton, 17 East Monroe Street, Chicago, Illinois 60603, or at such other place as the Management Committee may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s sole Member is: Hilton Illinois Corp., 9336 Civic Center Drive, Beverly Hills, California 90210.	
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTION. The sole Member shall initially contribute to the Company $1,000 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS/LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1 (b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1(b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The name and business address of each initial member of the Management Committee is attached as Exhibit A to this Agreement. By a vote of the Members holding a majority of the capital interests in the Company, the Members shall elect so many Management Committee members as the Members determine, but no fewer than one.	

4.2	MEMBER. The liability of the Members shall be limited as provided under the Delaware Limited Liability Company Act. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation and management of the company’s business; and	
 
 	(h)	The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
 	(a)	all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets;	
 
 	(b)	all checks, drafts and other orders for the payment of the company’s funds;	
 
 	(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
 	(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	

4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	INDEMNIFICATION AND LIABILITY OF THE MANAGEMENT COMMITTEE.	
 
(a)	The Company shall indemnify and hold harmless the members of the Management Committee and all officers of the Company (individually, an “Indemnitee”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved or threatened to be involved as a Party or otherwise, relating to the performance of nonperformance of any act concerning the activities of the Company, if (i) the Indemnitee acted in a manner it believed to be in, or not contrary to, the best interests of the company, and (ii) the Indemnitee’s conduct did not constitute gross negligence or willful misconduct. The termination of an action, suit or proceeding by judgment, order, settlement, or a plea of no contest or its equivalent, shall not, in and of itself, create a presumption or otherwise constitute evidence that the Indemnitee acted in a manner contrary to that specified in clause (i) or (ii) above.	
 
(b)	Expenses incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this Paragraph 4.7 shall be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined that such Indemnitee is not entitled to be indemnified as authorized in this Paragraph 4.7.	
 
(c)	Subject to the Indemnitee’s obligation to repay monies as set forth in Paragraph 4.7 (b) above, any indemnification provided hereunder shall be satisfied solely out of the assets of the Company, as an expense of the Company. No Member shall be subject to personal liability by reason of these indemnification provisions, unless such Member has acted in bad faith.	

(d)	The provisions of this Paragraph 4.7 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of any other person.	
 
(e)	Neither the Management Committee nor the officers of the Company shall be liable to the Company or to a Member for any losses sustained or liabilities incurred as a result of any act or omission of the Management Committee or any such other person if (i) the act or failure to act of the Management Committee or such other person was in good faith and in a manner it believed to be in, or not contrary to, the best interests of the Company, and (ii) the conduct of the Management Committee or such other person did not constitute gross negligence or willful misconduct.	
 
(f)	To the extent that the members of the Management Committee or any officer of the Company (each, a “ Responsible Party ”) has, at law or in equity, duties (including, without limitation, fiduciary duties) to the Company, any Member or other person bound by the terms of this Agreement, such Responsible Parties acting in accordance with this Agreement shall not be liable to the Company, any Member or any such other person for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of a Responsible Party, otherwise existing at law or in equity, are agreed by all parties hereto to replace such other duties to the greatest extent permitted under applicable law.	
 
(g)	The Company shall cause each member of the Management Committee, the President and other key executives of the Company to be named as beneficiaries under a policy or policies of fidelity and directors and officers liability insurance, such insurance to contain terms and conditions reasonably acceptable to the Members.	
 
(h)	Whenever any officer, or member of the Management Committee, is required or permitted to make a decision, take or approve an action, or omit to do any of the foregoing: (a) in his or her discretion, under a similar grant of authority or latitude, or without an express standard of behavior (including, without limitation, standards such as “reasonable” or “good faith”), then such individual shall be entitled to consider such interests and factors, including his or her own, as he or she desires, and shall have no duty or obligation to consider any other interests or factors whatsoever, or (b) with an express standard of behavior (including, without limitation, standards such as “reasonable” or “good faith”), then such individual shall comply with such express standard but shall not be subject to any other different or additional standards unless expressly imposed by this Agreement or which are mandatory requirements of law. For the avoidance of doubt, the provisions of this Paragraph 4.7. (h) do not apply to any of the officers or other employees of the Company.	
 
4.8	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;	

 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
(a) any additional capital contribution made by him/her;
(b) credit balances transferred from his distribution account to his capital account;
and decreased by:
(i) distributions to him/her in reduction of Company capital;
(ii) the Member’s share of Company losses if charged to his/her capital account.
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	

ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Delaware Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 14 th day of May, 2003.

SOLE MEMBER:	 		 	HILTON ILLINOIS CORP.,	
	 		 		 	a Nevada corporation	
					
	 		 		 	By:	 	/s/ Carlos Garcia	
	 		 		 		 	Carlos Garcia	
	 		 		 		 	Executive Vice President	

-EXHIBIT A-
INITIAL MANAGEMENT COMMITTEE

	 	Matthew J. Hart
9336 Civic Center Drive
Beverly Hills, CA 90210
 
K. Allen Anderson
9336 Civic Center Drive
Beverly Hills, CA 90210	 		

Exhibit 3.273
CERTIFICATE OF INCORPORATION
OF
PROMUS HOTEL SERVICES, INC.
The undersigned, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the General Corporation Law of the State of Delaware, does hereby certify as follows:
FIRST: The name of this corporation is:
Promus Hotel Services, Inc. (the “Corporation”).
SECOND: The address of its registered office in the State of Delaware is 1013 Centre Road, Wilmington, Delaware 19805. The name of its registered agent at such address is Corporation Service Company.
THIRD: The nature of business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH: The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is One Thousand (1,000) shares of Common Stock, par value $1.00 per share.
FIFTH: The name and mailing address of the sole incorporator of the Corporation is:
Michelle Jackson
Latham & Watkins
5800 Sears Tower
Chicago, Illinois 60606

SIXTH: In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, alter or repeal the By-Laws of the Corporation.
SEVENTH: Election of directors need not be by written ballot unless the By-Laws of the Corporation shall so provide.
EIGHTH: To the fullest extent permitted by the Delaware General Corporation Law, as the same exists or may hereafter be amended, a director of this Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.
Dated: May 11, 1995

/s/ Michelle Jackson	
Michelle Jackson	
Being the Sole Incorporator	

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
* * * * *
PROMUS HOTEL SERVICES, INC., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
The present registered agent of the corporation is Corporation Service Company and the present registered office of the corporation is in the county of New Castle.
The Board of Directors of PROMUS HOTEL SERVICES, INC. adopted the following resolution on the 29th Day of July, 1999.
Resolved, that the registered office of PROMUS HOTEL SERVICES, INC. in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, PROMUS HOTEL SERVICES, INC. has caused this statement to be signed by J. Kendall Huber its President this 23 rd day of August, 1999.

/s/ J. Kendall Huber	
J. Kendall Huber	
President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Promus Hotel Services, Inc.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808, Newcastle County
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 9/6/00

/s/ Vivien S. Mitchell	
Vivien S. Mitchell, Vice President	

Exhibit 3.274
BY-LAWS
PROMUS HOTEL SERVICES, INC.
ARTICLE I
OFFICES
Section 1. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Promus Hotel Services, Inc. (the “Corporation”) may also have offices at such other places both within and without the State of Delaware as the board of directors may from time to time determine or the business of the Corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. All meetings of the stockholders shall be held at any place within or without the State of Delaware as shall be designated from time to time by the board of directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the Corporation.
Section 2. An annual meeting of stockholders shall be held each year on a date and at a time designated by the board of directors. At each annual meeting directors shall be elected and any other proper business may be transacted.
Section 3. A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or

represented by proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these By-Laws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
Section 4. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of law, or the Certificate of Incorporation, or these By-Laws, a different vote is required in which case such express provision shall govern and control the decision of such question.

Section 5. At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a longer period. All proxies must be filed with the secretary of the Corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the Corporation on the record date set by the board of directors as provided in Article V, Section 6 hereof. All elections shall be had and all questions decided by a plurality vote.
Section 6. Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the president and shall be called by the president or the secretary at the request in writing of a majority of the board of directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the Corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 7. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.
Section 8. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not

so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 9. Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
Section 1. The board of directors shall consist of a minimum of one (1) and a maximum of ten (10) directors. The number of directors shall be fixed or changed from time to time, within the minimum and maximum, by the then appointed directors. The number of directors which shall constitute the initial board shall be two (2). The directors

need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article III, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by the Certificate of Incorporation or by these By-Laws, any director or the entire board of directors may be removed, either with or without cause, from the board of directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
Section 2. Vacancies on the board of directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any

stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
Section 3. The property and business of the Corporation shall be managed by or under the direction of its board of directors. In addition to the powers and authorities by these By-Laws expressly conferred upon them, the board of directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
MEETINGS OF THE BOARD OF DIRECTORS
Section 4. The directors may hold their meetings and have one or more offices, and keep the books of the Corporation outside of the State of Delaware.
Section 5. Regular meetings of the board of directors may be held without notice at such time and place as shall from time to time be determined by the board.
Section 6. Special meetings of the board of directors may be called by the president on twenty-four hours’ notice to each director, either personally or by mail or by telegram; special meetings shall be called by the

president or the secretary in like manner and on like notice on the written request of two directors unless the board of directors consists of only one director; in which case special meetings shall be called by the president or secretary in like manner or on like notice on the written request of the sole director.
Section 7. At all meetings of the board of directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the board of directors, except as may be otherwise specifically provided by statute, by the Certificate of Incorporation or by these By-Laws. If a quorum shall not be present at any meeting of the board of directors the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
Section 8. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting, if all members of the board of directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board of directors or committee.

Section 9. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, members of the board of directors, or any committee designated by the board of directors, may participate in a meeting of the board of directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
COMMITTEES OF DIRECTORS
Section 10. The board of directors may, by resolution passed by a majority of the whole board of directors, designate one or more committees, each such committee to consist of one or more of the directors of the Corporation. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in a

resolution of the board of directors, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the board of directors, fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the By-Laws of the Corporation; and, unless the resolution, By-Laws, or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend, to authorize the issuance of stock, or to adopt a Certificate of Ownership and Merger.

Section 11. Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.
COMPENSATION OF DIRECTORS
Section 12. Unless otherwise restricted by the Certificate of Incorporation or these By-Laws, the board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
INDEMNIFICATION
Section 13. The Corporation shall indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or

trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding, to the full extent permitted by applicable law. Expenses incurred by a person who is or was a director or officer of the Corporation in appearing at, participating in or defending any such action, suit or proceeding shall be paid by the Corporation at reasonable intervals in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Corporation as authorized by this Section 13. If a claim under this Section 13 is not paid in full by the Corporation within ninety days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the

claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law or other applicable law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its board of directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law or other applicable law, nor an actual determination by the Corporation (including its board of directors, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
ARTICLE IV
OFFICERS
Section 1. The officers of the Corporation shall be chosen by the board of directors and shall include a president, a vice president and a secretary. The Corporation may also have at the discretion of the board of directors such other officers as are desired, including a chairman of the board, additional vice presidents, one or more assistant

secretaries, a treasurer, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 of this Article IV. In the event there are two or more vice presidents, then one or more may be designated as executive vice president, senior vice president, vice president marketing, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these By-Laws otherwise provide.
Section 2. The board of directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the Corporation.
Section 3. The board of directors may appoint such other officers and agents, as it shall deem necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board of directors.
Section 4. The salaries of all officers and agents of the Corporation shall be fixed by the board of directors.
Section 5. The officers of the Corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the board of directors may be removed at any time, either with or without cause, by the board of directors. If the office of any officer or officers becomes vacant for any reason, the vacancy may be filled by the board of directors.

CHAIRMAN OF THE BOARD
Section 6. The chairman of the board, if such an officer be elected, shall, if present, preside at all meetings of the board of directors and exercise and perform such other powers and duties as may be from time to time assigned to him or her by the board of directors or prescribed by these By-Laws. If there is no president, the chairman of the board shall, in addition, be the chief executive officer of the Corporation and shall have the powers and duties prescribed in Section 7 of this Article IV.
PRESIDENT
Section 7. Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be such an officer, the president shall be the chief executive officer of the Corporation and shall, subject to the control of the board of directors, have general supervision, direction and control of the business and officers of the Corporation. He or she shall be an ex-officio member of all committees and shall have the general powers and duties of management usually vested in the office of president and chief executive officer of corporations, and shall have such other powers and duties as may be prescribed by the board of directors or these By-Laws.

VICE PRESIDENTS
Section 8. In the absence or disability of the president, the vice presidents in order of their rank as fixed by the board of directors, or if not ranked, the vice president designated by the board of directors, shall perform all the duties of the president, and when so acting shall have all the powers of and be subject to all the restrictions upon the president. The vice presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the board of directors.
SECRETARY AND ASSISTANT SECRETARIES
Section 9. The secretary shall record the proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the board of directors. He or she shall give, or cause to be given, notice of all meetings of the stockholders and of the board of directors, and shall perform such other duties as may be prescribed by the board of directors or these By-Laws. He or she shall keep in safe custody the seal of the Corporation, and affix the same to any instrument requiring it, and when so affixed it shall be attested by his or her signature or by the signature of an assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature.

Section 10. The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, or if there be no such determination, the assistant secretary designated by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
TREASURER AND ASSISTANT TREASURERS
Section 11. The treasurer, if such an officer is elected, shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the Corporation, in such depositories as may be designated by the board of directors. He or she shall disburse the funds of the Corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the board of directors, at its regular meetings, or when the board of directors so requires, an account of all his or her transactions as treasurer and of the financial condition of the Corporation. If required by the board of directors, he or she shall give the Corporation a bond, in such sum and with such surety or sureties as shall be

satisfactory to the board of directors, for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation.
Section 12. The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order determined by the board of directors, or if there be no such determination, the assistant treasurer designated by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
ARTICLE V
CERTIFICATES OF STOCK
Section 1. Every holder of stock of the Corporation shall be entitled to have a certificate signed by, or in the name of the Corporation by, the chairman or vice chairman of the board of directors, or the president or a vice president, and by the secretary or an assistant secretary, or the treasurer or an assistant treasurer of the Corporation, certifying the number of shares represented by the certificate owned by such stockholder in the Corporation.

Section 2. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent, or registrar at the date of issue.
Section 3. If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in Section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

LOST, STOLEN OR DESTROYED CERTIFICATES
Section 4. The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
TRANSFERS OF STOCK
Section 5. Upon surrender to the Corporation, or the transfer agent of the Corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

FIXING RECORD DATE
Section 6. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.
REGISTERED STOCKHOLDERS
Section 7. The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such

share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Delaware.
ARTICLE VI
GENERAL PROVISIONS
DIVIDENDS
Section 1. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.
Section 2. Before payment of any dividend there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interests of the Corporation, and the directors may abolish any such reserve.
CHECKS
Section 3. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers as the board of directors may from time to time designate.

FISCAL YEAR
Section 4. The fiscal year of the Corporation shall be fixed by resolution of the board of directors.
CORPORATE SEAL
Section 5. The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal, Delaware”. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
NOTICES
Section 6. Whenever, under the provisions of the Certificate of Incorporation or of these By-Laws or as required by law, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his or her address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by telegram.
Section 7. Whenever any notice is required to be given by law or under the provisions of the Certificate of Incorporation or of these By-Laws, a waiver thereof in

writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
ARTICLE VII
AMENDMENTS
Section 1. These By-Laws may be altered, amended or repealed or new By-Laws may be adopted by the stockholders or by the board of directors, when such power is conferred upon the board of directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the board of directors or at any special meeting of the stockholders or of the board of directors if notice of such alteration, amendment, repeal or adoption of new By-Laws be contained in the notice of such special meeting. If the power to adopt, amend or repeal these By-Laws is conferred upon the board of directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal these By-Laws.

Exhibit 3.275
CERTIFICATE OF FORMATION
OF
PROMUS HOTELS FLORIDA LLC
This Certificate of Formation of Promus Hotels Florida LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Promus Hotels Florida LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.276
LIMITED LIABILITY COMPANY AGREEMENT
OF
PROMUS HOTELS FLORIDA LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Promus Hotels Florida LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Promus Hotels LLC (“ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Promus Hotels Florida, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Promus Hotels Florida LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following; (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company . In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Promus Hotels LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title:   Executive Vice President	

Schedule A
Member

                     Name	  	Address	
		
Promus Hotels LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.277
CERTIFICATE OF FORMATION
OF
PROMUS HOTELS LLC
This Certificate of Formation of Promus Hotels LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Promus Hotels LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.278
LIMITED LIABILITY COMPANY AGREEMENT
OF
PROMUS HOTELS LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Promus Hotels LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Promus Operating LLC (‘‘ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Promus Hotels, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Promus Hotels LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31,2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers ail of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indeminator ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Promus Operating LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name: Robert M. La Forgia	
	 	Title:   Executive Vice President	

Schedule A
Member

                 Name	  	Address	
		
Promus Operating LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.279
CERTIFICATE OF INCORPORATION
OF
PROMUS HOTELS MINNEAPOLIS, INC.
The undersigned, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the General Corporation Law of the State of Delaware, does hereby certify as follows:
FIRST: The name of this corporation is:
Promus Hotels Minneapolis, Inc. (the “Corporation”).
SECOND: The address of its registered office in the State of Delaware is 1013 Centre Road, Wilmington, Delaware 19806. The name of its registered agent at such address is Corporation Service Company, New Castle County.
THIRD: The nature of business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH: The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is One Thousand (1,000) shares of Common Stock, par value $1.00 per share.
FIFTH: The name and mailing address of the sole incorporator of the Corporation is:
Michelle Jackson
Latham & Watkins
5800 Sears Tower
Chicago, Illinois 60606

SIXTH: In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, alter or repeal the By-Laws of the Corporation.
SEVENTH: Election of directors need not be by written ballot unless the By-Laws of the Corporation shall so provide.
EIGHTH: To the fullest extent permitted by the Delaware General Corporation Law, as the same exists or may hereafter be amended, a director of this Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.
Dated: October 30, 1995

/s/ Michelle Jackson	
Michelle Jackson	
Being the Sole Incorporator	

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
* * * * *
PROMUS HOTELS MINNEAPOLIS, INC., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
The present registered agent of the corporation is Corporation Service Company and the present registered office of the corporation is in the county of New Castle.
The Board of Directors of PROMUS HOTELS MINNEAPOLIS, INC. adopted the following resolution on the 29th Day of July, 1999.
Resolved, that the registered office of PROMUS HOTELS MINNEAPOLIS, INC. in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, PROMUS HOTELS MINNEAPOLIS, INC. has caused this statement to be signed by J. Kendall Huber its President this 23 rd day of August, 1999.

/s/ J. Kendall Huber	
	
J. Kendall Huber	
President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Promus Hotels Minneapolis, Inc.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808, Newcastle County
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 9/8/00

/s/ Vivien S. Mitchell	
Vivien S. Mitchell, Vice President	

Exhibit 3.280
AMENDED AND RESTATED BYLAWS
OF
PROMUS HOTELS MINNEAPOLIS, INC.
(hereinafter, the “Corporation”)
ARTICLE I
OFFICES
Section 1. Registered Office. The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. Other Offices. The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine.
ARTICLE II
MEETING OF STOCKHOLDERS
Section 1. Place of Meetings. Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors.
Section 2. Annual Meetings. The Annual Meeting of Stockholders shall be held on such date and at such time as shall be designated from time to time by the Board of Directors, at which meeting the stockholders shall elect a Board of Directors and transact such other business as may properly be brought before the meeting.
Section 3. Special Meetings . Special Meetings of stockholders for any purpose or purposes may be called at any time by the Chairman of the Board or the Board of Directors, but such Special Meetings may not be called by any other person or persons. Business transacted at any Special Meeting shall be limited to the purposes stated in the notice.
Section 4. Notice of Meetings . Notice of an Annual Meeting or Special Meeting stating the place, date and hour of the meeting and in the case of a Special Meeting, the purpose or purposes for which the meeting is called, shall be given by the Corporation either personally or by mail or by other lawful means not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting.
Section 5. Quorum . Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which

stockholders may be deemed present in person at such adjourned meeting, until a quorum shall be present or represented. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
Section 6. Voting . Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote for each share of stock held by such stockholder which has voting power upon the matter in question. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot. At all meetings of stockholders for the election of directors a plurality of the votes cast shall be sufficient to elect. All other elections and questions shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of stock of the Corporation which are present in person or by proxy and entitled to vote thereon.
Section 7. Action by Consent . Any action required to be taken at any Annual or Special meeting of stockholders, or any action which may be taken at any Annual or Special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent shall be given by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that consents given by a sufficient number of holders to take the action were delivered to the Corporation.
Section 8. List of Stockholders Entitled to Vote . The Secretary shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, as required by applicable law. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list of stockholders or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.
 
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Section 9. Organization . At every meeting of stockholders, the Chairman of the Board, if there be one, shall be the chairman of the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the following officers present shall be the Chairman of the meeting in the order stated: the Vice Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the President, any Vice President, or, in the absence of any of the foregoing, a Chairman chosen by the stockholders at the meeting shall act as Chairman, and the Secretary, or in his or her absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the chairman of the meeting, shall act as Secretary.
Section 10. Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date: (i) in the case of determination of stockholders entitled to vote at any meeting of stockholders or adjournment thereof, shall, unless otherwise required by law, not be more than 60 nor less than 10 days before the date of such meeting; (ii) in the case of determination of stockholders entitled to express consent to corporate action without a meeting, shall not be more than 10 days from the date upon which the resolution fixing the record date is adopted by the Board of Directors; and (iii) in the case of any other action, shall not be more than 60 days prior to such other action. If no record date is fixed: (a) the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held; (b) the record date for determining stockholders entitled to express consent to corporate action without a meeting when no prior action of the Board of Directors is required by law, shall be the first day on which a consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, or, if prior action by the Board of Directors is required by law, shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action; and (c) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided , however , that the Board of Directors may fix a new record date for the adjourned meeting.
Section 11. Conduct of Meetings . The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairman of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairman of any meeting of stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the
 
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proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairman should so determine, such person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.
ARTICLE III
DIRECTORS
Section 1. Number and Election of Directors . The number of directors that shall constitute the Board of Directors at any time shall be not less than one nor more than twelve. The number of directors that currently constitute the Board of Directors shall be three. Hereafter, within the limits specified above, the number of directors shall be determined by the Board of Directors. Each elected director shall hold office until the next Annual Meeting and until his successor is duly elected and qualified, or until his earlier resignation or removal.
Section 2. Vacancies . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority vote of all directors then in office, even if less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier resignation or removal.
Section 3. Committees . The Board of Directors may designate one or more committees, which committees shall, to the extent provided in the resolution of the Board of Directors establishing such a committee, have all authority and may exercise all the powers of the Board of Directors in the management of the business and affairs of the Corporation to the extent lawful under the General Corporation Law of the State of Delaware.
Section 4. Duties and Powers . The business of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 5. Meetings . The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. Regular
 
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meetings of the Board of Directors may be held without notice at such time and at such place as may from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the President or any one director with one day’s notice to each director, either personally or by mail, telephone, facsimile transmission or other means of electronic transmission.
Section 6. Quorum; Board Action . Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors, a majority of the entire Board of Directors shall constitute a quorum for the transaction of business, and the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time, place, if any, thereof and the means of remote communications, if any, by which directors may be deemed present in person at such adjourned meeting, until a quorum shall be present.
Section 7. Actions of Board . Unless otherwise provided by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all the members of the Board of Directors or committee, as the case may be, consent thereto in accordance with applicable law.
Section 8. Removal . Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any director or the entire Board of Directors may be removed, with or without cause, by the holders of not less than 80% in voting power of outstanding shares of capital stock entitled to vote at an election of directors.
Section 9. Telephonic Meetings Permitted . Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
The officers of the Corporation shall consist of a President, a Secretary, a Treasurer and such other additional officers with such titles as the Board of Directors shall determine, all of whom shall be chosen by and shall serve at the pleasure of the Board of Directors. Such officers shall have the usual powers and shall perform all the usual duties incident to their respective offices. All officers shall be subject to the supervision and direction of the Board of Directors. The authority, duties or responsibilities of any officer of the Corporation may be suspended by the President with or without cause. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors with or without cause.
 
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ARTICLE V
NOTICES
Section 1. Notices . Except as otherwise provided herein or permitted by applicable law, whenever notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given personally or by telegram, telecopier, telephone or other means of electronic transmission.
Section 2. Waivers of Notice . Whenever any notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
ARTICLE VI
INDEMNIFICATION
To the fullest extent permitted by the General Corporation Law of the State of Delaware, the Corporation shall indemnify any current or former director or officer of the Corporation and may, at the discretion of the Board of Directors, indemnify any current or former employee or agent of the Corporation against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding brought by or in the right of the Corporation or otherwise, to which he was or is a party or is threatened to be made a party by reason of his current or former position with the Corporation or by reason of the fact that he is or was serving, at the request of the Corporation, as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
ARTICLE VII
ISSUANCE AND TRANSFERABILITY OF SHARES
Section 1. Shares of Stock . The shares of capital stock of the Corporation shall be represented by a certificate, unless and until the Board of Directors of the Corporation adopts a resolution permitting shares to be uncertificated. Notwithstanding the adoption of any such resolution providing for uncertificated shares, every holder of capital stock of the Corporation theretofore represented by certificates and, upon request, every holder of uncertificated shares, shall be entitled to have a certificate for shares of capital stock of the Corporation signed by, or in the name of the Corporation by, (a) the Chairman of the Board, the Vice Chairman of the Board, the President or any Executive Vice President, and (b) the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder in the Corporation.
 
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Section 2. Transfer of Shares . Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation, and in the case of certificated shares of stock, only by the person named in the certificate or by such person’s attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated shares of stock, upon receipt of proper transfer instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring shares in uncertificated form; provided , however , that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. With respect to certificated shares of stock, every certificate exchanged, returned or surrendered to the Corporation shall be marked “Cancelled,” with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. Dividends . Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, may be declared by the Board of Directors at any regular or special meeting, and may be paid in cash, in property, or in shares of the capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board of Directors may modify or abolish any such reserve.
Section 2. Fiscal Year . The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.
Section 3. Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words “Corporate Seal, Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
Section 4. Amendments . These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the majority vote of the Board of Directors.
Section 5. Entire Board of Directors . As used in these Bylaws generally, the term “entire Board of Directors” means the total number of the directors which the Corporation would have if there were no vacancies or newly created directorships.
Section 6. Restatement . These Bylaws shall become effective on the adoption by the Sole Stockholder of the Company and shall amend and restate in their entirety all previous versions of bylaws of the Company.
 
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Exhibit 3.281
CERTIFICATE OF FORMATION
OF
PROMUS HOTELS PARENT LLC
This Certificate of Formation of Promus Hotels Parent LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Promus Hotels Parent LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.282
LIMITED LIABILITY COMPANY AGREEMENT
OF
PROMUS HOTELS PARENT LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Promus Hotels Parent LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Hilton Hotels Corporation (“ HHC ”), as the sole member (HHC and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
HHC, by execution of this Agreement and pursuant to the conversion of Promus Hotel Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Promus Hotels Parent LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . HHC was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Hilton Hotels Corporation	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
Hilton Hotels Corporation	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.283
CERTIFICATE OF FORMATION
OF
PROMUS OPERATING LLC
This Certificate of Formation of Promus Operating LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Promus Operating LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.284
LIMITED LIABILITY COMPANY AGREEMENT
OF
PROMUS OPERATING LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Promus Operating LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Promus Hotels Parent LLC (“ Promus ”), as the sole member (Promus and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Promus, by execution of this Agreement and pursuant to the conversion of Promus Operating Company, Inc., a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended from time to time (the “Act”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Promus Operating LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Promus was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Promus Hotels Parent LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
Promus Hotels Parent LLC	  	9336 Civic Center Dr.	
	  	Beverly Hills, CA 90210	

Exhibit 3.285
CERTIFICATE OF INCORPORATION
of
PROMUS/KINGSTON DEVELOPMENT CORPORATION
THE UNDERSIGNED, in order to form a corporation for the purposes hereinafter stated, under and pursuant to the provisions of the General Corporation Law of the State of Delaware, does hereby certify as follows:
ARTICLE I
The name of the Corporation is PROMUS/KINGSTON DEVELOPMENT CORPORATION.
ARTICLE II
The address of the registered office of the Corporation in the State of Delaware is Corporation Service Company, 1013 Centre Road, in the City of Wilmington, County of New Castle. The name of the Corporation’s registered agent at such registered office is Corporation Service Company.
ARTICLE III
The purpose of the Corporation is to own, develop, operate, manage and/or sell real estate or interests therein (including, without limitation, to employ such persons as may be necessary or appropriate in connection therewith) and to engage in any other lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
ARTICLE IV
The total number of shares of stock which the Corporation shall have authority to issue is one thousand (1,000) shares of common stock having a par value of one cent ($.01) per share.

ARTICLE V
The amount of the authorized stock of the Corporation of any class or classes may be increased or decreased by the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote.
ARTICLE VI
Elections of directors need not be by ballot unless the By-laws of the Corporation shall so provide.
ARTICLE VII
In furtherance and not in limitation of the power conferred upon the Board of Directors by law, the Board of Directors shall have power to make, adopt, alter, amend and repeal from time to time the By-laws of the Corporation, subject to the right of the stockholders entitled to vote with respect thereto to alter, amend and repeal by-laws adopted by the Board of Directors.
ARTICLE VIII
No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit If the General Corporation Law of the State of Delaware is hereafter amended to authorize corporate action further limiting or eliminating the personal liability of directors, then the liability of each director of the Corporation shall be limited or eliminated to the fullest extent permitted by the General Corporation Law of the State of Delaware as so amended from time to time.
ARTICLE IX
The incorporator of the Corporation is Graham R. Hone, whose mailing address is Room 2946, 1301 Avenue of the Americas, New York, New York 10019-6092.

IN WITNESS WHEREOF, I, being the incorporator hereinabove named, do hereby execute this Certificate of Incorporation on this 10th day of December, 1998.

/s/ GRAHAM R. HONE	
GRAHAM R. HONE	

CERTIFICATE OF CHANGE OF REGISTERED AGENT
AND
REGISTERED OFFICE
*  *  *  *  *
PROMUS/KINGSTON DEVELOPMENT CORPORATION, a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY.
The present registered agent of the corporation is Corporation Service Company and the present registered office of the corporation is in the county of New Castle.
The Board of Directors of PROMUS/KINGSTON DEVELOPMENT CORPORATION adopted the following resolution on the 29th Day of July, 1999.
Resolved, that the registered office of PROMUS/KINGSTON DEVELOPMENT CORPORATION in the state of Delaware be and it hereby is changed to Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, and the authorization of the present registered agent of this corporation be and the same is hereby withdrawn, and THE CORPORATION TRUST COMPANY, shall be and is hereby constituted and appointed the registered agent of this corporation at the address of its registered office.
IN WITNESS WHEREOF, PROMUS/KINGSTON DEVELOPMENT CORPORATION has caused this statement to be signed by J. Kendall Huber its Executive Vice President this 23 rd day of August, 1999

/s/    J. Kendall Huber        	
	
J. Kendall Huber	
Executive Vice President	

CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND OF REGISTERED AGENT
It is hereby certified that:
1. The name of the corporation (hereinafter called the “corporation”) is Promus/Kingston Development Corporation.
2. The registered office of the corporation within the State of Delaware is hereby changed to 2711 Centerville Rd., Ste. 400, Wilmington, DE 19808, Newcastle County
3. The registered agent of the corporation within the State of Delaware is hereby changed to Corporation Service Company, the business office of which is identical with the registered office of the corporation as hereby changed.
4. The corporation has authorized the changes hereinbefore set forth by resolution of its Board of Directors.
Signed on 9/8/00

/s/ Vivien S. Mitchell	
Vivien S. Mitchell, Vice President	

Exhibit 3.286
PROMUS/KINGSTON DEVELOPMENT CORPORATION
By-Laws
ARTICLE I
Meetings of Stockholders
Section 1.1 Annual Meetings . The annual meeting of the stockholders for the election of directors and for the transaction of such other business as properly may come before such meeting shall be held each year on such date, and at such time and place within or without the State of Delaware, as may be designated by the Board of Directors.
Section 1.2 Special Meetings . Special meetings of the stockholders for any proper purpose or purposes may be called at any time by the Board of Directors, the President or any Vice President to be held on such date, and at such time and place within or without the State of Delaware, as the Board of Directors, the President or any Vice President, whichever has called the meeting, shall direct. A special meeting of the stockholders shall be called by the President or any Vice President whenever stockholders owning a majority of the shares of the Corporation then issued and outstanding and entitled to vote on matters to be submitted to stockholders of the Corporation shall make application therefor in writing. Any such written request shall state a proper purpose or purposes of the meeting and shall be delivered to the President or any Vice President.
Section 1.3 Notice of Meeting . Written notice, signed by the President, any Vice President, the Secretary or an Assistant Secretary, of every meeting of stockholders stating the date and time when, and the place where, it is to be held shall be delivered either personally or by mail to each stockholder entitled to vote at such meeting not less than ten or more than sixty days before the meeting, except as otherwise provided by law. The purpose or purposes for which the meeting is called may in the case of an annual meeting, and shall in the case of a special meeting, also be stated. If mailed, such notice shall be directed to a stockholder at his address as it shall appear on the stock books of the Corporation, unless he shall have filed with the Secretary a written request that notices intended for him be mailed to some other address, in which case it shall be mailed to the address designated in such request.
Section 1.4 Quorum . The presence at any meeting, in person or by proxy, of the holders of record of a majority of the shares then issued and outstanding and entitled to vote shall be necessary and sufficient to constitute a quorum for the transaction of business, except as otherwise provided by law.
Section 1.5 Adjournments . In the absence of a quorum, a majority in interest of the stockholders entitled to vote, present in person or by proxy, or, if no stockholder entitled to vote is present in person or by proxy, an officer entitled to preside at or act as secretary of such meeting, may adjourn the meeting from time to time until a quorum shall be present.

Section 1.6 Voting . Directors shall be chosen by a plurality of the votes cast at the election, and, except as otherwise provided by law, all other questions shall be determined by a majority of the votes cast on such question.
Section 1.7 Proxies . Any stockholder entitled to vote may vote by proxy, provided that the instrument authorizing such proxy to act shall have been executed in writing (which shall include telegraphing or cabling) by the stockholder himself or by his duly authorized attorney.
Section 1.8 Judges of Election . The Board of Directors may appoint judges of election to serve at any election of directors and at balloting on any other matter that may properly come before a meeting of stockholders. If no such appointment shall be made, or if any of the judges so appointed shall fail to attend, or refuse or be unable to serve, then such appointment may be made by the presiding officer at the meeting.
ARTICLE II
Board of Directors
Section 2.1 Number . The number of directors which shall constitute the whole Board of Directors shall be fixed from time to time by resolution of the Board of Directors or stockholders (any such resolution of either the Board of Directors or stockholders being subject to any later resolution of either of them). The first Board of Directors and subsequent Boards of Directors shall consist of three directors until changed as herein provided.
Section 2.2 Election and Term of Office . Directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2.3. Each director (whether elected at an annual meeting or to fill a vacancy or otherwise) shall continue in office until his successor shall have been elected and qualified or until his earlier death, resignation or removal in the manner hereinafter provided.
Section 2.3 Vacancies and Additional Directorships . If any vacancy shall occur among the directors by reason of death, resignation or removal, or as the result of an increase in the number of directorships, a majority of the directors then in office, or a sole remaining director, though less than a quorum, may fill any such vacancy.
Section 2.4 Meetings . A meeting of the Board of Directors shall be held for organization, for the election of officers and for the transaction of such other business as may properly come before the meeting, within thirty days after each annual election of directors.
 
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The Board of Directors by resolution may provide for the holding of regular meetings and may fix the times and places at which such meetings shall be held. Notice of regular meetings shall not be required to be given, provided that whenever the time or place of regular meetings shall be fixed or changed, notice of such action shall be mailed promptly to each director who shall not have been present at the meeting at which such action was taken, addressed to him at his residence or usual place of business.
Special meetings of the Board of Directors shall be held upon call by or at the direction of the President, any Vice President or any two directors, except that when the Board of Directors consists of one director, then the one director may call a special meeting. Except as otherwise required by law, notice of each special meeting shall be mailed to each director, addressed to him at his residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to him at such place by telex, telegram, radio or cable, or telephoned or delivered to him personally, not later than the day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these By-laws.
Notice of any meeting need not be given to any director who shall attend such meeting in person or who shall waive notice thereof, before or after such meeting, in a signed writing.
Section 2.5 Quorum and Manner of Acting . At each meeting of the Board of Directors the presence of a majority of the total number of members of the Board of Directors, as constituted from time to time, shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when the Board of Directors consists of one director, then the one director shall constitute a quorum. In the absence of a quorum, a majority of those present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present and the meeting may be held as adjourned without further notice or waiver. A majority of those present at any meeting at which a quorum is present may decide any question brought before such meeting, except as otherwise provided by law, the Certificate of Incorporation of the Corporation or these By-laws.
Section 2.6 Resignation of Directors . Any director may resign at any time by giving written notice of such resignation to the Board of Directors, the President, any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 2.7 Removal of Directors . At any special meeting of the stockholders, duly called as provided in these By-laws, any director or directors may be removed from office, either with or without cause, as provided by law. At such meeting a successor or successors may be elected by a plurality of the votes cast, or if any such vacancy is not so filled, it may be filled by the directors as provided in Section 2.3.
 
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Section 2.8 Compensation of Directors . Directors shall receive such reasonable compensation for their services as such, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.
ARTICLE III
Committees of the Board
Section 3.1 Designation, Power, Alternate Members and Term of Office . The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. Any such committee, to the extent provided in such resolution and permitted by law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation or a facsimile thereof to be affixed to or reproduced on all such papers as said committee shall designate. The Board of Directors may designate one or more directors as alternate members of any committee who, in the order specified by the Board of Directors, may replace any absent or disqualified member at any meeting of the committee. If at a meeting of any committee one or more of the members thereof should be absent or disqualified, and if either the Board of Directors has not so designated any alternate member or members, or the number of absent or disqualified members exceeds the number of alternate members who are present at such meeting, then the member or members of such committee (including alternates) present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another director to act at the meeting in the place of any such absent or disqualified member. The term of office of the members of each committee shall be as fixed from time to time by the Board of Directors, subject to these By-laws; provided, however, that any committee member who ceases to be a member of the Board of Directors shall ipso facto cease to be a committee member. Each committee shall appoint a secretary, who may be the Secretary or an Assistant Secretary of the Corporation.
Section 3.2 Meetings, Notices and Records . Each committee may provide for the holding of regular meetings, with or without notice, and may fix the times and places at which such meetings shall be held. Special meetings of each committee shall be held upon call by or at the direction of its chairman or, if there be no chairman, by or at the direction of any one of its members. Except as otherwise provided by law, notice of each special meeting of a committee shall be mailed to each member of such committee, addressed to him at his residence or usual place of business, at least two days before the
 
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day on which the meeting is to be held, or shall be sent to him at such place by telex, telegram, radio or cable, or telephoned or delivered to him personally, not later than the day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these By-laws.
Notice of any meeting of a committee need not be given to any member thereof who shall attend such meeting in person or who shall waive notice thereof, before or after such meeting, in a signed writing. Each committee shall keep a record of its proceedings.
Section 3.3 Quorum and Manner of Acting . At each meeting of any committee the presence of a majority of its members then in office shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when a committee consists of one member, then the one member shall constitute a quorum. In the absence of a quorum, a majority of the members present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present and the meeting may be held as adjourned without further notice or waiver. The act of a majority of the members present at any meeting at which a quorum is present shall be the act of such committee. Subject to the foregoing and other provisions of these By-laws and except as otherwise determined by the Board of Directors, each committee may make rules for the conduct of its business.
Section 3.4 Resignations . Any member of a committee may resign at any time by giving written notice of such resignation to the Board of Directors, the President, any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 3.5 Removal . Any member of any committee may be removed at any time with or without cause by the Board of Directors.
Section 3.6 Vacancies . If any vacancy shall occur in any committee by reason of death, resignation, disqualification, removal or otherwise, the remaining member or members of such committee, so long as a quorum is present, may continue to act until such vacancy is filled by the Board of Directors.
Section 3.7 Compensation . Committee members shall receive such reasonable compensation for their services as such, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any committee member from serving the Corporation in any other capacity and receiving compensation therefor.
 
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ARTICLE IV
Officers
Section 4.1 Officers . The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers as may be appointed in accordance with the provisions of Section 4.3.
Section 4.2 Election, Term of Office and Qualifications . Except as provided in Section 4.3, each officer shall be elected by the Board of Directors. Each such officer (whether elected at the first meeting of the Board of Directors after the annual meeting of stockholders or to fill a vacancy or otherwise) shall hold his office until the first meeting of the Board of Directors after the next annual meeting of stockholders and until his successor shall have been elected, or until his death, or until he shall have resigned in the manner provided in Section 4.4 or shall have been removed in the manner provided in Section 4.5.
Section 4.3 Subordinate Officers and Agents . The Board of Directors from time to time may appoint other officers or agents (including one or more Assistant Vice Presidents, one or more Assistant Secretaries and one or more Assistant Treasurers) to hold office for such period, have such authority and perform such duties as are provided in these By-laws or as may be provided in the resolutions appointing them. The Board of Directors may delegate to any officer or agent the power to appoint any such subordinate officers or agents and to prescribe their respective terms of office, authorities and duties.
Section 4.4 Resignations . Any officer may resign at any time by giving written notice of such resignation to the Board of Directors, the President, a Vice President or the Secretary. Unless otherwise specified in such written notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 4.5 Removal . Any officer specifically designated in Section 4.1 may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors then in office. Any officer or agent appointed in accordance with the provisions of Section 4.3 may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors present at such meeting, or at any time by any superior officer or agent upon whom such power of removal shall have been conferred by the Board of Directors.
Section 4.6 Vacancies . A vacancy in any office by reason of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the manner prescribed by these By-laws for regular election or appointment to such office.
 
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Section 4.7 The President . The President shall be the chief executive officer of the Corporation. Subject to the direction of the Board of Directors, he shall have general charge of the business, affairs and property of the Corporation and general supervision over its officers and agents. If present, he shall preside at all meetings of stockholders and he shall see that all orders and resolutions of the Board of Directors are carried into effect. He may sign, with any other officer thereunto duly authorized, certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature), any may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts, agreements or other instruments duly authorized by the Board of Directors, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent. From time to time he shall report to the Board of Directors all matters within his knowledge which the interest of the Corporation may require to be brought to their attention. He shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors or these By-laws.
Section 4.8 The Vice President . At the request of the President or in his absence or disability, the Vice President designated by the Board of Directors shall perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all restrictions upon the President. Any Vice President may also sign, with any other officer thereunto duly authorized, certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature), and may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts, agreements or other instruments duly authorized by the Board of Directors, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent. Each Vice President shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
Section 4.9 The Secretary . The Secretary shall
(a) record all the proceedings of the meetings of the stockholders, the Board of Directors, and any committees in a book or books to be kept for that purpose;
(b) cause all notices to be duly given in accordance with the provisions of these By-laws and as required by law;
(c) whenever any committee shall be appointed in pursuance of a resolution of the Board of Directors, furnish the chairman of such committee with a copy of such resolution;
(d) be custodian of the records and of the seal of the Corporation, and cause such seal to be affixed to or a facsimile to be reproduced on all certificates representing stock of the Corporation prior to the issuance thereof and to all instruments the execution of which on behalf of the Corporation under its seal shall have been duly authorized;
 
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(e) see that the lists, books, reports, statements, certificates and other documents and records required by law are properly kept and filed;
(f) have charge of the stock and transfer books of the Corporation, and exhibit such stock book at all reasonable times to such persons as are entitled by law to have access thereto;
(g) sign (unless the Treasurer or an Assistant Secretary or an Assistant Treasurer shall sign) certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature); and
(h) in general, perform all duties incident to the office of Secretary and have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
Section 4.10 Assistant Secretaries . At the request of the Secretary or in his absence or disability, the Assistant Secretary designated by him (or in the absence of such designation, the Assistant Secretary designated by the Board of Directors or the President) shall perform all the duties of the Secretary and, when so acting, shall have all the powers of and be subject to all restrictions upon the Secretary. Each Assistant Secretary shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President, the Secretary or these By-laws.
Section 4.11 The Treasurer . The Treasurer shall
(a) have charge of and supervision over and be responsible for the funds, securities, receipts and disbursements of the Corporation;
(b) cause the moneys and other valuable effects of the Corporation to be deposited in the name and to the credit of the Corporation in such banks or trust companies or with such bankers or other depositaries as shall be selected in accordance with Section 5.3 or to be otherwise dealt with in such manner as the Board of Directors may direct;
(c) cause the funds of the Corporation to be disbursed by checks or drafts upon the authorized depositaries of the Corporation, and cause to be taken and preserved proper vouchers for all moneys disbursed;
 
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(d) render to the Board of Directors or the President, whenever requested, a statement of the financial condition of the Corporation and of all his transactions as Treasurer;
(e) cause to be kept at the Corporation’s principal office correct books of account of all its business and transactions and such duplicate books of account as he shall determine and upon application cause such books or duplicates thereof to be exhibited to any director;
(f) be empowered, from time to time, to require from the officers or agents of the Corporation reports or statements giving such information as he may require with respect to any and all financial transactions of the Corporation;
(g) sign (unless the Secretary or an Assistant Secretary or an Assistant Treasurer shall sign) certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature); and
(h) in general, perform all duties incident to the office of Treasurer and have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
Section 4.12 Assistant Treasurer . At the request of the Treasurer or in his absence or disability, the Assistant Treasurer designated by him (or in the absence of such designation, the Assistant Treasurer designated by the Board of Directors or the President) shall perform all the duties of the Treasurer and, when so acting, shall have all the powers of and be subject to all restrictions upon the Treasurer. Each Assistant Treasurer shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President, the Treasurer or these By-laws.
Section 4.13 Salaries . The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors, except that the Board of Directors may delegate to any person the power to fix the salaries or other compensation of any officers or agents appointed in accordance with the provisions of Section 4.3. No officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the Corporation.
 
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ARTICLE V
Execution of Instruments and Deposit of Corporate Funds
Section 5.1 Execution of Instruments Generally . The President, any Vice President, the Secretary or the Treasurer, subject to the approval of the Board of Directors, may enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation. The Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation, and such authorization may be general or confined to specific instances.
Section 5.2 Borrowing . No loans or advances shall be obtained or contracted for, by or on behalf of the Corporation and no negotiable paper shall be issued in its name, unless and except as authorized by the Board of Directors. Such authorization may be general or confined to specific instances. Any officer or agent of the Corporation thereunto so authorized may obtain loans and advances for the Corporation, and for such loans and advances may make, execute and deliver promissory notes, bonds, or other evidences of indebtedness of the Corporation. Any officer or agent of the Corporation thereunto so authorized may pledge, hypothecate or transfer as security for the payment of any and all loans, advances, indebtedness and liabilities of the Corporation, any and all stocks, bonds, other securities and other personal property at any time held by the Corporation, and to that end may endorse, assign and deliver the same and do every act and thing necessary or proper in connection therewith.
Section 5.3 Deposits . All funds of the Corporation not otherwise employed shall be deposited from time to time to its credit in such banks or trust companies or with such bankers or other depositaries as the Board of Directors may select, or as may be selected by any officer or officers or agents or agents authorized so to do by the Board of Directors. Endorsements for deposit to the credit of the Corporation in any of its duly authorized depositaries shall be made in such manner as the Board of Directors from time to time may determine.
Section 5.4 Checks, Drafts, etc . All checks, drafts or other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers or agent or agents of the Corporation, and in such manner, as from time to time shall be determined by the Board of Directors.
Section 5.5 Proxies . Proxies to vote with respect to shares of stock of other corporations owned by or standing in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the President or any Vice President or by any other person or persons thereunto authorized by the Board of Directors.
 
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ARTICLE VI
Record Dates
Section 6.1 In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall be not more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. Only those stockholders of record on the date so fixed shall be entitled to any of the foregoing rights, notwithstanding the transfer of any such stock on the books of the Corporation after any such record date fixed by the Board of Directors.
ARTICLE VII
Corporate Seal
Section 7.1 The corporate seal shall be circular in form and shall bear the name of the Corporation and words and figures denoting its organization under the laws of the State of Delaware and the year thereof and otherwise shall be in such form as shall be approved from time to time by the Board of Directors.
ARTICLE VIII
Fiscal Year
Section 8.1 The fiscal year of the Corporation shall be the calendar year.
ARTICLE IX
Action Without A Meeting
Section 9.1 Any action which might have been taken under these By-laws by a vote of the stockholders at a meeting thereof may be taken without a meeting, without prior notice and without a vote, if a consent in writing setting forth the action so taken shall be signed by the holders of outstanding shares of stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, provided that prompt notice shall be given to those stockholders who have not so consented if less than unanimous written consent is obtained. Any action which might have been taken under these By-laws by vote of the directors at any meeting of the Board
 
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of Directors or any committee thereof may be taken without a meeting if all the members of the Board of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the Board of Directors of such committee.
ARTICLE X
Indemnification
Section 10.1 Indemnification . The Corporation shall indemnify, in the manner and to the full extent permitted by law, any person (or the estate of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the Corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Where required by law, the indemnification provided for herein shall be made only as authorized in the specific case upon a determination, in the manner provided by law, that indemnification of the director, officer, employee or agent is proper in the circumstances. The Corporation may, to the full extent permitted by law, purchase and maintain insurance on behalf of any such person against any liability which may be asserted against him. To the full extent permitted by law, the indemnification provided herein shall include expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement, and, in the manner provided by law, any such expenses may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding. The indemnification provided herein shall not be deemed to limit the right of the Corporation to indemnify any other person for any such expenses to the full extent permitted by law, nor shall it be deemed exclusive of any other rights to which any person seeking indemnification from the Corporation may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
ARTICLE XI
Amendments
Section 11.1 All By-laws of the Corporation may be amended or repealed, and new By-laws may be made, by an affirmative majority of the votes cast at any annual or special stockholders’ meeting by holders of outstanding shares of stock of the Corporation entitled to vote, or by an affirmative vote of a majority of the directors present at any organizational, regular, or special meeting of the Board of Directors.
 
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Exhibit 3.287
CERTIFICATE OF FORMATION
OF
SAMANTHA HOTEL LLC
This Certificate of Formation of Samantha Hotel LLC (the “LLC”), dated as of October 24, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Samantha Hotel LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.288
LIMITED LIABILITY COMPANY AGREEMENT
OF
SAMANTHA HOTEL LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Samantha Hotel LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 24, 2007, by Doubletree LLC (“ Doubletree ”), as the sole member (Doubletree and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Doubletree, by execution of this Agreement and pursuant to the conversion of Samantha Hotel Corporation, a Delaware corporation (the “ Corporation ”) to the Company (the “ Conversion ”), hereby continues the Corporation in the form of a Delaware limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del, C. § 18-101, et seq.), as amended from time to time (the “ Act ”), and agrees as follows:
1. Name . The name of the limited liability company formed hereby is Samantha Hotel LLC. The Certificate of Formation of the Company has been executed, delivered and filed with the office of the Secretary of State of the State of Delaware by an “authorized person” of the Company within the meaning of the Act.
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
5. Member . Doubletree was automatically admitted to the Company effective upon the Conversion, and hereby continues as a member of the Company upon its execution of a counterpart signature page to this Agreement. The names and the addresses of the Members are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Members. The Members shall have the power to do any and all acts necessary or
 
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convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Delaware. David Marote, as an “authorized person” within the meaning of the Act, has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” ceased, and the Member and each officer of the Company with a title of Senior Managing Director, Managing Director, President, Vice President, Principal, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) thereupon became the designated “authorized person” and hereby continues as the designated “authorized person” within the meaning of the Act. The Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Delaware. The Member or any Designated Officer and shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suite or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

MEMBER:	
	
Doubletree LLC	
		
By:	 	/s/ Robert M. La Forgia	
	 	Name:	 	Robert M. La Forgia	
	 	Title:	 	Executive Vice President	

Schedule A
Member

Name	  	Address	
		
Doubletree LLC	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.289
CERTIFICATE OF FORMATION
OF
SUITE LIFE LLC
The undersigned, an authorized person, for the purpose of forming a limited liability company under the provisions and subject to the requirements of the Delaware Limited Liability Company Act of the State of Delaware (6 Del.C§18-101, et seq.) hereby certifies that:
FIRST: The name of the limited liability company (hereinafter called the “limited liability company”) is Suite Life LLC.
SECOND: The address of the registered office is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
THIRD: The name and address of the registered agent of the limited liability company required to be maintained by Section 18-104 of the Delaware Limited Liability Company Act are Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington (New Castle County), Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation this 22 day of July, 2014.

/s/ Sean Dell’Orto	
Name: Sean Dell’Orto	
An Authorized Person	

Exhibit 3.290
LIMITED LIABILITY COMPANY AGREEMENT
OF
SUITE LIFE LLC
This Limited Liability Company Agreement of Suite Life LLC (the “ Company ”), dated as of July 22, 2014 (this “ Agreement ”) is made by EJP LLC, a Delaware limited liability company, as the sole member (the “ Member ”) of the Company.
WHEREAS, prior to the date hereof, Suite Life, Inc. (the “ Other Entity ”) was formed as a Delaware corporation by the filing of its certificate of incorporation with the Secretary of State of the State of Delaware;
WHEREAS, on the date hereof, the Other Entity was converted to a limited liability company agreement pursuant to Section 18-214 of the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “ Act ”), by causing the filing with the Secretary of State of the State of Delaware of a Certificate of Conversion and a Certificate of Formation (the “ Conversion ”);
WHEREAS, pursuant to the Conversion, the Member became the sole member of the Company, the capital stock of the Other Entity was converted into limited liability company interests, and the Member became the sole owner of all the limited liability company interests in the Company; and
WHEREAS, pursuant to this Agreement, the Member hereby agrees as follows:
1. Name . The name of the Company shall be Suite Life LLC, or such other name as the Member may from time to time hereafter designate.
2. Definitions . Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in Section 18-101 of the Act.
3. Purpose . The Company is formed for the purpose of engaging in any lawful business permitted by the Act or the laws of any jurisdiction in which the Company may do business. The Company shall have the power to engage in all activities and transactions which the Member deems necessary or advisable in connection with the foregoing.
4. Offices .
(a) The principal place of business and office of the Company shall initially be located at 7930 Jones Branch Drive, McLean, Virginia 22102, and the Company’s business shall be conducted from such place or such other places as the Member may designate from time to time.
(b) The registered office of the Company in the State of Delaware shall be located at c/o Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington,

Delaware. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Services Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware. The Member may from time to time change the registered agent or office by an amendment to the certificate of formation of the Company.
5. Members . The sole member of the Company as of the date hereof is the Member, whose business address is 7930 Jones Branch Drive, McLean, Virginia 22102. Additional members may be admitted to the Company with the consent of, and on such terms and conditions as shall be determined by, the Member in its sole and absolute discretion.
6. Term . The term of the Company shall commence on the date of this Agreement (which is the date of filing of the certificate of formation of the Company) and shall continue until the Company is dissolved and its affairs are wound up in accordance with Section 11 of this Agreement and a certificate of cancellation is filed in accordance with the Act.
7. Management of the Company . In accordance with Section 18-402 of the Act, the business and affairs of the Company shall be managed and controlled by the Member. The Member shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes of the Company described herein, including all powers, statutory or otherwise, possessed by members of a limited liability company under the laws of the State of Delaware. Notwithstanding any other provision of this Agreement, the Member is authorized to execute and deliver any document on behalf of the Company without any vote or consent of any other person. The Member has the authority to bind the Company.
8. Capital Contributions . The Member shall make capital contributions to the Company in such amounts and at such times as the Member determines in its sole and absolute discretion, which amounts shall be set forth in the books and records of the Company.
9. Resignation . The Member shall not resign from the Company except upon the transfer of all of his interests in the Company or the concurrent dissolution of the Company.
10. Distributions . The Member may receive distributions in cash or in kind in such amounts and at such times as the Member shall determine in its sole and absolute discretion, subject to the requirements of Section 18-607 of the Act and other applicable law.
11. Dissolution . The Company shall be dissolved and its affairs wound up upon the first to occur of the following:
(a) occurrence of an event with respect to the Member causing a dissolution of the Company under Section 18-801 of the Act; or
(b) the resignation of the Member pursuant to Section 9 of this Agreement.
12. Indemnification . To the fullest extent permitted by applicable law, the Company shall indemnity and hold harmless each Member and officer, in each case in his, her or its capacity as such, any affiliate of a Member or officer and any entity of which an officer is an

officer, director, shareholder, partner, member, employee, trustee, executor, representative or agent, or any affiliate, officer, director, shareholder, partner, member, manager, employee, representative or agent of any of the foregoing (any of the foregoing, a “ Covered Person ”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties thereon (other than taxes based on fees or other compensation received by such Covered Person from the Company), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs, expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever (collectively, “ Claims and Expenses ”) which may be imposed on, incurred by or asserted at any time against such Covered Person in connection with the business or affairs of the Company or its controlled affiliates or the activities of such Covered Person on behalf of the Company; provided, that indemnification hereunder and the advancement of expenses under Section 13 shall be recoverable only from the assets of the Company and not from assets of the Member.
13. Advancement of Expenses . To the fullest extent permitted by applicable law, the Company shall pay the expenses (including reasonable legal fees and expenses and costs of investigation) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding contemplated in Section 12 (other than a claim, demand, action, suit or proceeding brought by the Company against the Member for such Member’s material breach or violation of this Agreement) as such expenses are incurred by such Covered Person and in advance of the final disposition of such matter, provided that such Covered Person undertakes to repay such expenses if it is determined by agreement between such Covered Person and the Company or, in the absence of such an agreement, by a final judgment of a court of competent jurisdiction that such Covered Person is not entitled to be indemnified pursuant to Section 12 .
14. Insurance . The Company may, or may cause an affiliate to, purchase and maintain directors and officers insurance, to the extent and in such amounts as the Member may, in its discretion, deem reasonable.
15. Amendments . This Agreement may be amended only upon the written consent of the Member.
16. Authorized Person . Sean Dell’Orto is hereby designated as an “authorized person” within the meaning of the Act, and has executed, delivered and filed a certificate of formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the certificate of formation of the Company with the Secretary of State of the State of Delaware, his/her powers as an “authorized person” ceased, and the Member thereupon became the designated “authorized person” and shall continue as the designated ‘authorized person within the meaning of the Act.
17. Officers . The initial officers of the Company shall be designated by the Member, and are listed on Exhibit A hereto. The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Member), including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer, “president,” “vice president,” “treasurer,” “secretary,” “managing director,” “chief financial officer,” “assistant treasurer” and “assistant secretary” as and to the extent authorized by the Member.

18. Miscellaneous . The Member shall not have any liability for the debts, obligations or liabilities of the Company except to the extent expressly required by the Act. This Agreement shall be governed by, and construed under, the laws of the State of Delaware. This Agreement constitutes the entire understanding and agreement by the Member with respect to the subject matter of this Agreement and supersedes all prior and contemporaneous agreements and understandings, express or implied, oral or written, with respect to such subject matter. Each provision of this Agreement shall be considered separable from the other provisions of this Agreement, however, if for any reason any provision of this Agreement is determined to be invalid, such invalidity shall not impair the operation of or affect the portions of this Agreement that are valid.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Member has executed this Agreement as of the day and year first above written.

MEMBER:	
	
EJP LLC, a Delaware limited liability company	
		
By:	 	/s/ Sean Dell’Orto	
			
Name:	 	Sean Dell’Orto	
Title:	 	Senior Vice President and Treasurer	
Signature Page to LLC Agreement
Suite Life LLC

EXHIBIT A
Initial Officers

Chief Executive Officer and President	  	Christopher Nassetta	
Executive Vice President and Chief Financial Officer	  	Kevin J. Jacobs	
Executive Vice President, General Counsel and Secretary	  	Kristin Campbell	
Senior Vice President and Treasurer	  	Sean Dell’Orto	
Senior Vice President	  	W. Steven Standefer	
Senior Vice President	  	Keith Clampet	
Senior Vice President	  	Joseph Berger	
Assistant Secretary	  	Owen Wilcox	
Assistant Treasurer	  	R. Deanne Brand	
Assistant Treasurer	  	Fred Schacknies	
Assistant Treasurer	  	Alexandra Neely	
Assistant Treasurer	  	Justin Hensley	

Exhibit 3.291
CERTIFICATE OF INCORPORATION
OF
TEX HOLDINGS, INC.
FIRST. The name of the corporation shall be: Tex Holdings, Inc.
SECOND. Its registered office in the State of Delaware is to be located at 1013 Centre Road, in the City of Wilmington, County of New Castle, 19805. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
THIRD. The purpose or purposes of the corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware.
FOURTH. The total number of shares of stock which the corporation shall have authority to issue is one hundred (100), all of which shall be denominated as Common Stock, and each share shall have no par value.
FIFTH. The name and mailing address of the incorporator are:
David Marote
c/o Hilton Hotels Corporation
9336 Civic Center Drive
Beverly Hills, California 90210
SIXTH. In furtherance, and not in limitation, of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal the bylaws of the corporation.
SEVENTH. Election of directors need not be by written ballot, unless the bylaws of the corporation shall so provide.
EIGHTH. No director of the corporation shall be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director’s duty of loyalty to the corporation or its stockholders,
 
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(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.
IN WITNESS WHEREOF, the undersigned, being the sole incorporator hereinbefore named, has executed, signed and acknowledged this certificate of incorporation this 14th day of April, 2000.

/s/ David Marote	
David Marote, Incorporator	
 
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Exhibit 3.292
BYLAWS
OF
TEX HOLDINGS, INC.
a Delaware corporation
ARTICLE I
OFFICES
Section 1. REGISTERED OFFICES. The registered office shall be in the City of Wilmington, County of New Castle, State of Delaware.
Section 2. OTHER OFFICES. The corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. PLACE OF MEETINGS. Meetings of stockholders shall be held at any place within or outside the State of Delaware designated by the Board of Directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the corporation.
Section 2. ANNUAL MEETING OF STOCKHOLDERS. The annual meeting of stockholders shall be held each year on a date and a time designated by the Board of Directors. At each annual meeting directors shall be elected and any other proper business may be transacted.
Section 3. QUORUM; ADJOURNED MEETINGS AND NOTICE THEREOF. A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute
 
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a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these Bylaws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
Section 4. VOTING. When a quorum is present at any meeting, in all matters other than the election of directors, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes, or the Certificate of Incorporation, or these Bylaws, a different vote is required in which case such express provision shall govern and control the decision of such question. Directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.
Section 5. PROXIES. At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a
 
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longer period. All proxies must be filed with the Secretary of the corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the corporation on the record date set by the Board of Directors as provided in Article VII, Section 6 hereof.
Section 6. SPECIAL MEETINGS. Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President and shall be called by the President or the Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 7. NOTICE OF STOCKHOLDERS’ MEETINGS. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
Section 8. MAINTENANCE AND INSPECTION OF STOCKHOLDER LIST. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote
 
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at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 9. STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING. Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Every written consent shall bear the date of signature of each stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty days of the earliest dated consent delivered in the manner required by this Section 9 to the corporation, written consents signed by a sufficient number of holders to take action are delivered to the corporation by delivery to its registered office in Delaware, its principal place of business or to an officer or agent of the
 
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corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
Section 1. THE NUMBER OF DIRECTORS. The number of directors which shall constitute the whole Board shall be three (3). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by the Certificate of Incorporation or by law, any director or the entire Board of Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
Section 2. VACANCIES. Vacancies on the Board of Directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole Board (as constituted immediately
 
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prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
Section 3. POWERS. The property and business of the corporation shall be managed by or under the direction of its Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 4. PLACE OF DIRECTORS’ MEETINGS. The directors may hold their meetings and have one or more offices, and keep the books of the corporation outside of the State of Delaware.
Section 5. REGULAR MEETINGS. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board.
Section 6. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by the President on forty-eight hours’ notice to each director, either personally or by mail or by facsimile, electronic mail or telegram; special meetings shall be called by the President or the Secretary in like manner and on like notice on the written request of two directors unless the Board consists of only one director; in which case special meetings shall be called by the President or Secretary in like manner or on like notice on the written request of the sole director.
 
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Section 7. QUORUM. At all meetings of the Board of Directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, by the Certificate of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
Section 8. ACTION WITHOUT MEETING. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee.
Section 9. TELEPHONIC MEETINGS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
Section 10. COMMITTEES OF DIRECTORS. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any
 
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absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation’s property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the Bylaws of the corporation; and, unless the resolution or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.
Section 11. MINUTES OF COMMITTEE MEETINGS. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
Section 12. COMPENSATION OF DIRECTORS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
 
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ARTICLE IV
OFFICERS
Section 1. OFFICERS The officers of this corporation shall be chosen by the Board of Directors and shall include a Chairman of the Board of Directors or a President, or both, and a Secretary. The corporation may also have at the discretion of the Board of Directors such other officers as are desired, including a Vice-Chairman of the Board of Directors, a Chief Executive Officer, a Treasurer, one or more Vice Presidents, one or more Assistant Secretaries and Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 hereof. In the event there are two or more Vice Presidents, then one or more may be designated as Executive Vice President, Senior Vice President, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these Bylaws otherwise provide.
Section 2. ELECTION OF OFFICERS. The Board of Directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the corporation.
Section 3. SUBORDINATE OFFICERS. The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.
Section 4. COMPENSATION OF OFFICERS. The salaries of all officers and agents of the corporation shall be fixed by the Board of Directors.
 
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Section 5. TERM OF OFFICE; REMOVAL AND VACANCIES. The officers of the corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. If the office of any officer or officers becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.
Section 6. CHAIRMAN OF THE BOARD. The Chairman of the Board, if such an officer be elected, shall, if present, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the Board of Directors or prescribed by these Bylaws. If there is no President, the Chairman of the Board shall in addition be the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article IV.
Section 7. PRESIDENT. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chairman of the Board, if there be such an officer, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. He shall preside at all meetings of the stockholders and, in the absence of the Chairman of the Board, or if there be none, at all meetings of the Board of Directors. He shall be an ex officio member of all committees and shall have the general powers and duties of management usually vested in the office of President and Chief Executive Officer of corporations, and shall have such other powers and duties as may be prescribed by the Board of Directors or these Bylaws.
Section 8. VICE PRESIDENTS. In the absence or disability of the President, the Vice Presidents in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated by the Board of Directors, shall perform all the duties of the President,
 
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and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the Board of Directors.
Section 9. SECRETARY. The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the Board of Directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or these Bylaws. He shall keep in safe custody the seal of the corporation, and when authorized by the Board, affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his signature.
Section 10. ASSISTANT SECRETARY. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors, or if there be no such determination, the Assistant Secretary designated by the Board of Directors, shall, in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
Section 11. TREASURER. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the corporation, in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the corporation as may be ordered by the Board of
 
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Directors, taking proper vouchers for such disbursements, and shall render to the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, he shall give the corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors, for the faithful performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
Section 12. ASSISTANT TREASURER. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors, or if there be no such determination, the Assistant Treasurer designated by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
ARTICLE V
INDEMNIFICATION OF DIRECTORS AND OFFICERS
(a) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he
 
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acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper.
 
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(c) To the extent that a director or officer of the corporation shall be successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
(d) Any indemnification under paragraphs (a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such determination shall be made (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (3) by the stockholders. The corporation, acting through its Board of Directors or otherwise, shall cause such determination to be made if so requested by any person who is indemnifiable under this Article V.
(e) Expenses (including attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this Article V.
(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Article V shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity, and as to action in another capacity while holding such office.
 
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(g) The Board of Directors may authorize, by a vote of a majority of a quorum of the Board of Directors, the corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article V.
(h) For the purposes of this Article V, references to “the corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
(i) For purposes of this section, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include service as a director or officer of the corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he
 
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reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this section.
(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k) The corporation shall be required to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the corporation.
ARTICLE VI
INDEMNIFICATION OF EMPLOYEES AND AGENTS
The corporation may indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an employee or agent of the corporation or, while an employee or agent of the corporation, is or was serving at the request of the corporation as an employee or agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the extent permitted by applicable law.
 
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ARTICLE VII
CERTIFICATES OF STOCK
Section 1. CERTIFICATES. Every holder of stock of the corporation shall be entitled to have a certificate signed by, or in the name of the corporation by, the Chairman or Vice Chairman of the Board of Directors, or the President or a Vice President, and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer of the corporation, certifying the number of shares represented by the certificate owned by such stockholder in the corporation.
Section 2. SIGNATURES ON CERTIFICATES. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 3. STATEMENT OF STOCK RIGHTS, PREFERENCES AND PRIVILEGES. If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
 
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Section 4. LOST CERTIFICATES. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
Section 5. TRANSFERS OF STOCK. Upon surrender to the corporation, or the transfer agent of the corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
Section 6. FIXED RECORD DATE. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment
 
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of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date which shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.
Section 7. REGISTERED STOCKHOLDERS. The corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Delaware.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. DIVIDENDS. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.
Section 2. PAYMENT OF DIVIDENDS; DIRECTORS’ DUTIES. Before payment of any dividend there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interests of the corporation, and the directors may abolish any such reserve.
 
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Section 3. CHECKS. All checks or demands for money and notes of the corporation shall be signed by such officer or officers as the Board of Directors may from time to time designate.
Section 4. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
Section 5. CORPORATE SEAL. The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the words “Corporate Seal, Delaware.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
Section 6. MANNER OF GIVING NOTICE. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by facsimile, electronic mail or telegram.
Section 7. WAIVER OF NOTICE. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
 
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ARTICLE IX
AMENDMENTS
Section 1. AMENDMENT BY DIRECTORS OR STOCKHOLDERS. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the stockholders or by the Board of Directors, when such power is conferred upon the Board of Directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the Board of Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration, amendment, repeal or adoption of new Bylaws be contained in the notice of such special meeting. If the power to adopt, amend or repeal Bylaws is conferred upon the Board of Directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal Bylaws.
 
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CERTIFICATE OF SECRETARY
I, the undersigned, do hereby certify:
 
 	1)	That I am the duly elected and acting Secretary of Tex Holdings, Inc. , a Delaware corporation; and	
 
 	2)	That the foregoing bylaws, consisting of twenty-one (21) pages, constitute the bylaws of said corporation as duly adopted by the written consent of the Incorporator of Tex Holdings, Inc. as of April 17, 2000.	
IN WITNESS WHEREOF, I have hereunto subscribed my name this 18 th day of April, 2000.

/s/ M. Hue Smith III	
M. Hue Smith III	
Vice President and Secretary	

Exhibit 3.293
CERTIFICATE OF FORMATION
OF
WA COLLECTION INTERNATIONAL, LLC
The undersigned, an authorized natural person, for the purpose of forming a limited liability company under the provisions, and subject to the requirements, of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code, and the acts amendatory thereof and supplemental thereto, and known, identified and referred to as the “Delaware Limited Liability Company Act”), hereby certifies that:
FIRST : The name of the limited liability company is
WA COLLECTION INTERNATIONAL, LLC
SECOND . The address of its registered office in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is CORPORATION SERVICE COMPANY.
IN WITNESS WHEREOF , the undersigned has executed this Certificate of Formation on March 2, 2007.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.294
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
WA Collection International, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of WA Collection International, LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HPP International Corporation, a Nevada corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is WA Collection International, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts

necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
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12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
21. Entire Agreement . This Agreement contains the entire understanding of the Managing Member and supersedes any prior understandings or agreements of the Managing Member with respect to the subject matter hereof.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HPP INTERNATIONAL CORPORATION ,	
	 	a Nevada corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – WA Collection International, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HPP International Corporation	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.295
CERTIFICATE OF FORMATION
OF
WALDORF ASTORIA FRANCHISE LLC
This Certificate of Formation of Waldorf Astoria Franchise LLC (the “LLC”), dated as of September 12, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Waldorf Astoria Franchise LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

Exhibit 3.296
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Waldorf Astoria Franchise LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Waldorf Astoria Franchise LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Waldorf Astoria Franchise LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HILTON FRANCHISE HOLDING LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Waldorf Astoria Franchise LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.297
CERTIFICATE OF FORMATION
OF
WALDORF ASTORIA MANAGEMENT LLC
This Certificate of Formation of Waldorf Astoria Management LLC (the “LLC”), dated as of September 19, 2007, has been duly executed and is being filed by the undersigned, as an authorized person, to form a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq .).
FIRST. The name of the limited liability company formed hereby is Waldorf Astoria Management LLC.
SECOND. The address of the registered office of the LLC in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
THIRD. The name and address of the registered agent for service of process on the LLC in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400 in the City of Wilmington, County of New Castle, Delaware 19808.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation as of the date first above written.

/s/ David Marote	
David Marote	
Authorized Person	

CERTIFICATE OF AMENDMENT TO CERTIFICATE OF FORMATION
OF
WALDORF ASTORIA MANAGEMENT LLC
Waldorf Astoria Management LLC (hereinafter called the “company”), a limited liability company organized and existing under and by virtue of the Limited Liability Company Act of the State of Delaware, does hereby certify:
1. The name of the limited liability company is Waldorf Astoria Management LLC.
2. The certificate of formation of the company is hereby amended by striking out Article FIRST thereof and by substituting in lieu of said Article FIRST the following new Article FIRST:
FIRST. The name of the limited liability company formed hereby is Waldorf=Astoria Management LLC.
Executed on this 15 th day of October, 2007.

/s/ David Marote	
David Marote	
Authorized Person	

	 	Delaware Domestic Limited Liability Company
Certificate of Amendment 1/96 - 1	

STATE OF DELAWARE
CERTIFICATE OF AMENDMENT

1.	  	Name of Limited Liability Company:	  	Waldorf=Astoria Management LLC	

2.	  	The Certificate of Formation of the limited liability company is hereby amended as follows: The name of the company is Waldorf  	
	  	Astoria Management LLC	

	  	 	

IN WITNESS WHEREOF , the undersigned have executed this Certificate on the 20th day of October , A.D. 2010 .

By:	 	/s/ Owen Wilcox	
			
Authorized Person(s)	
		
Name:	 	Owen Wilcox	
Print or Type	

State of Delaware
Certificate of Correction
of a Limited Liability Company
to be filed pursuant to Section 18-211(a)

1.	  	The name of the Limited Liability Company is:	 	 	
	  	Waldorf Astoria Management LLC	
		
2.	  	That a Certificate of Amendment was filed by the Secretary of State of Delaware on October 20, 2010 , and that said Certificate requires correction as permitted by Section 18-211 of the Limited Liability Company Act.	
		
3.	  	The inaccuracy or defect of said Certificate is: (must give specific reason)	
	  	The name of the company is Waldorf Astoria Management LLC, which was filed without approval.	

		
4.	  	The Certificate is hereby corrected to read as follows:	
	  	The name of the company is Waldorf=Astoria Management LLC	

	  	 	
IN WITNESS WHEREOF , the undersigned have executed this Certificate on the 8th day of November , A.D. 2010 .

By:	 	/s/ Owen Wilcox	
			
Authorized Person	
		
Name:	 	Owen Wilcox	
Print or Type	

Exhibit 3.298
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Waldorf=Astoria Management LLC
This Second Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Waldorf=Astoria Management LLC, a Delaware limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT Manage-Franchise Holding LLC, a Delaware limited liability company (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del.C. §18-101, et seq .), as amended from time to time (the “ Act ”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Waldorf=Astoria Management LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Delaware. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
 
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19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Delaware, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Second Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGING MEMBER :	
		
	 	HLT MANAGE-FRANCHISE HOLDING LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Second Amended and Restated Limited Liability Company Agreement – Waldorf=Astoria Management LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT Manage-Franchise Holding LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.299
ARTICLES OF INCORPORATION
OF
FLORIDA CONRAD INTERNATIONAL CORP.
The undersigned does hereby act as incorporator in adopting the following Articles of Incorporation for the purpose of organizing a corporation for profit, pursuant to the provisions of the Florida Business Corporation Act.
FIRST : The corporate name for the corporation (hereinafter called the “corporation”) is Florida Conrad International Corp.
SECOND : The street address, wherever located, of the principal office of the corporation is 9336 Civic Center Drive, Beverly Hills, California 90210.
The mailing address, wherever located, of the corporation is the same as its street address.
THIRD : The number of shares that the corporation is authorized to issue is one thousand (1,000), all of which are without par value and are of the same class and are denominated as Common shares.
FOURTH: The street address of the initial registered office of the corporation in the State of Florida is c/o Corporation Service Company, 1201 Hays Street, Tallahassee, Florida 32301.
The name of the initial registered agent of the corporation at the said registered office is Corporation Service Company.
The written acceptance of the said initial registered agent, as required by the provisions of Section 607.0501(3) of the Florida Business Corporation Act, is set forth following the signature of the incorporator and is made a part of these Articles of Incorporation.
FIFTH: The name and the address of the incorporator are: David Marote, 9336 Civic Center Drive, Beverly Hills, California 90210.
SIXTH : No holder of any of the shares of any class of the corporation shall be entitled as of right to subscribe for, purchase, or otherwise acquire any shares of any class of the corporation which the corporation proposes to issue or any rights or options which the corporation proposes to grant for the purchase of shares of any class of the corporation or for the purchase of any shares, bonds, securities, or obligations of the corporation which are convertible into or exchangeable for, or which, carry any rights to subscribe for, purchase, or otherwise acquire shares of any class of the corporation; and
 
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any and all of such shares, bonds, securities, or obligations of the corporation, whether now or hereafter authorized or created, may be issued, or may be reissued if the same have been reacquired and if their reissue is not prohibited, and any and all of such rights and options may be granted by the Board of Directors to such individuals and entities, and for such lawful consideration, and on such terms, as the Board of Directors in its discretion may determine, without first offering the same, or any thereof; to any said holder.
SEVENTH: The purpose for which the corporation is organized is:
To engage in any lawful business for which corporations may be organized under the Florida Business Corporation Act.
EIGHTH : The duration of the corporation shall be perpetual.
NINTH : The corporation shall, to the fullest extent permitted by the provisions of the Florida Business Corporation Act, as the same may be amended and supplemented, indemnify any and all persons whom it shall have power to indemnify under said provisions from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said provisions, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, vote of shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
TENTH : Whenever the corporation shall be engaged in the business of exploiting natural resources or other wasting assets, distributions may be paid in cash out of depletion or similar reserves at the discretion of the Board of Directors and in conformity with the provisions of the Florida Business Corporation Act.
Signed on May 18, 2004.

/s/ David Marote	
David Marote	
Incorporator	
Having been named as registered agent and to accept service of process for the above-named corporation at the place designated in these Articles of Incorporation, I hereby accept the appointment as registered agent and agree to act in this capacity. I further agree to comply with the provisions of all statutes relating to the proper and complete performance of my duties, and I am familiar with and accept the obligations of my position as registered agent.
 
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CORPORATION SERVICE COMPANY	
		
By:	 	/s/ Cynthia L. Harris	
	 	Name:	 	Cynthia L. Harris	
	 	Title:	 	as its agent	
	
Dated: May 18, 2004	
 
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Exhibit 3.300
BYLAWS
OF
FLORIDA CONRAD INTERNATIONAL CORP.
a Florida corporation
ARTICLE I
OFFICES
Section 1. PRINCIPAL BUSINESS ADDRESS. The corporation’s principal business address shall be at a location designated by the Board of Directors.
Section 2. OTHER OFFICES. The corporation may also have offices at such other places both within and without the State of Florida as the Board of Directors may from time to time determine or the business of the corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. PLACE OF MEETINGS. Meetings of stockholders shall be held at any place within or outside the State of Florida designated by the Board of Directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the corporation.
Section 2. ANNUAL MEETING OF STOCKHOLDERS. The corporation’s annual meeting of stockholders shall be held each year on the anniversary date of its incorporation. If such anniversary date falls on a weekend or holiday, the annual meeting shall be held on the first regular business day following the anniversary date. At each annual meeting directors shall be elected and any other proper business may be transacted.
 
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Section 3. QUORUM; ADJOURNED MEETINGS AND NOTICE THEREOF. A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law, by the Certificate of Incorporation, or by these Bylaws. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
Section 4. VOTING. When a quorum is present at any meeting, in all matters other than the election of directors, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the statutes, or the Certificate of Incorporation, or these Bylaws, a different vote is required in which case such express provision shall govern and control the decision of such question. Directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.
 
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Section 5. PROXIES. At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a longer period. All proxies must be filed with the Secretary of the corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the corporation on the record date set by the Board of Directors as provided in Article VII, Section 6 hereof.
Section 6. SPECIAL MEETINGS. Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President and shall be called by the President or the Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
Section 7. NOTICE OF STOCKHOLDERS’ MEETINGS. Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the corporation.
 
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Section 8. MAINTENANCE AND INSPECTION OF STOCKHOLDER LIST. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
Section 9. STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING. Unless otherwise provided in the Certificate of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the corporation by delivery to its registered agent in Florida, its principal place of business, or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Every written consent shall bear the date of signature of each
 
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stockholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty days of the earliest dated consent delivered in the manner required by this Section 9 to the corporation, written consents signed by a sufficient number of holders to take action are delivered to the corporation by delivery to its registered agent in Florida, its principal place of business or to an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a corporation’s registered agent shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
Section 1. THE NUMBER OF DIRECTORS. The initial number of directors which shall constitute the whole Board shall be three (3). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by the Certificate of Incorporation or by law, any director or the entire Board of Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
Section 2. VACANCIES. Vacancies on the Board of Directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole
 
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remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute
Section 3. POWERS. The property and business of the corporation shall be managed by or under the direction of its Board of Directors. In addition to the powers and authorities by these Bylaws expressly conferred upon them, the Board may exercise all such powers of the corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
Section 4. PLACE OF DIRECTORS’ MEETINGS. The directors may hold their meetings and have one or more offices, and keep the books of the corporation outside of the State of Florida.
Section 5. REGULAR MEETINGS. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board.
Section 6. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by the President on forty-eight hours’ notice to each director, either personally or by mail or by facsimile, electronic mail or telegram; special meetings shall be called by the President or the Secretary in like manner and on like notice on the written request of two directors unless the Board consists of only one director; in which case special meetings shall be called by the President or Secretary in like manner or on like notice on the written request of the sole director.
Section 7. QUORUM. At all meetings of the Board of Directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for
 
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the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, by the Certificate of Incorporation or by these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
Section 8. ACTION WITHOUT MEETING. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee.
Section 9. TELEPHONIC MEETINGS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or any committee, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
Section 10. COMMITTEES OF DIRECTORS. The Board of Directors may, by resolution passed by a majority of the whole Board, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any
 
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meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation’s property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the Bylaws of the corporation; and, unless the resolution or the Certificate of Incorporation expressly so provide, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.
Section 11. MINUTES OF COMMITTEE MEETINGS. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.
Section 12. COMPENSATION OF DIRECTORS. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.
 
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ARTICLE IV
OFFICERS
Section 1. OFFICERS The officers of this corporation shall be chosen by the Board of Directors and shall include a Chairman of the Board of Directors or a President, or both, and a Secretary. The corporation may also have at the discretion of the Board of Directors such other officers as are desired, including a Vice-Chairman of the Board of Directors, a Chief Executive Officer, a Chief Financial Officer or Treasurer, one or more Vice Presidents, one or more Assistant Secretaries and Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 3 hereof. In the event there are two or more Vice Presidents, then one or more may be designated as Executive Vice President, Senior Vice President, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person, unless the Certificate of Incorporation or these Bylaws otherwise provide.
Section 2. ELECTION OF OFFICERS. The Board of Directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the corporation.
Section 3. SUBORDINATE OFFICERS. The Board of Directors may appoint such other officers and agents as it shall deem necessary who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.
Section 4. COMPENSATION OF OFFICERS. The salaries, if any, of all officers and agents of the corporation shall be fixed by the Board of Directors.
Section 5. TERM OF OFFICE; REMOVAL AND VACANCIES. The officers of the corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. If the office of any officer or officers becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.
 
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Section 6. CHAIRMAN OF THE BOARD. The Chairman of the Board, if such an officer be elected, shall, if present, preside at all meetings of the Board of Directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the Board of Directors or prescribed by these Bylaws. If there is no President, the Chairman of the Board shall in addition be the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in Section 7 of this Article IV.
Section 7. PRESIDENT. Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chairman of the Board, if there be such an officer, the President shall be the Chief Executive Officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. He shall preside at all meetings of the stockholders and, in the absence of the Chairman of the Board, or if there be none, at all meetings of the Board of Directors. He shall be an ex officio member of all committees and shall have the general powers and duties of management usually vested in the office of President and Chief Executive Officer of corporations, and shall have such other powers and duties as may be prescribed by the Board of Directors or these Bylaws.
Section 8. VICE PRESIDENTS. In the absence or disability of the President, the Vice Presidents in order of their rank as fixed by the Board of Directors, or if not ranked, the Vice President designated by the Board of Directors, shall perform all the duties of the President, and when so acting shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the Board of Directors.
 
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Section 9. SECRETARY. The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the Board of Directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or these Bylaws. He shall keep in safe custody the seal of the corporation, and when authorized by the Board, affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing by his signature.
Section 10. ASSISTANT SECRETARY. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Directors, or if there be no such determination, the Assistant Secretary designated by the Board of Directors, shall, in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
Section 11. CHIEF FINANCIAL OFFICER / TREASURER. The Chief Financial Officer or Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the corporation, in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors,
 
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he shall give the corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors, for the faithful performance of the duties of his office and for the restoration to the corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
Section 12. ASSISTANT TREASURER. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Directors, or if there be no such determination, the Assistant Treasurer designated by the Board of Directors, shall, in the absence or disability of the Treasurer, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.
ARTICLE V
INDEMNIFICATION OF DIRECTORS AND OFFICERS
(a) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or
 
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proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
(c) To the extent that a director or officer of the corporation shall be successful on the merits or otherwise in defense of any action, suit or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
 
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(d) Any indemnification under paragraphs (a) and (b) (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such determination shall be made (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (3) by the stockholders. The corporation, acting through its Board of Directors or otherwise, shall cause such determination to be made if so requested by any person who is indemnifiable under this Article V.
(e) Expenses (including attorneys’ fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this Article V.
(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Article V shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity, and as to action in another capacity while holding such office.
(g) The Board of Directors may authorize, by a vote of a majority of a quorum of the Board of Directors, the corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation, or is or was serving at the
 
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request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article V.
(h) For the purposes of this Article V, references to “the corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
(i) For purposes of this section, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include service as a director or officer of the corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this section.
(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k) The corporation shall be required to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the corporation.
 
15

ARTICLE VI
INDEMNIFICATION OF EMPLOYEES AND AGENTS
The corporation may indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was an employee or agent of the corporation or, while an employee or agent of the corporation, is or was serving at the request of the corporation as an employee or agent or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the extent permitted by applicable law.
ARTICLE VII
CERTIFICATES OF STOCK
Section 1. CERTIFICATES. Every holder of stock of the corporation shall be entitled to have a certificate signed by, or in the name of the corporation by, the Chairman or Vice Chairman of the Board of Directors, or the President or a Vice President, and by the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer of the corporation, certifying the number of shares represented by the certificate owned by such stockholder in the corporation.
 
16

Section 2. SIGNATURES ON CERTIFICATES. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
Section 3. STATEMENT OF STOCK RIGHTS, PREFERENCES AND PRIVILEGES. If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in the Florida Statutes, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
Section 4. LOST CERTIFICATES. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its
 
17

discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
Section 5. TRANSFERS OF STOCK. Upon surrender to the corporation, or the transfer agent of the corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
Section 6. FIXED RECORD DATE. In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date which shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.
 
18

Section 7. REGISTERED STOCKHOLDERS. The corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Florida.
ARTICLE VIII
GENERAL PROVISIONS
Section 1. DIVIDENDS. Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation.
Section 2. PAYMENT OF DIVIDENDS; DIRECTORS’ DUTIES. Before payment of any dividend there may be set aside out of any funds of the corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the directors shall think conducive to the interests of the corporation, and the directors may abolish any such reserve.
Section 3. CHECKS. All checks or demands for money and notes of the corporation shall be signed by such officer or officers as the Board of Directors may from time to time designate.
Section 4. FISCAL YEAR. The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
 
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Section 5. CORPORATE SEAL. The corporate seal shall have inscribed thereon the name of the corporation, the jurisdiction in which the corporation was formed, and its date of incorporation. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
Section 6. MANNER OF GIVING NOTICE. Whenever, under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by facsimile, electronic mail or telegram.
Section 7. WAIVER OF NOTICE. Whenever any notice is required to be given under the provisions of the statutes or of the Certificate of Incorporation or of these Bylaws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
ARTICLE IX
AMENDMENTS
Section 1. AMENDMENT BY DIRECTORS OR STOCKHOLDERS. These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the stockholders or by the Board of Directors, when such power is conferred upon the Board of Directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the Board of
 
20

Directors or at any special meeting of the stockholders or of the Board of Directors if notice of such alteration, amendment, repeal or adoption of new Bylaws be contained in the notice of such special meeting. If the power to adopt, amend or repeal Bylaws is conferred upon the Board of Directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal Bylaws.
 
21

CERTIFICATE
I hereby certify that I am the Vice President and Secretary of Florida Conrad International Corp. (the “Corporation”), and that the foregoing Bylaws, consisting of twenty-one (21) pages, constitute the Bylaws of the Corporation, as duly adopted by the Corporation’s incorporator and approved by its Board of Directors on May 20, 2004.

/s/ M. Hue Smith III	
M. Hue Smith III	
Vice President and Secretary	

By-Law Amendment
October 25, 2013
The following section of the By-Laws of Florida Conrad International Corp. adopted May 20, 2004 was amended and restated on this date:
Article III, Section 1 :
“THE NUMBER OF DIRECTORS. The initial number of directors which shall constitute the whole Board shall be two (2). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article, and each director elected shall hold office until his successor is elected and qualified; provided, however that unless otherwise restricted by the Certificate of Incorporation or by law, any director or the entire Board of Directors may be removed, either with or without cause, from the Board of Directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.”

Exhibit 3.301
STATE OF FLORIDA
ARTICLES OF ORGANIZATION
OF
HILTON-OCCC HOTEL, LLC
These Articles of Organization of HILTON-OCCC HOTEL, LLC , a Florida limited liability company (the “Company”), dated as of the 5th day of June, 2000, are being duly executed and filed by Michael J Sullivan, who is authorized to form a limited liability company under the Florida Limited Liability Company Act (Chapter 608 of Florida Statutes ).
ARTICLE I—Name: The name of the Company is: HILTON-OCCC HOTEL, LLC
ARTICLE II—Address: The principal address and mailing address of the Company is:
c/o Hilton Hotels Corporation, a Delaware corporation     
9336 Civic Center Drive, Beverly Hills, California 90210
ARTICLE III—Registered Agent, Registered Office and Registered Agent’s Signature:
The Registered Agent and Registered Office for service of process is as follows:
 
             Name:	Corporation Service Company	
             Address:	1201 Hays Street	
Tallahassee, Florida 32301
Having been named to accept service of process for the Company named above, at the place designated in this certificate, I agree to act in that capacity and to comply with the provisions of the Florida Limited Company Act and all other applicable laws, relative to the proper and complete performance of my duties as registered agent.

/s/ Deborah D. Skipper	
(signature)	
Printed Name: Deborah D. Skipper
as its agent,	
as agent of Corporation Service Company	
ARTICLE IV—Management: The Company will be a member-managed company.
IN WITNESS WHEREOF, the undersigned has executed these Articles of Organization as of the date first above written.

/s/ Michael J. Sullivan	
Michael J. Sullivan, authorized person	

Exhibit 3.302
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF
HILTON-OCCC HOTEL, LLC
This Limited Liability Company Operating Agreement (this “ Agreement ”) of HILTON-OCCC HOTEL, LLC, is entered into as of this 5 th day of June, 2000, by Hilton Hotels Corporation, a Delaware corporation, as member (the “ Member ”).
The Member hereby forms a limited liability company pursuant to and in accordance with the Florida Limited Liability Company Act, as amended from time to time (Chapter 608 of the Florida Statutes) (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is HILTON-OCCC HOTEL, LLC (the “ Company ”).
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act (including, without limitation, acquiring, managing and disposing of real and personal property), and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office and Agent . The Company shall maintain a registered agent and office for the Company in the State of Florida.
4. Member . The name and the business, residence or mailing address of the Member is as follows:

Name	  	Address	
Hilton Hotels Corporation	  	9336 Civic Center Drive	
	  	Beverly Hills, California 90210	
5. Powers . The business and affairs of the Company shall be managed by the Member. The Member shall have the power and authority to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers and authorities, statutory or otherwise, possessed by members of limited liability companies under the laws of the State of Florida. In connection with the foregoing, the Member is hereby authorized and empowered to act through its officers and employees and other persons designated by the Member in carrying out any and all of its powers and authorities that the Member possesses under this Agreement to any of its officers and employees and to any other person designated by the Member. Michael J. Sullivan, Esq. is hereby designated as an authorized person, within the meaning of the Act, for the sole purpose of executing and filing the articles of organization of the
 
1

Company. The Company may (i) acquire, hold and dispose of interests (whether by the making of investments or otherwise and on such terms and conditions as the Member may determine) in other entities, including as a partner of a partnership, a member of a limited liability company and a stockholder of a corporation, and (ii) borrow money (on such terms and conditions as the Member may determine) in connection with its business.
6. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2049, (b) the written consent of the Member or (c) the occurrence of any other event which terminates the Company under the Act.
7. Capital Contributions . The Member has contributed $100, in cash, and no other property, to the Company
8. Additional Contributions . No Member is required to make any additional capital contribution to the Company.
9. Allocation of Profits and Losses . The Company’s profits and losses shall be allocated to the Member.
10. Distributions . Distributions shall be made to the Member at the times and in the aggregate amounts determined by the Member. Such distributions shall be allocated 100% to the Member.
11. Liability of Members . The Member shall not have any liability for the obligations or liabilities of the Company except to the extent required by the Act.
12. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Florida, all rights and remedies being governed by said laws.
IN WITNESS WHEREOF , the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Operating Agreement as of the date and year first set forth above.

HILTON HOTELS CORPORATION,
a Delaware corporation, Sole and Managing Member	
		
By:	 	/s/ [Illegible Signature]	
Print Name:	 	/s/ [Illegible Signature]	
Title:	 	/s/ [Illegible Signature]	
 
2

Exhibit 3.303
STATE OF FLORIDA
ARTICLES OF ORGANIZATION
OF
HILTON OCCC MEZZ LENDER, LLC
(a Florida limited liability company)
These Articles of Organization of HILTON OCCC MEZZ LENDER , LLC , a Florida limited liability company (the “Company”), dated as of April 2, 2007, are being duly executed and filed by Matthew C. Sperry, who is authorized to form a limited liability company under the Florida Limited Liability Company Act (Chapter 608 of Florida Statutes).
 
ARTICLE I - Name:	The name of the limited liability company is:	
 
 	HILTON OCC MEZZ LENDER, LLC	
 
ARTICLE II - Address:	The principal address and mailing address of the Company is: 9336 Civic	
Center Drive, Beverly Hills, California 90210.
ARTICLE III - Registered Agent, Registered Office and Registered Agent’s Signature:
The Registered Agent and Registered Office for service of process is as follows:
 
            Name:	Corporation Service Company	
             Address:	1201 Hays Street	
Tallahassee, Florida 32301
Having been named to accept service of process for the Company named above, at the place designated in this certificate, I agree to act in that capacity and to comply with the provisions of the Florida Limited Liability Company Act and all other applicable laws, relative to the proper and complete performance of my duties as registered agent.

CORPORATION SERVICE COMPANY	
		
By:	 	/s/ Canna L Dunlap	
Name:	 	Canna L Dunlap	
Title:	 	Asst. Vice President	
IN WITNESS WHEREOF, the undersigned has executed these Articles of Organization as of the date first above written.

/s/ Matthew C. Sperry	
Matthew C. Sperry, Authorized Representative	

ARTICLES OF AMENDMENT
TO
ARTICLES OF ORGANIZATION
OF
HILTON OCCC MEZZ LENDER, LLC
a Florida limited liability company
Document Number L07000035097
FIRST: The Articles of Organization were filed on April 2, 2007 and assigned document number L07000035097.
SECOND: The following amendment to the Articles of Organization was adopted by the limited liability company:
Article I is deleted in its entirety and replaced with the following:
“ARTICLE I – Name:
The name of the limited liability company is:
HILTON-OCCC MEZZ LENDER, LLC
Dated: April 3, 2007
/s/ Matthew C. Sperry                                                     
Matthew C. Sperry
Authorized Representative

Exhibit 3.304
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
Hilton-OCCC Mezz Lender, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Hilton-OCCC Mezz Lender, LLC, a Florida limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc., a Delaware corporation (the “ Managing Member ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Florida Limited Liability Company Act, as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of April 6, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Managing Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton-OCCC Mezz Lender, LLC, or such other name as the Managing Member may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Florida is c/o Corporation Service Company, 1201 Hays Street, Tallahassee, Florida 32301.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Florida is Corporation Service Company, 1201 Hays Street, Tallahassee, Florida 32301.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Member. The Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Florida. The Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Florida. The Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Managing Member consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Member, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Managing Member consent.
 
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11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Member. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Member and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Managing Member.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Member.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
 
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20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Florida, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

	 	MANAGING MEMBER :	
			
	 		 	HILTON WORLDWIDE, INC.,
a Delaware corporation	
				
	 		 	By:	 	/s/ W. Steven Standefer	
	 		 		 	Name: W. Steven Standefer	
	 		 		 	Title: Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Hilton-OCCC Mezz Lender, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

					
FOR PROFIT	  		  	Exhibit 3.305	
			
 D-856302	  	Articles of Incorporation	  		
We, the undersigned, incorporator(s), hereby associate ourselves together to form and establish a corporation FOR profit under the laws of the State of Kansas.
ARTICLE ONE: The name of the corporation is Embassy Suites Club No. 1, Inc.
000001 10 3819-01-18-84
9 ARTICLES INC. 1 75.00
10 TRANS. TOTAL 1 75.00

			
ARTICLE TWO: The address of its registered office in Kansas is First National Bank Building c/o The Corporation	
Company, Inc.	 	(Street Address or Rural Route)	
															
in the city of	  	Topeka	 	,	 	county of	  	Shawnee	 	,	  	66603	 	,	
	  	(City)	 		 		  	(County)	 		  	(Zip Code)	 		
and the name of the resident agent in charge thereof at the above address is The Corporation Company, Inc. .
ARTICLE THREE: This corporation is organized FOR profit and the nature of its business or purposes to be conducted or promoted is: to engage in any lawful act or activity for which corporations may be organized under the Kansas General Corporation Code.
ARTICLE FOUR: The total number of shares which this corporation shall be authorized to issue is as follows: (Describe fully the class or classes of stock and the value of each.)

1,000	  	shares of	  	Common	  	stock, class	  	N/A	  	par value of	  	$1.00	 	dollars each	
                 	  	shares of	  	             	  	stock, class	  	             	  	par value of	  	         	 	dollars each	
 	  	shares of	  	             	  	stock, class	  	             	  	without nominal or par value	
 	  	shares of	  	             	  	stock, class	  	             	  	without nominal or par value	
State the designations, powers, preferences, rights, qualifications, limitations or restrictions applicable to any class of stock, if any: Not Applicable .
Statement of Grant of Authority to be given to the Board of Directors, if any:
Not Applicable

 

 
 
ARTICLE FIVE: The name and mailing address of each INCORPORATOR is as follows:

Steven T. Schultz, Esquire	  	Xerox Centre, Suite 1700
222 Las Colinas Blvd.	
c/o Embassy Suites, Inc.	  	Irving, TX 75039	

 	  	 	

1

ARTICLE SIX: The name and mailing address of each person who is to serve as a director until the first annual meeting of the stockholders or until a successor is elected and qualified is as follows:

Charles A. Ledsinger	  	Xerox Centre, Suite 1700
222 Las Colinas Blvd.	 	 	
c/o Embassy Suites, Inc.
James Van Allen	  	Irving, TX 75039
Xerox Centre, Suite 1700	 	 	
c/o Embassy Suites, Inc.	  	222 Las Colinas Blvd.
Irving, TX 75039	 	 	

ARTICLE SEVEN: Is this corporation to exist perpetually? YES   X   NO         
If No, the term for which this corporation is to exist is                      .
ARTICLE EIGHT: The corporation’s annual fiscal year closing date is ( if known ) the Friday nearest January 1.
(Month, day)                                             
In Testimony Whereof, We have hereunto subscribed our names this 9th day of January , A . D . 19 84 . (Signatures must correspond to the names of the incorporator(s) listed in ARTICLE FIVE.)

/s/ Steven T. Schultz	 		 	 	

 
									
STATE OF
 
COUNTY OF	 	Texas
 
Dallas	 	,
 
,	 	}	 	 
ss.	

Before me, a Notary Public in and for said county and state, personally appeared:	 	 	
Steven T. Schultz

 

who is known to me to be the same person who executed the foregoing Articles of Incorporation and duly acknowledged the execution of the same .

	 		 	In Witness Whereof, I have hereunto subscribed my name and
affixed my official seal, this 9 th day of January, A . D . 1984.	
			
[S EAL ]	 		 	/s/ Kellie Westbrook	
	 		 	Notary Public	
My appointment or commission expires 1/21, 1985

THIS FORM MUST BE SUBMITTED TO THIS OFFICE IN DUPLICATE .
 
THE FILING FEE OF $75 MUST ACCOMPANY THIS FORM.
 
MAIL THIS DOCUMENT, WITH PAYMENT TO:	
	 	Secretary of State
Capitol, 2nd Floor
Topeka, Kansas 66612	
 
2

FOR PROFIT
CERTIFICATE OF AMENDMENT TO ARTICLES OF INCORPORATION
OF
Embassy Suites Club No. 1, Inc.
 
(Name of Corporation)

We,	 	James Van Allen	 	,	 	President, and	
	 	(President or Vice-President)	 		 		
Steven T. Schultz	 	,	 	Secretary, of	
(Secretary or Assistant Secretary)	 		 		
Embassy Suites Club No. 1, Inc.,
 
(Name of Corporation)
a corporation organized and existing under the laws of the State of Kansas, and whose registered office is at
			
First National Bank Building, c/o The Corporation Company	 	, in the city of	
                                         (Street Address or Rural Route)
											
Topeka	 	, county of	 	Shawnee	 	,	 	66603	 	,	
(City)	 		 	(County)	 		 	(Zip Code)	 		
					
Kansas, do hereby certify that at the	 	special	 	meeting of the	
	 	(Regular or Special)	 		
Board of Directors of said corporation held on the first day of March , 19 84 , said board adopted a resolution setting forth the following amendment to the Articles of Incorporation and declaring its advisability:
Resolved that the Company’s fiscal year will end of the Friday nearest December 31.
We further certify that thereafter, pursuant to said resolution, and in accordance with the by laws of the corporation and the laws of the State of Kansas, the Board of Directors called a meeting of stockholders for consideration of the proposed amendment, and thereafter, pursuant to notice and in accordance with the statutes of the State of Kansas, on the first day of March , 19 84 , said stockholders convened and considered the proposed amendment.
We further certify that at said meeting a majority of the stockholders entitled to vote voted in favor of the proposed amendment, and that the votes were         1,000         shares in favor of the proposed amendment and         -0-         shares against the amendment.
                         (By Class or Classes)                                                                   (By Class or Classes)
We further certify that the amendment was duly adopted in accordance with the provisions of K.S.A. 17-6602, as amended.
We further certify that the capital of said corporation will not be reduced under or by reason of said amendment.

	 	I N W ITNESS W HEREOF we have hereunto set our hands and affixed the seal of said corporation this 6th day of March 19 84	
			
[S EAL ]	 		 	/s/ James Van Allen	
	 		 	James Van Allen	 	President or Vice-President	
			
	 		 	/s/ Steven T. Schultz	
	 		 	Steven T. Schultz	 	Secretary or Assistant Secretary	
	 	            ( OVER )	 		
 
1

							
State of	 	Texas	  	}	  	ss.	
County of	 	Dallas	  		  		
Be it remembered that before me, a Notary Public in and for the aforesaid county and state, personally appeared: James Van Allen , President, ********** and Steven T. Schultz , Secretary, ************* of Embassy Suites Club
(Name of Corporation)                                               
No. 1, Inc. , a corporation, who are known to me to be the same persons who executed the foregoing Certificate of Amendment to Articles of Incorporation, and duly acknowledged the execution of the same this 6th day of March , 19 84 .

[S EAL ]	 	/s/ Anna Jo Barber	
	 	Anna Jo Barber	 	Notary Public        	
My appointment or commission expires October 27 , 19 87 .
THIS FORM MUST BE SUBMITTED TO THIS OFFICE IN DUPLICATE.
THE FILING FEE OF $20 MUST ACCOMPANY THIS DOCUMENT.
MAIL THIS DOCUMENT, WITH FEE, TO:
Secretary of State
Capitol, 2nd Floor
Topeka, KS 66612
 
2

Exhibit 3.306
BY-LAWS
OF
EMBASSY SUITES CLUB NO. 1, INC.
ARTICLE I. Shareholders
Section 1. Annual Meeting. The annual meeting of the shareholders shall be held on the first Monday in the month of April in each year, beginning with the year 1984, at the hour of 10:00 o’clock A.M., or at such other time on such other day within such month as shall be fixed by the board of directors, for the purpose of electing directors and for the transaction of such other business as may come before the meeting.
Section 2. Special Meetings. Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the president or by the board of directors, and shall be called by the president at the request of the holders of not less than one-tenth of all outstanding shares of the corporation entitled to vote at the meeting.
Section 3. Place of Meeting. The board of directors may designate any place, either within or without the State of Kansas, as the place of meeting for any annual meeting or for any special meeting called by the board of directors. A waiver of notice signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Kansas, as the place for the holding of such meeting.
Section 4. Informal Action by Shareholders. Any action required or permitted to be taken at a meeting of the shareholders may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
Article II. Board of Directors
Section 1. General Powers. The business and affairs of the corporation shall be managed by its board of directors.
Section 2. Number, Tenure and Qualifications. The number of directors of the corporation shall be two (2). Each director shall hold office until the next annual meeting of the shareholders and until his successor shall have been elected and qualified. Directors need not be residents of the State of Kansas or shareholders of the corporation.
 
-1-

Section 3. Regular Meetings. A regular meeting of the board of directors shall be held without other notice than this by-law immediately after, and at the same place as, the annual meeting of shareholders. The board of directors may provide, by resolution, the time and place, either within or without the State of Kansas, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings. Special meetings of the board of directors may be called by or at the request of the president or any two directors. The person or persons authorized to call special meetings of the board of directors may fix any place, either within or without the State of Kansas, as the place for holding any special meeting of the board of directors called by them.
Section 5. Quorum. A majority of the number of directors fixed by Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the board of directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 6. Manner of Acting. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors.
Section 7. Action Without a Meeting. Any action required or permitted to be taken by the board of directors at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors.
Section 8. Vacancies. Any vacancy occurring in the board of directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the board of directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors may be filled by election by the board of directors for a term of office continuing only until the next election of directors by the shareholders.
Article III. Officers
Section 1. Number. The officers of the corporation shall be a president, one or more vice-presidents (the number thereof to be determined by the board of directors), a secretary, and a treasurer, each of whom shall be elected by the board of directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the board of directors. Any two or more offices may be held by the same person, except the offices of president and secretary.
 
-2-

Section 2. Election and Term of Office. The officers of the corporation to be elected by the board of directors shall be elected annually by the board of directors at the first meeting of the board of directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal. Any officer or agent may be removed by the board of directors whenever in its judgment, the best interests of the corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an officer or agent shall not of itself create contract rights.
Section 4. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the board of directors for the unexpired portion of the term.
Section 5. President. The president shall be the principal executive officer of the corporation and, subject to the control of the board of directors, shall in general supervise and control all of the business and affairs of the corporation. He shall, when present, preside at all meetings of the shareholders and of the board of directors. He may sign, with the secretary or any other proper officer of the corporation thereunto authorized by the board of directors, certificates for shares of the corporation, any deeds, mortgages, bonds, contracts, or other instruments which the board of directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the board of directors or by these By-Laws to some other officer or agent of the corporation, or shall be required by law to be otherwise signed or executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the board of directors from time to time.
Section 6. The Vice-Presidents. In the absence of the president or in the event of his death, inability or refusal to act, the vice-president (or in the event there by more than one vice-president, the vice-presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice-president may sign, with the secretary or an assistant secretary, certificates for shares of the corporation; and shall perform such other duties as from time to time may be assigned to him by the president or by the board of directors.
 
-3-

Section 7. The Secretary. The secretary shall: (a) keep the minutes of the proceedings of the shareholders and of the board of directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these By-Laws or as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents the execution of which on behalf of the corporation under its seal is duly authorized; (d) keep a register of the post office addresses of each shareholder which shall be furnished to the secretary by such shareholder; (e) sign with the president, or a vice-president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the board of directors; (f) have general charge of the stock transfer books of the corporation; and (g) in general perform all duties incident to the office of secretary and such other duties as from time to time may be assigned to him by the president or by the board of directors.
Section 8. The Treasurer. The treasurer shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; (b) receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies or other depositaries as shall be selected in accordance with the provisions of Article IV of these By-Laws; and (c) in general perform all of the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the board of directors. If required by the board of directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the board of directors shall determine.
Section 9. Assistant Secretaries and Assistant Treasurers. The assistant secretaries, when authorized by the board of directors, may sign with the president or a vice-president certificates for shares of the corporation the issuance of which shall have been authorized by a resolution of the board of directors. The assistant treasurers shall respectively, if required by the board of directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the board of directors shall determine. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or the treasurer, respectively, or by the president or the board of directors.
Article IV. Contracts, Loans, Checks and Deposits
Section 1. Contracts. The board of directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
 
-4-

Section 2. Loans. No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the board of directors. Such authority may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation, shall be signed by such officer or officers, agent or agents of the corporation and in such manner as shall from time to time be determined by resolution of the board of directors.
Section 4. Deposits. All funds of the corporation not otherwise employed shall be deposited form time to time to the credit of the corporation in such banks, trust companies or other depositaries as the board of directors may select.
Article V. Certificates for Shares and Their Transfer
Section 1. Certificates for Shares. Certificates representing shares of the corporation shall be in such form as shall be determined by the board of directors. Such certificates shall be signed by the president or a vice-president and by the secretary or an assistant secretary and sealed with the corporate seal or a facsimile thereof. The signatures of such officers upon a certificate may be facsimiles if the certificate is manually signed on behalf of a transfer agent or a registrar, other than the corporation itself or one of its employees. Each certificate for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the board of directors may prescribe.
Section 2. Transfer of Shares. Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the secretary of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
 
-5-

Article VI. Fiscal Year
The fiscal year of the corporation shall end on the Friday nearest December 31 in each year.
Article VII. Dividends
The board of directors may, from time to time, declare and the corporation may pay dividends on its outstanding shares in the manner, and upon the terms and conditions provided by law and its Articles of Incorporation.
Article VIII. Corporate Seal
The board of directors shall provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation and the state of incorporation and the words, “Corporate Seal”.
Article IX. Waiver of Notice
Whenever any notice is required to be given to any shareholder or director of the corporation under the provisions of these By-Laws or under the provisions of the Articles of Incorporation or under the provisions of the Kansas General Corporation Code, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.
Article X. Amendments
These By-Laws may be altered, amended or repealed and new By-Laws may be adopted by the board of directors or by the shareholders at any regular or special meeting.
Article XI. Emergency By-Laws
The Emergency By-Laws provided in this Article XI shall be operative during any emergency in the conduct of the business of the corporation resulting from an attack on the United States or any nuclear or atomic disaster, notwithstanding any different provision in the preceding Articles of the By-Laws or in the Articles of Incorporation of the corporation or in the Kansas General Corporation code. To the extent not inconsistent with the provisions of this Article, the By-Laws provided in the preceding Articles shall remain in effect during such emergency and upon its termination the Emergency By-Laws shall cease to be operative.
 
-6-

During any such emergency:
(a) A meeting of the board of directors may be called by an officer or director of the corporation. Notice of the time and place of the meeting shall be given by the person calling the meeting to such of the directors as it may be feasible to reach by any available means of communication. Such notice shall be given at such time in advance of the meeting as circumstances permit in the judgment of the person calling the meeting.
(b) At any such meeting of the board of directors, a quorum shall consist of one.
(c) The board of directors, either before or during any such emergency, may provide, and from time to time modify, lines of succession in the event that during such an emergency any or all officers or agents of the corporation shall for any reason by rendered incapable of discharging their duties.
(d) The board of directors, either before or during any such emergency, may, effective in the emergency, change the head office or designate several alternative head offices or regional offices, or authorize the officers so to do.
No officer, director or employee acting in accordance with these Emergency By-Laws shall be liable except for willful misconduct.
These emergency By-Laws shall be subject to repeal or change by further action of the board of directors or by action of the shareholders, but no such repeal or change shall modify the provisions of the next preceding paragraph with regard to action taken prior to the time of such repeal or change. Any amendment of these Emergency By-Laws may make any further or different provision that may be practical and necessary for the circumstances of the emergency.
 
-7-

Exhibit 3.307
ARTICLES OF INCORPORATION
OF
HOTEL CLUBS OF CORPORATE WOODS, INC.
The undersigned, for the purpose of forming a corporation under the General Corporation Code of Kansas, does hereby adopt the following Articles of Incorporation:
ARTICLE ONE
The name of the corporation is Hotel Clubs of Corporate Woods, Inc.
ARTICLE TWO
The address of its registered office in the State of Kansas is 6515 Belinder, in the City of Mission Hills, County of Johnson. The name of its registered agent at such address is Tom G. Congleton.
ARTICLE THREE
The nature of the business or purposes to be conducted or promoted by the corporation is as follows:
(a) To own and operate food service, private club and cereal malt beverage businesses in hotels in the state of Kansas, in full compliance with all applicable laws.
(b) To engage in any lawful act or activity for which corporations may be organized under the Kansas corporation code and by this statement all lawful acts and activities shall be within the purposes of the corporation.
ARTICLE FOUR
The aggregate number of shares which the corporation shall have authority to issue shall be 30,000 shares of common stock with a par value of one dollar ($1.00) each, amounting in the aggregate to thirty-thousand dollars ($30,000.00).
ARTICLE FIVE
The name and mailing address of the incorporator is as follows:

 	 	               Name	  	Mailing Address	  	 	
	 	William H. Cozad	  	1700 Bryant Building
1102 Grand Avenue
Kansas City, Missouri 64106	  		
ARTICLE SIX
The power to make, alter, or repeal the bylaws of the corporation shall be in the directors.
ARTICLE SEVEN
The number of Directors of the corporation shall be such as from time to time shall be fixed by or in the manner provided in the Bylaws.
 
1

ARTICLE EIGHT
Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them or between this corporation and its stockholders or any class of them, any court of competent jurisdiction within the state of Kansas, on the application in a summary way of this corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this corporation under the provisions of K.S.A. 17-6901 or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under the provisions of K.S.A. 17-6808, may order a meeting of the creditors or class of creditors, or of the stockholders or class of stockholders of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three-fourths in value of the creditors or class of creditors, or of the stockholders or class of stockholders of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement the said reorganization, if sanctioned by the court to which the said application has been made, shall be binding on all the creditors or class of creditors, or on all the stockholders or class of stockholders of this corporation, as the case may be, and also on this corporation.
ARTICLE NINE
(a) The corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation; and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The corporation shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall
 
2

determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.
(c) To the extent that a director, officer, employee, or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in paragraphs (a) and (b), or in defense of any claim, issue, or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.
(d) Any indemnification under paragraph (a) and (b), unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee, or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such determination shall be made (1) by the board of directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit, or proceedings, or (2) if such a quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (3) by the stockholders.
(e) Expenses incurred in defending a civil or criminal action, suit, or proceeding may be paid by the corporation in advance of the final disposition of such action, suit, or proceeding as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee, or agent to repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the corporation as authorized in this Article.
(f) The indemnification provided by this Article shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person.
(g) The corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this Article.
(h) For purposes of this Article, references to “the corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee, or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, shall stand in the same position under the provisions of this Article with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.
 
3

ARTICLE TEN
The corporation reserves the right to amend, alter, change, or repeal any provision contained in these Articles of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.
IN WITNESS WHEREOF, I have hereunto set my hand this 24th day of September, 1981.

	
/s/ William H. Cozad	
William H. Cozad, Incorporator	

STATE OF Missouri	  	)	  		
	  	)	  		
COUNTY OF Jackson	  	) ss.	  		
I, the undersigned, a Notary Public, do hereby certify that on the 24th day of September, 1981, personally appeared before me WILLIAM H. COZAD, who being by me first duly sworn, declared that he is the person who signed the foregoing document as incorporator, and that the statements therein contained are true.

	
/s/ Pat Fee         PAT FEE	
Notary Public	

[SEAL]	
	
My Commission Expires:	
	
Pat Fee	
Notary Public – State of Missouri
Commissioned in Jackson County
My Commission Expires June 3, [Illegible]	

4

CHANGE OF LOCATION OF REGISTERED OFFICE
AND/OR
CHANGE OF RESIDENT AGENT

 
					
S TATE   OF  Kansas	 	}	  	ss.	
C OUNTY   OF  Johnson	 		  		
We, Tom G. Congleton President and Marilyn S. Congleton Secretary of Hotel Clubs of Corporate Woods, Inc., a corporation
					
organized and existing under and by virtue of the laws of the State of Kansas do hereby certify that a	 	regular	 		
	 	(Regular or Special)	 		
meeting of the Board of Directors of said corporation held on the 15th day of January 1985, the following resolution was duly adopted.
Be it resolved that the Registered Office in the State of Kansas of said corporation be changed from
									
6515 Belinder,	  	Mission Hills,	  	Johnson County,	  	Kansas	  	66208	
(Street and Number)	  	(Town or City)	  	(County)	  	(State)	  	(Zip Code)	
			
the same being of record in the office of the Secretary of State of Kansas to	  	12104 Catalina Street	
	  	(Street and Number)	
							
Leawood,	  	Johnson County,	  	Kansas	  	66211	
(Town or City)	  	(County)	  	(State)	  	(Zip Code)	

The President and Secretary are hereby authorized to file and record the same in the manner as required by law.

	  	/s/ Tom G. Congleton	
SEAL	  	Tom G. Congleton President	
		
	  	/s/ Marilyn S. Congleton	
	  	Marilyn S. Congleton Secretary	

	  	STATE OF KANSAS	  	}	  	ss.	
C OUNTY OF Johnson	  		  		  		
Be it remembered, that before me CARL F. KRAUSS a Notary Public in and for the County and State aforesaid, came Tom G. Congleton President, and Marilyn S. Congleton Secretary of Hotel Clubs of Corporate Woods, Inc. a corporation, personally known to me to be the persons who executed the foregoing instrument of writing as President and Secretary respectively, and duly acknowledged the execution of the same this 15 th day of January 1986

[S EAL ]	  	/s/ Carl F. Krauss	
	  	Notary Public.	
My commission expires 3-28, 1989
 
 	NOTE:	This form must be filed in duplicate.	
Address of Resident Agent and Registered Office, as set forth above, must be the same.
The statutory fee for filing is $20.00 and must accompany this form.
[Seal]
Form No. 208C
 
1

CHANGE OF LOCATION OF REGISTERED OFFICE
AND/OR
CHANGE OF RESIDENT AGENT

 
					
S TATE   OF  Arizona	  	}	  	ss.	
C OUNTY   OF  Maricopa	  		  		

We, Eric A. Danziger President and	    	7909 08-18-88	  	Secretary of	  		
	    	CORP. CHANGE	  		  		
									
	  	Hotel Clubs of Corporate Woods, 715961 053 1	 	,	  	20.00	  	a corporation organized and existing under and by	
	  	10 TRANS. TOTAL 1	 		  	20.00	  		

virtue of the laws of the State of Kansas do hereby certify that a	  	Special	  	meeting of the Board of Directors of said	
	  	(Regular or Special)	  		
corporation held on the 27th day of June 1988, the following resolution was duly adopted.
Be it resolved that effective July 1, 1988 the Registered Office in the State of Kansas of said corporation be changed from
									
12104 Catalina Street	 	Leawood	  	Johnson	  	Kansas	  	66211	
(Street and Number)	 	(Town or City)	  	(County)	  	(State)	  	(Zip Code)	
			
the same being of record in the office of the Secretary of State of Kansas to	  	8717 W. 110th St., Building 14,	
	  	(Street and Number)	
							
Suite 520, Overland Park	  	Johnson	  	Kansas	  	66210	
(Town or City)	  	(County)	  	(State)	  	(Zip Code)	
Be it further resolved that effective July 1, 1988 the Resident Agent of said corporation in the State of Kansas be changed from
Tom G. Congleton
 
(Individual or Corporation)

12104 Catalina Street	  	Leawood	  	Johnson	  	Kansas	  	66211	
(Street and Number)	  	(Town or City)	  	(County)	  	(State)	  	(Zip Code)	
the same being of record in the office of Secretary of State of Kansas to Carl F. Krauss

(Individual or Corporation)

8717 W. 110th St., Bldg. 14, Suite 520,	  	Overland Park	  	Johnson	  	Kansas	  	66210	
(Street and Number)	  	(Town or City)	  	(County)	  	(State)	  	(Zip Code)	
The President and Secretary are hereby authorized to file and record the same in the manner as required by law.

	 		 		 	/s/ Eric A. Danziger	
	 		 		 	Eric A. Danziger          President	
SEAL	 		 		 		
	 		 		 	/s/ Phillip M. Tubb	
	 		 		 	Phillip M. Tubb          Secretary	

STATE OF ARIZONA	  	}	  	ss.	
C OUNTY   OF  Maricopa	  		  		
Be it remembered, that before me Sandra L. Ravel a Notary Public in and for the County and State aforesaid, came Eric A. Danziger President, and Phillip M. Tubb Secretary of Hotel Clubs of Corporate Woods, Inc. a corporation, personally known to me to be the persons who executed the foregoing instrument of writing as President and Secretary respectively, and duly acknowledged the execution of the same this 5 th day of July 1988.

[S EAL ]	 		 		 	/s/ Sandra L. Ravel	
	 		 		 	Notary Public	
My commission expires July 11, 1990
 
 	NOTE:	This form must be filed in duplicate.	
Address of Resident Agent and Registered Office, as set forth above, must be the same.
The statutory fee for filing is $20.00 and must accompany this form.
Form No. 208C

					
Contact Information
Kansas Secretary of State
Ron Thornburgh
Memorial Hall, 1st Floor
120 S.W. 10th Avenue
Topeka, KS 66612-1594
(785) 296-4564
kssos@kssos.org
www.kssos.org	  	KANSAS SECRETARY OF STATE
Corporation Change of Registered Office or Agent
 
All information must be completed or this document will not be accepted for filing.	  	    RO    
 
53-06	
State ID #: 0715961
1. Name of the corporation:

HOTEL CLUBS OF CORPORATE WOODS, INC.	
	
Name must match the name on record with the secretary of state	
2. State of organization: Kansas
3. The registered office in the state of Kansas is changed to:
Address must be a street address. A post office box is unacceptable.

200 S.W. 30th Street	
Street address	

Topeka	 	Kansas	 	66611	 	 	
City	 	State	 	Zip	 		
4. The resident agent in Kansas is changed to:
 
Corporation 	Service Company	
I declare under penalty of perjury under the laws of the state of Kansas that the foregoing is true and correct.

Exeemed on the	 	24th	 	of	 	October	 		 	2006	 		
	 	Day	 		 	Month	 		 	Year	 		

/s/ K. Allen Anderson	
Signature of authorized officer	
K. Allen Anderson, Vice President & Assistant Secretary
Instructions
 
1.	Submit this form with the $35 filing fee.	
 
2.	Any of the following may serve as resident agent: a) the corporation itself, b) an individual residing in Kansas, c) a Kansas corporation, limited partnership, limited liability company or business trust, d) a foreign corporation, limited partnership, limited liability company registered with the secretary of state. The resident agent’s business office must be the same address as the registered office, and must be open during business hours to accept service of process and otherwise perform the functions of the resident agent.	

Rev. 12/07/04 jls	  	K S A 17-6203	
 
1

Exhibit 3.308

 
AMENDED AND RESTATED
BYLAWS
OF
HOTEL CLUBS OF CORPORATE WOODS, INC.
As adopted by the Board of Directors on August 4, 1998.

 

TABLE OF CONTENTS

 	 	 	  	Page	 	
ARTICLE I OFFICES AND RECORDS	  	 	1	  	
1.1	 	Corporate Offices	  	 	1	  	
1.2	 	Registered Office and Resident Agent	  	 	1	  	
1.3	 	Books, Accounts and Records, and Inspection Rights	  	 	1	  	
		
ARTICLE II STOCKHOLDERS	  	 	1	  	
2.1	 	Place of Meetings	  	 	1	  	
2.2	 	Annual Meetings	  	 	2	  	
2.3	 	Special Meetings	  	 	2	  	
2.4	 	Action Without a Meeting	  	 	2	  	
2.5	 	Notice	  	 	2	  	
2.6	 	Waiver of Notice	  	 	2	  	
2.7	 	Quorum; Voting Requirements	  	 	3	  	
2.8	 	Proxies	  	 	3	  	
2.9	 	Voting	  	 	3	  	
2.10	 	Stock Ledger	  	 	3	  	
2.11	 	Stockholders’ Lists	  	 	4	  	
		
ARTICLE III BOARD OF DIRECTORS	  	 	4	  	
3.1	 	Number	  	 	4	  	
3.2	 	Powers of the Board	  	 	4	  	
3.3	 	Meetings of the Newly Elected Board	  	 	4	  	
3.4	 	Notice of Meetings; Waiver of Notice	  	 	5	  	
3.5	 	Meetings by Conference Telephone or Similar Communications Equipment	  	 	6	  	
3.6	 	Action Without a Meeting	  	 	6	  	
3.7	 	Quorum; Voting Requirements	  	 	6	  	
3.8	 	Vacancies and Newly Created Directorships	  	 	6	  	
3.9	 	Committees	  	 	7	  	
3.10	 	Compensation	  	 	7	  	
3.11	 	Resignations	  	 	8	  	
3.12	 	Reliance on Records	  	 	8	  	
		
ARTICLE IV OFFICERS	  	 	8	  	
4.1	 	Designations	  	 	8	  	
4.2	 	Term of Office	  	 	8	  	
4.3	 	Other Agents	  	 	9	  	
4.4	 	Removal	  	 	9	  	
4.5	 	Salaries and Compensation	  	 	9	  	
 
(i)

							
 	 	 	  	Page	 	
4.6	 	Delegation of Authority to Hire, Discharge and Designate Duties	  	 	9	  	
4.7	 	Chairman of the Board	  	 	9	  	
4.8	 	President	  	 	10	  	
4.9	 	Vice Presidents	  	 	10	  	
4.10	 	Secretary and Assistant Secretaries	  	 	11	  	
4.11	 	Treasurer and Assistant Treasurers	  	 	11	  	
4.12	 	Duties of Officers May Be Delegated	  	 	12	  	
		
ARTICLE V LIABILITY AND INDEMNIFICATION	  	 	12	  	
5.1	 	Limitation of Liability	  	 	12	  	
5.2	 	Indemnification, Generally	  	 	13	  	
5.3	 	Indemnification in Actions by Third Parties	  	 	13	  	
5.4	 	Indemnification in Derivative Actions	  	 	14	  	
5.5	 	Indemnification for Expenses	  	 	14	  	
5.6	 	Determination of Right to Indemnification	  	 	14	  	
5.7	 	Advancement of Expenses	  	 	15	  	
5.8	 	Non-Exclusivity	  	 	15	  	
5.9	 	Insurance	  	 	15	  	
5.10	 	Vesting of Rights	  	 	16	  	
5.11	 	Definitions	  	 	16	  	
5.12	 	Severability	  	 	17	  	
		
ARTICLE VI STOCK	  	 	17	  	
6.1	 	Certificates for Shares of Stock	  	 	17	  	
6.2	 	Transfers of Stock	  	 	18	  	
6.3	 	Registered Stockholders	  	 	18	  	
6.4	 	Record Date	  	 	18	  	
6.5	 	Regulations	  	 	19	  	
6.6	 	Lost Certificates	  	 	19	  	
		
ARTICLE VII CORPORATE FINANCE	  	 	20	  	
7.1	 	Dividends	  	 	20	  	
7.2	 	Creation of Reserves	  	 	20	  	
		
ARTICLE VIII GENERAL PROVISIONS	  	 	20	  	
8.1	 	Fiscal Year	  	 	20	  	
8.2	 	Corporate Seal	  	 	20	  	
8.3	 	Depositories	  	 	20	  	
8.4	 	Contracts	  	 	21	  	
8.5	 	Amendments	  	 	21	  	
 
(ii)

AMENDED AND RESTATED
BYLAWS
OF
HOTEL CLUBS OF CORPORATE WOODS, INC.
ARTICLE I
OFFICES AND RECORDS
1.1 Corporate Offices . The Corporation may have such corporate offices and places of business anywhere within or without the State of Kansas as the Board of Directors may from time to time designate or the business of the Corporation may require.
1.2 Registered Office and Resident Agent . The location of the registered office and the name of the resident agent of the Corporation in the State of Kansas shall be as stated in the Articles of Incorporation or as shall be determined from time to time by resolution of the Board of Directors and on file in the appropriate public offices of the State of Kansas pursuant to applicable provisions of law.
1.3 Books, Accounts and Records, and Inspection Rights . The books, accounts and records of the Corporation, except as may be otherwise required by the laws of the State of Kansas, may be kept outside of the State of Kansas, at such place or places as the Board of Directors may from time to time determine. The Board of Directors shall determine whether, to what extent and the conditions upon which the books, accounts and records of the Corporation, or any of them, shall be open to the inspection of the stockholders, and no stockholder shall have any right to inspect any book, account or record of the Corporation, except as conferred by law or by resolution of the stockholders or Board of Directors.
ARTICLE II
STOCKHOLDERS
2.1 Place of Meetings . All meetings of the stockholders shall be held at the offices of the Corporation in the City of Memphis, State of Tennessee, or at such other place either within or without the State of Kansas as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof.

2.2 Annual Meetings . An annual meeting of the stockholders of the Corporation shall be held at such date and time as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting. At such meeting, the stockholders shall elect directors by a plurality vote. Each director shall be elected to serve until his successor is duly elected and qualified, or until his earlier resignation or removal. At the annual meeting, the stockholders may transact such other business as may be desired, whether or not the same was specified in the notice of the meeting, unless the consideration of such other business, without its having been specified in the notice of the meeting as one of the purposes thereof, is prohibited by law.
2.3 Special Meetings . Special meetings of the stockholders may be held for any purpose or purposes, unless otherwise prohibited by statute or by the Articles of Incorporation, and may be called by the Chairman of the Board, by the President, by the Secretary, by the Board of Directors, or by the holders of, or by any officer or stockholder upon the written request of the holders of, not less than 20% of the outstanding stock entitled to vote at such meeting, and shall be called by any officer directed to do so by the Board of Directors or requested to do so in writing by a majority of the Board of Directors. Such written request shall state the purpose or purposes of the proposed meeting.
The “call” and the “notice” of any such meeting shall be deemed to be synonymous.
2.4 Action Without a Meeting . Unless otherwise provided in the Articles of Incorporation, any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if consent in writing, setting forth the action so taken, shall be signed by all the holders of outstanding stock entitled to vote thereon and the writing or writings are filed with the minutes of proceedings of stockholders.
2.5 Notice . Written notice of each meeting of the stockholders, whether annual or special, stating the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes thereof, shall be given to each stockholder of record of the Corporation entitled to vote at such meeting, either personally or by mail, not less than 10 days nor more than 60 days prior to the meeting. If mailed, such notice shall be deemed to be given when it is deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.
2.6 Waiver of Notice . Whenever any notice is required to be given to any stockholder under any law, the Articles of Incorporation or these Bylaws, a written waiver thereof, signed by the person entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Attendance by a stockholder at a meeting shall constitute a waiver of notice of such meeting, except when the stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice unless so required by the Articles of Incorporation or these Bylaws.
 
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2.7 Quorum; Voting Requirements . The holders of a majority of the outstanding shares of stock entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of any business, except as otherwise provided by law, the Articles of Incorporation or these Bylaws. In all matters other than the election of directors, the affirmative vote of a majority in amount of stock of such quorum shall be valid as a corporate act, except in those specific instances in which a larger vote is required by law, the Articles of Incorporation or these Bylaws. Directors shall be elected by a plurality of the votes present in person or by proxy at a meeting at which a quorum is present and entitled to vote on the election of directors.
If the holders of a majority of the outstanding shares of stock entitled to vote are not present in person or represented by proxy at a meeting of stockholders, the holders of a majority of the stock present in person or represented by proxy at such meeting shall have power successively to adjourn the meeting from time to time to a specified time and place, without notice to anyone other than an announcement at the meeting at which such adjournment is taken, until a quorum shall be present in person or represented by proxy. At such adjourned meeting at which a quorum is present in person or represented by proxy, any business may be transacted which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after adjournment a new record date is fixed for the subsequent session of the adjourned meeting, a notice of the subsequent session of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
2.8 Proxies . At all meetings of stockholders, every stockholder having the right to vote thereat shall be entitled to vote in person or by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to such meeting, unless such instrument shall provide for a longer period.
2.9 Voting . Unless otherwise provided in the Articles of Incorporation, each stockholder shall have one vote for each share of stock entitled to vote at such meeting registered in his name on the books of the Corporation including, without limitation, respecting the election of directors. At all meetings of stockholders the voting may be otherwise than by ballot, including the election of directors, except that, unless otherwise provided by the Articles of Incorporation, any stockholder entitled to vote may request a vote by written ballot on any matter, in which event such vote shall be taken by written ballot.
2.10 Stock Ledger . The original or duplicate stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required under Section 2.11 of these Bylaws or the books of the Corporation, or to vote in person or by proxy at any meeting of the stockholders.
 
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2.11 Stockholders’ Lists . The Secretary or an Assistant Secretary, who shall have charge of the stock ledger, shall prepare and make, at least 10 days before every meeting of the stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least 10 days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
ARTICLE III
BOARD OF DIRECTORS
3.1 Number . The Board of Directors shall have the power to change the number of directors by resolution adopted by a majority of the whole Board, unless the number of directors is established in the Articles of Incorporation, in which case a change in the number of directors shall be made only by amendment of the Articles of Incorporation. Unless required by the Articles of Incorporation, directors need not be stockholders of the Corporation.
3.2 Powers of the Board . The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. In addition to the powers and authorities by these Bylaws and the Articles of Incorporation expressly conferred upon it, the Board of Directors may exercise all such powers of the Corporation, and do all such lawful acts and things, as are not by statute or by the Articles of Incorporation or by these Bylaws directed or required to be exercised or done by the stockholders.
3.3 Meetings of the Newly Elected Board . The first meeting of the members of each newly elected Board of Directors shall be held (a) at such time and place either within or without the State of Kansas as shall be suggested or provided by resolution of the stockholders at the meeting at which such newly elected Board was elected, and no notice of such meeting shall be necessary to the newly elected directors in order legally to constitute the meeting, provided a quorum shall be present, or (b) if not so suggested or provided for by resolution of the stockholders or if a quorum shall not be present, at such time and place as shall be consented to in writing by a majority of the newly elected directors, provided that written or printed notice of such meeting shall be given to each of the other directors in the same manner as provided in Section 3.4 of these Bylaws with respect to the giving of notice for special meetings of the Board except that it shall not be necessary to state the purpose of the meeting in such notice, or (c) regardless of whether or not the time and place of such meeting shall be suggested or provided for by resolution of the stockholders, at such time and place as shall be consented to in writing by all of the newly elected directors.
 
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Every director of the Corporation, upon his election, shall qualify by accepting the office of director, and his attendance at, or his written approval of the minutes of, any meeting of the Board subsequent to his election shall constitute his acceptance of such office; or he may execute such acceptance by a separate writing, which shall be placed in the minute book.
3.4 Notice of Meetings; Waiver of Notice .
(a) Regular Meetings . Regular meetings of the Board of Directors may be held without notice at such times and places either within or without the State of Kansas as shall from time to time be fixed by resolution adopted by the full Board of Directors. Any business may be transacted at a regular meeting.
(b) Special Meetings .
(i) Special meetings of the Board of Directors may be called at any time by the Chairman of the Board, the President, any Vice President, the Secretary, or any of the directors. The place may be within or without the State of Kansas as designated in the notice.
(ii) Written or printed notice of each special meeting of the Board, stating the place, day and hour of the meeting and the purpose or purposes thereof, shall be mailed to each director addressed to him at his residence or usual place of business at least three days before the day on which the meeting is to be held, or shall be sent to him by telegram, or delivered to him personally, at least two days before the day on which the meeting is to be held. If mailed, such notice shall be deemed to be delivered when it is deposited in the United States mail with postage thereon addressed to the director at his residence or usual place of business. If given by telegraph, such notice shall be deemed to be delivered when it is delivered to the telegraph company. The notice may be given by any person having authority to call the meeting.
(iii) “Notice” and “call” with respect to such meetings shall be deemed to be synonymous.
(c) Waiver of Notice . Whenever any notice is required to be given to any director under any law, the Articles of Incorporation or these Bylaws, a written waiver thereof, signed by the director entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance by a director at a meeting shall constitute a waiver of notice of such meeting, except when the director attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the directors or members of a committee of directors need be specified in any written waiver of notice unless so required by the Articles of Incorporation or these Bylaws.
 
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3.5 Meetings by Conference Telephone or Similar Communications Equipment . Unless otherwise restricted by the Articles of Incorporation or these Bylaws, members of the Board of Directors of the Corporation, or any committee designated by the Board, may participate in a meeting of the Board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant hereto shall constitute presence in person at such meeting.
3.6 Action Without a Meeting . Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if written consent thereto is signed by all members of the Board or of such committee, as the case may be, and such written consent is filed with the minutes of proceedings of the Board or committee.
3.7 Quorum; Voting Requirements .
(a) Unless otherwise required by law, the Articles of Incorporation or these Bylaws, a majority of the total number of directors shall constitute a quorum for the transaction of business and the vote of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors.
(b) If at least one-third of the total number of directors is present at any meeting at which a quorum is not present, a majority of the directors present at such meeting shall have power successively to adjourn the meeting from time to time to a subsequent date, without notice to any director other than announcement at the meeting at which the adjournment is taken. At such subsequent session of the adjourned meeting at which a quorum is present, any business may be transacted which might have been transacted at the original meeting which was adjourned. If the adjournment is for more than 30 days, a notice of the subsequent session of the adjourned meeting shall be given to each director.
3.8 Vacancies and Newly Created Directorships . Vacancies and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by the sole remaining director, unless it is otherwise provided in the Articles of Incorporation or these Bylaws, and the directors so chosen shall hold office until such director’s successor is duly elected and qualified, or until such director’s earlier resignation or removal. If there are no directors in office, then an election of directors may be held in the manner provided by statute.
 
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3.9 Committees .
(a) The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.
(b) In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.
(c) Any such committee, to the extent provided in the resolution of the Board of Directors or in these Bylaws, shall have and may exercise all of the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority of the Board of Directors with respect to amending the Articles of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the Bylaws of the Corporation; and, unless the resolution, these Bylaws or the Articles of Incorporation expressly so provide, no such committee shall have power or authority to declare a dividend or to authorize the issuance of stock or to adopt a certificate of ownership and merger.
(d) All committees so appointed shall, unless otherwise provided by the Board of Directors, keep regular minutes of the transactions at their meetings and shall cause them to be recorded in books kept for that purpose in the office of the Corporation and shall report the same to the Board of Directors at its next meeting. The Secretary or an Assistant Secretary of the Corporation may act as secretary of the committee if the committee or the Board so requests.
3.10 Compensation . Unless otherwise restricted by law, the Articles of Incorporation or these Bylaws, the Board of Directors may, by resolution, fix the compensation to be paid directors for serving as directors of the Corporation and may, by resolution, fix a sum which shall be allowed and paid for attendance at each meeting of the Board of Directors and may provide for reimbursement of expenses incurred by directors in attending each meeting; provided that nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving his regular compensation therefor. Members of standing or temporary committees may be allowed similar compensation for attending standing or temporary committee meetings.
 
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3.11 Resignations . Any director may resign at any time upon written notice to the Corporation. Such resignation shall take effect at the time specified therein or shall take effect upon receipt thereof by the Corporation if no time is specified therein, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.
3.12 Reliance on Records . A director, or a member of any committee designated by the Board of Directors, shall be fully protected in the performance of such director’s duties in relying in good faith upon the records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board of Directors, or by any other person as to matters the director reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.
ARTICLE IV
OFFICERS
4.1 Designations .
(a) The officers of the Corporation shall be a chairman of the board, a president, one or more vice presidents, a secretary, a treasurer, one or more assistant secretaries and one or more assistant treasurers. The Board of Directors shall elect a president and a secretary at its first meeting after each annual meeting of the stockholders. The Board then, or from time to time, may elect one or more of the other prescribed officers as it may deem advisable, but need not elect any officers other than a president and a secretary. The Board may, if it desires, elect or appoint additional officers and may further identify or describe any one or more of the officers of the Corporation.
(b) Officers of the Corporation need not be members of the Board of Directors. Any two or more offices may be held by the same person.
(c) An officer shall be deemed qualified when he enters upon the duties of the office to which he has been elected or appointed and furnishes any bond required by the Board of Directors; but the Board may also require his written acceptance and promise faithfully to discharge the duties of such office.
4.2 Term of Office . Each officer of the Corporation shall hold his office at the pleasure of the Board of Directors or for such other period as the Board may specify at the time of his election or appointment, or until his death, resignation or removal by the Board, whichever first occurs. In any event, each officer of the Corporation who is not reelected or reappointed at the annual election of officers by the Board next succeeding his election or appointment shall be deemed to have been removed by the Board, unless the Board provides otherwise at the time of his election or appointment.
 
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4.3 Other Agents . The Board of Directors from time to time may appoint such other agents for the Corporation as it shall deem necessary or advisable, each of whom shall serve at the pleasure of the Board or for such period as the Board may specify, and shall exercise such powers, have such titles and perform such duties as shall be determined from time to time by the Board or by an officer empowered by the Board to make such determinations.
4.4 Removal . Any officer or agent elected or appointed by the Board of Directors, and any employee, may be removed or discharged by the Board whenever in its judgment the best interests of the Corporation would be served thereby, but such removal or discharge shall be without prejudice to the contract rights, if any, of the person so removed or discharged.
4.5 Salaries and Compensation . Salaries and compensation of all elected officers of the Corporation shall be fixed, increased or decreased by the Board of Directors, but this power, except as to the salary or compensation of the Chairman of the Board and the President, may, unless prohibited by law, be delegated by the Board to the Chairman of the Board or the President, or may be delegated to a committee. Salaries and compensation of all appointed officers, agents and employees of the Corporation may be fixed, increased or decreased by the Board of Directors, but until action is taken with respect thereto by the Board of Directors, the same may be fixed, increased or decreased by the President or such other officer or officers as may be empowered by the Board of Directors to do so.
4.6 Delegation of Authority to Hire, Discharge and Designate Duties . The Board of Directors from time to time may delegate to the Chairman of the Board, the President or other officer or executive employee of the Corporation, authority to hire and discharge and to fix and modify the duties and salary or other compensation of employees of the Corporation under the jurisdiction of such person, and the Board may delegate to such officer or executive employee similar authority with respect to obtaining and retaining for the Corporation the services of attorneys, accountants and other experts.
4.7 Chairman of the Board . If a Chairman of the Board is elected, he shall preside at all meetings of the stockholders and directors at which he may be present and shall have such other duties, powers and authority as may be prescribed elsewhere in these Bylaws. The Board of Directors may delegate such other authority and assign such additional duties to the Chairman of the Board, other than those conferred by law exclusively upon the President or another officer, as the Board may from time to time determine, and, to the extent permissible by law, the Board may designate the Chairman of the Board as the chief executive officer of the Corporation with all of the powers otherwise conferred upon the President of the Corporation under Section 4.8 of these Bylaws, or it may, from time to time, divide the responsibilities, duties and authority for the general control and management of the Corporation’s business and affairs between the Chairman of the Board and the President.
 
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4.8 President .
(a) Unless the Board of Directors otherwise provides, the President shall be the chief executive officer of the Corporation with such general executive powers and duties of supervision and management as are usually vested in the office of the chief executive officer of a corporation, and he shall carry into effect all directions and resolutions of the Board. The President, in the absence of the Chairman of the Board or if there is no chairman of the board, shall preside at all meetings of the stockholders and the Board.
(b) The President may execute all bonds, notes, debentures, mortgages and other instruments for and in the name of the Corporation, may cause the corporate seal to be affixed thereto, and may execute all other instruments for and in the name of the Corporation.
(c) Unless the Board of Directors otherwise provides, the President, or any person designated in writing by him, shall have full power and authority on behalf of the Corporation to (i) attend and to vote or take action at any meeting of the holders of securities of corporations in which the Corporation may hold securities, and at such meetings shall possess and may exercise any and all rights and powers incident to being a holder of such securities, and (ii) execute and deliver waivers of notice and proxies for and in the name of the Corporation with respect to any securities held by the Corporation.
(d) The President shall, unless the Board of Directors otherwise provides, be ex officio a member of all standing committees.
(e) The President shall have such other or further duties and authority as may be prescribed elsewhere in these Bylaws or from time to time by the Board of Directors.
(f) If a Chairman of the Board is elected or appointed and designated as the chief executive officer of the Corporation, as provided in Section 4.7 of these Bylaws, the President shall perform such duties as may be specifically delegated to him by the Board of Directors or are conferred by law exclusively upon him, and in the absence or disability of the Chairman of the Board or in the event of his inability or refusal to act, the President shall perform the duties and exercise the powers of the Chairman of the Board.
4.9 Vice Presidents . In the absence or disability of the President or in the event of his inability or refusal to act, any Vice President may perform the duties and exercise the powers of the President until the Board of Directors otherwise provides. Vice Presidents shall perform such other duties and have such other authority as the Board may from time to time prescribe.
 
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4.10 Secretary and Assistant Secretaries .
(a) The Secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders, shall prepare minutes of all proceedings at such meetings and shall preserve them in a minute book of the Corporation. He shall perform similar duties for each standing or temporary committee when requested by the Board or such committee.
(b) The Secretary shall see that all books, records, lists and information, or duplicates, required to be maintained in the State of Kansas, or elsewhere, are so maintained.
(c) The Secretary shall keep in safe custody the seal of the Corporation, and shall have authority to affix the seal to any instrument requiring a corporate seal and, when so affixed, he may attest the seal by his signature. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
(d) The Secretary shall have the general duties, powers and responsibilities of a secretary of a corporation and shall perform such other duties and have such other responsibility and authority as may be prescribed elsewhere in these Bylaws or from time to time by the Board of Directors or the chief executive officer of the Corporation, under whose direct supervision the Secretary shall be.
(e) In the absence or disability of the Secretary or in the event of his inability or refusal to act, any Assistant Secretary may perform the duties and exercise the powers of the Secretary until the Board of Directors otherwise provides. Assistant Secretaries shall perform such other duties and have such other authority as the Board of Directors may from time to time prescribe.
4.11 Treasurer and Assistant Treasurers .
(a) The Treasurer shall have responsibility for the safekeeping of the funds and securities of the Corporation, shall keep or cause to be kept full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall keep or cause to be kept all other books of account and accounting records of the Corporation. He shall deposit or cause to be deposited all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors or by any officer of the Corporation to whom such authority has been granted by the Board.
(b) The Treasurer shall disburse, or permit to be disbursed, the funds of the Corporation as may be ordered, or authorized generally, by the Board of Directors, and shall render to the chief executive officer of the Corporation and the directors, whenever they may require, an account of all his transactions as Treasurer, and of those under his jurisdiction, and of the financial condition of the Corporation.
 
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(c) The Treasurer shall perform such other duties and shall have such other responsibility and authority as may be prescribed elsewhere in these Bylaws or from time to time by the Board of Directors.
(d) The Treasurer shall have the general duties, powers, responsibilities and authorities of a treasurer of a corporation and shall, unless otherwise provided by the Board of Directors, be the chief financial and accounting officer of the Corporation.
(e) If required by the Board of Directors, the Treasurer shall give the Corporation a bond in a sum and with one or more sureties satisfactory to the Board for the faithful performance of the duties of his office and for the restoration to the Corporation, in the case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control which belong to the Corporation.
(f) In the absence or disability of the Treasurer or in the event of his inability or refusal to act, any Assistant Treasurer may perform the duties and exercise the powers of the Treasurer until the Board of Directors otherwise provides. Assistant Treasurers shall perform such other duties and have such other authority as the Board may from time to time prescribe.
4.12 Duties of Officers May Be Delegated . If any officer of the Corporation be absent or unable to act, or for any other reason that the Board of Directors may deem sufficient, the Board may delegate, for the time being, some or all of the functions, duties, powers and responsibilities of any officer to any other officer, or to any other agent or employee of the Corporation or other responsible person, provided a majority of the total number of directors concurs.
ARTICLE V
LIABILITY AND INDEMNIFICATION
5.1 Limitation of Liability . No person shall be liable to the Corporation or its stockholders for any loss, damage, liability or expense suffered by the Corporation on account of any action taken or omitted to be taken by such person as a director or officer of the Corporation or of any Other Enterprise which such person serves or has served as a director or officer at the request of the Corporation, if such person (a) acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, or (b) took or
 
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omitted to take such action in reliance upon advice of counsel for the Corporation, or for such Other Enterprise, or upon statements made or information furnished by directors, officers, employees or agents of the Corporation, or of such Other Enterprise, which such person had no reasonable grounds to disbelieve.
5.2 Indemnification, Generally . In addition to and without limiting the rights to indemnification and advancement of expenses specifically provided for in the other sections of this Article V, the Corporation shall indemnify and advance expenses to each person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of any Other Enterprise (as hereafter defined), to the full extent permitted by the laws of the State of Kansas as in effect on the date of the adoption of these Bylaws and as may hereafter be amended.
5.3 Indemnification in Actions by Third Parties . The Corporation shall indemnify each person who has been or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or appellate, other than an action by or in the right of the Corporation, by reason of the fact that such person is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of any Other Enterprise, against all liabilities and expenses, including, without limitation, judgments, fines, amounts paid in settlement (provided that such settlement and all amounts paid in connection therewith are approved in advance by the Corporation using the procedures set forth in Section 5.6 of these Bylaws, which approval shall not be unreasonably withheld or delayed), attorneys’ fees, ERISA excise taxes or penalties, and other expenses actually and reasonably incurred by such person in connection with such action, suit or proceeding (including, without limitation, the investigation, defense, settlement or appeal of such action, suit or proceeding) if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person’s conduct was unlawful; provided, however, that the Corporation shall not be required to indemnify or advance expenses to any such person or persons seeking indemnification or advancement of expenses in connection with an action, suit or proceeding initiated by such person or persons (including, without limitation, any cross-claim or counterclaim initiated by such person or persons) unless the initiation of such action, suit or proceeding was authorized by the Board of Directors of the Corporation. The termination of any such action, suit or proceeding by judgment, order, settlement, conviction or under a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, that such person had reasonable cause to believe that such person’s conduct was unlawful.
 
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5.4 Indemnification in Derivative Actions . The Corporation shall indemnify each person who has been or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the Corporation’s request as a director or officer of any Other Enterprise against all expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action, suit or proceeding (including, without limitation, the investigation, defense, settlement or appeal of such action, suit or proceeding) if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification under this Section 5.4 shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the court in which the action, suit or proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
5.5 Indemnification for Expenses . Notwithstanding the other provisions of this Article V, to the extent a person who is or was serving as a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of any Other Enterprise, has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 5.3 and 5.4 of these Bylaws (including the dismissal of any such action, suit or proceeding without prejudice), or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.
5.6 Determination of Right to Indemnification . Prior to indemnifying a person pursuant to the provisions of Sections 5.2, 5.3 and 5.4 of these Bylaws, unless ordered by a court and except as otherwise provided by Section 5.5 of these Bylaws, the Corporation shall determine that such person has met the specified standard of conduct entitling such person to indemnification as set forth under Sections 5.2, 5.3 and 5.4 of these Bylaws. Any determination that a person shall or shall not be indemnified under the provisions of Sections 5.2, 5.3 and 5.4 of these Bylaws shall be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, (b) if such quorum is not obtainable, or even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (c) by the stockholders, and such determination shall be final and binding upon the Corporation; provided, however, that in the event such determination is adverse to the person or persons to be indemnified hereunder, such person or persons shall have the right to maintain an action in any court of competent jurisdiction against the Corporation to determine whether or not such person has met the requisite standard of conduct and is entitled to such indemnification hereunder. If such court action is successful and the person or persons is determined to be entitled to such indemnification, such person or persons shall be reimbursed by the Corporation for all fees and expenses (including attorneys’ fees) actually and reasonably incurred in connection with any such action (including, without limitation, the investigation, defense, settlement or appeal of such action).
 
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5.7 Advancement of Expenses . Expenses (including attorneys’ fees) actually and reasonably incurred by a person who may be entitled to indemnification hereunder in defending an action, suit or proceeding, whether civil, criminal, administrative, investigative or appellate, shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to indemnification by the Corporation. Notwithstanding the foregoing, no advance shall be made by the Corporation if a determination is reasonably and promptly made by (a) the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding for which the advancement is requested, (b) if a quorum is not obtainable, or even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (c) by the stockholders, that, based upon the facts known to the Board, independent legal counsel or stockholders at the time such determination is made, such person acted in bad faith and in a manner that such person did not believe to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal proceeding, that such person believed or had reasonable cause to believe such person’s conduct was unlawful. In no event shall any advancement of expenses be made in instances where the Board, independent legal counsel or stockholders reasonably determines that such person intentionally breached such person’s duty to the Corporation or its stockholders.
5.8 Non-Exclusivity . The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, the Articles of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors, policy of insurance or otherwise, both as to action in their official capacity and as to action in another capacity while holding their respective offices, and shall not limit in any way any right which the Corporation may have to make additional indemnifications with respect to the same or different persons or classes of persons. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article V shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators and estate of such a person.
5.9 Insurance . Upon resolution passed by the Board of Directors, the Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of any Other Enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability under this Article V.
 
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5.10 Vesting of Rights . The rights granted by this Article V shall be vested in each person entitled to indemnification hereunder as a bargained-for, contractual condition of such person’s serving or having served as a director or officer of the Corporation or serving at the request of the Corporation as a director or officer of any Other Enterprise and while this Article V may be amended or repealed, no such amendment or repeal shall release, terminate or adversely affect the rights of such person under this Article V with respect to any act taken or the failure to take any act by such person prior to such amendment or repeal or with respect to any action, suit or proceeding with respect to such act or failure to act filed after such amendment or repeal.
5.11 Definitions . For purposes of this Article V, references to:
(a) “the Corporation” shall, if and only if the Board of Directors shall determine, include, in addition to the resulting Corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers or persons serving at the request of such constituent corporation as a director or officer of any Other Enterprise, so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of any Other Enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued;
(b) “Other Enterprises” or “Other Enterprise” shall include, without limitation, any other corporation, limited liability company, partnership, joint venture, trust or employee benefit plan;
(c) “director or officer of any Other Enterprise” shall include, without limitation, any person performing similar functions with respect to such Other Enterprise, whether incorporated or unincorporated;
(d) “fines” shall include any excise taxes assessed against a person with respect to an employee benefit plan;
(e) “defense” shall include investigations of any threatened, pending or completed action, suit or proceeding as well as appeals thereof and shall also include any defensive assertion of a cross-claim or counterclaim; and
(f) “serving at the request of the Corporation” shall include any service as a director or officer of a corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Article V.
 
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For the purpose of this Article V, unless the Board of Directors of the Corporation shall determine otherwise, any director or officer of the Corporation who shall serve as a director or officer of any Other Enterprise of which the Corporation, directly or indirectly, is a stockholder or creditor, or in which the Corporation is in any way interested, shall be presumed to be serving as such director or officer at the request of the Corporation. In all other instances where any person shall serve as a director or officer of an Other Enterprise, if it is not otherwise established that such person is or was serving as such director or officer at the request of the Corporation, the Board of Directors of the Corporation shall determine whether such person is or was serving at the request of the Corporation, and it shall not be necessary to show any prior request for such service, which determination shall be final and binding on the Corporation and the person seeking indemnification.
5.12 Severability . If any provision of this Article V or the application of any such provision to any person or circumstance is held invalid, illegal or unenforceable for any reason whatsoever, the remaining provisions of this Article V and the application of such provisions to other persons or circumstances shall not be affected thereby and, to the fullest extent possible, the court finding such provision invalid, illegal or unenforceable shall modify and construe the provision so as to render it valid and enforceable as against all persons or entities and to give the maximum possible protection to persons subject to indemnification hereby within the bounds of validity, legality and enforceability. Without limiting the generality of the foregoing, if any director or officer of the Corporation, or any person who is or was serving at the request of the Corporation as a director or officer of any Other Enterprise, is entitled under any provision of this Article V to indemnification by the Corporation for some or a portion of the judgments, amounts paid in settlement, attorneys’ fees, ERISA excise taxes or penalties, fines or other expenses actually and reasonably incurred by any such person in connection with any threatened, pending or completed action, suit or proceeding (including, without limitation, the investigation, defense, settlement or appeal of such action, suit or proceeding), whether civil, criminal, administrative, investigative or appellate, but not, however, for all of the total amount thereof, the Corporation shall nevertheless indemnify such person for the portion thereof to which such person is entitled.
ARTICLE VI
STOCK
6.1 Certificates for Shares of Stock . Certificates for shares of stock of the Corporation shall be issued in numerical order, and each stockholder shall be entitled to a certificate signed by, or in the name of the Corporation by, the Chairman of the Board or the President or a Vice President, and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary, certifying the number of shares owned by such stockholder. To the extent permitted by statute, any of or all the signatures on such certificate may be a facsimile. In the event that any officer, transfer agent or registrar who has signed or whose facsimile signature has
 
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been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, such certificate may nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent or registrar who signed such certificate, or whose facsimile signature shall have been placed thereon, were such officer, transfer agent or registrar of the Corporation at the date of issue.
6.2 Transfers of Stock . Transfers of stock shall be made only upon the stock transfer books of the Corporation, kept at the office of the Corporation or of the transfer agent designated to transfer the class of stock, and before a new certificate is issued the old certificate shall be surrendered for cancellation, subject to the provisions of Section 6.6 of these Bylaws. Until and unless the Board of Directors appoints some other person, firm or corporation as its transfer agent (and upon the revocation of any such appointment, thereafter until a new appointment is similarly made), the Secretary of the Corporation shall be the transfer agent of the Corporation without the necessity of any formal action of the Board, and the Secretary, or any person designated by him, shall perform all of the duties of such transfer agent.
6.3 Registered Stockholders . Only stockholders whose names are registered in the stock ledger shall be entitled to be treated by the Corporation as the holders and owners in fact of the shares standing in their respective names, and the Corporation shall not be bound to recognize any equitable or other claim to or interest in such shares on the part of any other person, whether or not it shall have express or other notice thereof, except as expressly provided by the laws of the State of Kansas.
6.4 Record Date .
(a) Stockholders’ Meetings . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting except that the Board of Directors may fix a new record date for the adjourned meeting.
(b) Consent of Stockholders to Action Without a Meeting . In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, which date shall not be more than 10 days after the date upon which the resolution
 
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fixing the record date is adopted by the Board of Directors, and which date shall be effective for no more than 60 days after such record date. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by any statute, the Articles of Incorporation or these Bylaws, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Kansas, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded, and which date shall be effective for 60 days after such record date. Delivery made to the Corporation’s registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by any statute, the Articles of Incorporation or any Bylaw, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action, and such date shall be effective for 60 days after such record date.
(c) Dividends and Other Distributions . In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
6.5 Regulations . The Board of Directors shall have power and authority to make all such rules and regulations as it may deem expedient concerning the issue, transfer, conversion and registration of certificates for shares of stock of the Corporation, not inconsistent with the laws of the State of Kansas, the Articles of Incorporation or these Bylaws.
6.6 Lost Certificates . The Board of Directors may direct that a new certificate or certificates be issued in place of any certificate or certificates theretofore issued by the Corporation, alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate or certificates to be lost, stolen or destroyed. When authorizing the issue of such replacement certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such allegedly lost, stolen or destroyed certificate or certificates, or his legal representative, to give the Corporation a bond in such sum as it may direct to indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of the certificate or certificates or the issuance of such new certificate or certificates.
 
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ARTICLE VII
CORPORATE FINANCE
7.1 Dividends . Dividends on the outstanding shares of stock of the Corporation, subject to the provisions of any applicable law, Articles of Incorporation and these Bylaws, may be declared by the Board of Directors at any meeting. Subject to such provisions, dividends may be paid in cash, in property or in shares of stock of the Corporation. A member of the Board of Directors, or a member of any committee designated by the Board of Directors, shall be fully protected in relying in good faith upon the records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board of Directors, or by any other person as to matters the director reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation, as to the value and amount of the assets, liabilities or net profits of the Corporation, or both, or any other facts pertinent to the existence and amount of net profits of the Corporation, or with which the Corporation’s stock might properly be purchased or redeemed.
7.2 Creation of Reserves . The Board of Directors may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.
ARTICLE VIII
GENERAL PROVISIONS
8.1 Fiscal Year . The Board of Directors shall have power to fix and from time to time change the fiscal year of the Corporation. In the absence of action by the Board of Directors, the fiscal year of the Corporation shall end each year on the date which the Corporation treated as the close of its first fiscal year, until such time, if any, as the fiscal year shall be changed by the Board of Directors.
8.2 Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal — Kansas.” The corporate seal may be used by causing it, or a facsimile thereof, to be impressed or affixed or in any manner reproduced.
8.3 Depositories . The moneys of the Corporation shall be deposited in the name of the Corporation in such bank or banks or other depositories as the Board of Directors shall designate, and shall be drawn out only by check or draft signed by persons designated by resolution adopted by the Board of Directors. Notwithstanding the foregoing, the Board of Directors may by resolution authorize an officer or officers of the Corporation to designate any bank or banks or other depositories in which moneys of the Corporation may be deposited, and to designate the persons who may sign checks or drafts on any particular account or accounts of the Corporation, whether created by direct designation of the Board of Directors or by an authorized officer or officers as aforesaid.
 
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8.4 Contracts . The Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute and deliver any instrument for, and in the name of, the Corporation, and such authority may be general or confined to specific instances.
8.5 Amendments . These Bylaws may be altered, amended or repealed, or new Bylaws may be adopted, in the manner provided in the Articles of Incorporation.
CERTIFICATE
The undersigned Secretary of Hotel Clubs of Corporate Woods, Inc., a Kansas corporation, hereby certifies that the foregoing Bylaws are the Amended and Restated Bylaws of the Corporation adopted by the directors of the Corporation.
Dated: August 4, 1998.

/s/ Peter H. Kesser	
Name:	 	Peter H. Kesser
Secretary	
 
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Exhibit 3.309
ARTICLES OF INCORPORATION
OF
EMBASSY SUITES CLUB NO. THREE, INC.
We, the undersigned, each capable of contracting, for the purpose of forming a corporation pursuant to Chapter 1 of Title 12 of the Louisiana Revised Statutes, do hereby certify:
FIRST: The name of the corporation is:
EMBASSY SUITES CLUB NO. THREE, INC.
SECOND: The purposes for which this corporation is formed are as follows:
To engage in any lawful activity for which corporations may be formed under the Louisiana Business Corporation Law.
The foregoing clauses shall be construed both as purposes and powers, and it is hereby expressly provided that the foregoing enumeration of specific powers and purposes shall not be held to restrict or limit in any manner the general powers or purposes of this corporation. In general, to carry on any other business in connection with or related or incidental to the foregoing, whether manufacturing or otherwise, permitted by law; to have and exercise all the powers conferred by present or future laws of Louisiana upon corporations formed for any or all of the purposes aforesaid, and to do any or all of the things herein set forth the same extent as natural persons might or could do.
THIRD: The duration of the corporation is perpetual.

FOURTH: The aggregate number of shares which the corporation shall have authority to issue is one thousand (1,000) of the par value of One Dollar ($1.00) each.
FIFTH: The full name and post office address of each incorporator is as follows:

NAME	  	ADDRESS	
		
Katherine M. Rheinecker	  	906 Olive Street	
	  	St Louis MO 63101	
		
Anne E. Diamond	  	906 Olive Street	
	  	St Louis MO 63101	
		
Gerard S. Rath	  	906 Olive Street	
	  	St Louis, MO 63101	
SIXTH: No director or officer of the corporation shall be personally liable to the corporation or its shareholders for damages for breach of his fiduciary duty as a director or officer, except that this provision shall not eliminate or limit the liability of a director or officer for: (a) any breach of the duty of loyalty; (b) for knowing violations of law or bad faith acts or omissions involving intentional misconduct; (c) for liability statutorily imposed under Sec. 92(d); or (d) for any transaction from which the director or officer derived an improper personal benefit.
SEVENTH: This corporation reserves the right to amend, alter, change or repeal any provision contained in these articles in the manner now or hereafter prescribed by statute, and all rights conferred upon shareholders herein are granted subject to this reservation.

IN WITNESS WHEREOF we the undersigned, each capable of contracting, have hereunto affixed our signatures on this 2ND day of Nov., 1994.

/s/ Katherine M. Rheinecker	
Katherine M. Rheinecker, Incorporator	
	
/s/ Anne E. Diamond	
Anne E. Diamond, Incorporator	
	
/s/ Gerard S. Rath	
Gerard S. Rath, Incorporator	

STATE OF Missouri	
	
CITY OF St Louis	
BE IT KNOW, That on this 2nd day of the month of November, 1994 in the year of our Lord, 1994, before me, the undersigned, a Notary Public in and for the County and State aforesaid duly commissioned and qualified, there came and appeared Katherine M. Rheinecker, known to me, Notary, and known by me to be one of the persons whose name appear upon the foregoing instrument and said appearer declared and acknowledged unto me, Notary, that he executed the said instrument for the uses and purposes therein set forth and apparent.
IN WITNESS WHEREOF, said appearer has signed these presents, and I have hereunto set my official hand and seal on the day and date first hereinabove written.

	  	[SEAL]	  	 
/s/    KAREN L. BUSS        	
(Notary Seal)	  		  	KAREN L. BUSS
NOTARY PUBLIC, STATE OF MISSOURI
MY COMMISSION EXPIRES 6/20/97
CITY OF ST. LOUIS	

	  		  		

			
Secretary of State	  	FEE FOR FILING—$20.00	
NOTICE OF CHANGE OF LOCATION OF REGISTERED OFFICE
AND/OR CHANGE OF REGISTERED AGENT BY LOUISIANA CORPORATIONS
(R.S. 12:104 - R.S. 12:236)

Name of Corporation	 	Embassy Suites Club No. Three, Inc.	

 	
		
Registered Office	 	315 Julia Street	

  New Orleans, Louisiana 70130	
		
Name and Address of Registered Agent(s)	 	Lawrence S. Bell	

315 Julia Street, New Orleans, Louisiana 70130	

	
 	
If the registered agent is changed, the new agent(s) must sign below before a notary public as required by Act 769 of 1987.

I hereby accept the appointment of registered agent.	 		 		
			
New registered agent(s):	 		 		
			
Lawrence S. Bell	 		 		
			
/s/ Lawrence S. Bell	 		 	Sworn to and subscribed before me,
this 28 day of November , 19 94 .

 
 	 		 	/s/ [Illegible Signature]	
	 		 	Notary Public	
			
November 29, 1994	 		 	/s/ Nadine Greenwood	
Date	 		 	To be signed by President, Vice-President, or Secretary	
	 		 	Nadine Greenwood	

													
W. Fox McKeithen
Secretary of State

[SEAL]	 	NOTICE OF CHANGE OF REGISTERED OFFICE
AND/OR CHANGE OF REGISTERED AGENT
(R.S. 12:104 & 12:236)

Domestic Corporation
(Business or Non- Profit)
Enclose $20.00 filing fee
Make remittance payable to
Secretary of State
Do not send cash	 	 	

Corporation Name:	 	EMBASSY SUITES CLUB NO. THREE, INC.	

 	
 
CHANGE OF LOCATION OF REGISTERED OFFICE
 
Notice is hereby given that the Board of Directors of the above named corporation has authorized a change in the location of the corporation’s registered office. The new registered office is located at: c/o Corporation Service Company 320 Somerulos Street, Baton Rouge, Louisiana 70802-6129	

 	 		 		 	/s/    Stevan D. Porter        	
 	 		 		 	To be signed by one (1) officer or two (2) directors	
 			 	
 	 		 		 	Stevan D. Porter	
 	 		 		 	President	
 
CHANGE OF REGISTERED AGENT(S)
 	
Notice is hereby given that the Board of Directors of the above named corporation has authorized the change of the corporation’s	
			
registered agent(s). The names(s) and address(es) of the new registered agent(s) is/are as follows:	 	 	

Corporation Service Company	
 	
320 Somerulos Street	
 	
Baton Rouge, Louisiana 70802-6129	
 			 	
 	 		 		 	/s/    Stevan D. Porter        	
 	 		 		 	President, Vice President or Secretary
Stevan D. Porter	
 	 		 		 	President	
 
AGENT AFFIDAVIT AND ACKNOWLEDGEMENT OF ACCEPTANCE
 
I hereby acknowledge and accept the appointment of registered agent(s) for and on behalf of the above named corporation.	

 	 		 		 		 	Troy Todd	
 				 	
 	 		 		 	By:	 	/s/    Troy Todd        	
 	 		 		 		 	Registered Agent(s)	

Sworn to and subscribed before me this 19 day of October, 1998.	 	 	
 			 	
 	 		 	Tina Bartlett	 	/s/    Tina Bartlett        	
 	 	
 	 	MY COMMISSION # CC671461 EXPIRES
August 12, 2001
BONDED THRU TROY FAIN INSURANCE, INC.	 	Notary	

354 Rev. 5/97	 	(See instructions on back)	

							
W. Fox McKeithen
Secretary of State	  	STATEMENT OF CHANGE OF REGISTERED OFFICE, REGISTERED AGENT AND/OR PRINCIPAL BUSINESS ESTABLISHMENT IN LOUISIANA
(R.S. 12:308)	
[SEAL]
 	  	 
Foreign Corporation
Enclose $20.00 filing fee
Make remittance payable to
Secretary of State
Do not send cash	  	 
Return to:	  	 
Corporations Division
  P.O. Box 94125
  Baton Rouge, LA 70804-9125
  Phone (504)925-4704	

STATE OF	 	 
Missouri TN	 	 	

PARISH/COUNTY	 	 
St Louis SHELBY	 	 	

Notice is given that the below named corporation has changed its registered office, registered agent and/or principal business establishment.	

Corporation Name:	 	 
EMBASSY SUITES CLUB NO. THREE, INC.	

Complete the following sections, where applicable:	
 
New Registered Office address:	 	 
8550 United Plaza Boulevard, Baton Rouge, Louisiana 70809	

New Registered Agent and address:	 	 
                    C T CORPORATION SYSTEM	

8550 United Plaza Boulevard, Baton Rouge, Louisiana 70809	
(agent’s address must be identical to registered office unless agent is a law partnership or an individual attorney)	

New address of Principal Business Establishment in Louisiana:	

			
 	  	 
/s/ [Illegible Signature]	
 	  	 
President or Vice President	
 	  	(Registered agent if only registered office is changed)	

On this 23rd day of August, 1999, personally came and appeared before me J. KENDALL HUBER the Vice President of the above named corporation, who declared that he/she executed the foregoing on behalf of said corporation and that the statements contained therein are true.	

 	 	 
/s/    Isam Blackwell	 	 	
 	 	 	 	 	
 	 	Notary	 	 	

AGENT’S ACCEPTANCE AND ACKNOWLEDGEMENT OF APPOINTMENT	
 
I acknowledge and accept my appointment as agent for the above named corporation.	

 	 	 
C T CORPORATION SYSTEM	
 		 	
 	 	By:	 	/s/    John J Linnihan        	
 	 		 	Agent	
 	 		 	John J Linnihan	

Sworn to and subscribed before me this 26 th day of August, 1999.	

/s/    SHANNON M. BANITT        	
 	  	Notary	

(to be filed in duplicate)	
			
§346 Rev. 2/91
  (LA. – 1861 – 1/26/93)
CT System	  	Shannon M. Banitt
Notary Public-Notary Seal
State of Missouri
St. Louis County
My Commission Expires Mar. 3, 2002	

													
 	 	 
W. Fox McKeithen  
Secretary of State  
[Seal]

 	  	 
NOTICE OF CHANGE OF REGISTERED OFFICE
AND/OR CHANGE OF REGISTERED AGENT
(R.S.12:104 & 12:236)	  	 	 	 	
	 		  	Domestic Corporation
(Business or Non-Profit)
Enclose $20.00 filing fee
Make remittance payable to
Secretary of State
Do not send cash	  	Return to: Commercial Division
   P.O. Box 94125
   Baton Rouge, LA 70804-9125
   Phone (225)925 4704
   Web Site: www.sec.state.la.us	 	 	
				
	 	Corporation Name:	  	Embassy Suites Club No. Three, Inc.	 		

			
	 	CHANGE OF LOCATION OF REGISTERED OFFICE	 		
			
	 	Notice is hereby given that the Board of Directors of the above named corporation has authorized a change in the location of the corporation’s registered office. The new registered office is located at:                                                                                               	 		

						
	 		  		  	 	  		 		
	 		  		  	To be signed by one (1) officer or two (2) directors	  		 		

	 		  		  	Date	  		 		
			
	 	CHANGE OF REGISTERED AGENT(S)	 		
			
	 	Notice is hereby given that the Board of Directors of the above named corporation has authorized the change of the corporation’s registered agent(s). The names(s) and address(es) of the new registered agent(s) is/are as follows:                           	 		
			
	 	Corporation Service Company	 		
			
	 	320 Somerulos Street	 		
			
	 	Baton Rouge, LA 70802-6129	 		
							
	 		  		  	/s/    Vivien S. Mitchell        	  	9/6/00	  		 		
	 		  		  	President, Vice President or Secretary	  	Date	  		 		
	 		  		  	Vivien S. Mitchell, Vice President	  		  		 		
			
	 	AGENT AFFIDAVIT AND ACKNOWLEDGEMENT OF ACCEPTANCE	 		
			
	 	I hereby acknowledge and accept the appointment of registered agent(s) for and on behalf of the above named corporation.	 		
						
	 		  		  	Corporation Service Company	  		 		
						
	 		  	By:	  	/s/    Bobbie Hall        	  		 		
	 		  		  	Registered Agent(s)	  		 		
	 		  		  	Bobbie Hall, Asst. Vice President	  		 		

Sworn to and subscribed before me, the undersigned Notary Public, on this date: September 18, 2000	 		

	 		 		  	 
/s/    Debbra A. Elias        	  		  		 		
	 		 		  	Notary	  		  		 		
	 		 	Debbra A. Elias
Commission #1224642
Notary Public-California
Sacramento County
My Comm. Expires Jun 15, 2003	  		  		  		 		

							
	 	354 Rev. 4/99	  	(See instructions on back)	 		

Exhibit 3.310
AMENDED AND RESTATED
BYLAWS
OF
EMBASSY SUITES CLUB NO. THREE, INC.
April 30, 1999

AMENDED AND RESTATED BYLAWS
OF
EMBASSY SUITES CLUB NO. THREE, INC.
ARTICLE I
Meetings of Stockholders
Section 1.1 Annual Meetings . The annual meeting of the stockholders for the election of directors and for the transaction of such other business as properly may come before such meeting shall be held each year on such date, and at such time and place within or without the State of Louisiana, as may be designated by the Board of Directors.
Section 1.2 Special Meetings . Special meetings of the stockholders for any proper purpose or purposes may be called at any time by the Board of Directors, the President or any Vice President to be held on such date, and at such time and place within or without the State of Louisiana, as the Board of Directors, the President or any Vice President, whichever has called the meeting, shall direct. A special meeting of the stockholders shall be called by the President or any Vice President whenever stockholders owning a majority of the shares of the Corporation then issued and outstanding and entitled to vote on matters to be submitted to stockholders of the Corporation shall make application therefor in writing. Any such written request shall state a proper purpose or purposes of the meeting and shall be delivered to the President or any Vice President.
Section 1.3 Notice of Meeting . Written notice, signed by the President, any Vice President, the Secretary or an Assistant Secretary, of every meeting of stockholders stating the date and time when, and the place where, it is to be held shall be delivered either personally or by mail to each stockholder entitled to vote at such meeting not less than ten or more than sixty days before the meeting, except as otherwise provided by law. The purpose or purposes for which the meeting is called may in the case of an annual meeting, and shall in the case of a special meeting, also be stated. If mailed, such notice shall be directed to a stockholder at his address as it shall appear on the stock books of the Corporation, unless he shall have filed with the Secretary a written request that notices intended for him be mailed to some other address, in which case it shall be mailed to the address designated in such request.
Section 1.4 Quorum . The presence at any meeting, in person or by proxy, of the holders of record of a majority of the shares then issued and outstanding and entitled to vote shall be necessary and sufficient to constitute a quorum for the transaction of business, except as otherwise provided by law.
 
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Section 1.5 Adjournments . In the absence of a quorum, a majority in interest of the stockholders entitled to vote, present in person or by proxy, or, if no stockholder entitled to vote is present in person or by proxy, an officer entitled to preside at or act as secretary of such meeting, may adjourn the meeting from time to time until a quorum shall be present.
Section 1.6 Voting . Directors shall be chosen by a plurality of the votes cast at the election, and, except as otherwise provided by law, all other questions shall be determined by a majority of the votes cast on such question.
Section 1.7 Proxies . Any stockholder entitled to vote may vote by proxy, provided that the instrument authorizing such proxy to act shall have been executed in writing (which shall include telegraphing or cabling) by the stockholder himself or by his duly authorized attorney.
Section 1.8 Judges of Election . The Board of Directors may appoint judges of election to serve at any election of directors and at balloting on any other matter that may properly come before a meeting of stockholders. If no such appointment shall be made, or if any of the judges so appointed shall fail to attend, or refuse or be unable to serve, then such appointment may be made by the presiding officer at the meeting.
ARTICLE II
Board of Directors
Section 2.1 Number . The number of directors which shall constitute the whole Board of Directors shall be fixed from time to time by resolution of the Board of Directors or stockholders (any such resolution of either the Board of Directors or stockholders being subject to any later resolution of either of them).
Section 2.2 Election and Term of Office . Directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2.3. Each director (whether elected at an annual meeting or to fill a vacancy or otherwise) shall continue in office until his successor shall have been elected and qualified or until his earlier death, resignation or removal in the manner hereinafter provided.
Section 2.3 Vacancies and Additional Directorships . If any vacancy shall occur among the directors by reason of death, resignation or
 
3

removal, or as the result of an increase in the number of directorships, a majority of the directors then in office, or a sole remaining director, though less than a quorum, may fill any such vacancy.
Section 2.4 Meetings . A meeting of the Board of Directors shall be held for organization, for the election of officers and for the transaction of such other business as may properly come before the meeting, within thirty days after each annual election of directors.
The Board of Directors by resolution may provide for the holding of regular meetings and may fix the times and places at which such meetings shall be held. Notice of regular meetings shall not be required to be given, provided that whenever the time or place of regular meetings shall be fixed or changed, notice of such action shall be mailed promptly to each director who shall not have been present at the meeting at which such action was taken, addressed to him at his residence or usual place of business.
Special meetings of the Board of Directors shall be held upon call by or at the direction of the President, any Vice President or any two directors, except that when the Board of Directors consists of one director, then the one director may call a special meeting. Except as otherwise required by law, notice of each special meeting shall be mailed to each director, addressed to him at his residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to him at such place by telex, telegram, radio or cable, or telephoned or delivered to him personally, not later than the day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these By-laws.
Notice of any meeting need not be given to any director who shall attend such meeting in person or who shall waive notice thereof, before or after such meeting, in a signed writing.
Section 2.5 Quorum and Manner of Acting . At each meeting of the Board of Directors the presence of a majority of the total number of members of the Board of Directors, as constituted from time to time, shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when the Board of Directors consists of one director, then the one director shall constitute a quorum. In the absence of a quorum, a majority of those present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present and the meeting may be held as adjourned without further notice or waiver. A majority of those present at any meeting at which a quorum is present may decide any question brought before such meeting, except as otherwise provided by law, the Certificate of Incorporation of the Corporation or these By-laws.
 
4

Section 2.6 Resignation of Directors . Any director may resign at any time by giving written notice of such resignation to the Board of Directors, the President, any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 2.7 Removal of Directors . At any special meeting of the stockholders, duly called as provided in these By-laws, any director or directors may be removed from office, either with or without cause, as provided by law. At such meeting a successor or successors may be elected by a plurality of the votes cast, or if any such vacancy is not so filled, it may be filled by the directors as provided in Section 2.3.
Section 2.8 Compensation of Directors . Directors shall receive such reasonable compensation for their services as such, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.
ARTICLE III
Committees of the Board
Section 3.1 Designation, Power, Alternate Members and Term of Office . The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more committees, each committee to consist of one or more of the directors of the Corporation. Any such committee, to the extent provided in such resolution and permitted by law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation or a facsimile thereof to be affixed to or reproduced on all such papers as said committee shall designate. The Board of Directors may designate one or more directors as alternate members of any committee who, in the order specified by the Board of Directors, may replace any absent or disqualified member at any meeting of the committee. If at a meeting of any committee one or more of the members thereof should be absent or disqualified, and if either the Board of Directors has not so designated any alternate member or members, or the number of absent or disqualified members exceeds the number of alternate members who are present at such meeting, then the
 
5

member or members of such committee (including alternates) present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another director to act at the meeting in the place of any such absent or disqualified member. The term of office of the members of each committee shall be as fixed from time to time by the Board of Directors, subject to these By-laws; provided, however, that any committee member who ceases to be a member of the Board of Directors shall ipso facto cease to be a committee member. Each committee shall appoint a secretary, who may be the Secretary or an Assistant Secretary of the Corporation.
Section 3.2 Meetings, Notices and Records . Each committee may provide for the holding of regular meetings, with or without notice, and may fix the times and places at which such meetings shall be held. Special meetings of each committee shall be held upon call by or at the direction of its chairman or, if there be no chairman, by or at the direction of any one of its members. Except as otherwise provided by law, notice of each special meeting of a committee shall be mailed to each member of such committee, addressed to him at his residence or usual place of business, at least two days before the day on which the meeting is to be held, or shall be sent to him at such place by telex, telegram, radio or cable, or telephoned or delivered to him personally, not later than the day before the day on which the meeting is to be held. Such notice shall state the time and place of such meeting, but need not state the purposes thereof, unless otherwise required by law, the Certificate of Incorporation of the Corporation or these By-laws.
Notice of any meeting of a committee need not be given to any member thereof who shall attend such meeting in person or who shall waive notice thereof, before or after such meeting, in a signed writing. Each committee shall keep a record of its proceedings.
Section 3.3 Quorum and Manner of Acting . At each meeting of any committee the presence of a majority of its members then in office shall be necessary and sufficient to constitute a quorum for the transaction of business, except that when a committee consists of one member, then the one member shall constitute a quorum. In the absence of a quorum, a majority of the members present at the time and place of any meeting may adjourn the meeting from time to time until a quorum shall be present and the meeting may be held as adjourned without further notice or waiver. The act of a majority of the members present at any meeting at which a quorum is present shall be the act of such committee. Subject to the foregoing and other provisions of these By-laws and except as otherwise determined by the Board of Directors, each committee may make rules for the conduct of its business.
 
6

Section 3.4 Resignations . Any member of a committee may resign at any time by giving written notice of such resignation to the Board of Directors, the President, any Vice President or the Secretary. Unless otherwise specified in such notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 3.5 Removal . Any member of any committee may be removed at any time with or without cause by the Board of Directors.
Section 3.6 Vacancies . If any vacancy shall occur in any committee by reason of death, resignation, disqualification, removal or otherwise, the remaining member or members of such committee, so long as a quorum is present, may continue to act until such vacancy is filled by the Board of Directors.
Section 3.7 Compensation . Committee members shall receive such reasonable compensation for their services as such, whether in the form of salary or a fixed fee for attendance at meetings, with expenses, if any, as the Board of Directors may from time to time determine. Nothing herein contained shall be construed to preclude any committee member from serving the Corporation in any other capacity and receiving compensation therefor.
ARTICLE IV
Officers
Section 4.1 Officers . The officers of the Corporation shall be a President, one or more Vice Presidents, a Secretary, a Treasurer, and such other officers as may be appointed in accordance with the provisions of Section 4.3.
Section 4.2 Election, Term of Office and Qualifications . Except as provided in Section 4.3, each officer shall be elected by the Board of Directors. Each such officer (whether elected at the first meeting of the Board of Directors after the annual meeting of stockholders or to fill a vacancy or otherwise) shall hold his office until the first meeting of the Board of Directors after the next annual meeting of stockholders and until his successor shall have been elected, or until his death, or until he shall have resigned in the manner provided in Section 4.4 or shall have been removed in the manner provided in Section 4.5.
Section 4.3 Subordinate Officers and Agents . The Board of Directors from time to time may appoint other officers or agents (including one or more Assistant Vice Presidents, one or more Assistant Secretaries and one or
 
7

more Assistant Treasurers) to hold office for such period, have such authority and perform such duties as are provided in these By-laws or as may be provided in the resolutions appointing them. The Board of Directors may delegate to any officer or agent the power to appoint any such subordinate officers or agents and to prescribe their respective terms of office, authorities and duties.
Section 4.4 Resignations . Any officer may resign at any time by giving written notice of such resignation to the Board of Directors, the President, a Vice President or the Secretary. Unless otherwise specified in such written notice, such resignation shall take effect upon receipt thereof by the Board of Directors or any such officer, and the acceptance of such resignation shall not be necessary to make it effective.
Section 4.5 Removal . Any officer specifically designated in Section 4.1 may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors then in office. Any officer or agent appointed in accordance with the provisions of Section 4.3 may be removed with or without cause at any meeting of the Board of Directors by affirmative vote of a majority of the directors present at such meeting, or at any time by any superior officer or agent upon whom such power of removal shall have been conferred by the Board of Directors.
Section 4.6 Vacancies . A vacancy in any office by reason of death, resignation, removal, disqualification or any other cause shall be filled for the unexpired portion of the term in the manner prescribed by these By-laws for regular election or appointment to such office.
Section 4.7 The President . The President shall be the chief executive officer of the Corporation. Subject to the direction of the Board of Directors, he shall have general charge of the business, affairs and property of the Corporation and general supervision over its officers and agents. If present, he shall preside at all meetings of stockholders and he shall see that all orders and resolutions of the Board of Directors are carried into effect. He may sign, with any other officer thereunto duly authorized, certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature), any may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts, agreements or other instruments duly authorized by the Board of Directors, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent. From time to time he shall report to the Board of Directors all matters within his knowledge which the interest of the Corporation may require to be brought to their attention. He shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors or these By-laws.
 
8

Section 4.8 The Vice President . At the request of the President or in his absence or disability, the Vice President designated by the Board of Directors shall perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all restrictions upon the President. Any Vice President may also sign, with any other officer thereunto duly authorized, certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature), and may sign and execute in the name of the Corporation deeds, mortgages, bonds, contracts, agreements or other instruments duly authorized by the Board of Directors, except in cases where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent. Each Vice President shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
Section 4.9 The Secretary . The Secretary shall
(a) record all the proceedings of the meetings of the stockholders, the Board of Directors, and any committees in a book or books to be kept for that purpose;
(b) cause all notices to be duly given in accordance with the provisions of these By-laws and as required by law;
(c) whenever any committee shall be appointed in pursuance of a resolution of the Board of Directors, furnish the chairman of such committee with a copy of such resolution;
(d) be custodian of the records and of the seal of the Corporation, and cause such seal to be affixed to or a facsimile to be reproduced on all certificates representing stock of the Corporation prior to the issuance thereof and to all instruments the execution of which on behalf of the Corporation under its seal shall have been duly authorized;
(e) see that the lists, books, reports, statements, certificates and other documents and records required by law are properly kept and filed;
(f) have charge of the stock and transfer books of the Corporation, and exhibit such stock book at all reasonable times to such persons as are entitled by law to have access thereto;
(g) sign (unless the Treasurer or an Assistant Secretary or an Assistant Treasurer shall sign) certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature); and
(h) in general, perform all duties incident to the office of Secretary and have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
 
9

Section 4.10 Assistant Secretaries . At the request of the Secretary or in his absence or disability, the Assistant Secretary designated by him (or in the absence of such designation, the Assistant Secretary designated by the Board of Directors or the President) shall perform all the duties of the Secretary and, when so acting, shall have all the powers of and be subject to all restrictions upon the Secretary. Each Assistant Secretary shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President, the Secretary or these By-laws.
Section 4.11 The Treasurer . The Treasurer shall
(a) have charge of and supervision over and be responsible for the funds, securities, receipts and disbursements of the Corporation;
(b) cause the moneys and other valuable effects of the Corporation to be deposited in the name and to the credit of the Corporation in such banks or trust companies or with such bankers or other depositaries as shall be selected in accordance with Section 5.3 or to be otherwise dealt with in such manner as the Board of Directors may direct;
(c) cause the funds of the Corporation to be disbursed by checks or drafts upon the authorized depositaries of the Corporation, and cause to be taken and preserved proper vouchers for all moneys disbursed;
(d) render to the Board of Directors or the President, whenever requested, a statement of the financial condition of the Corporation and of all his transactions as Treasurer;
(e) cause to be kept at the Corporation’s principal office correct books of account of all its business and transactions and such duplicate books of account as he shall determine and upon application cause such books or duplicates thereof to be exhibited to any director;
 
10

(f) be empowered, from time to time, to require from the officers or agents of the Corporation reports or statements giving such information as he may require with respect to any and all financial transactions of the Corporation;
(g) sign (unless the Secretary or an Assistant Secretary or an Assistant Treasurer shall sign) certificates representing stock of the Corporation the issuance of which shall have been duly authorized (the signature to which may be a facsimile signature); and
(h) in general, perform all duties incident to the office of Treasurer and have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President or these By-laws.
Section 4.12 Assistant Treasurer . At the request of the Treasurer or in his absence or disability, the Assistant Treasurer designated by him (or in the absence of such designation, the Assistant Treasurer designated by the Board of Directors or the President) shall perform all the duties of the Treasurer and, when so acting, shall have all the powers of and be subject to all restrictions upon the Treasurer. Each Assistant Treasurer shall have such other powers and perform such other duties as may from time to time be prescribed by the Board of Directors, the President, the Treasurer or these By-laws.
Section 4.13 Salaries . The salaries of the officers of the Corporation shall be fixed from time to time by the Board of Directors, except that the Board of Directors may delegate to any person the power to fix the salaries or other compensation of any officers or agents appointed in accordance with the provisions of Section 4.3. No officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the Corporation.
ARTICLE V
Execution of Instruments and Deposit of Corporate Funds
Section 5.1 Execution of Instruments Generally . The President, any Vice President, the Secretary or the Treasurer, subject to the approval of the Board of Directors, may enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation. The Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute and deliver any instrument in the name and on behalf of the Corporation, and such authorization may be general or confined to specific instances.
 
11

Section 5.2 Borrowing . No loans or advances shall be obtained or contracted for, by or on behalf of the Corporation and no negotiable paper shall be issued in its name, unless and except as authorized by the Board of Directors. Such authorization may be general or confined to specific instances. Any officer or agent of the Corporation thereunto so authorized may obtain loans and advances for the Corporation, and for such loans and advances may make, execute and deliver promissory notes, bonds, or other evidences of indebtedness of the Corporation. Any officer or agent of the Corporation thereunto so authorized may pledge, hypothecate or transfer as security for the payment of any and all loans, advances, indebtedness and liabilities of the Corporation, any and all stocks, bonds, other securities and other personal property at any time held by the Corporation, and to that end may endorse, assign and deliver the same and do every act and thing necessary or proper in connection therewith.
Section 5.3 Deposits . All funds of the Corporation not otherwise employed shall be deposited from time to time to its credit in such banks or trust companies or with such bankers or other depositaries as the Board of Directors may select, or as may be selected by any officer or officers or agents or agents authorized so to do by the Board of Directors. Endorsements for deposit to the credit of the Corporation in any of its duly authorized depositaries shall be made in such manner as the Board of Directors from time to time may determine.
Section 5.4 Checks, Drafts, etc . All checks, drafts or other orders for the payment of money, and all notes or other evidences of indebtedness issued in the name of the Corporation, shall be signed by such officer or officers or agent or agents of the Corporation, and in such manner, as from time to time shall be determined by the Board of Directors.
Section 5.5 Proxies . Proxies to vote with respect to shares of stock of other corporations owned by or standing in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the President or any Vice President or by any other person or persons thereunto authorized by the Board of Directors.
ARTICLE VI
Record Dates
Section 6.1 In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any
 
12

change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall be not more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. Only those stockholders of record on the date so fixed shall be entitled to any of the foregoing rights, notwithstanding the transfer of any such stock on the books of the Corporation after any such record date fixed by the Board of Directors.
ARTICLE VII
Corporate Seal
Section 7.1 The corporate seal shall be circular in form and shall bear the name of the Corporation and words and figures denoting its organization under the laws of the State of Louisiana and the year thereof and otherwise shall be in such form as shall be approved from time to time by the Board of Directors.
ARTICLE VIII
Fiscal Year
Section 8.1 The fiscal year of the Corporation shall be the calendar year.
ARTICLE IX
Action Without A Meeting
Section 9.1 Any action which might have been taken under these By-laws by a vote of the stockholders at a meeting thereof may be taken without a meeting, without prior notice and without a vote, if a consent in writing setting forth the action so taken shall be signed by the holders of outstanding shares of stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, provided that prompt notice shall be given to those stockholders who have not so consented if less than unanimous written consent is obtained. Any action which might have been taken under these By-laws by vote of the directors at any meeting of the Board of Directors or any committee thereof may be taken without a meeting if all the members of the Board of Directors or such committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the Board of Directors of such committee.
 
13

ARTICLE X
Indemnification
Section 10.1 Indemnification . The Corporation shall indemnify, in the manner and to the full extent permitted by law, any person (or the estate of any person) who was or is a party to, or is threatened to be made a party to, any threatened, pending or completed action, suit or proceeding, whether or not by or in the right of the Corporation, and whether civil, criminal, administrative, investigative or otherwise, by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Where required by law, the indemnification provided for herein shall be made only as authorized in the specific case upon a determination, in the manner provided by law, that indemnification of the director, officer, employee or agent is proper in the circumstances. The Corporation may, to the full extent permitted by law, purchase and maintain insurance on behalf of any such person against any liability which may be asserted against him. To the full extent permitted by law, the indemnification provided herein shall include expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement, and, in the manner provided by law, any such expenses may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding. The indemnification provided herein shall not be deemed to limit the right of the Corporation to indemnify any other person for any such expenses to the full extent permitted by law, nor shall it be deemed exclusive of any other rights to which any person seeking indemnification from the Corporation may be entitled under any agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
ARTICLE XI
Amendments
Section 11.1 All By-laws of the Corporation may be amended or repealed, and new By-laws may be made, by an affirmative majority of the votes cast at any annual or special stockholders’ meeting by holders of outstanding shares of stock of the Corporation entitled to vote, or by an affirmative vote of a majority of the directors present at any organizational, regular, or special meeting of the Board of Directors.
 
14

Exhibit 3.311
ARTICLES OF ORGANIZATION
OF
INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
The undersigned hereby forms INTERNATIONAL RIVERCENTER LESSEE, L.L.C. (the “Company”) as a limited liability company in accordance with the laws of the State of Louisiana, including but not limited to the Louisiana Limited Liability Company Law.
1. Name . The name of the Company shall be INTERNATIONAL RIVERCENTER LESSEE, L.L.C.
2. Purposes . The purposes of the Company shall be to engage in any lawful activity for which a limited liability company may be formed under the Louisiana Limited Liability Company Law.
3. Organizer . The full name and address of the organizer is:
Robert C. Carpenter
2 Poydras Street, 2 nd floor
New Orleans, LA 70140
4. Certification . Robert C. Carpenter shall be the certifying official with the power to establish the membership of any member, the authenticity of any record, or the authority of any person to act on behalf of the Company, pursuant to LA. R.S. 1305(C)(5).
5. Management . The business and affairs of the Company shall be managed by its members, in accordance with the standards and procedures set forth on the Operating Agreement (defined below).
6. Operating Agreement . The internal affairs of the Company shall be regulated by an Operating Agreement (the “Operating Agreement”) between the Members, except that with respect to any matters covered by the Articles of Organization of the Company, the Articles of Organization of the Company and not the Operating Agreement shall govern. No provision of the Articles of Organization of the Company may be varied, altered or eliminated by the Operating Agreement.
 
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7. Limitation of Liability . The members of the Company shall have the benefit of all of the privileges, immunities, and limitations of liability provided in the Louisiana Limited Liability Company Law.
THUS DONE AND SIGNED on this 6th day of November, 2003.

/s/ Robert C. Carpenter	
Robert C. Carpenter, Organizer	
 
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ACKNOWLEDGMENT
STATE OF LOUISIANA
PARISH OF ORLEANS
BE IT KNOWN , that on this 6th day of November, 2003, before me, the undersigned authority, personally came and appeared;
Robert C. Carpenter
to me personally known to be the person described in and who executed the foregoing instrument, and acknowledged that he executed it as his free act and deed.
New Orleans, Louisiana, this 6th day of November, 2003.
WITNESSES:

/s/ Mary B Sears	  	/s/ Robert C. Carpenter	
	  	Robert C. Carpenter, Organizer	
		
/s/ Linda B. Ashley	  		

	 	/s/    [Illegible Signature]        	  		
	 	NOTARY PUBLIC	  		
 
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Exhibit 3.312
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
International Rivercenter Lessee, L.L.C.
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of International Rivercenter Lessee, L.L.C., a Louisiana limited liability company (the “ Company ”), is entered into as of October 25, 2013, by HLT JV Acquisition LLC, a Delaware limited liability company, and Hilton New Orleans, LLC, a Delaware limited liability company (together, the “ Managing Members ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Limited Liability Company Law of the State of Louisiana, as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of November 7, 2003, as amended March 10, 2004 (the “ Existing Agreement ”); and
WHEREAS, the Managing Members desire to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is International Rivercenter Lessee, L.L.C., or such other name as the Managing Members may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Louisiana is c/o Corporation Service Company, 320 Somerulos St., Baton Rouge, LA 70802.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Louisiana is Corporation Service Company, 320 Somerulos St., Baton Rouge, LA 70802.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managing Members. Each Managing Member shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a managing member under the laws of the State of Louisiana. Each Managing Member and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. Each Managing Member or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Louisiana. Each Managing Member or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by consent of the Managing Members, shall be as set forth on Schedule B attached hereto.
8. Action without Meeting . Any action required or permitted to be taken by the Managing Members or the Members at a meeting may be taken without a meeting if consent in writing, setting forth the action so taken, shall be signed by all of the Managing Members or Members, as appropriate.
9. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managing Members, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
10. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managing Members or their designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
11. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by the consent of the Managing Members.
 
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12. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
13. Distributions . Distributions shall be made to the Members at the times, in the manner (e.g., cash versus in kind), and in the aggregate amounts determined by the Members.
14. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managing Members. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Managing Members and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
15. Resignation and Withdrawal . No Member may resign or withdraw from the Company without obtaining the prior consent of the Managing Members. Distributions upon resignation or withdrawal shall be made to the resigning Member at a time and in a manner to be determined by the Members.
16. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managing Members.
17. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
18. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
 
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19. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
20. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
21. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Louisiana, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.
MANAGING MEMBERS :

HLT JV ACQUISITION LLC,	
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
	
HILTON NEW ORLEANS, LLC,	
a Delaware limited liability company	
		
By:	 	/s/ W. Steven Standefer	
	 	Name: W. Steven Standefer	
	 	Title: Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – International Rivercenter Lessee, L.L.C. ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
HLT JV Acquisition LLC	 		  	25.16%	 	7930 Jones Branch Drive
McLean, Virginia 22102	
Hilton New Orleans, LLC	 		  	74.84%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.313

/s/ [Illegible Signature]	  	The Commonwealth of Massachusetts
 
OFFICE OF THE MASSACHUSETTS SECRETARY OF STATE
MICHAEL J. CONNOLLY, Secretary
ONE ASHBURTON PLACE BOSTON, MASSACHUSETTS 02108
 
ARTICLES OF ORGANIZATION
(Under G.I. Ch. 156B)
 
ARTICLE I
 
The name of the corporation is:
 
DTM Cambridge, Inc.	
	  		
Examiner	  		

/s/ [Illegible Signature]	  		

Name
Approved	  		
	  	 
ARTICLE II
 
The purpose of the corporation is to engage in the following business activities:	
	  	 
To manage and develop hotel and all activities related thereto.	
			
C	  	¨	  		
P	  	¨	  		
M	  	¨	  		
R.A.	  	x	  		
4	  	Note: If the space provided under any article or item on this form is insufficient, additions shall be set forth on separate 8  1 ⁄ 2 x 11 sheets of paper leaving a left hand margin of at least 1 inch. Additions to more than one article may be continued on a single sheet so long as each article requiring each such addition is clearly indicated.	
P.C.	  		
	  		  	 
(MASS. – 1635 – 7/12/90)	

ARTICLE III
The type and classes of stock and the total number of shares and par value, if any, of each type and class of stock which the corporation is authorized to issue is as follows

WITHOUT PAR VALUE STOCKS	  	 	  	WITH PAR VALUE STOCKS	 	
TYPE	  	NUMBER OF SHARES	  	 	  	TYPE	  	NUMBER OF SHARES	 	  	PAR VALUE	 	
COMMON :	  		  		  	COMMON :	  	 	100,000	  	  	$	1.00	  	
PREFERRED :	  		  		  	PREFERRED :	  				  				
ARTICLE IV
If more than one class of stock is authorized, state a distinguishing designation for each class. Prior to the issuance of any shares of a class, if shares of another class are outstanding, the corporation must provide a description of the preferences, voting powers, qualifications, and special or relative rights or privileges of that class and of each other class of which shares are outstanding and of each series then established with any class.
N/A
ARTICLE V
The restrictions, if any, imposed by the Articles of Organization upon the transfer of shares of stock of any class are as follows:
N/A
ARTICLE VI
Other lawful provisions, if any, for the conduct and regulation of business and affairs of the corporation, for its voluntary dissolution, or for limiting, defining, or regulating the powers of the corporation, or of its directors or stockholders, or of any class of stockholders: (If there are no provisions state “None”.)
NONE
Note: The preceding six (6) articles are considered to be permanent and may ONLY be changed by filing appropriate Articles of Amendment.

ARTICLE VII
The effective date of organization of the corporation shall be the duly approved and filed by the Secretary of the Commonwealth. If a later effective date is desired, specify such date which shall not be more than thirty days after the date of filing.
The information contained in ARTICLE VIII is NOT a PERMANENT part of the Articles of Organization and may be changed ONLY by filing the appropriate form provided therefor.
ARTICLE VIII

a.      The post office address of the corporation IN MASSACHUSETTS is:	 	2 Oliver Street,	
	 	Boston, MA 02109	
 
b.      The name, residence and post office address (if different) of the directors and officers of the corporation are as follows:	

 	 	NAME	 	RESIDENCE	 	POST OFFICE ADDRESS	
			
President:	 	James E. Grier,	 	3500 Lincoln Drive, #25, Phoenix, AZ 85018	
			
Treasurer:	 	James E. Grier,	 	3500 Lincoln Drive, #25, Phoenix, AZ 85018	
			
V.P. &	 		 		
			
Clerk:	 	David A. Sherf,	 	10825 N. 55th Street, Scottsdale, AZ 85254	
			
Directors:	 	James E. Grier,	 	3500 Lincoln Drive, #25, Phoenix, AZ 85018	
			
	 	David A. Sherf,	 	10825 N. 55th Street, Scottsdale, AZ 85254	
 
c.	The fiscal year of the corporation shall end on the last day of the month of: December 31.	
 
d.	The name and BUSINESS address of the RESIDENT AGENT of the corporation, if any, is: C T CORPORATION SYSTEM 2 Oliver Street, Boston, Massachusetts 02109.	
ARTICLE IX
By-laws of the corporation have been duly adopted and the president, treasurer, clerk and directors whose names are set forth above, have been duly elected.
IN WITNESS WHEREOF and under the pains and penalties of perjury. I/WE, whose signature(s) appear below as incorporator(s) and whose names and business or residential address(es) ARE CLEARLY TYPED OR PRINTED beneath each signature do hereby associate with the intention of forming this corporation under the provisions of General Laws Chapter 156B and do hereby sign these Articles of Organization as incorporator(s) this 29th day of March 1991.

/s/ Mark Hennessey	
Mark Hennessey, Incorporator, 2 Oliver Street, Boston, MA 02109	
	
/s/ Patricia Canario	
Patricia Canario, Incorporator, 2 Oliver Street, Boston, MA 02109	
	
/s/ Debra Martin	
Debra Martin, Incorporator, 2 Oliver Street, Boston, MA 02109	

NOTE:	 	If an already existing corporation is acting as incorporator, type in the exact name of the corporation, the state or other jurisdiction where it was incorporated, the name of the person signing on behalf of said corporation and the title he/she holds or other authority by which such action is taken.	

Exhibit 3.314
DTM CAMBRIDGE, INC.
BYLAWS
ARTICLE I
OFFICES
Section 1. Principal Office . The principal office of the corporation is Phoenix, Maricopa County, Arizona. The corporation may have other offices, either within or without the State of Massachusetts, as the Board of Directors may designate or as the business of the corporation may require from time to time. The address of the principal office or the designation of office may be changed from time to time by the Board of Directors.
ARTICLE II
SHAREHOLDERS
Section 1. Annual Meeting . The annual meeting of the shareholders shall be held on the first Monday in the month of April each year, commencing with the year 1992, for the purpose of electing directors and for the transaction of such other business as may come before the meeting. If the day fixed for the annual meeting is a federal legal holiday, the meeting shall be held on the next succeeding business day. If the election of directors is not held on the day designated for the annual meeting of the shareholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting of the shareholders as soon thereafter as conveniently may be.
Section 2. Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the Chairman of the Board of Directors or, if none, by the president or by a majority of the Board of Directors.
Section 3. Place of Meeting . The Board of Directors may designate any place, either within or without the State of Massachusetts, as the place of meeting for any annual or special meeting. A waiver of notice of special meeting signed by all shareholders entitled to vote at a meeting may designate any place, either within or without the State of Massachusetts, as the place for the holding of such meeting. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the corporate office of the corporation in Phoenix, Arizona.
Section 4. Notices . The Clerk shall cause delivery of written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, not less than ten nor more than fifty days before the date of the meeting. If the notice is mailed, it shall

be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date . For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the Board of Directors of the corporation may provide that the stock transfer books shall be closed for a stated period but not to exceed, in any case, thirty days. If the stock transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten days immediately preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than thirty days and, in case of a meeting of shareholders not less than ten days, before the date on which the particular action requiring such determination of shareholders is to be taken. If the stock transfer books are not closed and no record date is fixed for the determination of shareholders entitled to notice or to vote at a meeting of shareholders, or of shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof except where the determination has been made through the closing of the stock transfer books and the stated period of closing has expired.
Section 6. Voting Lists . The officer or agent having charge of the stock transfer books for shares of the corporation shall compile before each meeting of shareholders a complete list of the shareholders entitled to vote at such meeting, or any adjournment thereof, arranged in alphabetical order, with the address of, and the number of shares held by, each. This list, for a period of ten days before such meeting, shall be kept on file at the principal office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer book shall be prima facie evidence of the shareholders entitled to examine the list or the transfer books or to vote at any meeting of shareholders.
 
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Section 7. Quorum . A majority of the outstanding shares of the corporation entitled to vote, represented in person or by proxy, constitutes a quorum at a meeting of the shareholders. If less than a majority of the outstanding shares are represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
Section 8. Proxies . At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the secretary of the corporation before or at the time of the meeting. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
Section 9. Voting of Shares . Subject to the provisions of Section 11 of this Article II, each outstanding share is entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 10. Voting of Shares by Certain Holders . Shares standing in the name of another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may prescribe or, in the absence of such provision, as the Board of Directors of such corporation may determine. Shares held by an administrator, executor, guardian or conservator may be voted by him, either in person or by proxy, without a transfer of such shares into his name. Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares into his name. Shares standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without transfer thereof into his name if authority so to do be contained in an appropriate order of the court by which such receiver was appointed. A shareholder whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. Shares of its own stock belonging to the corporation or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
 
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Section 11. Cumulative Voting . At each election for directors every shareholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by him for as many persons as there are directors to be elected and for whose election he has a right to vote, or to cumulate his votes by giving one candidate as many votes as the number of such directors multiplied by the number of his shares shall equal, or by distributing such votes on the same principle among any number of candidates.
Section 12. Action by Shareholders Without Meeting . Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers . The business and affairs of the corporation shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications . The Board of Directors of the corporation shall consist of not fewer than three nor more than ten members to be elected by the stockholders. The number of persons serving on the Board of Directors at any given time shall be fixed by resolution of the Board of Directors. Each director, other than the first board of directors, shall be elected at the annual meeting of the stockholders. Directors shall hold office until the next annual meeting of shareholders and until a successor has been elected and qualified. Directors need not be residents of the State of Massachusetts or shareholders of the corporation.
Section 3. Regular Meetings . A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same place as, the annual meeting of shareholders. The Board of Directors may provide, by resolution, the time and place, either within or without the State of Massachusetts, for the holding of additional regular meetings without other notice than such resolution.
Section 4. Special Meetings . Special meetings of the Board of Directors may be called by or at the request of the president or any director. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either within or without the State of Massachusetts, as the place for holding any special meeting of the Board of Directors called by them, except that any meeting called by one director only must be held at the principal office of the corporation.
 
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Section 5. Notice . Notice of any special meeting shall be given at least two days previous thereto by written notice delivered personally or mailed to each director at his business address, or by telegram. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The attendance of a director at a meeting constitutes a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board of Directors need be specified in the notice or waiver of notice of such meeting.
Section 6. Quorum . A majority of the number of directors fixed pursuant to Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting . The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.
Section 8. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office. Any directorship to be filled by reason of an increase in the number of directors shall be filled by the affirmative vote of a majority of the remaining directors, to serve until the next annual meeting of the shareholders or a special meeting of the shareholders called for the purpose of electing directors.
Section 9. Compensation . By resolution of the Board of Directors, the directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors, and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A director of the corporation who is present at a meeting of the Board of Directors at which action on any corporate matters taken shall be presumed to have assented to the action taken unless his dissent shall be
 
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entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as the clerk of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the clerk of the corporation immediately after the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.
Section 11. Action by Directors Without Meeting . Any action required to be taken at a meeting of the directors, or any other action which may be taken at a meeting of the directors, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors entitled to vote with respect to the subject matter thereof.
Section 12. Telephonic or Other Electronic Equipment . Meetings of the Board of Directors, whether regular or special, may be held by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear one another. Participation in a meeting pursuant to this Section shall constitute presence in person at such meeting.
ARTICLE IV
OFFICERS
Section 1. Number . The officers of the corporation may be a chairman of the board, a president, one or more vice presidents (the number and titles thereof to be determined by the Board of Directors), a clerk, and a treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held by the same person, except the offices of president and clerk.
Section 2. Election and Term of Office. The officers of the corporation to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal . Any officer or agent elected or appointed by the Board of Directors may be removed by the Board of Directors whenever in its judgment the best interests of the corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.
 
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Section 4. Vacancies . A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term.
Section 5. Chairman of the Board . The Board of Directors may elect a Chairman to serve as a general executive officer of the corporation and, if specifically designated as such by the Board, as the Chief Executive Officer of the corporation. If elected, the Chairman shall preside at all meetings of the Board of Directors. A Chief Executive Officer shall have general supervision of all operations, transactions and fiscal affairs of the corporation and generally shall have the powers of the chief executive officer of the corporation.
Section 6. President . The President shall supervise and control all the business and the affairs of the corporation, subject to the authority and control of the Board of Directors and of its Chairman if a Chairman has been elected and specifically designated as Chief Executive Officer of the corporation. The President shall be the Chief Executive Officer and/or the Chief Operating Officer of the corporation if specifically designated as such by the Board of Directors. He shall, when present, preside at all meetings of the shareholders and shall perform all duties incident to the office of president, any other designated offices and such other duties as may be prescribed by the Board of Directors from time to time.
Section 7. The Vice Presidents . In the absence of the president or in the event of his death, or inability or refusal to act, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election, or in the absence of any designation, then in the order of their election) shall perform the duties of the president, and when so acting, shall have all the powers of and be subject to all the restrictions upon the president. Any vice president may sign, with the treasurer or an assistant treasurer, certificates for shares of the corporation, and shall perform such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 8. The Clerk . The clerk shall: (a) keep the minutes of the shareholders’ meetings and of the Board of Directors’ meetings in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws as required by law; (c) be custodian of the corporate records and of the seal of the corporation and see that the seal of the corporation is affixed to all documents, the execution of which on behalf of the corporation under its seal, is duly authorized; (d) keep a register of the post office address of each shareholder which shall be furnished to the clerk by such
 
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shareholder; (e) have general charge of the stock transfer books of the corporation, (f) in general perform all duties incident to the office of clerk and such other duties as from time to time may be assigned to him by the president or by the Board of Directors. The office of the clerk shall be deemed to be the office of the secretary of the corporation whenever the signature of the secretary of the corporation is required on any instrument, or document, by the laws of the United States, or of any other state, or in any manner whatsoever, and clerk shall have the authority to affix his signature in such capacity.
Section 9. The Treasurer . If required by the Board of Directors, the treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board of Directors shall determine. He shall: (a) have charge and custody of and be responsible for all funds and securities of the corporation; receive and give receipts for moneys due and payable to the corporation from any source whatsoever, and deposit all such moneys in the name of the corporation in such banks, trust companies, or other depositories as shall be selected in accordance with the provisions of Article V of these bylaws; (b) sign with the president, or a vice president, certificates for shares of the corporation, the issuance of which shall have been authorized by resolution of the Board of Directors; and (c) in general perform all the duties incident to the office of treasurer and such other duties as from time to time may be assigned to him by the president or by the Board of Directors.
Section 10. Assistant Clerks and Assistant Treasurers . The assistant clerks and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the clerk or the treasurer, respectively, or by the president or the Board of Directors.
Section 11. Salaries . The salaries of the officers shall be fixed from time to time by the Board of Directors and no officer shall be prevented from receiving such salary by reason of the fact that he is also a director of the corporation.
ARTICLE V
CONTRACTS, LOANS, CHECKS, AND DEPOSITS
Section 1. Contracts . The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the corporation, and such authority may be general or confined to specific instances.
Section 2. Loans . No loans shall be contracted on behalf of the corporation and no evidences of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances.
 
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Section 3. Checks, Drafts, etc. All checks, drafts, or other orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the corporation shall be signed by such officer or officers, agent or agents of the corporation and in such manner as from time to time shall be determined by resolution of the Board of Directors.
Section 4. Deposits . All funds of the corporation not otherwise employed shall be deposited from time to time to the credit of the corporation in such banks, trust companies, or other depositories as the Board of Directors may select.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares . Certificates representing shares of the corporation shall be in such form as shall be determined by the Board of Directors. Such certificates shall be signed by the chairman of the board, the president or a vice president and by the treasurer or an assistant treasurer. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the corporation. All certificates surrendered to the corporation for transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefor upon such terms and indemnity to the corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares . Transfer of shares of the corporation shall be made only on the stock transfer books of the corporation by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the clerk of the corporation, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the corporation shall be deemed by the corporation to be the owner thereof for all purposes.
 
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ARTICLE VII
FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of January and end on the thirty-first day of December in each year.
ARTICLE VIII
SEAL
The Board of Directors may, but need not, provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the corporation, the year of its organization, the state of incorporation and the words, “Corporate Seal”.
ARTICLE IX
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The corporation may indemnify any and all of its directors and officers or former directors and officers against expenses incurred by them, including legal fees, or judgments or penalties rendered or levied against any such person in a legal action brought against any such person for actions or omissions alleged to have been committed by any such person while acting within the scope of his employment as a director or officer of the corporation, provided that the Board of Directors shall determine in good faith that such person did not act, fail to act, or refuse to act wilfully or with gross negligence or with fraudulent or criminal intent in regard to the matter involved in the action.
ARTICLE X
AMENDMENTS
These bylaws may be altered, amended or repealed and new bylaws may be adopted by the Board of Directors at any regular or special meeting of the Board of Directors.
DATED as of March 29, 1991.
 
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Exhibit 3.315
ARTICLES OF ORGANIZATION
OF
CHESTERFIELD VILLAGE HOTEL, LLC
1. The name of the limited liability company is: Chesterfield Village Hotel, LLC.
2. The purpose for which the limited liability company is organized: the transaction of any or all lawful business for which a limited liability company may be organized under Missouri law.
3. The name and address of the limited liability company’s registered agent in Missouri is:
Corporation Company
7733 Forsyth Boulevard
Clayton, Missouri 63105
4. The management of the limited liability company is vested in one or more managers.
5. The latest date on which the limited liability company is to dissolve is December 31, 2050.
6. The name and address of the organizer:
Gary J. Prosterman
6141 Walnut Grove Road, Suite 200
Memphis, Tennessee 38120
7. For tax purposes, the limited liability company will be operating as a partnership.
In affirmation thereof, the facts stated above are true:

/s/ Gary J. Prosterman	
Gary J. Prosterman, Organizer	

			
[SEAL]	  	State of Missouri
 
Rebecca McDowell Cook, Secretary of State
P.O. Box 778, Jefferson City, Mo. 65102
 
Corporation Division	
Statement of Change of Business Office
of a Registered Agent of a
Limited Liability Company
(Submit in duplicate with filing fee of $ 10)
Instructions
The registered office may be the same as the place of business of the limited liability company. The address of its registered office and the address of the business office of its registered agent must be identical. The limited liability company cannot act as its own registered agent. The signature of the agent, if a corporation, must be executed by the authorized person(s).
Any subsequent change in the registered office or agent must be immediately reported to the Secretary of State.

	 	Charter No.	 	LC0017416	

1.	 	The name of the limited liability company is:	 	CHESTERFIELD VILLAGE HOTEL, LLC	

	 	 	

2.	 	The name of the registered agent is:	 	The Corporation Company	

	 	 	
			
3.	 	The present street address of the business office is:	 	7733 Forsyth Blvd.	
			
	 		 	Clayton, Missouri 63105	

			
	 	to be changed to:	 	120 South Central Avenue, Clayton, Missouri 63105	

4.	 	Notice in writing of the change has been mailed by the registered agent to the limited liability company named above.	
In affirmation thereof, the facts stated are true:

/s/    [Illegible Signature]        	 	Authorized signature	 		

 	 	Authorized signature	 		
			
 	 	Authorized signature	 		

			
[Seal]	  	State of Missouri
Robin Carnahan, Secretary of State
 
Corporations Division
P.O. Box 778 / 600 W. Main Street, Rm 322
Jefferson City, MO 65102	
Statement of Change of Registered Agent and/or Registered Office
By a Foreign or Domestic For Profit or Nonprofit Corporation or a Limited Liability Company
Instructions
 
1.	This form is to be used by either a for profit or nonprofit corporation or a limited liability company to change either or both the name of its registered agent and/or the address of its existing registered agent.	
 
2.	There is a $10.00 fee for filing this statement.	
 
3.	P.O. Box may only be used in conjunction with a physical street address.	
 
4.	Agent and address must be in the State of Missouri.	
 
5.	The corporation may not act as its own agent.	

	 	Charter No.	 	LC0017416	

(1)	 	The name of the business entity is:	 	CHESTERFIELD VILLAGE HOTEL, LLC	

(2)	 	The address, including street and number, of its present registered office (before change) is:	
		
	 	120 South Central Avenue, Clayton, MO 63105	
	 	Address        	 		 	    City/State/Zip	
			
(3)	 	The address, including street and number, of its registered office is hereby changed to:	 		
		
	 	221 Bolivar Street, Jefferson City, MO 65101	
	 	 	
	 	Address        	 	(P.O. Box may only be used in conjunction with a physical street address)	 	    City/State/Zip	

(4)	 	The name of its  present  registered agent (before change) is:	 	Corporation Company	

(5)	 	The name of the  new  registered agent is:	 	CSC - Lawyers Incorporating Service Company	

	 	Authorized signature of new registered agent must appear below:	
			
	 	/s/ Sylvia Queppet	 	Sylvia Queppet, Assistant Vice President	
	 	 	
	 	(May attach separate originally executed written consent to this form in lieu of this signature)	

(6)	 	The address of its registered office and the address of the office of its registered agent, as changed, will be identical.	
		
(7)	 	The change was duly authorized by the business entity named above.	
In Affirmation thereof, the facts stated above are true and correct:
(The undersigned understands that false statements made in this filing arc subject to the penalties provided under Section 575.040, RSMo)

							
	 	Promus Hotels, Inc., Sole Member	 		 		
				
By:	 	/s/ K. Allen Anderson	 		 	K. Allen Anderson	
	 	 	
	 	Authorized signature of officer or, if applicable, chairman of the board	 		 	      Printed Name	
				
	 	Vice President	 		 	10/24/06	
	 	 	
	 	Title	 		 	      month/day/year	

Name and address to return filed document:	

Name:	 	Corporation Service Company, Attn: Ashley Woodruff	 		
					
Address:	 	2711 Centerville Road, Suite 400	 		
					
City, State, and Zip Code:	 	Wilmington, DE 19808	 		

Exhibit 3.316
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
CHESTERFIELD VILLAGE HOTEL, LLC
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of Chesterfield Village Hotel, LLC, a Missouri limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Promus Hotels LLC, a Delaware limited liability company (the “ Manager ”) (together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with Chapter 347 of the Missouri Limited Liability Company Act, as amended from time to time (the “ Act ”), and is currently governed by the Operating Agreement of the Company dated as of January 10, 1998 (the “ Existing Agreement ”); and
WHEREAS, the Manager desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Chesterfield Village Hotel, LLC, or such other name as the Manager may from time to time hereafter designate.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Missouri is c/o Corporation Service Company, 221 Bolivar Street, Jefferson City, Missouri, 65101.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Missouri is Corporation Service Company, 221 Bolivar Street, Jefferson City, Missouri, 65101.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.
6. Powers . The management of the Company shall be vested in the Manager. The Manager shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise,

possessed by a manager under the laws of the State of Missouri. The Manager and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Manager or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Missouri. The Manager or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Members and with such powers as authorized by the Members. The officers of the company, which may be amended by Manager consent, shall be as set forth on Schedule B attached hereto.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Manager, (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act, or (c) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Manager or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Manager consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
 
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13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Manager. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a member of the Company upon the approval of the Manager and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign from the Company without obtaining the prior consent of the Manager.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Manager.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Missouri, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-3-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement as of the date first above written.

MANAGER :	
		
	 	PROMUS HOTELS LLC ,
a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company Agreement – Chesterfield Village Hotel, LLC ]

Schedule A
Members

Name	 	 	  	Ownership
Percentage	 	Address	
Promus Hotels LLC	 		  	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.317

[Seal]	  	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684 - 5708
Website: www.nvsos.gov

Articles of Conversion
(PURSUANT TO NRS 92A.205)
Page 1

					
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  		  	ABOVE SPACE IS FOR OFFICE USE ONLY	
	  	Articles of Conversion
  (Pursuant to NRS 92A. 205)  	  		
 
 	1.	Name and jurisdiction of organization of constituent entity and resulting entity:	

BALLY’S GRAND PROPERTY SUB I, INC.	
    Name of constituent entity
 	  		  		
NEVADA	  		  	CORPORATION	
    Jurisdiction	  		  	Entity type*	
			
    and,	  		  		
BALLY’S GRAND PROPERTY SUB I, LLC	
    Name of resulting entity	  		  		
NEVADA	  		  	LIMITED LIABILITY COMPANY	
    Jurisdiction	  		  	Entity type*	
 
 	2.	A plan of conversion has been adopted by the constituent entity in compliance with the law of the Jurisdiction governing the constituent entity.	
 
 	3.	Location of plan of conversion: (check one)	

x	  	The entire plan of conversion is attached to these articles.	
		
¨	  	The complete executed plan of conversion is on file at the registered office or principal place of business of the resulting entity.	
		
¨	  	The complete executed plan of conversion for the resulting domestic limited partnership is on file at the records office required by NRS 88,330.	
“corporation, limited partnership, limited-liability limited partnership, limited-liability company or business trust.

This form must be accompanied by appropriate fees.	  	Nevada Secretary of State 92A Conversion Page 1            	
	  	Revised: B-31-11            	

							
[Seal]	  	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov

Articles of Conversion
(PURSUANT TO NRS 92A.205)
Page 2

					
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  		  	ABOVE SPACE IS FOR OFFICE USE ONLY	
 
 	4.	Forwarding address where copies of process may be sent by the Secretary of State of Nevada (if a foreign entity is the resulting entity in the conversion):	

Attn:  	  	 	
	  		
c/o:  	  	 	

	  	 	

 	5.	Effective date and time of filing: (optional) (must not be later than 90 days after the certificate is filed)	

Date:  	  	FEBRUARY 28, 2014    	  	 	Time:  	  	  	 	
 
 	6	Signatures - must be signed by:	
1. If constituent entity Is a Nevada entity: an officer of each Nevada corporation; all general partners of each Nevada limited partnership or limited-liability limited partnership; a manager of each Nevada limited-liability company with managers or one member if there are no managers; a trustee of each Nevada business trust; a managing partner of a Nevada limited-liability partnership (a.k.a. general partnership governed by NRS chapter 87).
2. If constituent entity is a foreign entity; must be signed by the constituent entity in the manner provided by the law governing it.

BALLY’S GRAND PROPERTY SUB I, INC.	
    Name of constituent entity	

X    /s/ Kevin J. Jacobs	  		  		  		  		
	  		  	Executive V. P. & Chief Financial Officer  	  		  	2/27/14            	
Signature	  		  	Title	  		  	Date	
* Pursuant to NRS 92A.205(4) if the conversion takes effect on a later date specified in the articles of conversion pursuant to NRS 92A.240, the constituent document filed with the Secretary of State pursuant to paragraph (b) subsection 1 must state the name and the jurisdiction of the constituent entity and that the existence of the resulting entity does not begin until to later date. This statement must be included within the resulting entity’s articles.
FILING FEE: $350.00
IMPORTANT: Failure to include any of the above Information and submit with the proper fees may cause this filing to be rejected.

This form must be accompanied by appropriate fees.	  	Nevada Secretary of State 92A Conversion Page 2            	
	  	Revised: B-31-11            	

ARTICLES OF CONVERSION
Pursuant to the provisions of Section 92A.005 et seq. of the Nevada Revised Statutes (the “NRS”), the undersigned Constituent Entity and Resulting Entity hereby certify as of February 27, 2014 that the following Articles of Conversion (the “Articles of Conversion”) have been adopted for the purpose of effecting a conversion of BALLY’S GRAND PROPERTY SUB I, INC., a Nevada corporation (the “Constituent Entity”) Into BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited-liability company (the “Resulting Entity”), in accordance with the provisions of the NRS.
 
1.	The name and jurisdiction of organization of the Constituent Entity and Resulting Entity are as follows:	
 
 	(a)	The name and jurisdiction of organization of the Constituent Entity is BALLY’S GRAND PROPERTY SUB I, INC., which was organized as a Nevada corporation pursuant to the Nevada Revised Corporation Act as it existed at the time the Constituent Entity was formed on April 6, 1999.	
 
 	(b)	The name and jurisdiction of organization of the Resulting Entity is BALLY’S GRAND PROPERTY SUB I, LLC, which shall be organized pursuant to NRS Chapter 86 and effective upon filing of the Articles of Conversion.	
 
2.	The undersigned declares that a plan of conversion has been adopted by the Constituent Entity in compliance with NRS 92A.105, and which permits the conversion of the Constituent Entity into the Resulting Entity pursuant to the Plan of Conversion.	
 
3.	The Entire Plan of Conversion is attached to the Articles of Conversion as Exhibit A .	
 
4.	Because the Resulting Entity shall be a Nevada limited-liability company, there is no need to provide the forwarding address where copies of process may be sent by the Secretary of State of Nevada, as otherwise required by NRS 92A.205(2)(c).	
 
5.	The Effective Date of the Articles of Conversion shall be February 28, 2014.	
 
6.	Signatures—signed by the General Officer of the Constituent Entity and the Manager of the Resulting Entity.	

“Constituent Entity”	  	“Resulting Entity”	
		
BALLEY’S GRAND PROPERTY SUB I, INC., a Nevada Corporation	  	BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited liability company	
		
/s/ Kevin J. Jacobs
 	  	/s/ Kevin J. Jacobs
 	
 By:	  	Kevin J. Jacobs	  	By:	  	Kevin J. Jacobs	
Its:	  	Executive Vice President & Chief Financial Officer	  	Its:	  	Executive Vice President & Chief Financial Officer	
 
- 1 -

EXHIBIT A
PLAN OF CONVERSION
OF
BALLY’S GRAND PROPERTY SUB I, INC.
RECITALS
WHEREAS, the General Officer of BALLY’S GRAND PROPERTY SUB I, INC., a Nevada corporation (the “Constituent Entity”), determined that it would be in the interests of the Constituent Entity, and all officers thereto to convert the Constituent Entity into a limited-liability company organized under and pursuant to the laws of the State of Nevada, including the Nevada Revised Statutes (the “NRS”), which shall be known as BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited-liability company (the “Resulting Entity”); and
WHEREAS, applicable laws of the State of Nevada, including Section 92A.005 et seq . of the NRS, authorize such conversion upon compliance with certain legal requirements provided therein; and
NOW, THEREFORE, the following Plan of Conversion is adopted:
PLAN OF CONVERSION
1. The above recitals are hereby incorporated by reference.
2. The Plan of Conversion shall be consummated upon filing the Articles of Conversion with the Nevada Secretary of State and approval by an Officer of the Constituent Entity and the Manager of the Resulting Entity below, which approval shall be deemed to include approval of the following:
(a) Approval of the Plan of Conversion of the Constituent Entity and the Resulting Entity by an Officer of the Constituent Entity and the Manager of the Resulting Entity;
(b) Approval of the execution and filing of the Articles of Conversion of the Constituent Entity with the Nevada Secretary of State;
(c) Approval of the Articles of Organization and Operating Agreement of the Resulting Entity by the Manager of the Resulting Entity;
(c) Approval of the execution and filing of the Articles of Organization of the Resulting Entity with the Nevada Secretary of State, a copy of which is attached hereto as Exhibit 1 .
(d) Approval of the execution and filing of the Operating Agreement of the Resulting Entity which is on file at the registered office of the Resulting Entity.
2. The number and classes of membership units of the Resulting Entity upon the consummation of the Plan of Conversion shall be as follows:
(a) One Thousand (1,000) Voting Units (100% Voting Membership Interest);
 
- 2 -

3. Each of the Officers of the Constituent Entity shall receive the percentage interest in profits and capital of the Resulting Entity equal to such Officer’s percentage interest in profits and capital of the Constituent Entity immediately prior to consummation of the Plan of Conversion.
4. Each of the membership units of the same class of the Resulting Entity shall be treated equally with respect to any distribution of cash, property, rights, interests or securities of the Constituent Entity.
5. The existence of the Constituent Entity shall automatically terminate when its conversion into the Resulting Entity is consummated, and the Resulting Entity shall be considered the same business and corporate entity as the Constituent Entity. Any reference to the Constituent Entity in any third-party agreement or corporate document shall be considered a reference to the Resulting Entity if not inconsistent with the provisions of the corresponding third-party agreement or corporate document.

“Constituent Entity”	  	“Resulting Entity”	
		
BALLEY’S GRAND PROPERTY SUB 1, INC., a Nevada Corporation	  	BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited liability company	
		
/s/ Cami M. Perkins	  	/s/ Cami M. Perkins	
By:	  	Attorney-in-fact	  	By:	  	Attorney-in-fact	
Its:	  		  	Its:	  		
 
- 3 -

EXHIBIT 1
ARTICLES OF ORGANIZATION
OF
BALLY’S GRAND PROPERTY SUB I, LLC
ARTICLE I
SECTION 1.1 NAME OF LIMITED-LIABILITY COMPANY. The name of the limited-liability company is BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited liability company (the “Company”).
ARTICLE II
SECTION 2.1 AGENT FOR SERVICE OF PROCESS. The name and address of the resident agent for service of process is CSC Services of Nevada, Inc., 2215-B Renaissance Dr., Las Vegas, NV 89119. The Company may maintain an office, or offices within or without the State of Nevada as may from time to time be designated by the Manager, or by the Operating Agreement of the Company, and may conduct all company business of every kind and nature, including the holding of all meetings of Members and Managers outside the State of Nevada as well as within the State of Nevada.
SECTION 2.2 ORGANIZER. The name and address of the organizer is:

Name	  	Address	
CAMI M. PERKINS, ESQ.	  	HUTCHISON & STEFEEN, LLC
10080 West Alta Drive, Suite 200
Las Vegas, Nevada 89145	
ARTICLE III
SECTION 3.1 COMPANY PURPOSE. The purpose or purposes for which the Company is organized are:
To engage, without qualification, in any lawful act or activity for which limited-liability companies may be organized under the laws of the State of Nevada.
ARTICLE IV
SECTION 4.1 MEMBERSHIP UNITS. The total number of membership units the Company is authorized to issue shall be One Thousand (1,000) units, par value of $0.001 per unit; all of which units shall be of a single class.
SECTION 4.2 VOTING POWER FOR HOLDERS OF MEMBERSHIP UNITS. Only the holder(s) of the Voting Units (Voting Membership Interest) shall be entitled to one (1) vote for each Voting Unit held by him or her on all matters submitted to members for a vote.

ARTICLE V
SECTION 5.1 MANAGEMENT. The Company shall be managed by a manager or managers, who shall be elected by the members in a manner prescribed in the Operating Agreement of the Company. The manager and such other persons or officers as the members may designate in the Operating Agreement of the Company, shall have the right and authority to incur any debt, obligation or liability on behalf of, and in the name of, the Company. The manager and such other persons or officers as the members may designate in the Operating Agreement of the Company, shall hold the offices and have the responsibilities accorded to him or her by the members in the Operating Agreement. The number of managers of the Company may be increased or decreased from time to time in the manner prescribed in the Operating Agreement of the Company. The name and address of the person who is to serve as the initial manager until his successor is duly elected and qualified, is:

Name	  	Address	
HILTON ILLINOIS HOLDINGS, LLC,
A Nevada corporation	  	2711 Centerville Road, Suite 400
Wilmington, DE 19808	
ARTICLE VI
SECTION 6.1 PRE-EMPTIVE RIGHTS. No membership unit holder shall be entitled as a matter of right to subscribe for or receive additional membership units of any class of membership units of the Company, whether now or hereafter authorized, or any bonds, debentures or other securities convertible into membership units, but such additional membership units or other securities convertible into membership units may be issued or disposed of by the manager or managers to such persons and on such terms as in his or her discretion shall deem advisable.
ARTICLE VII
SECTION 7.1 EXISTENCE. Except as otherwise provided in the Operating Agreement of the Company in effect from time to time, the Company is to have perpetual existence.
 
ARTICLE VIII
SECTION 8.1 OPERATING AGREEMENT. The members of the Company shall adopt a written operating agreement (the “Operating Agreement”), which Operating Agreement shall govern the affairs of the Company and the conduct of its business. The Operating Agreement may, from time to time, be repealed, amended or altered in the manner set forth in the Operating Agreement of the Company.
ARTICLE IX
SECTION 9.1 AMENDMENT OF ARTICLES OF ORGANIZATION. The Company reserves the right to amend, alter, change or repeal any provision contained in these Articles of Organization, in a manner now or hereafter prescribed by statute, or by the Articles of Organization, and all rights conferred upon membership unit holders are granted subject to this reservation.

ARTICLE X
SECTION 10.1 METINGS OF MEMBERSHIP UNIT HOLDERS. Meetings of the membership unit holders may be held at such place within or outside the State of Nevada, only as necessary pursuant to the terms of the Operating Agreement. The books of the Company may be kept (subject to any provision contained in the Nevada Revised Statutes) outside the State of Nevada at such place or places as may be designated from time to time by the manager or managers or in the Operating Agreement of the Company.
ARTICLE XI
SECTION 11.1 LIABILITY AND INDEMNIFICATION. Unless otherwise provided by an agreement signed by the member to be charged, no member of the Company is Individually liable for the debts or liabilities of the Company. The Company may indemnify any member, manager, officer, employee or agent of the Company to the fullest extent allowed by law.
IN WITNESS WHEREOF, the undersigned party set forth his hand this      day of February, 2014.

/s/ Cami M. Perkins	
By:	 	Cami M. Perkins, Esq.	
Its:	 	Organizer	

CERTIFICATE OF ACCEPTANCE
OF
APPOINTMENT AS RESIDENT AGENT
OF
BALLY’S GRAND PROPERTY SUB I, LLC
In the matter of BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited-liability company, CSC Services of Nevada, Inc., 2215-B Renaissance Dr., Las Vegas, NV 89119, County of Clark, State of Nevada, CSC Services of Nevada, Inc., 2215-B Renaissance Dr., Las Vegas, NV 89119, hereby accepts the appointment as Resident Agent of the above-entitled Company in accordance with the NRS, Furthermore, that the registered office in Nevada is located at the same address.
IN WITNESS WHEREOF, I have hereunto set my hand this      day of February 2014, for the above-named business entity.

/s/ Cami M. Perkins	
By:	 		
Its:	 		

							
[Seal]	  	ROSS MILLER
Secretary of State
204 North Carson Street, Sulte 4
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov

Articles of Organization
Limited-Liability Company
(PURSUANT TO NRS CHAPTER 86)

			
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1. Name of Limited-Liability Company: (must contain approved limited-liability Company wording; see instructions)	 		 	BALLY’S GRAND PROPERTY SUB I, LLC	 		 	Check box if a Series Limited-Liability Company
¨	 		 	Check box if a Restricted Limited-Liability Company
¨	 	 	

2. Registered Agent for Service of Process: (check only one box)	 	x   	 	Commercial Registered Agent	 		 	CSC SERVICES OF NEVADA, INC.	 	 	
	 		 		 		 		 		 	Name	 		 		 		 		 	 	
	 	¨   	 	Noncommercial Registered Agent
      (name and address below)
 	 	OR	 		 	¨   Office or Position with Entity
          (name and address below)

	 		 	Name of Noncommercial Registered Agent OR Name of Title of Office or Other Position with Entity
 	 	 	
	 		 	 	 		 	 	 		 	Nevada 	 		 	 	 	 	
	 		 	Street Address
 	 		 	City
 	 		 		 		 	Zip Code
 	 	 	
	 		 	 	 		 	 	 		 	Nevada 	 		 	 	 	 	
 	 	 	 	Mailing Address (if different from street address)
 	 	 	 	City
 	 	 	 	 	 	 	 	Zip Code

3. Dissolution Date:  (optional)	 		 	Latest date upon which the company is to dissolve (if existence is not perpetual): 	 	 	 	 	

4. Management: (required)	 		 	Company shall be managed by:             ¨   Manager(s)             OR               x   Member(s)
                                                                                  (check only one box)

5. Name and Address of each Manager or Managing Member: (attach additional page if more than 3)	 		 	1)  	 	HILTON ILLINOIS HOLDING, LLC	 	 	
	 		 		 	Name
 	 		 		 		 		 		 		 	 	
	 		 	2711 CENTERVILLE RD, STE. 400	 		 	WILMINGTON  	 		 	DE	 		 	19808	 	 	
	 		 	Street Address	 		 	City
 	 		 	State
 	 		 	Zip Code
 	 	 	
	 		 	2)  	 	 	 	 	
	 		 		 	Name

	 		 	Street Address
 	 		 	City
 	 		 	State
 	 		 	Zip Code
 	 	 	
	 		 	3)  	 	 	 	 	
	 		 		 	Name

	 		 	Street Address	 		 	City	 		 	State	 		 	Zip Code	 	 	
 	 		 		 		 		 		 		 		 		 		 		 	 	
6. Effective Date and Time: (optional)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 		 	Effective Date:	 	2/28/14	 		 	Effective Time:	 		 	 	 	 	 	 	 	 	

7. Name, Address and Signature of Organizer: (attach additional page if more than 1 organizer)	 		 	I declare, to the best of my knowledge under penalty of perjury, that the information contained herein is correct and acknowledge that pursuant to NRS 239.330, it is a category C felony to knowingly offer any false or forged instrument for filling in the Office of the secretary of State.
 	 	 	
	 		 	HUTCHISON & STEFFEN, LLC	 		 	X /s/ [Illegible Signature]	
	 		 	Name	 		 	Organizer Signature	 	 	
	 		 	10080 W. ALTA DR, STE. 200	 		 		 	LAS VEGAS	 		 	NV	 		 	89145	 	 	
 	 		 	Address	 		 		 	City	 		 	State	 		 	Zip Code	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
8. Certificate of Acceptance of Appointment of Registered Agent:	 		 	I hereby accept appointment as Registered Agent for the above named Entity.	 	 	
	 		 	x   /s/ Cami M. Perkins	 		 		 		 		 		 		 	 	
	 		 		 		 		 		 		 		 	2/27/14	 	 	
 	 		 	Authorized Signature of Registered Agent or On Behalf of Registered Agent Entity.	 		 		 		 		 		 	Date	 	 	

This form must be accompanied by appropriate fees.	  	Nevada Secretary of State NRS 86 DLLC Articles
Revised: 7-26-13	

							
[Seal]	  	ROSS MILLER
Secretary of State
202 North Carson Street
Carson City, Nevada 89701-4201
(775) 684-5708
Website: www.nvsos.gov

Registered Agent
Acceptance
(PURSUANT TO NRS 77.310)

							
This form may be submitted by: a Commercial Registered Agent, Noncommercial Registered Agent or Represented Entity. For more information please visit http://www.nvsos.gov/index.aspx?page=141	  		  		

USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
Certificate of Acceptance of Appointment by Registered Agent

In the matter of  	  	BALLY’S GRAND PROPERTY SUB I, LLC	
	  	 	
	  	Name of Represented Business Entity	

I, 	  	CSC SERVICES OF NEVADA, INC.	  	am a:	
	  	Name of Appointed Registered Agent OR Represented Entity Serving as Own Agent*	  		
(complete only one)

a)	 	x	  	commercial registered agent listed with the Nevada Secretary of State,	
			
b)	 	¨	  	noncommercial registered agent with the following address for service of process:
 	
	 	 	 		  	 	  	Nevada  	  	 	
	 		  	Street Address
 	 		  	City
 	  		  	Zip Code
 	
	 	 	 		  	 	  	Nevada  	  	 	
	 		  	Mailing Address (If different from street address)
 	 		  	City
 	  		  	Zip Code
 	
c)	 	¨	  	represented entity accepting own service of process at the following address:

	 		  	Title of Office or Position of Person in Represented Entity
 	
	 	 	 		  	 	  	Nevada  	  	 	
	 		  	Street Address
 	 		  	City
 	  		  	Zip Code
 	
	 	 	 		  	 	  	Nevada  	  	 	
	 		  	Mailing Address (If different from street address)	 		  	City	  		  	Zip Code	

and hereby state that on	 	2-28-14        	  	I accepted the appointment as registered agent for the above named business entity.	
	 	Date	  		

X   /s/ Cami M. Perkins	  		  				
	  		  	 	2-28-14        	  	
Authorized Signature of R.A. or On Behalf of R.A. Company	  		  	 	Date	  	

 	 	*If changing Registered Agent when reinstating, officer’s signature required.	  	 	  	 	
 	 	X	  		  		  	 	
	 		  		  	 	  	 	
 	 	Signature of Officer	  	 	  	Date	  	 	

	  	Nevada Secretary of State Form RA Acceptance	
	  	Revised: 5-7-13	

Exhibit 3.318
OPERATING AGREEMENT
OF
BALLY’S GRAND PROPERTY SUB I, LLC
1. General . This Operating Agreement (this “Agreement”) of BALLY’S GRAND PROPERTY SUB I, LLC, a Nevada limited liability company formed by the filing of Articles of Organization with the Secretary of State of Nevada on February 28, 2014 (“Articles”), is entered into by the undersigned, being all of the members of the Company. The members agree to conduct the Company’s affairs in a manner consistent with the Nevada Limited Liability Company Act, as amended (“Act”), the Articles and this Agreement. In the event of any conflict between this Agreement and the Act, this Agreement shall control to the extent permitted by law, including with respect to those matters requiring approval of the members.
2. Term . The duration of the Company shall be perpetual unless the Company is earlier dissolved as provided for by law, the Articles, or by agreement of members holding membership interests totaling more than 50% (a “Majority of the Members”).
3. Management by Members . The Articles provide for management of the Company by a Managing Member (the “Managing Member”). This Agreement specifies those matters requiring approval of the members and the authority of the Managing Member with respect to the management of the Company. Any act or transaction that requires the approval of the members under this Agreement or the Articles shall require the approval of a Majority of the Members unless this Agreement or the Articles expressly provides that such act or transaction requires the approval of some other proportion of the members, such as all members.
4. Percentage Interests and Voting . Each member has the percentage interest set forth on Exhibit A opposite the name of the member. Each member shall have that number of votes equal to the product of the member’s percentage interest multiplied by 1,000. The members may vote at a meeting of the members or may take action by written consent signed by all of the members. Any Written consent and minutes of any meetings of the members shall be maintained in the Company’s records. Any transferee of a member not admitted as a substitute member in accordance with this Agreement will not have voting rights, and in any such circumstance all voting rights of the members will be held by the remaining members.
5. Managing Member . The current Managing Member is named in the Articles and is HILTON ILLINOIS HOLDINGS, LLC. Subject to obtaining the approval of the members for any matter that under the express provisions of the Articles or this Agreement requires the approval of the members, the Managing Member shall have all necessary power and authority to act on behalf of the Company with respect to all matters, including all necessary power and authority to execute agreements and otherwise make commitments on behalf of the Company and to cause the expenditure of funds of the Company. The Managing Member may at any time resign by notice to all of the members or be removed by a vote of a Majority of the Members. A successor Managing Member may be elected from time to time from among the members by a Majority of the Members.

6. Matters Requiring Member Approval . In addition to any other matter that this Agreement provides requires the consent of all of the members, (i) the amendment of this Agreement or the Articles, (ii) the compromise of any contribution obligation approved by all of the members and (iii) the issuance of a new interest by the Company and admission of the recipient of such interest as an additional member shall each require the approval of all members. The approval of a Majority of the Members shall be required for each of the following:
(a) any dissolution of the Company by agreement of the members;
(b) the sale, lease, exchange, mortgage, pledge or other transfer of all or substantially all of the Company’s property;
(c) any merger or conversion involving the Company;
(d) the incurrence of indebtedness by the Company ( other than trade credit incurred in the ordinary course of business, which shall be within the authority of the Managing Member);
(e) any transaction involving any actual or potential conflict of interest between a member and the Company; and
(f) any other matter specified in the Articles, this Agreement or the Act as requiring member approval if the Articles or this Agreement do not specify another percentage in interest of the members required for approval.
7. Limited Liability; Indemnification . The liability of the members shall be limited to the fullest extent permitted by law, and a member is not personally liable for a debt, obligation or liability of the Company solely by reason of being or acting as a member. The Managing Member is an agent of the Company and as such shall be entitled to indemnification pursuant to the Articles.
8. Capital Contributions; Capital Accounts . No member will be obligated to make any capital contribution to the Company except for any capital contribution agreed upon by all members. Each member will be obligated to contribute the member’s proportionate share (based on percentage interests) of any contribution approved by all of the members. If any member fails to contribute the amount agreed upon to be contributed by each member, in addition to the right of the Company to pursue all remedies available at law or in equity against the defaulting member, any member making such member’s contribution pursuant to such agreement may either withdraw the amount then contributed or elect to treat the same as a loan to the Company bearing interest at the prime rate as reported in The Wall Street Journal on the date contributed to the Company plus 5%. Any such loan shall be repaid by the Company before the Company makes any distributions to the members. No member may otherwise withdraw any capital contribution without the unanimous consent of the members. No member shall have personal liability for the repayment of any capital contribution of any other member. The Company’s accountant shall maintain a separate capital account for each member. No member shall be entitled to any interest on the balance in the member’s capital account.
 
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9. Allocation of Profits and Losses . Profits and losses shall be allocated to the members in accordance with their percentage interests, subject to any requirements to the contrary under the Treasury Regulations under Section 704 of the Internal Revenue Code of 1986, as amended.
10. Distributions . The Company may from time to time, at the direction of either the Managing Member or a Majority of the Members, make distributions to the members in accordance with their percentage interests; provided that the Company shall first repay any loan to the Company arising as provided in Section 8. Any distribution to the members shall be in such amount as either the Managing Member or a Majority of the Members may approve. Notwithstanding the foregoing, however, the Company shall not make any distribution in excess of the amount the Company is permitted to distribute under the Act. The Company is authorized to withhold from distributions, or with respect to allocations, and to pay over to any federal, state or local government any amounts required to be so withheld pursuant to any federal, state or local law and shall allocate such amounts, and treat any such amounts as distributed, to the member or members with respect to which such amount was withheld. In the case of any such withholding with respect to one or more but not all members, the Company shall make proportionate compensating distributions to the other member or members. Upon dissolution of the Company, distributions shall be made in accordance with the members’ capital account balances properly maintained by the Company’s accountant after all allocations have been made in accordance with Section 9.
11. Limitations on Transfer .
(a) Except as expressly permitted under this Agreement, no member may sell, assign, pledge, hypothecate or otherwise transfer or encumber, directly or indirectly, any or all of the member’s interest or enter into any agreement pursuant to which any person may acquire all or a portion of the member’s interest in the Company. Any attempted transfer in contravention of this Agreement shall be void and ineffective.
(b) The members will not unreasonably withhold their approval of any proposed transfer by any member of all of such member’s interest in the Company to any parent company, wholly-owned subsidiary, or other related company.
(c) The Company need not recognize any transferee of an interest in the Company until the transferee has signed and delivered a document agreeing to be bound by all the terms of this Agreement. A transferee of an interest in the Company shall be an assignee only and not a member, shall not be entitled to vote on Company matters or to inspect the records of the Company, and shall not have any rights of a member other than the right to share in allocations of profits and losses and in distributions. A Majority of the Members (excluding the transferring member) may in a writing executed by such members and the transferee admit the transferee as a substitute member with all of the rights of a member, including voting and inspections rights, but may withhold their consent and agreement to any such admission in their sole, absolute and arbitrary discretion.
 
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12. Amendments . This Agreement may be amended only by a writing signed by all of the members.
13. Not for Benefit of Creditors . The provisions of this Agreement are for the regulation of the members and the Company, are not intended for the benefit of non-member creditors and do not grant any rights to non-member creditors.
14. Withdrawal . No member has the right or power to withdraw voluntarily from the Company. Any purported withdrawal shall be ineffective, shall be a breach of this Agreement that shall cause the member purporting to withdraw to become an assignee only without the voting or inspection rights of a member and shall not entitle the member purporting to withdraw to any distribution from the Company.
15. Waiver of Partition . No member, or any legal representative, successor, or assignee of any member, shall have the right to partition the assets or any part thereof or interest therein, or to file a complaint or institute any proceeding at law or in equity to partition the assets or any part thereof or interest therein.
IN WITNESS WHEREOF, the sole member has executed this Operating Agreement of BALLY’S GRAND PROPERTY SUB I, LLC as of August      , 2014.

MEMBER:	
	
HILTON ILLINOIS HOLDINGS, LLC
a Delaware limited liability company.	
	
/s/ W. Steven Standefer	
W. Steven Standefer, Senior Vice President	
 
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Exhibit A

                               Member                                	  	Percentage Interest	  	Number of Votes	
HILTON ILLINOIS HOLDINGS, LLC	  	100%	  	1,000	

Exhibit 3.319

Exhibit 3.320
LIMITED LIABILITY COMPANY AGREEMENT
OF
CONRAD INTERNATIONAL (BELGIUM) LLC
This Limited Liability Company Agreement (this “ Agreement ”) of Conrad International (Belgium) LLC, a Nevada limited liability company, is entered into as of October 19, 2007, by Conrad International Corporation, a Nevada corporation (“ Conrad ”), as the sole member (Conrad and each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
Conrad hereby forms a limited liability company pursuant to and in accordance with the Nevada Revised Statute Chapter 86, as amended from time to time (the “ Act ”), and hereby agrees as follows:
1. Name . The name of the limited liability company formed hereby is Conrad International (Belgium) LLC (the “ Company ”).
2. Purpose . The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Nevada is c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Nevada is CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
5. Member . The name and address of the Member are set forth on Schedule A , as may be amended.
6. Powers . The business and affairs of the Company shall be managed by the Managers. The Managers, and each of them, shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by members under the laws of the State of Nevada. Andrew Lax, Rob Harper and Shiva Viswanathan shall be and are hereby associated as the Managers. The Member shall have the right at any time and from time to time to remove any Manager and appoint new Managers. The Member or any Manager, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed in with the Secretary of State of the State of Nevada. The Member or any Manager shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.

7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “senior managing director”, “managing director”, “president”, “vice president”, “principal”, “treasurer”, “secretary”, “assistant treasurer”, “assistant secretary”, “director” and “manager”, as and to the extent authorized by the Managers and with such powers as authorized by the Managers.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) December 31, 2058, (b) the written consent of the Members, (c) the entry of a decree of judicial dissolution, or (d) at any time there are no members of the Company, unless the Company is continued in accordance with the Act.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Members or their designee shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make an initial contribution to the Company by the conversion of their respective common stock holdings in Conrad International (Belgium) Corporation, a Nevada corporation (the “ Corporation ”), which has been converted into the Company by Articles of Conversion dated as of October 19, 2007. The respective percentage interests of the Members shall be in the same respective proportions as the common stock holdings of the Members in the Corporation at the time of the filing of the Articles of Conversion in the office of the Nevada Secretary of State. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . A Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of any other person or entity. If a Member transfers its limited liability company interest in the Company, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. If a Member transfers all of its limited liability company interest in the Company, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding
 
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anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
14. Resignation . A Member may resign from the Company without obtaining the prior consent of the other Members.
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Members.
16. Liability of Member . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
18. Amendments . This Agreement may be amended only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Nevada, all rights and remedies being governed by said laws.
 
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Limited Liability Company Agreement as of the date first above written.

Conrad International Corporation, a Nevada corporation	
		
By:	 	/s/ K. Allen Anderson	
	 	Name:	 	K. Allen Anderson	
	 	Title:	 	Vice President	

Schedule A
Member

                           Name	  	Address	
		
Conrad International Corporation,
a Nevada corporation	  	9336 Civic Center Dr.
Beverly Hills, CA 90210	

Exhibit 3.321
ARTICLES OF INCORPORATION
OF
CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION
The undersigned natural person, acting as incorporator of a corporation (the “Corporation”) under the provisions of Chapter 78 of the Nevada Revised Statutes and the acts amendatory thereof, adopts the following Articles of Incorporation.
ARTICLE 1
NAME
The name of the Corporation is CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION .
ARTICLE 2
DURATION
The period of duration of the Corporation shall be perpetual.
ARTICLE 3
PURPOSE
The purpose for which the Corporation is organized is to engage in any lawful activity.
 
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ARTICLE 4
AUTHORIZED SHARES AND ASSESSMENT OF SHARES
Section 4.01 Authorized Shares . The aggregate number of shares that the Corporation shall have the authority to issue is ten thousand (10,000) shares of Capital Stock with a par value of $1.00 per share.
Section 4.02 Assessment of Shares . The Capital Stock of the Corporation, after the amount of subscription price has been paid, shall not be subject to pay the debts of the Corporation, and no Capital Stock issued as fully paid up shall ever be assessable or assessed.
Section 4.03 Denial of Preemptive Rights . No shareholder of the Corporation shall have any preemptive or other right, by reason of his status as a shareholder, to acquire any unissued shares, treasury shares, or securities convertible into shares of the Capital Stock of the Corporation. This denial of preemptive rights shall, and is intended to, negate any rights which would otherwise be given to shareholders pursuant to NRS 78.265 or any successor statute.
ARTICLE 5
INITIAL RESIDENT AGENT
Resident Agent . The address of the Resident Agent of the Corporation within the State of Nevada is CSC SERVICES OF NEVADA, INC., whose business address is 502 East John Street, Carson City, Nevada 89706. The mailing address and the street address of the said resident agent are identical.
 
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ARTICLE 6
DATA RESPECTING DIRECTORS
Section 6.01 Style of Governing Board . The members of the governing board of the Corporation shall be styled Directors.
Section 6.02 Initial Board of Directors . The initial Board of Directors shall consist of two (2) members, who need not be residents of the State of Nevada or shareholders of the Corporation.
Section 6.03 Names and Addresses . The names and addresses of the persons who are to serve as Directors, until their successors have been elected or chosen and have qualified, are as follows:

               Name	  	Business Address	
		
Dieter H. Huckestein	  	9336 Civic Center Drive	
	  	Beverly Hills, CA 90210	
		
Matthew J. Hart	  	9336 Civic Center Drive	
	  	Beverly Hills, CA 90210	
Section 6.04 Increase or Decrease of Directors . The number of Directors of the Corporation may be increased or decreased from time to time as shall be provided in the Bylaws of the Corporation.
 
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Section 6.05. Indemnification of Directors . The Corporation shall, to the fullest extent permitted by the General Corporation Law of the State of Nevada, indemnify any and all persons whom it shall have power to indemnify under said Law from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said Law, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person. The Corporation may purchase and maintain insurance on behalf of any such person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify such liability.
Section 6.06 Liability of Directors . The personal liability of the directors of the Corporation is hereby eliminated to the maximum extent permitted by the provisions of the General Corporation Law of the State of Nevada.
 
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ARTICLE 7
DATA RESPECTING INCORPORATOR
The name and address of the incorporator of the Corporation are as follows:

             Name	  	Business Address	
		
M. Hue Smith III	  	9336 Civic Center Drive	
	  	Beverly Hills, CA 90210	
ARTICLE 8
AMENDMENTS, ALTERATIONS AND REPEALS
The Corporation reserves the right to amend, alter or repeal any provisions contained in these Articles of Incorporation in the manner now or hereafter prescribed by statute, and all rights conferred on stockholders herein are granted subject to this reservation.
IN WITNESS WHEREOF, I do hereby execute these Articles of Incorporation on September 13, 2000.

/s/ M. Hue Smith III	
M. Hue Smith III	
Incorporator	

STATE OF CALIFORNIA	  	)	
	  	) ss.	
COUNTY OF LOS ANGELES	  	)	
On this 15th day of September, 2000 before me, David Marote, Notary Public, personally appeared M. HUE SMITH III, personally known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument
WITNESS my hand and official seal.
[Seal]

David Marote	 		 	/s/ David Marote	
Comm. #1031494
Notary Public-California
Los Angeles County
Comm Exp. Aug. 8, 2002	 		 	David Marote, Notary Public	
 
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Exhibit 3.322
BYLAWS
OF
CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION
a Nevada corporation
ARTICLE I
IDENTIFICATION
Section 1.01. Name . The name of the corporation is CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION.
Section 1.02. Registered Office . The registered office of the corporation shall be established and maintained at the office of CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706; and CSC Services of Nevada, Inc. shall be the resident agent at this address.
Section 1.03. Other Offices . The corporation may establish such other offices, within or without the State of Nevada, at such place or places as the Board of Directors from time to time may designate, or which the business of the corporation may require.
Section 1.04. Fiscal Year . The fiscal year of the corporation shall begin on the 1st day of January in each year and end on the 31st day of December next following.
ARTICLE II
CAPITAL STOCK
Section 2.01. Issuance of Shares . The Capital Stock may be issued for labor, services, personal property, real estate or leases thereof or for money from time to time by the Board of Directors. Treasury shares may be disposed of by the corporation for such consideration as aforesaid from time to time by the Board of Directors.
Section 2.02. Payment of Shares . The consideration for the issuance of shares may be paid, in whole or in part, in money, in other property, as aforesaid, or in labor or services actually performed for the corporation. When payment of the consideration for which shares are to be issued shall have been received by the corporation, such shares shall be deemed to be fully paid and nonassessable. Future services shall not constitute payment or part payment for shares of the corporation. In the absence of fraud in the transaction, the judgment of the Board of Directors Secretary or an Assistant Secretary of the corporation, certifying the number of shares owned by him in the corporation.

Section 2.04. Transfer of Stock . The corporation shall register a transfer of a stock certificate presented to it for transfer if:
(a) Endorsement . The certificate is properly endorsed by the registered holder or by his duly authorized attorney;
(b) Witnessing . The endorsement or endorsements are witnessed by one witness unless this requirement is waived by the Secretary of the corporation;
(c) Adverse Claims . The corporation has no notice of any adverse claims or has discharged any duty to inquire into any such claims; and
(d) Collection of Taxes . There has been compliance with any applicable law relating to the collection of taxes.
ARTICLE III
THE SHAREHOLDERS
Section 3.01. Place of Meetings . Meetings of the Shareholders of the corporation shall be held at the office of CSC Services of Nevada, Inc., located at 502 East John Street, Carson City, Nevada 89706, or at any other place within or without the State of Nevada as may be designated in the notice thereof.
Section 3.02. Annual Meetings . The annual meeting of the Shareholders shall be held each year at the principal office of the corporation at the hour of 10:00 o’clock A.M. on the anniversary date of the incorporation of this corporation, if this day shall fall on a normal business day, and if not, then on the first following normal business day. Failure to hold the annual meeting at the designated time shall not work a forfeiture or dissolution of the corporation.
Section 3.03. Special Meetings . Special meetings of the Shareholders may be called by the President, the Board of Directors, or by the Secretary at the written request (stating the purpose or purposes for which the meeting is called) of the holders of not less than one-tenth of all the shares entitled to vote at the meeting.
Section 3.04. Notice of Meetings: Waiver . Written notice stating the place, day, and hour of the meeting and, in case of a special meeting the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the date of the meeting, either personally or by mail, by or at the direction of the President, the Secretary, or the officer or persons calling the meeting, to each registered holder entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the address as it appears on the stock transfer books of the corporation, with postage on it prepaid. Waiver by a Shareholder in writing of notice of a Shareholders’ meeting shall constitute a waiver of notice of the meeting, whether executed and/or delivered before or after such meeting.
 
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Section 3.05. Quorum . A majority of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of the Shareholders. The Shareholders present at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough Shareholders to leave less than a quorum. The act of a majority of the shares entitled to vote at a meeting at which a quorum is present shall be the act of the Shareholders, unless a greater number is required by applicable law.
Section 3.06. Proxies . A Shareholder may vote either in person or by proxy executed in writing by the Shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
ARTICLE IV
THE BOARD OF DIRECTORS
Section 4.01. Number and Qualifications . The business and affairs of the corporation shall be managed by a Board of not less than three (3) nor more than (10) Directors. The number of Directors may be increased or decreased from time to time and at any time by the Shareholders, or Board of Directors. In no case shall the number of Directors be less than three (3), except that, in cases where all the shares of the corporation are owned beneficially and of record by either one or two Shareholders the number of Directors may be less than three (3) but not less than the number of Shareholders.
Section 4.02. Election . Members of the initial Board of Directors shall hold office until the first annual meeting of Shareholders and until their successors shall have been elected and qualified. At the first annual meeting of Shareholders and at each annual meeting thereafter, the Shareholders shall elect Directors to hold office until the next succeeding annual meeting. Each Director shall hold office for the term for which he is elected and until his successor shall be elected and qualified. Notwithstanding anything herein to the contrary, any Director may be removed from office at any time by the vote or written consent of Shareholders representing not less than two-thirds of the issued and outstanding stock entitled to vote.
Section 4.03. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of the majority of the remaining Directors though less than a quorum of the Board of Directors. A Director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office, subject to removal as aforesaid.
Section 4.04. Place of Meeting . The Board of Directors, annual, regular or special, may be held either within or without the State of Nevada.
Section 4.05. Annual Meetings . Immediately after the annual meeting of the Shareholders, the Board of Directors shall meet each year for the purpose of organization, election of officers, and consideration of any other business that may properly be brought before the meeting. No notice of any kind to either old or new members of the Board of Directors for this annual meeting shall be necessary.
 
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Section 4.06. Other Meetings . Other meetings of the Board of Directors may be held upon notice by letter, facsimile, or electronic mail, delivered for transmission not later than during the third day immediately preceding the day for the meeting, or by word of mouth or telephone received not later than during the second day preceding the day for the meeting, upon the call of the President or Secretary of the corporation at any place within or without the State of Nevada. Notice of any meeting of the Board of Directors may be waived in writing signed by the person or persons entitled to the notice, whether before or after the time of the meeting. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Directors need be specified in the notice or waiver of notice of the meeting.
In the absence of a Chairman of the Board or Vice Chairman, the directors present at a meeting shall choose one director to preside at that meeting.
Section 4.07. Quorum . A majority of the number of Directors holding office shall constitute a quorum for the transaction of business. The act of the majority of the Directors present at a meeting at which a quorum has been achieved shall be the act of the Board of Directors unless the act of a greater number is required by applicable law.
Section 4.08. Action Without A Meeting . Any action that may be taken at a meeting of the Directors, or of a committee, may be taken without a meeting if a consent in writing, setting forth the actions taken, shall be signed by all of the Directors or all of the members of the committee, as the case may be.
Section 4.09. Loans . The Board of Directors shall have the following power with respect to the lending of funds:
(a) Loan of Funds, Generally . To lend money in furtherance of any of the purposes of the corporation; to invest the funds of the corporation from time to time; and to take and hold any property as security for the payment of funds so loaned or invested; but to make no loans secured by the shares of the corporation.
(b) Loan to Employees . To lend money to its employees, other than its officers and Directors, and to otherwise assist its employees, officers, and Directors; but to make no loans secured by the shares of the corporation.
ARTICLE V
THE OFFICERS
Section 5.01. Officers . The officers of the corporation shall consist of a President, Secretary and Treasurer, and may also include a Chairman and Vice Chairman of the Board, one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers, or such other officers or assistant officers or agents as may be provided herein, or otherwise deemed necessary, from time
 
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to time by the Board of Directors. Officers need not be Directors of the corporation. Each officer so elected shall hold office until his successor is elected and qualified, but shall be subject to removal at any time by the vote or written consent of a majority of the Directors.
Section 5.02. Vacancies . Whenever any vacancies shall occur in any office by death, resignation, increase in the number of offices of the corporation, or otherwise, the same shall be filled by the Board of Directors, and the officer so elected shall hold office until his successor is elected and qualified, subject to removal as aforesaid.
Section 5.03. The Chairman of the Board . The Chairman of the Board shall preside at all meetings of the Directors, discharge all duties incumbent upon the presiding officer, and perform such other duties as the Board of Directors may prescribe.
Section 5.04. The Vice Chairman . The Vice Chairman shall perform all duties incumbent upon the Chairman of the Board of Directors during the absence or disability of the Chairman of the Board of Directors, and shall perform such other duties as the Board of Directors may prescribe.
Section 5.05. The President . The President shall have active executive management of the operations of the corporation, subject, however, to the control of the Board of Directors. He shall preside at all meetings of Shareholders, discharge all the duties incumbent upon a presiding officer, and perform such other duties as this Code of Bylaws provides or the Board of Directors may prescribe. The President shall have full authority to execute proxies in behalf of the corporation, to vote stock owned by it in any other corporation, and to execute powers of attorney appointing other corporations, partnerships, or individuals the agent of the corporation.
Section 5.06. The Vice President . The Vice President shall perform all duties incumbent upon the President during the absence or disability of the President, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.07. The Secretary . The Secretary shall attend all meetings of the Shareholders and of the Board of Directors, and shall keep a true and complete record of the proceedings of these meetings. He shall be custodian of the records of the corporation. He shall attend to the giving of all notices and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.08. The Treasurer . The Treasurer shall keep correct and complete records of account, showing accurately at all times the financial condition of the corporation. He shall be the legal custodian of all moneys, notes, securities, and other valuables that may from time to time come into the possession of the corporation. He shall immediately deposit all funds of the corporation coming into his hands in some reliable bank or other depositary to be designated by the Board of Directors, and shall keep this bank account in the name of the corporation. He shall furnish at meetings of the Board of Directors, or whenever requested, a statement of the financial condition of the corporation, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe. The Treasurer may be required to furnish bond in such amount as shall be determined by the Board of Directors.
Section 5.09. Transfer of Authority . In case of the absence of any officer of the corporation, or for any other reason that the Board of Directors may deem sufficient, the Board of Directors may transfer the powers or duties of that officer to any other officer or to any Director or employee of the corporation, provided a majority of the full Board of Directors concurs.
 
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ARTICLE VI
SPECIAL CORPORATE ACTS
Negotiable Instruments, Deeds and Contracts . All checks, drafts, notes, bonds, bills of exchange, and orders for the payment of money of the corporation; all deeds, mortgages, and other written contracts and agreements to which the corporation shall be a party; and all assignments or endorsements of stock certificates, registered bonds, or other securities owned by the corporation shall, unless otherwise required by law, or otherwise authorized by the Board of Directors as hereinafter set forth, be signed by the President or by any one of the following officers: Vice President, Secretary or Treasurer. The Board of Directors may designate one or more persons, officers or employees of the corporation, who may, in the name of the corporation and in lieu of, or in addition to, those persons hereinabove named, sign such instruments; and may authorize the use of facsimile signatures of any of such persons. Any shares of stock issued by any other corporation and owned or controlled by the corporation may be voted at any Shareholders’ meeting of the other corporation by the President of the corporation, if he be present; or, in his absence, by the Secretary of the corporation and, in the event of both the President and the Secretary shall be absent, then by such person as the President and Secretary shall, by duly executed proxy, designate to represent the corporation at such Shareholders’ meeting.
ARTICLE VII
INDEMNIFICATION OF OFFICERS, DIRECTORS,
EMPLOYEES AND AGENTS; INSURANCE
Section 7.01. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall
 
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not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
Section 7.02. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, but no indemnification shall be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
Section 7.03. To the extent that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in sections 1 and 2, or in defense of any claim, issue or matter therein, he shall be indemnified by the corporation against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with such defense.
Section 7.04. Any indemnification under sections 1 and 2, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in sections 1 and 2. Such determination shall be made:
(a) By the stockholders;
(b) By the board of directors by majority vote of a quorum consisting of directors who were not parties to such act, suit or proceeding;
(c) If such a quorum of disinterested directors so orders, by independent legal counsel in a written opinion; or
(d) If such a quorum of disinterested directors cannot be obtained, by independent legal counsel in a written opinion.
Section 7.05. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of an
 
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undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless it is ultimately determined that he is entitled to be indemnified by the corporation as authorized in this section.
Section 7.06. The indemnification provided by this section:
(a) Does not exclude any other rights to which a person seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office; and
(b) Shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
Section 7.07. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or as serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.
ARTICLE VIII
AMENDMENTS
The power to alter, amend, or repeal this Code of Bylaws, or adopt a new Code of Bylaws, is vested in the Board of Directors, but the affirmative vote of a majority of the Board of Directors holding office shall be necessary to effect any such action.
 
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CERTIFICATE OF SECRETARY
I hereby certify that I am the Secretary of CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION, and that the foregoing Bylaws, consisting of eight (8) pages, constitute the Bylaws of CONRAD INTERNATIONAL (EGYPT) RESORTS CORPORATION, as duly adopted by the Board of Directors of the Corporation on September 18, 2000.

/s/ M. Hue Smith III	
M. Hue Smith III	
Secretary	
 
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Exhibit 3.323
ARTICLES OF INCORPORATION
OF
CONRAD (INDONESIA) CORPORATION
The undersigned natural person acting as incorporator of a corporation (the “Corporation”) under the provisions of Chapter 78 of the Nevada Revised Statutes, adopts the following Articles of Incorporation.
ARTICLE 1
NAME
The name of the Corporation is CONRAD (INDONESIA) CORPORATION.
ARTICLE 2
PERIOD OF DURATION
The period of duration of the Corporation is perpetual.
ARTICLE 3
PURPOSE
The purpose for which the Corporation is organized is to engage in any lawful activity.
ARTICLE 4
AUTHORIZED SHARES AND ASSESSMENT OF SHARES
Section 4.01 Authorized Shares . The aggregate number of shares that the Corporation shall have the authority to issue is 25,000 shares of Capital Stock with a par value of $1.00 per share.

Section 4.02 Assessment of Shares . The Capital Stock of the Corporation, after the amount of subscription price has been paid, shall not be subject to pay the debts of the Corporation, and no Capital Stock issued as fully paid up shall ever be assessable or assessed.
Section 4.03 Denial of Preemptive Rights . No shareholder of the Corporation shall have any preemptive or other right, by reason of his status as a shareholder, to acquire any unissued shares, treasury shares, or securities convertible into shares of the Capital Stock of the Corporation. This denial of preemptive rights shall, and is intended to, negate any rights which would otherwise be given to shareholders pursuant to NRS 78.265 or any successor statute.
ARTICLE 5
INITIAL RESIDENT AGENT
Section 5.01 Registered Office . The address of the registered office of the Corporation within the State of Nevada is THE PRENTICE-HALL CORPORATION SYSTEM, NEVADA, INC., whose business address is 502 East John Street, Carson City, Nevada 89706.
 
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ARTICLE 6
DATA RESPECTING DIRECTORS
Section 6.01 Style of Governing Board . The members of the governing board of the Corporation shall be styled Directors.
Section 6.02 Initial Board of Directors . The initial Board of Directors shall consist of five (5) members, who need not be residents of the State of Nevada or shareholders of the Corporation.
Section 6.03 Names and Addresses . The names and addresses of the persons who are to serve as Directors until the first annual meeting of the shareholders, or until their successors shall have been elected and qualified, are as follows:

             Name	  	Business Address	
		
Barron Hilton	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
		
Gregory R. Dillon	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
		
Eric M. Hilton	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
		
William C. Lebo, Jr.	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
		
Maurice J. Scanlon	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
Section 6.04 Increase or Decrease of Directors . The number of Directors of the Corporation may be increased or decreased from time to time as shall provided in the Bylaws of the Corporation.
 
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Section 6.05 Indemnification of Directors . The Corporation shall, to the fullest extent permitted by the General Corporation Law of the State of Nevada, indemnify any and all persons whom it shall have power to indemnify under said Law from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said Law, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person. The corporation may purchase and maintain insurance on behalf of any such person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such liability.
Section 6.06 Liability of Directors . The personal liability of the directors of the Corporation is hereby eliminated to the maximum extent permitted by the provisions of the General Corporation Law of the State of Nevada.
 
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ARTICLE 7
DATA RESPECTING INCORPORATOR
The name and address of the incorporator of the Corporation is as follows:

             Name	  	Business Address	
		
M. Hue Smith III	  	9336 Civic Center Drive
Beverly Hills, CA 90209	
ARTICLE 8
AMENDMENTS, ALTERATIONS, REPEALS
The Corporation reserves the right to amend, alter or repeal any provisions contained in these Articles of Incorporation in the manner now or hereafter prescribed by statute, and all rights conferred on stockholders herein are granted subject to this reservation.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 14th day of November, 1991.

/s/ M. Hue Smith III	
 	
M. Hue Smith III, Incorporator	
 
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STATE OF CALIFORNIA	  	)	  		
	  	)	  	ss	
COUNTY OF LOS ANGELES	  	)	  		
I, the undersigned, a Notary Public duly commissioned to take acknowledgments and administer oaths in the State of California, do hereby certify that on this day personally appeared before me M. Hue Smith III, who, being by me first duly sworn, declared that he is the corporator referred to in Article 7 of the foregoing Articles of Incorporation and that he signed these Articles of Incorporation as incorporator of the Corporation and that the statements contained therein are true.
WITNESS my hand and Notarial Seal this 14th day of November, 1991.

Official Seal	 		 	/s/ Loraine De Jesus	
	 		 	 	
Loraine De Jesus
Notary Public-California
Los Angeles County
My Comm. Exp. Mar 6, 1993	 		 	Notary Public	
L1.MHS
 
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CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION
OF
CONRAD (INDONESIA) CORPORATION
Pursuant to the provisions of Nevada Revised Statutes, Title 7, Chapter 78, the undersigned officers do hereby certify:

FIRST:	 	The name of the Corporation is CONRAD (INDONESIA) CORPORATION.
 	
SECOND:	 	The Board of Directors of the Corporation duly adopted the following resolutions on March 19, 1996:	
WHEREAS, this Board of Directors deems it advisable and desirable to change the Corporation’s name to “CONRAD INTERNATIONAL (INDONESIA) CORPORATION”; and
WHEREAS, the sole shareholder of the Corporation has approved such proposed corporate name change by executing an Action Taken By Written Consent of the Sole Shareholder dated March 19, 1996.
THEREFORE, IT IS RESOLVED that Article 1 of the Corporation’s Articles of Incorporation be amended to read as follows:
“The name of the Corporation is CONRAD INTERNATIONAL (INDONESIA) CORPORATION.”
RESOLVED FURTHER, that the Corporation’s President, or one of its Vice Presidents, and its Secretary, or one of its Assistant Secretaries, are hereby authorized to execute a certificate setting forth the said Amendment and to cause the same to be filed pursuant to the provisions of Nevada Revised Statutes, Title 7, Chapter 78.

THIRD:	 	The total number of outstanding shares of the Corporation having voting power is 100 shares, and the total number of votes entitled to be cast by the sole shareholder is 100.	

			
FOURTH:	 	The sole shareholder of all of the aforesaid total number of outstanding shares having voting power, to wit, 100 shares, dispensed with the holding of a meeting of stockholders and adopted the amendments herein certified by a consent in writing signed by the sole shareholder in accordance with the provisions of Nevada Revised Statutes, Title 7, Section 78.320.	
Signed on March 19, 1996.

	 	CONRAD (INDONESIA) CORPORATION	
		
By:	 	/s/ William C. Lebo, Jr.	
	 	 	
	 	William C. Lebo, Jr.	
	 	Vice President	
		
	 	/s/ Cheryl L. Marsh	
	 	 	
	 	Cheryl L. Marsh	
	 	Secretary	

STATE OF CALIFORNIA	  	)	
	  	)	
COUNTY OF LOS ANGELES	  	)	
On March 19, 1996 before me, David Marote, Notary Public, personally appeared WILLIAM C. LEBO, JR. and CHERYL L. MARSH, personally known to me to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the entity upon behalf of which the persons acted, executed the instrument.
WITNESS my hand and official seal.
[STAMP]

David Marote	 		 	/s/ David Marote	
Comm. #1031494
Norary Public-California
Los Angeles County
Comm. Expires June 30, 1994	 		 	David Marote, Notary Public	

Exhibit 3.324
BYLAWS
OF
CONRAD (INDONESIA) CORPORATION
a Nevada corporation
ARTICLE I
IDENTIFICATION
Section 1.01. Name . The name of the corporation is Conrad (Indonesia) Corporation.
Section 1.02. Registered Office . The registered office of the corporation shall be established and maintained at the office of The Prentice-Hall System, Nevada, Inc., 502 East John Street, Carson City, Nevada 89701; and The Prentice-Hall System, Nevada, Inc. shall be the resident agent at this address.
Section 1.03. Other Offices . The corporation may establish such other offices, within or without the State of Nevada, at such place or places as the Board of Directors from time to time may designate, or which the business of the corporation may require.
Section 1.04. Fiscal Year . The fiscal year of the corporation shall begin on the 1st day of January in each year and end on the 31st day of December next following.
ARTICLE II
CAPITAL STOCK
Section 2.01. Issuance of Shares . The Capital Stock may be issued for labor, services, personal property, real estate or leases thereof or for money from time to time by the Board of Directors. Treasury shares may be disposed of by the corporation for such consideration as aforesaid from time to time by the Board of Directors.
Section 2.02. Payment of Shares . The consideration for the issuance of shares may be paid, in whole or in part, in money, in other property, as aforesaid, or in labor or services actually performed for the corporation. When payment of the consideration for which shares are to be issued shall have been received by the corporation, such shares shall be deemed to be fully paid and nonassessable. Future services shall not constitute payment or part payment for shares of the corporation. In the absence of fraud in the transaction, the judgment of the Board of Directors

as to the value of the consideration received for shares shall be conclusive. No certificate shall be issued for any share until the share is fully paid.
Section 2.03. Certificates Representing Shares . Each holder of the Capital Stock of the corporation shall be entitled to a certificate signed by the President or a Vice President and the Secretary or an Assistant Secretary of the corporation, certifying the number of shares owned by him in the corporation.
Section 2.04. Transfer of Stock . The corporation shall register a transfer of a stock certificate presented to it for transfer if:
(a) Endorsement . The certificate is properly endorsed by the registered holder or by his duly authorized attorney;
(b) Witnessing . The endorsement or endorsements are witnessed by one witness unless this requirement is waived by the Secretary of the corporation;
(c) Adverse Claims . The corporation has no notice of any adverse claims or has discharged any duty to inquire into any such claims;
(d) Collection of Taxes . There has been compliance with any applicable law relating to the collection of taxes.
ARTICLE III
THE SHAREHOLDERS
Section 3.01. Place of Meetings . Meetings of the Shareholders of the corporation shall be held at the office of The Prentice-Hall Corporation System, Nevada, Inc., located at 502 East John Street, Carson City, Nevada 89701, or at any other place within or without the State of Nevada as may be designated in the notice thereof.
Section 3.02. Annual Meetings . The annual meeting of the Shareholders shall be held each year at the principal office of the corporation at the hour of 10:00 o’clock A.M. on the anniversary date of the incorporation of this corporation, if this day shall fall on a normal business day, and if not, then on the first following normal business day. Failure to hold the annual meeting at the designated time shall not work a forfeiture or dissolution of the corporation.
Section 3.03. Special Meetings . Special meetings of the Shareholders may be called by the President, the Board of Directors, or by the Secretary at the written request (stating the purpose or purposes for which the meeting is called) of the holders of not less than one-tenth of all the shares entitled to vote at the meeting.
 
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Section 3.04. Notice of Meetings: Waiver . Written notice stating the place, day, and hour of the meeting and, in case of a special meeting the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the date of the meeting, either personally or by mail, by or at the direction of the President, the Secretary, or the officer or persons calling the meeting, to each registered holder entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the address as it appears on the stock transfer books of the corporation, with postage on it prepaid. Waiver by a Shareholder in writing of notice of a Shareholders’ meeting shall constitute a waiver of notice of the meeting, whether executed and/or delivered before or after such meeting.
Section 3.05. Quorum . A majority of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of the Shareholders. The Shareholders present at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough Shareholders to leave less than a quorum. The act of a majority of the shares entitled to vote at a meeting at which a quorum is present shall be the act of the Shareholders, unless a greater number is required by applicable law.
Section 3.06. Proxies . A Shareholder may vote either in person or by proxy executed in writing by the Shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
ARTICLE IV
THE BOARD OF DIRECTORS
Section 4.01. Number and Qualifications . The business and affairs of the corporation shall be managed by a Board of not less than three (3) nor more than (10) Directors. The number of Directors may be increased or decreased from time to time and at any time by the Shareholders, or Board of Directors. In no case shall the number of Directors be less than three (3), except that, in cases where all the shares of the corporation are owned beneficially and of record by either on or two Shareholders the number of Directors may be less than three (3) but not less than the number of Shareholders.
Section 4.02. Election . Members of the initial Board of Directors shall hold office until the first annual meeting of
 
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Shareholders and until their successors shall have been elected and qualified. At the first annual meeting of Shareholders and at each annual meeting thereafter, the Shareholders shall elect Directors to hold office until the next succeeding annual meeting. Each Director shall hold office for the term for which he is elected and until his successor shall be elected and qualified. Notwithstanding anything herein to the contrary, any Director may be removed from office at any time by the vote or written consent of Shareholders representing not less than two-thirds of the issued and outstanding stock entitled to vote.
Section 4.03. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of the majority of the remaining Directors though less than a quorum of the Board of Directors. A Director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office, subject to removal as aforesaid.
Section 4.04. Place of Meeting . The Board of Directors, annual, regular or special, may be held either within or without the State of Nevada.
Section 4.05. Annual Meetings . Immediately after the annual meeting of the Shareholders, the Board of Directors shall meet each year for the purpose of organization, election of officers, and consideration of any other business that may properly be brought before the meeting. No notice of any kind to either old or new members of the Board of Directors for this annual meeting shall be necessary.
Section 4.06. Other Meetings . Other meetings of the Board of Directors may be held upon notice by letter, telegram, cable, or radiogram, delivered for transmission not later than during the third day immediately preceding the day for the meeting, or by word of mouth, telephone, or radiophone received not later than during the second day preceding the day for the meeting, upon the call of the President or Secretary of the corporation at any place within or without the State of Nevada. Notice of any meeting of the Board of Directors may be waived in writing signed by the person or persons entitled to the notice, whether before or after the time of the meeting. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Directors need be specified in the notice or waiver of notice of the meeting.
Section 4.07. Quorum . A majority of the number of Directors holding office shall constitute a quorum for the transaction of business. The act of the majority of the Directors present at a meeting at which a quorum has been achieved shall be the act of the Board of Directors unless the act of a greater number is required by applicable law.
 
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Section 4.08. Action Without A Meeting . Any action that may be taken at a meeting of the Directors, or of a committee, may be taken without a meeting if a consent in writing, setting forth the actions taken, shall be signed by all of the Directors or all of the members of the committee, as the case may be.
Section 4.09. Loans . The Board of Directors shall have the following power with respect to the lending of funds:
(a) Loan of Funds, Generally . To lend money in furtherance of any of the purposes of the corporation; to invest the funds of the corporation from time to time; and to take and hold any property as security for the payment of funds so loaned or invested; but to make no loans secured by the shares of the corporation.
(b) Loan to Employees . To lend money to its employees, other than its officers and Directors, and to otherwise assist its employees, officers, and Directors; but to make no loans secured by the shares of the corporation.
ARTICLE V
THE OFFICERS
Section 5.01. Officers . The officers of the corporation shall consist of a President, Secretary and Treasurer, and may also include a Chairman of the Board, one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers, or such other officers or assistant officers or agents as may be provided herein, or otherwise deemed necessary, from time to time by the Board of Directors. Officers need not be Directors of the corporation. Each officer so elected shall hold office until his successor is elected and qualified, but shall be subject to removal at any time by the vote or written consent of a majority of the Directors.
Section 5.02. Vacancies . Whenever any vacancies shall occur in any office by death, resignation, increase in the number of offices of the corporation, or otherwise, the same shall be filled by the Board of Directors, and the officer so elected shall hold office until his successor is elected and qualified, subject to removal as aforesaid.
Section 5.03. The Chairman of the Board of Directors . The Chairman of the Board of Directors shall preside at all meetings of the Directors, discharge all duties incumbent upon the presiding officer, and perform such other duties as the Board of Directors may prescribe.
Section 5.04. The President . The President shall have active executive management of the operations of the corporation,
 
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subject, however, to the control of the Board of Directors. He shall preside at all meetings of Shareholders, discharge all the duties incumbent upon a presiding officer, and perform such other duties as this Code of Bylaws provides or the Board of Directors may prescribe. The President shall have full authority to execute proxies in behalf of the corporation, to vote stock owned by it in any other corporation, and to execute powers of attorney appointing other corporations, partnerships, or individuals the agent of the corporation.
Section 5.05. The Vice President . The Vice President shall perform all duties incumbent upon the President during the absence or disability of the President, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.06. The Secretary . The Secretary shall attend all meetings of the Shareholders and of the Board of Directors, and shall keep a true and complete record of the proceedings of these meetings. He shall be custodian of the records of the corporation. He shall attend to the giving of all notices and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.07. The Treasurer . The Treasurer shall keep correct and complete records of account, showing accurately at all times the financial condition of the corporation. He shall be the legal custodian of all moneys, notes, securities, and other valuables that may from time to time come into the possession of the corporation. He shall immediately deposit all funds of the corporation coming into his hands in some reliable bank or other depositary to be designated by the Board of Directors, and shall keep this bank account in the name of the corporation. He shall furnish at meetings of the Board of Directors, or whenever requested, a statement of the financial condition of the corporation, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe. The Treasurer may be required to furnish bond in such amount as shall be determined by the Board of Directors.
Section 5.08. Transfer of Authority . In case of the absence of any officer of the corporation, or for any other reason that the Board of Directors may deem sufficient, the Board of Directors may transfer the powers or duties of that officer to any other officer or to any Director or employee of the corporation, provided a majority of the full Board of Directors concurs.
 
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ARTICLE VI
SPECIAL CORPORATE ACTS
Negotiable Instruments, Deeds, and Contracts . All checks, drafts, notes, bonds, bills of exchange, and orders for the payment of money of the corporation; all deeds, mortgages, and other written contracts and agreements to which the corporation shall be a party; and all assignments or endorsements of stock certificates, registered bonds, or other securities owned by the corporation shall, unless otherwise required by law, or otherwise authorized by the Board of Directors as hereinafter set forth, be signed by the President or by any one of the following officers: Vice President, Secretary, or Treasurer. The Board of Directors may designate one or more persons, officers or employees of the corporation, who may, in the name of the corporation and in lieu of, or in addition to, those persons hereinabove named, sign such instruments; and may authorize the use of facsimile signatures of any of such persons. Any shares of stock issued by any other corporation and owned or controlled by the corporation may be voted at any Shareholders’ meeting of the other corporation by the President of the corporation, if he be present; or, in his absence, by the Secretary of the corporation and, in the event both the President and Secretary shall be absent, then by such person as the President of the corporation shall, by duly executed proxy, designate to represent the corporation at such Shareholders’ meeting.
ARTICLE VII
INDEMNIFICATION OF OFFICERS, DIRECTORS,
EMPLOYEES AND AGENTS; INSURANCE
Section 7.01. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
 
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presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
Section 7.02. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, but no indemnification shall be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
Section 7.03. To the extent that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in sections 1 and 2, or in defense of any claim, issue or matter therein, he shall be indemnified by the corporation against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with such defense.
Section 7.04. Any indemnification under sections 1 and 2, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in sections 1 and 2. Such determination shall be made:
(a) By the stockholders;
(b) By the board of directors by majority vote of a quorum consisting of directors who were not parties to such act, suit or proceeding;
 
8

(c) If such a quorum of disinterested directors so orders, by independent legal counsel in a written opinion; or
(d) If such a quorum of disinterested directors cannot be obtained, by independent legal counsel in a written opinion.
Section 7.05. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless it is ultimately determined that he is entitled to be indemnified by the corporation as authorized in this section.
Section 7.06. The indemnification provided by this section:
(a) Does not exclude any other rights to which a person seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office; and
(b) Shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
Section 7.07. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or as serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.
ARTICLE VIII
AMENDMENTS
The power to alter, amend, or repeal this Code of Bylaws, or adopt a new Code of Bylaws, is vested in the Board of Directors, but the affirmative vote of a majority of the Board of Directors holding office shall be necessary to effect any such action.
 
9

CERTIFICATE OF SECRETARY
I hereby certify that I am the Secretary of CONRAD (INDONESIA) CORPORATION, and that the foregoing Bylaws, consisting of nine (9) pages, constitute the Bylaws of CONRAD (INDONESIA) CORPORATION, as duly adopted by the Board of Directors of the Corporation on November 19, 1991.

/s/ Cheryl L. Marsh	
 	
Cheryl L. Marsh	
Secretary	
 
10

Exhibit 3.325
ARTICLES OF INCORPORATION
OF
CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION
The undersigned natural person, acting as incorporator of a corporation (the “Corporation”) under the provisions of Chapter 78 of the Nevada Revised Statutes and the acts amendatory thereof, adopts the following Articles of Incorporation.
ARTICLE 1
NAME
The name of the Corporation is CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION.
ARTICLE 2
DURATION
The period of duration of the Corporation shall be perpetual.
ARTICLE 3
PURPOSE
The purpose for which the Corporation is organized is to engage in any lawful activity.
ARTICLE 4
AUTHORIZED SHARES AND ASSESSMENT OF SHARES
Section 4.01 Authorized Shares . The aggregate number of shares that the Corporation shall have the authority to issue is 25,000 shares of Capital Stock with a par value of $1.00 per share.
 
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Section 4.02 Assessment of Shares . The Capital Stock of the Corporation, after the amount of subscription price has been paid, shall not be subject to pay the debts of the Corporation, and no Capital Stock issued as fully paid up shall ever be assessable or assessed.
Section 4.03 Denial of Preemptive Rights . No shareholder of the Corporation shall have any preemptive or other right, by reason of his status as a shareholder, to acquire any unissued shares, treasury shares, or securities convertible into shares of the Capital Stock of the Corporation. This denial of preemptive rights shall, and is intended to, negate any rights which would otherwise be given to shareholders pursuant to NRS 78.265 or any successor statute.
ARTICLE 5
INITIAL RESIDENT AGENT
Section 5.01 Registered Office . The address of the registered office of the Corporation within the State of Nevada is THE PRENTICE-HALL CORPORATION SYSTEM, NEVADA, INC., whose business address is 502 East John Street, Carson City, Nevada 89706.
ARTICLE 6
DATA RESPECTING DIRECTORS
Section 6.01 Style of Governing Board . The members of the governing board of the Corporation shall be styled Directors.
 
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Section 6.02 Initial Board of Directors . The initial Board of Directors shall consist of four (4) members, who need not be residents of the State of Nevada or shareholders of the Corporation.
Section 6.03 Names and Addresses . The names and addresses of the persons who are to serve as Directors until the first annual meeting of the shareholders, or until their successors shall have been elected and qualified, are as follows:

                 Name	  	Business Address	
		
Stephen F. Bollenbach	  	9336 Civic Center Drive
Beverly Hills, CA 90210	
		
Eric M. Hilton	  	9336 Civic Center Drive
Beverly Hills, CA 90210	
		
Dieter H. Huckestein	  	9336 Civic Center Drive
Beverly Hills, CA 90210	
		
William C. Lebo, Jr.	  	9336 Civic Center Drive
Beverly Hills, CA 90210	
Section 6.04 Increase or Decrease of Directors . The number of Directors of the Corporation may be increased or decreased from time to time as shall be provided in the Bylaws of the Corporation.
Section 6.05. Indemnification of Directors . The Corporation shall, to the fullest extent permitted by the General Corporation Law of the State of Nevada, indemnify any and all persons whom it shall have power to indemnify under said Law from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said Law, and the indemnification provided
 
3

for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person. The Corporation may purchase and maintain insurance on behalf of any such person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such liability.
Section 6.06 Liability of Directors . The personal liability of the directors of the Corporation is hereby eliminated to the maximum extent permitted by the provisions of the General Corporation Law of the State of Nevada.
ARTICLE 7
DATA RESPECTING INCORPORATOR
The name and address of the incorporator of the Corporation is as follows:

                 Name	  	Business Address	
		
Mark A. Robertson	  	9336 Civic Center Drive
Beverly Hills, CA 90210	
ARTICLE 8
AMENDMENTS, ALTERATIONS, REPEALS
The Corporation reserves the right to amend, alter or repeal any provisions contained in these Articles of Incorporation in the manner now or hereafter prescribed by statute, and all rights conferred on stockholders herein are granted subject to this reservation.
 
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IN WITNESS WHEREOF, I do hereby execute these Articles of Incorporation on September 16, 1996.

/s/ Mark A. Robertson	
Mark A. Robertson	
Incorporator	

STATE OF CALIFORNIA	 	)	  		
	 	)	  	ss.	
COUNTY OF LOS ANGELES	 	)	  		
On this 16th day of September, 1996 before me, David Marote, Notary Public, personally appeared MARK A. ROBERTSON, personally known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person or entity upon behalf of which the person acted, executed the instrument.
WITNESS my hand and official seal.
[Seal]

David Marote	 		 	/s/ David Marote	
Comm. #1031494
Norary Public-California
Los Angeles County
Comm. Expires June 30, 1998	 		 	David Marote, Notary Public	
 
5

Exhibit 3.326
BYLAWS
OF
CONRAD INTERNATIONAL INVESTMENT
(JAKARTA) CORPORATION
a Nevada corporation
ARTICLE I
IDENTIFICATION
Section 1.01. Name . The name of the corporation is CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION.
Section 1.01. Registered Office . The registered office of the corporation shall be established and maintained at the office of The Prentice-Hall Corporation System, Nevada, Inc., 502 East John Street, Carson City, Nevada 89706; and The Prentice-Hall Corporation System, Nevada, Inc. shall be the resident agent at this address.
Section 1.03. Other Offices . The corporation may establish such other offices, within or without the State of Nevada, at such place or places as the Board of Directors from time to time may designate, or which the business of the corporation may require.
Section 1.04. Fiscal Year . The fiscal year of the corporation shall begin on the 1st day of January in each year and end on the 31st day of December next following.
ARTICLE II
CAPITAL STOCK
Section 2.01. Issuance of Shares . The Capital Stock may be issued for labor, services, personal property, real estate or leases thereof or for money from time to time by the Board of Directors. Treasury shares may be disposed of by the corporation for such consideration as aforesaid from time to time by the Board of Directors.
Section 2.02. Payment of Shares . The consideration for the issuance of shares may be paid, in whole or in part, in money, in other property, as aforesaid, or in labor or services actually performed for the corporation. When payment of the consideration for which shares are to be issued shall have been received by the corporation, such shares shall be deemed to be fully paid and nonassessable. Future services shall not constitute payment or part payment for shares of the corporation. In the absence of fraud in the transaction, the judgment of the Board of Directors as to the value of the consideration received for shares shall be conclusive. No certificate shall be issued for any share until the share is fully paid.

Section 2.03. Certificates Representing Shares . Each holder of the Capital Stock of the corporation shall be entitled to a certificate signed by the President or a Vice President and the Secretary or an Assistant Secretary of the corporation, certifying the number of shares owned by him in the corporation.
Section 2.04. Transfer of Stock . The corporation shall register a transfer of a stock certificate presented to it for transfer if:
(a) Endorsement . The certificate is properly endorsed by the registered holder or by his duly authorized attorney;
(b) Witnessing . The endorsement or endorsements are witnessed by one witness unless this requirement is waived by the Secretary of the corporation;
(c) Adverse Claims . The corporation has no notice of any adverse claims or has discharged any duty to inquire into any such claims; and
(d) Collection of Taxes . There has been compliance with any applicable law relating to the collection of taxes.
ARTICLE III
THE SHAREHOLDERS
Section 3.01. Place of Meetings . Meetings of the Shareholders of the corporation shall be held at the office of The Prentice-Hall Corporation System, Nevada, Inc., located at 502 East John Street, Carson City, Nevada 89706, or at any other place within or without the State of Nevada as may be designated in the notice thereof.
Section 3.02. Annual Meetings . The annual meeting of the Shareholders shall be held each year at the principal office of the corporation at the hour of 10:00 o’clock A.M. on the anniversary date of the incorporation of this corporation, if this day shall fall on a normal business day, and if not, then on the first following normal business day. Failure to hold the annual meeting at the designated time shall not work a forfeiture or dissolution of the corporation.
Section 3.03. Special Meetings . Special meetings of the Shareholders may be called by the President, the Board of Directors, or by the Secretary at the written request (stating the purpose or purposes for which the meeting is called) of the holders of not less than one-tenth of all the shares entitled to vote at the meeting.
Section 3.04. Notice of Meetings; Waiver . Written notice stating the place, day, and hour of the meeting and, in case of a special meeting the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the date of the meeting, either personally or by mail, by or at the direction of the President, the Secretary, or the officer or persons calling the meeting, to each registered holder entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the address as it appears on
 
2

the stock transfer books of the corporation, with postage on it prepaid. Waiver by a Shareholder in writing of notice of a Shareholders’ meeting shall constitute a waiver of notice of the meeting, whether executed and/or delivered before or after such meeting.
Section 3.05. Quorum . A majority of the shares entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of the Shareholders. The Shareholders present at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough Shareholders to leave less than a quorum. The act of a majority of the shares entitled to vote at a meeting at which a quorum is present shall be the act of the Shareholders, unless a greater number is required by applicable law.
Section 3.06. Proxies . A Shareholder may vote either in person or by proxy executed in writing by the Shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after six months from the date of its execution, unless otherwise provided in the proxy.
ARTICLE IV
THE BOARD OF DIRECTORS
Section 4.01. Number and Qualifications . The business and affairs of the corporation shall be managed by a Board of not less than three (3) nor more than (10) Directors. The number of Directors may be increased or decreased from time to time and at any time by the Shareholders, or Board of Directors. In no case shall the number of Directors be less than three (3), except that, in cases where all the shares of the corporation are owned beneficially and of record by either one or two Shareholders the number of Directors may be less than three (3) but not less than the number of Shareholders.
Section 4.02. Election . Members of the initial Board of Directors shall hold office until the first annual meeting of Shareholders and until their successors shall have been elected and qualified. At the first annual meeting of Shareholders and at each annual meeting thereafter, the Shareholders shall elect Directors to hold office until the next succeeding annual meeting. Each Director shall hold office for the term for which he is elected and until his successor shall be elected and qualified. Notwithstanding anything herein to the contrary, any Director may be removed from office at any time by the vote or written consent of Shareholders representing not less than two-thirds of the issued and outstanding stock entitled to vote.
Section 4.03. Vacancies . Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of the majority of the remaining Directors though less than a quorum of the Board of Directors. A Director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office, subject to removal as aforesaid.
Section 4.04. Place of Meeting . The Board of Directors, annual, regular or special, may be held either within or without the State of Nevada.
Section 4.05. Annual Meetings . Immediately after the annual meeting of the Shareholders, the Board of Directors shall meet each year for the purpose of organization, election of officers, and
 
3

consideration of any other business that may properly be brought before the meeting. No notice of any kind to either old or new members of the Board of Directors for this annual meeting shall be necessary.
Section 4.06. Other Meetings . Other meetings of the Board of Directors may be held upon notice by letter, telegram, cable, or radiogram, delivered for transmission not later than during the third day immediately preceding the day for the meeting, or by word of mouth, telephone, or radiophone received not later than during the second day preceding the day for the meeting, upon the call of the President or Secretary of the corporation at any place within or without the State of Nevada. Notice of any meeting of the Board of Directors may be waived in writing signed by the person or persons entitled to the notice, whether before or after the time of the meeting. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Directors need be specified in the notice or waiver of notice of the meeting.
Section 4.07. Quorum . A majority of the number of Directors holding office shall constitute a quorum for the transaction of business. The act of the majority of the Directors present at a meeting at which a quorum has been achieved shall be the act of the Board of Directors unless the act of a greater number is required by applicable law.
Section 4.08. Action Without A Meeting . Any action that may be taken at a meeting of the Directors, or of a committee, may be taken without a meeting if a consent in writing, setting forth the actions taken, shall be signed by all of the Directors or all of the members of the committee, as the case may be.
Section 4.09. Loans . The Board of Directors shall have the following power with respect to the lending of funds:
(a) Loan of Funds, Generally . To lend money in furtherance of any of the purposes of the corporation; to invest the funds of the corporation from time to time; and to take and hold any property as security for the payment of funds so loaned or invested; but to make no loans secured by the shares of the corporation.
(b) Loan to Employees . To lend money to its employees, other than its officers and Directors, and to otherwise assist its employees, officers, and Directors; but to make no loans secured by the shares of the corporation.
ARTICLE V
THE OFFICERS
Section 5.01. Officers . The officers of the corporation shall consist of a President, Secretary and Treasurer, and may also include a Chairman and Vice Chairman of the Board, one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers, or such other officers or assistant officers or
 
4

agents as may be provided herein, or otherwise deemed necessary, from time to time by the Board of Directors. Officers need not be Directors of the corporation. Each officer so elected shall hold office until his successor is elected and qualified, but shall be subject to removal at any time by the vote or written consent of a majority of the Directors.
Section 5.02. Vacancies . Whenever any vacancies shall occur in any office by death, resignation, increase in the number of offices of the corporation, or otherwise, the same shall be filled by the Board of Directors, and the officer so elected shall hold office until his successor is elected and qualified, subject to removal as aforesaid.
Section 5.03. The Chairman of the Board . The Chairman of the Board shall preside at all meetings of the Directors, discharge all duties incumbent upon the presiding officer, and perform such other duties as the Board of Directors may prescribe.
Section 5.04. The Vice Chairman . The Vice Chairman shall perform all duties incumbent upon the Chairman of the Board of Directors during the absence or disability of the Chairman of the Board of Directors, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.05. The President . The President shall have active executive management of the operations of the corporation, subject, however, to the control of the Board of Directors. He shall preside at all meetings of Shareholders, discharge all the duties incumbent upon a presiding officer, and perform such other duties as this Code of Bylaws provides or the Board of Directors may prescribe. The President shall have full authority to execute proxies in behalf of the corporation, to vote stock owned by it in any other corporation, and to execute powers of attorney appointing other corporations, partnerships, or individuals the agent of the corporation.
Section 5.06. The Vice President . The Vice President shall perform all duties incumbent upon the President during the absence or disability of the President, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.07. The Secretary . The Secretary shall attend all meetings of the Shareholders and of the Board of Directors, and shall keep a true and complete record of the proceedings of these meetings. He shall be custodian of the records of the corporation. He shall attend to the giving of all notices and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe.
Section 5.08. The Treasurer . The Treasurer shall keep correct and complete records of account, showing accurately at all times the financial condition of the corporation. He shall be the legal custodian of all moneys, notes, securities, and other valuables that may from time to time come into the possession of the corporation. He shall immediately deposit all funds of the corporation coming into his hands in some reliable bank or other depositary to be designated by the Board of Directors, and shall keep this bank account in the name of the corporation. He shall furnish at meetings of the Board of Directors, or whenever requested, a statement of the financial condition of the corporation, and shall perform such other duties as this Code of Bylaws may provide or the Board of Directors may prescribe. The Treasurer may be required to furnish bond in such amount as shall be determined by the Board of Directors.
Section 5.09. Transfer of Authority . In case of the absence of any officer of the corporation, or for any other reason that the Board of Directors may deem sufficient, the Board of Directors may transfer the powers or duties of that officer to any other officer or to any Director or employee of the corporation, provided a majority of the full Board of Directors concurs.
 
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ARTICLE VI
SPECIAL CORPORATE ACTS
Negotiable Instruments, Deeds and Contracts . All checks, drafts, notes, bonds, bills of exchange, and orders for the payment of money of the corporation; all deeds, mortgages, and other written contracts and agreements to which the corporation shall be a party; and all assignments or endorsements of stock certificates, registered bonds, or other securities owned by the corporation shall, unless otherwise required by law, or otherwise authorized by the Board of Directors as hereinafter set forth, be signed by the President or by any one of the following officers: Chairman, Vice Chairman, Executive Vice President, Vice President, Secretary or Treasurer. The Board of Directors may designate one or more persons, officers or employees of the corporation, who may, in the name of the corporation and in lieu of, or in addition to, those persons hereinabove named, sign such instruments; and may authorize the use of facsimile signatures of any of such persons. Any shares of stock issued by any other corporation and owned or controlled by the corporation may be voted at any Shareholders’ meeting of the other corporation by the President of the corporation, if he be present; or, in his absence, by the Secretary of the corporation and, in the event of both the President and the Secretary shall be absent, then by such person as the President and Secretary shall, by duly executed proxy, designate to represent the corporation at such Shareholders’ meeting.
ARTICLE VII
INDEMNIFICATION OF OFFICERS, DIRECTORS,
EMPLOYEES AND AGENTS; INSURANCE
Section 7.01. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and that, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct was unlawful.
 
6

Section 7.02. The corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, but no indemnification shall be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
Section 7.03. To the extent that a director, officer, employee or agent of the corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in sections 1 and 2, or in defense of any claim, issue or matter therein, he shall be indemnified by the corporation against expenses, including attorneys’ fees, actually and reasonably incurred by him in connection with such defense.
Section 7.04. Any indemnification under sections 1 and 2, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standard of conduct set forth in sections 1 and 2. Such determination shall be made:
(a) By the stockholders;
(b) By the board of directors by majority vote of a quorum consisting of directors who were not parties to such act, suit or proceeding;
(c) If such a quorum of disinterested directors so orders, by independent legal counsel in a written opinion; or
(d) If such a quorum of disinterested directors cannot be obtained, by independent legal counsel in a written opinion.
Section 7.05. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless it is ultimately determined that he is entitled to be indemnified by the corporation as authorized in this section.
 
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Section 7.06. The indemnification provided by this section:
(a) Does not exclude any other rights to which a person seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office; and
(b) Shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
Section 7.07. The corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or as serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.
ARTICLE VIII
AMENDMENTS
The power to alter, amend, or repeal this Code of Bylaws, or adopt a new Code of Bylaws, is vested in the Board of Directors, but the affirmative vote of a majority of the Board of Directors holding office shall be necessary to effect any such action.
 
8

CERTIFICATE OF SECRETARY
I hereby certify that I am the Secretary of CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION, and that the foregoing Bylaws, consisting of eight (8) pages, constitute the Bylaws of CONRAD INTERNATIONAL INVESTMENT (JAKARTA) CORPORATION, as duly adopted by the Board of Directors of the Corporation on September 18, 1996.

/s/ Cheryl L. Marsh	
Cheryl L. Marsh	
Secretary	
 
9

Exhibit 3.327

	  	Articles of Organization
Limited-Liability Company
(PURSUANT TO NRS 16)
STATE OF NEVADA
Secretary of State	  	 
Filing fee: $125            	

(For Office Use Only)	  	(For Office Use Only)	
IMPORTANT: Read instructions on reverse side before completing this form.
TYPE OR PRINT (BLACK INK ONLY)
 
1.	Name of Limited Liability Company: HILTON GRAND VACATIONS DEVELOPMENT COMPANY - LAS VEGAS, LLC	
 
2.	Dissolution Date (latest date upon which the company is to dissolve): 12/31/2097	
 
3.	Resident Agent: (designated resident agent and the STREET ADDRESS in Nevada where process may be served)	

Name of Resident Agent:	  	CSC SERVICES OF NEVADA, INC.	

Street Address: 	  	502 East John Street	  	Carson City, NV 89706      	
	  	Street No.	  	Street Name	  	Zip        	

	 	                                    Attn:       Richard Barrier	
Mailing Address (if different):	 	  9336 Civic Center Dr., Beverly Hills, CA 90210	
 
4.	Right of remaining members of the company to continue the business on the death, retirement, resignation, expulsion, bankruptcy or dissolution of a member or occurrence of any other event which terminates the continued membership of a member in the company:	
  X         YES                   NO
 
5.	Management: The company shall be managed by     X     manager(s) OR              members	
Names and addresses of manager(s) or members: (attach additional pages if necessary)

1.	 	SEE ATTACHMENT	
2.	 	 	
If managed by members, members may contract debts on behalf of the company              YES              NO
 
6.	Other matters: This form includes the minimal statutory requirements to organize under NRS 86. Please attach any other information deemed appropriate. Number of pages attached ONE (1)	
 
7.	Signature of organize(s): The name(s) and address(es) of the organizer(s) executing the articles:	

(Signature must be notarized) (Attach additional pages if there are more than two organizers.)	
			
Richard G. Barrier	 		 	 	
Name (print)	 		 		 	Name (print)	 		
9336 Civic Center Dr. Beverly Hills, CA 90210	 		 	 	
Address	 	City/State/Zip	 		 	Address	 	City/State/Zip	
/s/ Richard G. Barrier	 	12/15/97    	 		 	 	
Signature	 	Date	 		 	Signature	 	Date	

 This instrument was acknowledged before me on	 		 	This instrument was acknowledged before me on	
December 15 , 19 97 , by	 		 		 	             , 19      , by	 		
Richard G. Barrier	 		 	 	
Name of Person	 		 		 	Name of Person	
as organizer	 		 		 	as organizer	 		
of Hilton Grand Vacations Development Company - Las Vegas, LLC	 		 	of 	 	 	
(name of party on behalf of whom instrument was executed)	 		 	(name of party on behalf of whom instrument was executed)	
 	 		 	 	
/s/ David Marote
                                             [Seal]
                                             David Marote
                                             Comm.#1031494
                                             Notary Public—California
                                             Los Angeles County
                                             Comm. Expires June 30, 1998	 		 	Notary Public Signature
 	
	 		 	(affix notary stamp or seal)

8.	Certificate of acceptance of appointment of resident agent: I, CSC Services of Nevada, Inc. hereby accept appointment as resident agent for the above named limited-liability company.	

 by: /s/ [Illegible Signature]	  		  	December 17, 1997	
Signature of resident agent	  		  	Date    	

HILTON GRAND VACATIONS DEVELOPMENT
COMPANY - LAS VEGAS, LLC
MANAGEMENT COMMITTEE
Donald L. Harrill
6355 MetroWest Blvd., #180
Orlando, FL 32835
Ted Middleton
9336 Civic Center Drive
Beverly Hills, CA 90210
Antoine Dagot
6355 MetroWest Blvd., #180
Orlando, FL 32835
December 15, 1997

							
[Seal]	    	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov	  		  		
			
Amendment to
Articles of Organization
(PURSUANT TO NRS 86.221)	  		  		

USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
Certificate of Amendment to Articles of Organization
For a Nevada Limited-Liability Company
(Pursuant to NRS 86.221)
1. Name of limited-liability company:
Hilton Grand Vacations Development Company - Las Vegas, LLC.
 
2. The company is managed by:         x   Managers         OR          ¨   Members
                                                                                 (check only one box)
3. The articles have been amended as follows: (provide article numbers, if available)*
Article 1: Name of Limited Liability Company:
Hilton Grand Vacations Management, LLC.
4. Signature (must be signed by at least one manager or by a managing member):

X	 	/s/  Rebecca L. Sloan      	
	 	Signature	

*	 	1)	 	If amending company name, it must contain the words “Limited-Liability Company,” “Limited Company,” or “Limited,” or the abbreviations “Ltd.,” “L.L.C.,” or “L.C.,” “LLC” or “LC.” The word “Company” may be abbreviated as “Co.”	
			
	 	2)	 	If adding managers, provide names and addresses.	
FILING FEE: $175.00
IMPORTANT: Failure to include any of the above information and submit with the proper fees may cause this filing to be rejected.

This form must be accompanied by appropriate fees.	  	Nevada Secretary of State 86.221 DLLC Amendment
Revised: 10-16-09	

Attachments

CERTIFICATE OF AMENDMENT
TO THE
ARTICLES OF ORGANIZATION
OF
HILTON GRAND VACATIONS DEVELOPMENT COMPANY- LAS VEGAS, LLC
Hilton Grand Vacations Development Company- Las Vegas, LLC, a limited liability company organized and existing under the laws of the State of Nevada (the “Company”) pursuant to Section 86.221 of the Nevada Revised Statutes, does hereby certify as follows:
1. The name of the Company is Hilton Grand Vacations Company-Las Vegas, LLC.
2. The original Articles of Organization of the Limited Liability Company was filed with the office of the Secretary of State of Nevada on December 22, 1997.
3. The amendment of the Articles of Organization set forth herein has been duly adopted by the Managers of the Company in accordance with the provisions of Section 86.221 and 86.291 of the Nevada Revised Statutes.
4. Article First of the Articles of Organization are hereby amended to read in its entirety as follows:
“First: The name of the Limited Liability Company is Hilton Grand Vacations Management, LLC”
IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Company and on behalf of the Company in the capacity specified under the undersigned’s name, has duly executed this Certificate of Amendment as of this 12 Day of November, 2010.

/s/ Rebecca L. Sloan	
 	
Name:	 	Rebecca L. Sloan	
Title:	 	Senior Vice President, General Counsel and Secretary	

ACTION TAKEN BY WRITTEN CONSENT
OF THE SOLE MEMBER OF
HILTON GRAND VACATIONS DEVELOPMENT COMPANY-LAS VEGAS, LLC
a Nevada limited liability company
The undersigned, being the sole Member of HILTON GRAND VACATIONS DEVELOPMENT COMPANY- LAS VEGAS, LLC (the “Company”), a Nevada limited liability company, does hereby vote for, consent to, authorize and adopt the following resolutions with the same force and effect as if the undersigned had been present, either personally or by proxy, at a special meeting of the Company’s members and had voted for the same:
RESOLVED , the Limited Liability Company hereby approves changing the name of the Company from Hilton Grand Vacations Development Company- Las Vegas, LLC to “Hilton Grand Vacations Management, LLC”.
DATED: November 12, 2010

SOLE MEMBER:	 		 	HILTON RESORTS CORPORATION,
a Delaware corporation	
				
	 		 	By:	 	/s/ Rebecca L. Sloan	
	 		 		 	 	
	 		 		 	Rebecca L. Sloan	
	 		 		 	Senior Vice President	

ACTION TAKEN BY UNANIMOUS WRITTEN CONSENT
OF THE MANAGEMENT COMMITTEE OF
HILTON GRAND VACATIONS DEVELOPMENT COMPANY- LAS VEGAS, LLC
a Nevada limited liability company
The undersigned, being all of the members of the Management Committee of HILTON GRAND VACATIONS DEVELOPMENT COMPANY- LAS VEGAS, LLC (the “Company”), a Nevada limited liability company, acting pursuant to and in accordance with Section 86.291 of the Nevada Revised Statutes and the Company’s Operating Agreement do hereby vote for, consent to, authorize and adopt the following resolutions with the same force and effect as if the undersigned had been present, either personally or by proxy, at a special meeting of the Company’s Management Committee and had voted for the same:
WHEREAS, this Management Committee deems it advisable to change the Company’s name to “Hilton Grand Vacations Management, LLC”; and
WHEREAS, the Company’s sole shareholder has approved such name change by executing an Action taken by written consent dated: November 12, 2010.
THEREFORE, IT IS RESOLVED that Article First of the Company’s Articles of Organization be amended in its entirety and read as follows:
“First: The name of the Company is Hilton Grand Vacations Management, LLC”

RESOLVED FURTHER, that the appropriate officers of the corporation be and hereby are, authorized and directed to execute any and all additional documents, and take any other actions, they deem necessary or advisable in order to implement the foregoing resolutions, pursuant to the provisions of Section 86.221 of the Nevada Revised Statutes.
DATED: November 12, 2010

/s/ Mark Wang	 		 	/s/ K. Robert Kreiger	
 	 		 	 	
Mark Wang	 		 	K. Robert Kreiger	
			
/s/ Rebecca L. Sloan	 		 		
 	 		 		
Rebecca L. Sloan	 		 		

Exhibit 3.328
SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
for
HILTON GRAND VACATIONS MANAGEMENT, LLC
a Nevada limited-liability company
(the “Company”)
THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) is made effective as of October 26, 2013 by HILTON RESORTS CORPORATION, a Delaware corporation (the “Sole Member”), and each individual or business entity later subsequently admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Nevada Revised Statutes (“NRS”) Chapter 86, as amended from time to time (the “Act”), and is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of October 25, 2013 (the “Existing Agreement”); and
WHEREAS, the Sole Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated in its entirety as follows:
ARTICLE 1
Company Formation and Registered Agent
 
1.1	FORMATION. The Sole Member formed the Company subject to the provisions of the Nevada limited liability company laws currently. A Certificate of Formation was filed with the Nevada Secretary of State on December 22, 1997.	
 
1.2	NAME. The name of the Company is HILTON GRAND VACATIONS MANAGEMENT, LLC, or such other name as the Sole Member may from time to time hereafter designate.	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company shall be 2215 B Renaissance Drive, Las Vegas, NV 89119. The Company’s registered agent at such address shall be CSC Services of Nevada, Inc.	

1.4	TERM. The Company shall continue in existence through December 31, 2097, unless dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of Nevada.	
 
1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Limited Liability Company statutes of the state of Nevada.	
 
1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be 6355 MetroWest Blvd., Suite 180, Orlando, Florida 32835, or at such other place as the Managers may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s sole Member is: Hilton Resorts Corporation, 6355 MetroWest Blvd., Suite 180, Orlando, FL 32835 Jones Branch Drive, Mclean, VA	
ARTICLE 2
Capital Contributions
 
2.1	INITIAL CONTRIBUTIONS. The Sole Member initially contributed to the Company $100.00 in cash.	
 
2.2	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS and LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in-liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital	

 	account balances pursuant to Treasury Regulation 1.704-1 (b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset as set forth in Treasury Regulation 1.704:l (b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The Company shall be Management Committee managed. The name of each member of the Management Committee is set forth on Schedule A attached hereto. By a vote of the Members holding a majority of the capital interests in the Company, as set forth in Schedule B attached hereto, as amended from time to time, shall elect so many Management Committee members as the Members determine, but no fewer than one.	
 
4.2	MEMBER. The liability of the Members shall be limited as provided under the Nevada limited liability company statutes. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	
 
4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
 
 	(a)	the sale, development, lease or other disposition of the Company’s assets;	
 
 	(b)	the purchase or other acquisition of other assets of all kinds;	
 
 	(c)	the management of all or any part of the Company’s assets;	
 
 	(d)	the borrowing of money and the granting of security interests in the Company’s assets;	
 
 	(e)	the prepayment, refinancing or extension of any loan affecting the Company’s assets;	
 
 	(f)	the compromise or release of any of the Company’s claims or debts;	
 
 	(g)	the employment of persons, firms or corporations for the operation and management of the company’s business; and	
 
 	(h)	The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, and define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one	

 	officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.	
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
 
(a)	all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing Contracts, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets;	
 
(b)	all checks, drafts and other orders for the payment of the company’s funds;	
 
(c)	all promissory notes, loans, security agreements and other similar documents; and	
 
(d)	all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.	
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company ,and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties; provided, however, that the Company shall at all times have at least one officer designated as its President. The President shall oversee the operation of the Company, subject to the oversight of the Company’s Management Committee. The officers of the Company, which may be amended by Management Committee election, shall be set forth on Schedule C attached hereto.	
 
4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate, The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.50 shall be at the requesting Member’s expense.	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause or result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	

4.8	INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or instigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the company, Manager, employee or agent of the Company, or is or was serving at the request of the Company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.	
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
 
4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
 
 	(a)	a current list of the names and business addresses of each Member;	
 
 	(b)	a copy of the Certificate of Formation, this Company Operating Agreement and all amendments to both documents;	
 
 	(c)	copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and	
 
 	(d)	copies of any financial statements of the Company for the three most recent years.	
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	

ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Members capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-l (b)(2)(iv) and shall consist of his initial capital contribution increased by:	
 
 	(a)	any additional capital contribution made by him/her;	
 
 	(b)	credit balances transferred from his distribution account to his capital account;	
and decreased by:
 
 	(i)	distributions to him/her in reduction of Company capital;	
 
 	(ii)	the Member’s share of Company losses if charged to his/her capital account.	
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	

ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Nevada Limited Liability Company Act, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 25 th day of July, 2014.
SOLE MEMBER:

	 	Hilton Resorts Corporation,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	

Schedule A
Management Committee
Mark Wang
K. Robert Kreiger
Rebecca L. Sloan

Schedule B
Members

                     Name	  	Ownership Percentage	 	Address	
Hilton Resorts Corporation	  	100%	 	6355 Metro West Blvd., Suite 180, Orlando, FL 32835	

Schedule C
Officers

Officer	  	Title	
		
Mark Wang	  	President	
Michael Brown	  	Executive Vice President	
Bryan Klum	  	Executive Vice President	
K. Robert Kreiger	  	Senior Vice President	
Kevin J. Jacobs	  	Senior Vice President & Treasurer	
Rebecca L. Sloan	  	Senior Vice President	
Jerry Gibson	  	Vice President	
Kelly Lodde	  	Vice President & Secretary	
Rebekah Ellouze	  	Vice President	
Lisa Levert	  	Vice President	
Robert Shaw	  	Vice President Controller	
Justin Hensley	  	Vice President & Assistant Treasurer	
Stan Soroka	  	Vice President	
Neil Hutchinson	  	Vice President	
Neil Peraza	  	Vice President	
Stephanie Chong-Kuma	  	Vice President	
Michael Hilton	  	Vice President	
Michael Elliott	  	Vice President	
Leslie A. Pchola	  	Vice President	
Brad Hutton	  	Vice President	
Kelly Olinger	  	Vice President	

Exhibit 3.329

Exhibit 3.330
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY (OPERATING) AGREEMENT
OF
Hilton Holdings, LLC
This Amended and Restated Limited Liability Company (Operating) Agreement (this “ Agreement ”) of Hilton Holdings, LLC, a Nevada limited liability company (the “ Company ”), is entered into as of October 25, 2013, by Hilton Worldwide, Inc. (formerly known as Hilton Hotels Corporation), a Delaware corporation, as the sole manager (the “ Manager ”) and the sole member of the Company (the “ Member ,” together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Nevada Revised Statutes (“ NRS ”) Chapter 86, as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
WHEREAS, the Manager desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Grand Vacations Management, LLC, or such other name as the Manager may from time to time hereafter designate and upon amending or amending and restating the Company’s Articles of Organization, as provided in NRS Section 86.221.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Nevada is c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Nevada is c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Manager. The Manager shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by a manager under the laws of the State of Nevada. The Manager and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Manager or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all documents, lists, forms or certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Nevada. The Manager or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Manager and with such powers as authorized by the Manager. The officers of the Company, which may be amended by Manager consent, shall be as set forth on Schedule B attached hereto. The Manager may remove any officer at any time, with or without cause.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Manager, or (b) the entry of a decree of judicial dissolution.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Manager or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by Manager consent.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
-2-

12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Manager. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a substitute member of the Company upon the approval of the Manager and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign or withdraw from the Company before the dissolution and winding up of the Company, except to the extent provided in NRS Section 78.331(1).
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Manager.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification; Advancement of Expenses . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company. The Company shall pay the expenses of the Manager and Members incurred in defending a civil or criminal action, suit or proceeding as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the Manager or Member to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the company. The provisions of this Section do not affect any rights to advancement of expenses to which personnel of the Company other than the Manager or Members may be entitled under any contract or otherwise by law.
 
-3-

18. Amendments . This Agreement may be amended or amended and restated only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member and no judgment creditor of any Member or assignee may become a substitute member, or assignee in the Company under any circumstance, except as specifically provided in NRS Section 86.401.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Nevada, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company (Operating) Agreement as of the date first above written.

MEMBER :	
	
HILTON WORLDWIDE, INC. ,	
a Delaware corporation	
		
By:	 	/s/ W. Steven Standefer	
	 	Name:	 	W. Steven Standefer	
	 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company (Operating) Agreement – Hilton Holdings, LLC ]

Schedule A
Members

Name	 	Ownership
Percentage	 	Address	
Hilton Worldwide, Inc.	 	100%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.331

Exhibit 3.332
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY (OPERATING) AGREEMENT
OF
Hilton Hospitality, LLC
This Amended and Restated Limited Liability Company (Operating) Agreement (this “ Agreement ”) of Hilton Hospitality, LLC, a Nevada limited liability company (the “ Company ”), is entered into as of October 25, 2013, by 90210 LLC, a Delaware limited liability company, Hampton Inns LLC, a Delaware limited liability company, Promus Hotels LLC, a Delaware limited liability company, and Doubletree Hotels LLC, an Arizona limited liability company, each as a manager (together, the “ Managers ”) and a member of the Company (the “ Members ,” together with each other person admitted to the Company in accordance with the terms of this Agreement, until such time as such person ceases to be a member of the Company, individually, a “ Member ” and collectively, the “ Members ”).
WHEREAS, the Company was formed as a limited liability company pursuant to and in accordance with the Nevada Revised Statutes (“ NRS ”) Chapter 86, as amended from time to time (the “ Act ”), and is currently governed by the Limited Liability Company Agreement of the Company dated as of October 24, 2007 (the “ Existing Agreement ”); and
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the limited liability company is Hilton Grand Vacations Management, LLC, or such other name as the Managers may from time to time hereafter designate and upon amending or amending and restating the Company’s Articles of Organization, as provided in NRS Section 86.221.
2. Purpose . The object and purpose of, and the nature of the business to be conducted and promoted by, the Company is engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary or incidental to the foregoing.
3. Registered Office . The address of the registered office of the Company in the State of Nevada is c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
4. Registered Agent . The name and address of the registered agent of the Company for service of process on the Company in the State of Nevada is c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706.
5. Members . Each of the Members set forth on Schedule A attached hereto are members of the Company. The names, addresses and membership interests of the Members are set forth on Schedule A , as may be amended. The membership interests, as such interest may be adjusted from time to time, shall be set forth in the books and records of the Company.

6. Powers . The management of the Company shall be vested in the Managers. The Managers shall have the power to do any and all acts necessary or convenient to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by managers under the laws of the State of Nevada. The Managers and each officer of the Company with a title of Chief Executive Officer, Chief Financial Officer, General Counsel, President, Executive Vice President, Senior Vice President, Vice President, Secretary, Treasurer, Assistant Secretary or Assistant Treasurer (each a “ Designated Officer ”) is a designated “authorized person” within the meaning of the Act. The Managers or any Designated Officer, as an authorized person, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all documents, lists, forms or certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Nevada. The Managers or any Designated Officer shall execute, deliver and file, or cause the execution, delivery and filing of, any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.
7. Officers . The Company may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chief executive officer”, “chief financial officer” “general counsel”, “president”, “executive vice president”, “senior vice president”, “vice president”, “principal”, “secretary”, “treasurer”, “assistant secretary”, “assistant treasurer”, “director” and “manager”, as and to the extent authorized by the Managers and with such powers as authorized by the Managers. The officers of the Company, which may be amended by consent of the Managers, shall be as set forth on Schedule B attached hereto. The Managers may remove any officer at any time, with or without cause.
8. Dissolution . The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (a) the written consent of the Managers, or (b) the entry of a decree of judicial dissolution.
9. Liquidation . Upon dissolution pursuant to Section 8 , the Company’s business and assets shall be liquidated in an orderly manner. The Managers or their designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Members shall make contributions to the Company in an amount approved by the Members. No Member shall be required or permitted to make any additional contributions without the consent of all of the Members. The percentage interest of each Member in the Company shall be as set forth in the books and records of the Company, as amended from time to time by consent of the Managers.
11. Allocation of Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth in the books and records of the Company, as amended from time to time.
 
-2-

12. Distributions . Distributions shall be made to the Members at the times and in the aggregate amounts determined by the Members.
13. Assignments . No Member may sell, assign, encumber or otherwise transfer in whole or in part its limited liability company interest at any time to any person or entity without the consent of the Managers. If a Member transfers its limited liability company interest in the Company, the transferee may be admitted to the Company as a substitute member of the Company upon the approval of the Managers and such transferee’s execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, as this Agreement may be amended or restated, which instrument may be a counterpart signature page to this Agreement or a restatement thereof. Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to a Member by merger or consolidation shall, without further act, be a Member hereunder without any action by any person or entity, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and Company shall continue without dissolution.
14. Resignation . No Member may resign or withdraw from the Company before the dissolution and winding up of the Company, except to the extent provided in NRS Section 78.331(1).
15. Admission of Additional Members . One or more additional members of the Company may be admitted to the Company with the consent of the Managers.
16. Liability of Members . The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.
17. Indemnification; Advancement of Expenses . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Members, their affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company. The Company shall pay the expenses of the Managers and Members incurred in defending a civil or criminal action, suit or proceeding as they are incurred and in advance of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the Managers or Member to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by the company. The provisions of this Section do not affect any rights to advancement of expenses to which personnel of the Company other than the Managers or Members may be entitled under any contract or otherwise by law.
 
-3-

18. Amendments . This Agreement may be amended or amended and restated only by written instrument executed by all of the Members.
19. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member and no judgment creditor of any Member or assignee may become a substitute member, or assignee in the Company under any circumstance, except as specifically provided in NRS Section 86.401.
20. Governing Law . This Agreement shall be governed by, and construed under, the laws of the State of Nevada, all rights and remedies being governed by said laws.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
 
-4-

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company (Operating) Agreement as of the date first above written.

MEMBERS :	
		
	 	90210 LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
		
	 	Hampton Inns LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
		
	 	Promus Hotels LLC ,	
	 	a Delaware limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
		
	 	Doubletree Hotels LLC ,	
	 	an Arizona limited liability company	
			
	 	By:	 	/s/ W. Steven Standefer	
	 		 	Name:	 	W. Steven Standefer	
	 		 	Title:	 	Senior Vice President	
[ Amended and Restated Limited Liability Company (Operating) Agreement – Hilton Hospitality, LLC ]

Schedule A
Members

Name	 	 	 	Ownership
Percentage	 	Address	
90210 LLC	 		 	50.36%	 	7930 Jones Branch Drive
McLean, Virginia 22102	
Hampton Inns LLC	 		 	18.73%	 	7930 Jones Branch Drive
McLean, Virginia 22102	
Promus Hotels LLC	 		 	12.39%	 	7930 Jones Branch Drive
McLean, Virginia 22102	
Doubletree Hotels LLC	 		 	18.52%	 	7930 Jones Branch Drive
McLean, Virginia 22102	

Schedule B
Officers

Officer	  	Title	
		
Christopher Nassetta	  	Chief Executive Officer and President	
		
Kevin J. Jacobs	  	Executive Vice President and Chief Financial Officer	
		
Kristin Campbell	  	Executive Vice President, General Counsel and Secretary	
		
Sean Dell’Orto	  	Senior Vice President and Treasurer	
		
W. Steven Standefer	  	Senior Vice President	
		
Keith Clampet	  	Senior Vice President	
		
Joseph Berger	  	Senior Vice President	
		
Owen Wilcox	  	Assistant Secretary	
		
Deanne Brand	  	Assistant Treasurer	
		
Fred Schacknies	  	Assistant Treasurer	
		
Alexandra Neely	  	Assistant Treasurer	
		
Justin Hensley	  	Assistant Treasurer	

Exhibit 3.333

[SEAL]	 	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov	

 
Articles of Conversion    
(PURSUANT TO NRS 92A.205)    
Page 1    

			
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
Articles of Conversion
(Pursuant to NRS 92A.205)
 
 	1.	Name and jurisdiction of organization of constituent entity and resulting entity:	

HILTON ILLINOIS CORPORATION	
Name of constituent entity	 		 		
	 		 		
NEVADA	 		 	CORPORATION	
Jurisdiction	 		 	Entity type *	
			
and,	 		 		
	 		 		
HILTON ILLINOIS, LLC	
Name of resulting entity	 		 		
	 		 		
NEVADA	 		 	LIMITED LIABILITY COMPANY	
Jurisdiction	 		 	Entity type *	
 
 	2.	A plan of conversion has been adopted by the constituent entity in compliance with the law of the jurisdiction governing the constituent entity.	
 
 	3.	Location of plan of conversion: (check one)	

x	 	The entire plan of conversion is attached to these articles.	
		
¨	 	The complete executed plan of conversion is on file at the registered office or principal place of business of the resulting entity.	
		
¨	 	The complete executed plan of conversion for the resulting domestic limited partnership is on file at the records office required by NRS 88.330.	
 
*	corporation, limited partnership, limited-liability limited partnership, limited-liability company or business trust.	

This form must be accompanied by appropriate fees.	  		  	Nevada Secretary of State 92A Conversion Page 1	
	  		  	Revised: 8-31-11	

			
[SEAL]	 	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov	

 
Articles of Conversion    
(PURSUANT TO NRS 92A.205)    
Page 2    

			
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
 
 	4.	Forwarding address where copies of process may be sent by the Secretary of State of Nevada (if a foreign entity is the resulting entity in the conversion):	

Attn:  	 	 	
	 		
c/o:  	 	 	

	 	 	
 
 	5.	Effective date and time of filing: (optional) (must not be later than 90 days after the certificate is filed)	

	 	Date: 	 	MARCH 1, 2014	 		 	Time: 	 	 	
 
 	6.	Signatures - must be signed by:	
1. If constituent entity is a Nevada entity: an officer of each Nevada corporation; all general partners of each Nevada limited partnership or limited-liability limited partnership; a manager of each Nevada limited-liability company with managers or one member if there are no managers; a trustee of each Nevada business trust; a managing partner of a Nevada limited-liability partnership (a.k.a. general partnership governed by NRS chapter 87).
2. If constituent entity is a foreign entity: must be signed by the constituent entity in the manner provided by the law governing it.

HILTON ILLINOIS CORP.	
	
Name of constituent entity	
						
X /s/ Sean Dell’Orto	 		  		 		 		 		

	 		  		 		 		 		
	 		  	Senior Vice President & Treasurer	 		 	2/27/14	
Signature	 		  	Title	 		 		 	Date	
 
*	Pursuant to NRS 92A.205(4) if the conversion takes effect on a later date specified in the articles of conversion pursuant to NRS 92A.240, the constituent document filed with the Secretary of State pursuant to paragraph (b) subsection 1 must state the name and the jurisdiction of the constituent entity and that the existence of the resulting entity does not begin until the later date. This statement must be included within the resulting entity’s articles.	
FILING FEE: $350.00
IMPORTANT: Failure to include any of the above information and submit with the proper fees may cause this filing to be rejected.

This form must be accompanied by appropriate fees.	  		  	Nevada Secretary of State 92A Conversion Page 2	
	  		  	Revised: 8-31-11	

ARTICLES OF CONVERSION
Pursuant to the provisions of Section 92A.005 et seq . of the Nevada Revised Statutes (the “NRS”), the undersigned Constituent Entity and Resulting Entity hereby certify as of September 1, 2009 that the following Articles of Conversion (the “Articles of Conversion”) have been adopted for the purpose of effecting a conversion of HILTON ILLINOIS CORP., a Nevada corporation (the “Constituent Entity”) into HILTON ILLINOIS, LLC, a Nevada limited-liability company (the “Resulting Entity”), in accordance with the provisions of the NRS.
 
1.	The name and jurisdiction of organization of the Constituent Entity and Resulting Entity are as follows:	
 
 	(a)	The name and jurisdiction of organization of the Constituent Entity is HILTON ILLINOIS CORP., which was organized as a Nevada corporation pursuant to the Nevada Revised Corporation Act as it existed at the time the Constituent Entity was formed on August 24, 1995.	
 
 	(b)	The name and jurisdiction of organization of the Resulting Entity is HILTON ILLINOIS, LLC, which shall be organized pursuant to NRS Chapter 86 and effective upon filing of the Articles of Conversion.	
 
2.	The undersigned declares that a plan of conversion has been adopted by the Constituent Entity in compliance with NRS 92A.105, and which permits the conversion of the Constituent Entity into the Resulting Entity pursuant to the Plan of Conversion.	
 
3.	The Entire Plan of Conversion is attached to the Articles of Conversion as Exhibit A .	
 
4.	Because the Resulting Entity shall be a Nevada limited-liability company, there is no need to provide the forwarding address where copies of process may be sent by the Secretary of State of Nevada, as otherwise required by NRS 92A.205(2)(c).	
 
5.	The Effective Date of the Articles of Conversion shall be March 1, 2014.	
 
6.	Signatures—signed by the General Officer of the Constituent Entity and the Manager of the Resulting Entity.	

“Constituent Entity”	 		 	“Resulting Entity”	
			
HILTON ILLINOIS CORP.,	 		 	HILTON ILLINOIS, LLC,	
a Nevada Corporation	 		 	a Nevada limited liability company	
			
/s/ Sean Dell’Orto	 		 	/s/ Sean Dell’Orto	
 	 		 	 	
By:	 	Sean Dell’Orto	 		 	By:	 	Sean Dell’Orto	
Its:	 	Senior Vice President & Treasurer	 		 	Its:	 	Senior Vice President & Treasurer	
 
- 1 -

EXHIBIT A
PLAN OF CONVERSION
OF
HILTON ILLINOIS CORP.
RECITALS
WHEREAS, the General Officer of HILTON ILLINOIS CORP. , a Nevada corporation (the “Constituent Entity”), determined that it would be in the interests of the Constituent Entity, and all officers thereto to convert the Constituent Entity into a limited-liability company organized under and pursuant to the laws of the State of Nevada, including the Nevada Revised Statutes (the “NRS”), which shall be known as HILTON ILLINOIS, LLC, a Nevada limited-liability company (the “Resulting Entity”); and
WHEREAS, applicable laws of the State of Nevada, including Section 92A.005 et seq. of the NRS, authorize such conversion upon compliance with certain legal requirements provided therein; and
NOW, THEREFORE, the following Plan of Conversion is adopted:
PLAN OF CONVERSION
1. The above recitals are hereby incorporated by reference.
2. The Plan of Conversion shall be consummated upon filing the Articles of Conversion with the Nevada Secretary of State and approval by an Officer of the Constituent Entity and the Manager of the Resulting Entity below, which approval shall be deemed to include approval of the following:
(a) Approval of the Plan of Conversion of the Constituent Entity and the Resulting Entity by an Officer of the Constituent Entity and the Manager of the Resulting Entity;
(b) Approval of the execution and filing of the Articles of Conversion of the Constituent Entity with the Nevada Secretary of State;
(c) Approval of the Articles of Organization and Operating Agreement of the Resulting Entity by the Manager of the Resulting Entity;
(c) Approval of the execution and filing of the Articles of Organization of the Resulting Entity with the Nevada Secretary of State, a copy of which is attached hereto as Exhibit 1 .
(d) Approval of the execution and filing of the Operating Agreement of the Resulting Entity which is on file at the registered office of the Resulting Entity.
2. The number and classes of membership units of the Resulting Entity upon the consummation of the Plan of Conversion shall be as follows:
(a) One Thousand (1,000) Voting Units (100% Voting Membership Interest);
 
- 2 -

3. Each of the Officers of the Constituent Entity shall receive the percentage interest in profits and capital of the Resulting Entity equal to such Officer’s percentage interest in profits and capital of the Constituent Entity immediately prior to consummation of the Plan of Conversion.
4. Each of the membership units of the same class of the Resulting Entity shall be treated equally with respect to any distribution of cash, property, rights, interests or securities of the Constituent Entity.
5. The existence of the Constituent Entity shall automatically terminate when its conversion into the Resulting Entity is consummated, and the Resulting Entity shall be considered the same business and corporate entity the Constituent Entity. Any reference to the Constituent Entity in any third-party agreement or corporate document shall be considered a reference to the Resulting Entity if not inconsistent with the provisions of the corresponding third-party agreement or corporate document.

“Constituent Entity”	 		 	“Resulting Entity”	
			
HILTON ILLINOIS CORP.,	 		 	HILTON ILLINOIS, LLC,	
a Nevada corporation	 		 	a Nevada limited liability company	
			
/s/ Cami M. Perkins	 		 	/s/ Cami M. Perkins	
 	 		 	 	
By:	 	Attorney in fact	 		 	By:	 	Attorney in fact	
 Its:	 		 		 	Its:	 		
 
- 3 -

			
[SEAL]	  	ROSS MILLER
Secretary of State
204 North Carson Street, Suite 4
Carson City, Nevada 89701-4520
(775) 684-5708
Website: www.nvsos.gov	

 
Articles of Organization
Limited-Liability Company
(PURSUANT TO NRS CHAPTER 86)

			
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	

1. Name of Limited-Liability Company: (must contain approved limited-liability company wording; see instructions)	 	HILTON ILLINOIS, LLC	 	Check box if a
Series Limited-
Liability Company
¨	 	Check box if a
Restricted Limited- Liability Company
¨	

2. Registered Agent for Service of Process: (check only one box)	 	x Commercial Registered Agent:	 	CSC SERVICES OF NEVADA, INC.	
	 		 		 		 	Name	 		 		 		 		 		 	 	
	 	¨  Noncommercial Registered Agent
          (name and address below)	 	OR	 	¨ Office or Position with Entity
       (name and address below)	
	 	 	
	 	Name of Noncommercial Registered Agent OR Name of Title of Office or Other Position with Entity	
	 	 	 	 	 	Nevada 	 	 	
	 	Street Address	 		 	City	 		 		 		 		 	Zip Code    	
	 	 	 	 	 	        	 	        	 	    	 	Nevada 	 	 	
	 	Mailing Address (if different from street address)	 	City	 		 		 		 		 	Zip Code	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3. Dissolution Date: (optional)	 	Latest date upon which the company is to dissolve (if existence is not perpetual):	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
4. Management: (required)	 	Company shall be managed by:	 	¨  Manager(s)	 	            OR              x  Member(s)	 		 	 	
	 		 		 		 	(check only one box)	 		 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
5. Name and Address of each Manager or Managing Member: (attach additional page if more than 3)	 	1)	 	HILTON WORLDWIDE, INC.	
	 		 	Name	 		 		 		 		 		 		 		 	 	
	 	2711 CENTERVILLE RD., STE. 400	 	WILMINGTON	 	DE 	 	19808	
	 	Street Address	 		 	City	 		 		 		 	State	 	Zip Code	
	 	2)	 	 	
	 		 	Name	 		 		 		 		 		 		 		 	 	
	 	 	 	 	 	 	 	 	
	 	Street Address	 		 	City	 		 		 		 	State	 	Zip Code	
	 	3)	 	 	
	 		 	Name	 		 		 		 		 		 		 		 	 	
	 	 	 	 	 	 	 	 	
	 	Street Address	 		 	City	 		 		 		 	State	 	Zip Code	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
6. Effective Date and Time: (optional)	 	Effective Date:	 	03/01/14	 	Effective Time: 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
7. Name, Address and Signature of Organizer: (attach additional page if more than 1 organizer)	 	I declare, to the best of my knowledge under penalty of perjury, that the information contained herein is correct and acknowledge that pursuant to NRS 239.330, it is a category C felony to knowingly offer any false or forged instrument for filing in the Office of the Secretary of State.	
	 		 		 		 		 	X      /s/ [Illegible Signature]	
	 	HUTCHISON & STEFFEN, LLC	 		
	 	Name	 		 		 	Organizer Signature	 	 	
	 	10080 W. ALTA DR., STE. 200	 	LAS VEGAS	 	NV 	 	89145	
	 	Address	 		 		 	City	 		 		 		 	State	 	Zip Code	
8. Certificate of Acceptance of Appointment of Registered Agent:	 	I hereby accept appointment as Registered Agent for the above named Entity.	
	 		 	/s/ Cami M. Perkins	 		 		 		 	 	
	 	X	 		 	2/27/14	
 	 	Authorized Signature of Registered Agent or On Behalf of Registered Agent Entity	 	Date	 	 	 	 	 	 	
			
This form must be accompanied by appropriate fees.	  	Nevada Secretary of State NRS 86 DLLC Articles
Revised: 7-26-13	

EXHIBIT 1
ARTICLES OF ORGANIZATION
OF
HILTON ILLINOIS, LLC
ARTICLE I
SECTION 1.1 NAME OF LIMITED-LIABILITY COMPANY. The name of the limited-liability company is HILTON ILLINOIS, LLC (the “Company”).
ARTICLE II
SECTION 2.1 AGENT FOR SERVICE OF PROCESS. The name and address of the resident agent for service of process is CSC Services of Nevada, Inc., 2215-B Renaissance Drive, Las Vegas, NV 89119. The Company may maintain an office, or offices within or without the State of Nevada as may from time to time be designated by the Manager, or by the Operating Agreement of the Company, and may conduct all company business of every kind and nature, including the holding of all meetings of Members and Managers outside the State of Nevada as well as within the State of Nevada.
SECTION 2.2 ORGANIZER. The name and address of the organizer is:

Name	  	Address	
		
CAMI PERKINS, ESQ.	  	HUTCHISON & STEFFEN, LLC	
	  	10080 West Alta Drive, Suite 200	
	  	Las Vegas, Nevada 89145	
ARTICLE III
SECTION 3.1 COMPANY PURPOSE. The purpose or purposes for which the Company is organized are:
To engage, without qualification, in any lawful act or activity for which limited-liability companies may be organized under the laws of the State of Nevada.
ARTICLE IV
SECTION 4.1 MEMBERSHIP UNITS. The total number of membership units the Company is authorized to issue shall be One Thousand (1,000) units, par value of $0.001 per unit, all of which units shall be of a single class.
SECTION 4.2 VOTING POWER FOR HOLDERS OF MEMBERSHIP UNITS. Only the holder(s) of the Voting Units (Voting Membership Interest) shall be entitled to one (1) vote for each Voting Unit held by him or her on all matters submitted to members for a vote.

ARTICLE V
SECTION 5.1 MANAGEMENT. The Company shall be managed by a manager or managers, who shall be elected by the members in a manner prescribed in the Operating Agreement of the Company. The manager and such other persons or officers as the members may designate in the Operating Agreement of the Company, shall have the right and authority to incur any debt, obligation or liability on behalf of, and in the name of, the Company. The manager and such other persons or officers as the members may designate in the Operating Agreement of the Company, shall hold the offices and have the responsibilities accorded to him or her by the members in the Operating Agreement. The number of managers of the Company may be increased or decreased from time to time in the manner prescribed in the Operating Agreement of the Company. The name and address of the person who is to serve as the initial manager until his successor is duly elected and qualified, is:

Name	  	Address	
		
HILTON WORLDWIDE, INC.,	  	2711 Centerville Road, Suite 400	
a Delaware corporation	  	Wilmington, DE 19808	
ARTICLE VI
SECTION 6.1 PRE-EMPTIVE RIGHTS. No membership unit holder shall be entitled as a matter of right to subscribe for or receive additional membership units of any class of membership units of the Company, whether now or hereafter authorized, or any bonds, debentures or other securities convertible into membership units, but such additional membership units or other securities convertible into membership units may be issued or disposed of by the manager or managers to such persons and on such terms as in his or her discretion shall deem advisable.
ARTICLE VII
SECTION 7.1 EXISTENCE. Except as otherwise provided in the Operating Agreement of the Company in effect from time to time, the Company is to have perpetual existence.
ARTICLE VIII
SECTION 8.1 OPERATING AGREEMENT. The members of the Company shall adopt a written operating agreement (the “Operating Agreement”), which Operating Agreement shall govern the affairs of the Company and the conduct of its business. The Operating Agreement may, from time to time, be repealed, amended or altered in the manner set forth in the Operating Agreement of the Company.
ARTICLE IX
SECTION 9.1 AMENDMENT OF ARTICLES OF ORGANIZATION. The Company reserves the right to amend, alter, change or repeal any provision contained in these Articles of Organization, in a manner now or hereafter prescribed by statute, or by the Articles of Organization, and all rights conferred upon membership unit holders are granted subject to this reservation.

ARTICLE X
SECTION 10.1 MEETINGS OF MEMBERSHIP UNIT HOLDERS. Meetings of the membership unit holders may be held at such place within or outside the State of Nevada, only as necessary pursuant to the terms of the Operating Agreement. The books of the Company may be kept (subject to any provision contained in the Nevada Revised Statutes) outside the State of Nevada at such place or places as may be designated from time to time by the manager or managers or in the Operating Agreement of the Company.
ARTICLE XI
SECTION 11.1 LIABILITY AND INDEMNIFICATION. Unless otherwise provided by an agreement signed by the member to be charged, no member of the Company is individually liable for the debts or liabilities of the Company. The Company may indemnify any member, manager, officer, employee or agent of the Company to the fullest extent allowed by law.
IN WITNESS WHEREOF, the undersigned party set forth his hand this 26 th day of February, 2014.

/s/ Cami M. Perkins	
 	
By:	 	Cami M. Perkins, Esq.	
Its:	 	Organizer	

CERTIFICATE OF ACCEPTANCE
OF
APPOINTMENT AS RESIDENT AGENT
OF
HILTON ILLINOIS, LLC
In the matter of HILTON ILLINOIS, LLC , a Nevada limited-liability company, CSC Services of Nevada, Inc., 2215-B Renaissance Dr., Las Vegas, NV 89119, County of Clark, State of Nevada, hereby accepts the appointment as Resident Agent of the above-entitled Company in accordance with the NRS. Furthermore, that the registered office in Nevada is located at the same address.
IN WITNESS WHEREOF, I have hereunto set my hand this 26 th day of February 2014, for the above-named business entity.

/s/ Cami M. Perkins	
 	
By:	 		
Its:	 		

			
[SEAL]	  	ROSS MILLER	
	  	Secretary of State	
	  	202 North Carson Street	
	  	Carson City, Nevada 89701-4201	
	  	(775) 684-5708	
	  	Website: www.nvsos.gov	

 
Registered Agent
Acceptance
(PURSUANT TO NRS 77.310)

					
This form may be submitted by: a Commercial Registered Agent, Noncommercial Registered Agent or Represented Entity. For more information please visit http://www.nvsos.gov/index.aspx?page=141	 		 		

USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
Certificate of Acceptance of Appointment by Registered Agent

 
In the matter of  	 	HILTON ILLINOIS, LLC
 	
	 	Name of Represented Business Entity	

I,    	 	CSC SERVICES OF NEVADA, INC.	  	 	am a:	  	
	 	Name of Appointed Registered Agent OR Represented Entity Serving as Own Agent*	  				
(complete only one)

	 	a)	 	x	 	commercial registered agent listed with the Nevada Secretary of State,	
	 	 
b)	 	 
¨	 	 
noncommercial registered agent with the following address for service of process:
 	
	 	 	 	 	 	 	 		 	 	 	Nevada 	 	 	
	 		 	Street Address
 	 		 	City	 		 	Zip Code        	
	 		 	 	 	 	 		 	 	 	Nevada 	 	 	
	 		 	Mailing Address (if different from street address)
 	 		 	City	 		 	Zip Code	
	 	c)	 	¨	 	represented entity accepting own service of process at the following address:

	 		 	Title of Office or Position of Person in Represented Entity
 	
	 	 	 	 	 	 	 		 	 	 	Nevada 	 	 	
	 		 	Street Address
 	 		 	City	 		 	Zip Code	
	 	 	 	 	 	 	 		 	 	 	Nevada 	 	 	
	 		 	Mailing Address (if different from street address)	 		 	City	 		 	Zip Code	

					
and hereby state that on 	 	  2-28-14            	 	  I accepted the appointment as registered agent for the above named business entity.	
	 	– Date	 		

X            /s/ Cami M. Perkins	 		 		 		
	 		 	    2-28-14	 		
 	 		 		 		
Authorized Signature of R.A. or On Behalf of R.A. Company	 		 	Date	 		

*  If changing Registered Agent when reinstating, officer’s signature required.
 	
 	 	X            /s/ Cami M. Perkins	 		 		 	 	

 	 	 	 		 		 	 	
 	 	Signature of Officer	 	 	 	Date	 	 	
Nevada Secretary of State Form RA Acceptance
Revised: 5-7-13

Exhibit 3.334
OPERATING AGREEMENT
OF
HILTON ILLINOIS, LLC
1. General . This Operating Agreement (this “Agreement”) of HILTON ILLINOIS, LLC, a Nevada limited liability company formed by the filing of Articles of Organization with the Secretary of State of Nevada on March 1, 2014, (“Articles”), is entered into by the undersigned, being all of the members of the Company. The members agree to conduct the Company’s affairs in a manner consistent with the Nevada Limited Liability Company Act, as amended (“Act”), the Articles and this Agreement. In the event of any conflict between this Agreement and the Act, this Agreement shall control to the extent permitted by law, including with respect to those matters requiring approval of the members.
2. Term . The duration of the Company shall be perpetual unless the Company is earlier dissolved as provided for by law, the Articles, or by agreement of members holding membership interests totaling more than 50% (a “Majority of the Members”).
3. Management by Members . The Articles provide for management of the Company by a Managing Member (the “Managing Member”). This Agreement specifies those matters requiring approval of the members and the authority of the Managing Member with respect to the management of the Company. Any act or transaction that requires the approval of the members under this Agreement or the Articles shall require the approval of a Majority of the Members unless this Agreement or the Articles expressly provides that such act or transaction requires the approval of some other proportion of the members, such as all members.
4. Percentage Interests and Voting . Each member has the percentage interest set forth on Exhibit A opposite the name of the member. Each member shall have that number of votes equal to the product of the member’s percentage interest multiplied by 1,000. The members may vote at a meeting of the members or may take action by written consent signed by all of the members. Any written consent and minutes of any meetings of the members shall be maintained in the Company’s records. Any transferee of a member not admitted as a substitute member in accordance with this Agreement will not have voting rights, and in any such circumstance all voting rights of the members will be held by the remaining members.
5. Managing Member . The current Managing Member is named in the Articles and is HILTON WORLDWIDE, Inc. Subject to obtaining the approval of the members for any matter that under the express provisions of the Articles or this Agreement requires the approval of the members, the Managing Member shall have all necessary power and authority to act on behalf of the Company with respect to all matters, including all necessary power and authority to execute agreements and otherwise make commitments on behalf of the Company and to cause the expenditure of funds of the Company. The Managing Member may at any time resign by notice to all of the members or be removed by a vote of a Majority of the Members. A successor Managing Member may be elected from time to time from among the members by a Majority of the Members.

6. Matters Requiring Member Approval . In addition to any other matter that this Agreement provides requires the consent of all of the members, (i) the amendment of this Agreement or the Articles, (ii) the compromise of any contribution obligation approved by all of the members and (iii) the issuance of a new interest by the Company and admission of the recipient of such interest as an additional member shall each require the approval of all members. The approval of a Majority of the Members shall be required for each of the following:
(a) any dissolution of the Company by agreement of the members;
(b) the sale, lease, exchange, mortgage, pledge or other transfer of all or substantially all of the Company’s property;
(c) any merger or conversion involving the Company;
(d) the incurrence of indebtedness by the Company ( other than trade credit incurred in the ordinary course of business, which shall be within the authority of the Managing Member);
(e) any transaction involving any actual or potential conflict of interest between a member and the Company; and
(f) any other matter specified in the Articles, this Agreement or the Act as requiring member approval if the Articles or this Agreement do not specify another percentage in interest of the members required for approval.
7. Limited Liability; Indemnification . The liability of the members shall be limited to the fullest extent permitted by law, and a member is not personally liable for a debt, obligation or liability of the Company solely by reason of being or acting as a member. The Managing Member is an agent of the Company and as such shall be entitled to indemnification pursuant to the Articles.
8. Capital Contributions; Capital Accounts . No member will be obligated to make any capital contribution to the Company except for any capital contribution agreed upon by all members. Each member will be obligated to contribute the member’s proportionate share (based on percentage interests) of any contribution approved by all of the members. If any member fails to contribute the amount agreed upon to be contributed by each member, in addition to the right of the Company to pursue all remedies available at law or in equity against the defaulting member, any member making such member’s contribution pursuant to such agreement may either withdraw the amount then contributed or elect to treat the same as a loan to the Company bearing interest at the prime rate as reported in The Wall Street Journal on the date contributed to the Company plus 5%. Any such loan shall be repaid by the Company before the Company makes any distributions to the members. No member may otherwise withdraw any capital contribution without the unanimous consent of the members. No member shall have personal liability for the repayment of any capital contribution of any other member. The Company’s accountant shall maintain a separate capital account for each member. No member shall be entitled to any interest on the balance in the member’s capital account.
 
2

9. Allocation of Profits and Losses . Profits and losses shall be allocated to the members in accordance with their percentage interests, subject to any requirements to the contrary under the Treasury Regulations under Section 704 of the Internal Revenue Code of 1986, as amended.
10. Distributions . The Company may from time to time, at the direction of either the Managing Member or a Majority of the Members, make distributions to the members in accordance with their percentage interests; provided that the Company shall first repay any loan to the Company arising as provided in Section 8. Any distribution to the members shall be in such amount as either the Managing Member or a Majority of the Members may approve. Notwithstanding the foregoing, however, the Company shall not make any distribution in excess of the amount the Company is permitted to distribute under the Act. The Company is authorized to withhold from distributions, or with respect to allocations, and to pay over to any federal, state or local government any amounts required to be so withheld pursuant to any federal, state or local law and shall allocate such amounts, and treat any such amounts as distributed, to the member or members with respect to which such amount was withheld. In the case of any such withholding with respect to one or more but not all members, the Company shall make proportionate compensating distributions to the other member or members. Upon dissolution of the Company, distributions shall be made in accordance with the members’ capital account balances properly maintained by the Company’s accountant after all allocations have been made in accordance with Section 9.
11. Limitations on Transfer .
(a) Except as expressly permitted under this Agreement, no member may sell, assign, pledge, hypothecate or otherwise transfer or encumber, directly or indirectly, any or all of the member’s interest or enter into any agreement pursuant to which any person may acquire all or a portion of the member’s interest in the Company. Any attempted transfer in contravention of this Agreement shall be void and ineffective.
(b) The members will not unreasonably withhold their approval of any proposed transfer by any member of all of such member’s interest in the Company to any parent company, wholly-owned subsidiary, or other related company.
(c) The Company need not recognize any transferee of an interest in the Company until the transferee has signed and delivered a document agreeing to be bound by all the terms of this Agreement. A transferee of an interest in the Company shall be an assignee only and not a member, shall not be entitled to vote on Company matters or to inspect the records of the Company, and shall not have any rights of a member other than the right to share in allocations of profits and losses and in distributions. A Majority of the Members (excluding the transferring member) may in a writing executed by such members and the transferee admit the transferee as a substitute member with all of the rights of a member, including voting and inspections rights, but may withhold their consent and agreement to any such admission in their sole, absolute and arbitrary discretion.
 
3

12. Amendments . This Agreement may be amended only by a writing signed by all of the members.
13. Not for Benefit of Creditors . The provisions of this Agreement are for the regulation of the members and the Company, are not intended for the benefit of non-member creditors and do not grant any rights to non-member creditors.
14. Withdrawal . No member has the right or power to withdraw voluntarily from the Company. Any purported withdrawal shall be ineffective, shall be a breach of this Agreement that shall cause the member purporting to withdraw to become an assignee only without the voting or inspection rights of a member and shall not entitle the member purporting to withdraw to any distribution from the Company.
15. Waiver of Partition . No member, or any legal representative, successor, or assignee of any member, shall have the right to partition the assets or any part thereof or interest therein, or to file a complaint or institute any proceeding at law or in equity to partition the assets or any part thereof or interest therein.
IN WITNESS WHEREOF, the sole member has executed this Operating Agreement of HILTON ILLINOIS, LLC as of August       , 2014.

MEMBER:	
	
HILTON WORLDWIDE, INC.,
a Delaware corporation	
	
/s/ W. Steven Standefer	
W. Steven Standefer, Senior Vice President	
 
4

Exhibit A

Member	  	Percentage Interest	  	Number of Votes	
HILTON WORLDWIDE, INC.	  	100%	  	2,500	

Exhibit 3.335
ARTICLES OF INCORPORATION
OF
CONRAD ROYALTY CORPORATION
*    *    *    *    *    *     *    *    *    *
I, the person hereinafter named as incorporator, for the purpose of associating to establish a corporation, under the provisions and subject to the requirements of Title 7, Chapter 78 of Nevada Revised Statutes, and the acts amendatory thereof, and hereinafter sometimes referred to as the General Corporation Law of the State of Nevada, do hereby adopt and make the following Articles of Incorporation:
FIRST: The name of the corporation is
CONRAD ROYALTY CORPORATION
SECOND: The principal office of the corporation within the State of Nevada is to be located at c/o The Prentice-Hall Corporation System, Nevada, Inc., 502 East John Street, Room E, Carson City, Nevada 89701.
THIRD: The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the Nevada Revised Statutes.
FOURTH: The total number of shares of stock which the corporation shall have authority to issue is Twenty Five Thousand (25,000). The par value of each of such shares is One Dollar ($1.00). All such shares are of one class and are shares of Common Stock.
FIFTH: The governing board of the corporation shall be styled as a “Board of Directors”, and any member of said Board shall be styled as a “Director.”
The number of members constituting the first Board of Directors of the corporation is five (5); and the names and the post office addresses of each of said members are as follows:

NAMES	  	ADDRESSES	
		
Baron Hilton	  	9336 Civic Center Drive
Beverly Hills, California 90212	
		
Gregory R. Dillon	  	9336 Civic Center Drive
Beverly Hills, California 90212	

			
NAMES	  	ADDRESSES	
		
Maurice J. Scanlon	  	9336 Civic Center Drive
Beverly Hills, California 90212	
		
William C. Lebo, Jr.	  	9336 Civic Center Drive
Beverly Hills, California 90212	
		
Eric M. Hilton	  	9336 Civic Center Drive
Beverly Hills, California 90212	
The number of directors of the corporation may be increased or decreased in the manner provided in the Bylaws of the corporation; provided, that no decrease shall be to a number less than that permitted by law. In the interim between annual and special meetings of stockholders entitled to vote, all vacancies, including vacancies caused by an increase in the number of directors and including vacancies resulting from the removal of directors by the stockholders entitled to vote which are not filled by said stockholders, may be filled by the remaining directors, though less than a quorum.
SIXTH: No shares of capital stock of the corporation and no shares of stock without par value of the corporation, as the case may be, shall, after the amount of the subscription price has been paid or after the par value of any shares of stock with par value which the corporation may be authorized to issue has been paid and/or after the consideration fixed by the Board of Directors for any shares of stock without par value which the corporation may be authorized to issue has been paid, be subject to assessment to pay the debts of the corporation. Any paid-up shares of stock of the corporation and any shares of stock of the corporation issued as fully paid-up, whether with par value and/or without par value, shall not be assessable or assessed in any manner and for any cause.
SEVENTH: The name and the post office address of the incorporator signing these Articles of Incorporation is as follows:

NAME	  	ADDRESS	
		
M. Ryan	  	6430 Sunset Boulevard, Suite 1117
Los Angeles, California 90028	
EIGHTH: The corporation shall have perpetual existence.
NINTH: The holders of a majority of the outstanding shares of stock which have voting power shall constitute a quorum at a meeting of stockholders for the transaction of any business unless the action to be taken at the meeting shall require a greater proportion.

In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to fix the amount to be reserved as working capital over and above its paid-in capital stock, to authorize and cause to be executed, mortgages and liens upon the real and personal property of the corporation.
TENTH: The corporation shall, to the fullest extent permitted by the General Corporation Law of the State of Nevada, indemnify any and all person whom it shall have power to indemnify under said Law from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said Law, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such a person. The corporation may purchase and maintain insurance on behalf of any such person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such liability.
ELEVENTH: The personal liability of the directors of the corporation is hereby eliminated to the maximum extent permitted by the provisions of the General Corporation Law of the State of Nevada.
TWELFTH: The corporation reserves the right to amend, alter or repeal any provisions contained in these Articles of Incorporation in the manner now or hereafter prescribed by statute, and all rights conferred on stockholders herein are granted subject to this reservation.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 12th day of February, 1988.

/s/ M. Ryan	
M. Ryan, Incorporator	

							
STATE OF CALIFORNIA	  	)	  		  		
	  	)	  	ss.	  		
COUNTY OF LOS ANGELES	  	)	  		  		
BE IT REMEMBERED, that on this 12th day of February, 1988, before me, a Notary Public in and for the said County and State, personally appeared M. Ryan, known to me to be the person described in and who executed the foregoing instrument, who acknowledged to me that she executed the same freely and voluntarily and for the uses and purposes therein mentioned.

OFFICIAL SEAL
CHARLES BACLET
NOTARY PUBLIC CALIFORNIA
PRINCIPAL OFFICE IN
LOS ANGELES COUNTY
COMMISSION EXPIRES APRIL 30, 1990	 		 	/s/    Charles Baclet        
NOTARY PUBLIC	

CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
OF
CONRAD ROYALTY CORPORATION
The undersigned, being the President and Secretary of Conrad Royalty Corporation, a Nevada corporation, do hereby certify as follows:
 
 	1.	That on November 1, 1988, the Directors of the corporation, by unanimous consent, adopted and consented to the adoption of resolutions setting forth a proposed amendment to the Articles of Incorporation of the corporation, as hereinafter set forth, declaring the advisability thereof, and calling a meeting of the shareholders for the purpose of considering and voting upon the proposed amendment.	
 
 	2.	Said resolution called for amending Article Five of said Articles of Incorporation to include the following:	
No director or officer shall have any personal liability to the Corporation or its stockholders for damages for breach of fiduciary duty as a director or officer, except that this Article Five shall not eliminate or limit the liability of a director or officer for (i) Acts or omissions which involve intentional misconduct, fraud or a knowing violation of law, or (ii) the payment of dividends in violation of Section 78.300 of the Nevada Revised Statutes.

 	3.	That on November 1, 1988, the shareholders of the corporation, unanimously adopted and consented to the adoption of a resolution setting forth the proposed amendment to the Articles of Incorporation as hereinabove set forth.	
 
 	4.	That the Articles of Incorporation of Conrad Royalty Corporation are hereby amended as set forth above and the undersigned makes this certificate pursuant to Sections 78.385 and 78.390 of the Nevada Revised Statutes.	
DATED: December 20, 1988.

/s/ Gregory Dillon	
Gregory Dillon, President	
	
/s/ Cheryl Marsh	
Cheryl Marsh, Secretary	

							
STATE OF CALIFORNIA	  	)	  		  		
	  	)	  	ss.	  		
COUNTY OF LOS ANGELES	  	)	  		  		
On January 26, 1989, personally appeared before me, a Notary Public, Gregory Dillon, who acknowledged to me that he executed the foregoing Certificate of Amendment of Articles of Incorporation of Conrad Royalty corporation.

[SEAL]	 		 	/s/ Mary Jane Eaheart	
	 		 	Notary Public	

STATE OF CALIFORNIA	  	)	  		  		
	  	)	  	ss.	  		
COUNTY OF LOS ANGELES	  	)	  		  		
On January 17, 1989, personally appeared before me, a Notary Public, Cheryl Marsh, who acknowledged to me that she executed the foregoing Certificate of Amendment of Articles of Incorporation of Conrad Royalty corporation.

[SEAL]	 		 	/s/ Mary Jane Eaheart	
	 		 	Notary Public	

CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION
OF
CONRAD ROYALTY CORPORATION
Pursuant to the provisions of Nevada Revised Statutes, Title 7, Chapter 78, the undersigned officers do hereby certify:

FIRST:	 	The name of the Corporation is CONRAD ROYALTY CORPORATION.	
		
SECOND:	 	The Board of Directors of the Corporation duly adopted the following resolutions on February 15, 1996:	
WHEREAS, this Board of Directors deems it advisable and desirable to change the Corporation’s name to “CONRAD INTERNATIONAL ROYALTY CORPORATION”; and
WHEREAS, the sole shareholder of the Corporation has approved such proposed corporate name change by executing an Action Taken By Written Consent of the Sole Shareholder dated February 15, 1996.
THEREFORE, IT IS RESOLVED that Article First of the Corporation’s Articles of Incorporation be amended to read as follows:
“ FIRST: The name of the corporation is CONRAD INTERNATIONAL ROYALTY CORPORATION .”
RESOLVED FURTHER, that the Corporation’s President, or one of its Vice Presidents, and its Secretary, or one of its Assistant Secretaries, are hereby authorized to execute a certificate setting forth the said Amendment and to cause the same to be filed pursuant to the provisions of Nevada Revised Statutes. Title 7, Chapter 78.

THIRD:	 	The total number of outstanding shares of the Corporation having voting power is 1,000 shares, and the total number of votes entitled to be cast by the sole shareholder is 1,000.	

			
FOURTH:	 	The sole shareholder of all of the aforesaid total number of outstanding shares having voting power, to wit, 1,000 shares, dispensed with the holding of a meeting of stockholders and adopted the amendments herein certified by a consent in writing signed by the sole shareholder in accordance with the provisions of Nevada Revised Statutes, Title 7, Section 78.320.	
Signed on February 15, 1996.

	 	CONRAD ROYALTY CORPORATION	
		
By:	 	/s/ William C. Lebo, Jr.	
	 	William C. Lebo, Jr.	
	 	Senior Vice President	
		
	 	/s/ Cheryl L. Marsh	
	 	Cheryl L. Marsh	
	 	Secretary	

STATE OF CALIFORNIA	  	)	  		  		
	  	)	  		  		
COUNTY OF LOS ANGELES	  	)	  		  		
On February 20, 1996 before me, David Marote, Notary Public, personally appeared WILLIAM C. LEBO, JR. and CHERYL L. MARSH, personally known to me to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the entity upon behalf of which the persons acted, executed the instrument.
WITNESS my hand and official seal.

[SEAL]
 
DAVID MAROTE
COMM. #1031494
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXPIRES JUNE 30, 1998	 		 	/s/ David Marote	
	 		 	David Marote, Notary Public	

ARTICLES OF MERGER
OF
INTERNATIONAL HOTELS CORPORATION, a Nevada corporation
INTO
CONRAD INTERNATIONAL ROYALTY CORPORATION, a Nevada corporation
THE UNDERSIGNED, as President and Secretary of Conrad International Royally Corporation, a Nevada corporation (the “Company”), and as President and Secretary of Conrad International Hotels Corporation, a Nevada corporation (the “Disappearing Corporation’’), as and for the purpose of complying with, the provisions of Nevada Revised Statutes (“NRS”) Sections 92A.005 et seq ., and in order to effectuate the merger (the “Merger”) of the Disappearing Corporation with and into the Company, with the Company as the surviving corporation (the “Surviving Corporation”), hereby certifies as follows:
1. The name and place of incorporation of each constituent corporation are: Conrad International Hotels Corporation, incorporated in the State of Nevada, and Conrad International Royalty Corporation, incorporated in the State of Nevada. The name of the Surviving Corporation is Conrad International Royalty Corporation, and its place of incorporation is the State of Nevada.
2. A plan of merger (the “Plan of Merger”) has been adopted by the Board of Directors of each corporation that is a party to the Merger.
3. The Plan of Merger has been approved by the unanimous written consent of the stockholders of each corporation that is a party to the Merger.
4. The Articles of Incorporation of the Surviving Corporation have not been and will not be amended in connection with the Merger.
5. A complete executed Plan of Merger is on file at the principal place of business of the Surviving Corporation, currently: 9336 Civic Center Drive, Beverly California 90210.
6. A copy of the Plan of Merger will be furnished by the Surviving Corporation, on request and without cost, to any stockholder of any entity which is a party to the Merger.
7. The Merger shall be effective on December 31, 1998, at 8:05 a.m. (Eastern Standard Time).

8
 
IN WITNESS WHEREOF, we have set forth, our hands as of the 9 th day of December, 1998.

“Surviving Corporation”	
	
Conrad International Royalty Corporation,
a Nevada corporation	
		
By:	 	/s/ Dieter H. Huckestein	
	 	Name:	 	Dieter H. Huckestein	
	 	Title:	 	President	
		
By:	 	/s/ M. Hue Smith, III	
	 	Name:	 	M. Hue Smith, III	
	 	Title:	 	Secretary	

STATE OF CALIFORNIA	    	)	 		
	    	)	 	ss.	
COUNTY OF LOS ANGELES	    	)	 		
This instrument was acknowledged before me on December 9, 1998 by Dieter H. Huckestein as President of Conrad International Royalty Corporation.

[SEAL]
 
DAVID MAROTE
COMM. #1192700
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXP. AUG. 8, 2002	  	 
/s/ David Marote	
	  	Notary Public	
	  	(My commission expires: 8/8/2002)	
 
S-1

8
 
IN WITNESS WHEREOF, we have set forth our hands as of the 9 th day of December, 1998.

“Disappearing Corporation”	
	
Conrad International Hotels Corporation,
a Nevada corporation	
		
By:	 	/s/ Stephen F. Bollenbach	
	 	Name:	 	Stephen F. Bollenbach	
	 	Title:	 	President	
		
By:	 	/s/ M. Hue Smith III	
	 	Name:	 	M. Hue Smith III	
	 	Title:	 	Secretary	

STATE OF CALIFORNIA	    	)	 		
	    	)	 	ss.	
COUNTY OF LOS ANGELES	    	)	 		
This instrument was acknowledged before me on December 9, 1998 by Stephen F. Bollenbach as President of Conrad International Hotels Corporation.

[SEAL]
 
DAVID MAROTE
COMM. #1192700
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXP. AUG. 8, 2002	  	 
/s/ David Marote	
	  	Notary Public	
	  	(My commission expires: 8/8/2002)	
 
S-2

ARTICLES OF MERGER
OF
CONRAD INTERNATIONAL INVESTMENT CORPORATION, a Nevada corporation
INTO
CONRAD INTERNATIONAL ROYALTY CORPORATION, a Nevada corporation
THE UNDERSIGNED, as President and Secretary of Conrad International Royalty Corporation, a Nevada corporation (the “Company”), and as President and Secretary of Conrad International Investment Corporation, a Nevada corporation (the “Disappearing Corporation”), as and for the purpose of complying with the provisions of Nevada Revised Statutes (“NRS”) Sections 92A.005 et seq. , and in order to effectuate the merger (the “Merger”) of the Disappearing Corporation with and into the Company, with the Company as the surviving corporation (the “Surviving Corporation”), hereby certifies as follows:
1. The name and place of incorporation of each constituent corporation are: Conrad International Investment Corporation, incorporated in the State of Nevada, and Conrad International Royalty Corporation, incorporated in the State of Nevada. The name of the Surviving Corporation is Conrad International Royalty Corporation, and its place of incorporation is the State of Nevada.
2. A plan of merger (the “Plan of Merger”) has been adopted by the Board of Directors of each corporation that is a party to the Merger.
3. The Plan of Merger has been approved by the unanimous written consent of the stockholders of each corporation that is a party to the Merger.
4. The Articles of Incorporation of the Surviving Corporation have not been and will not be amended in connection with the Merger.
5. A complete executed Plan of Merger is on file at the principal place of business of the Surviving Corporation, currently: 9336 Civic Center Drive, Beverly Hills, California 90210.
6. A copy of the Plan of Merger will be furnished by the Surviving Corporation, on request and without cost, to any stockholder of any entity which is a party to the Merger.
7. The Merger shall be effective on December 31, 1998, at 8:00 am (Eastern Standard Time).

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IN WITNESS WHEREOF, we have set forth oar hands as of the 9 th day of December, 1998.

“Surviving Corporation”	
	
Conrad International Royalty Corporation,
a Nevada corporation	
		
By:	 	/s/ Dieter H. Huckestein	
	 	Name:	 	Dieter H. Huckestein	
	 	Title:	 	President	
		
By:	 	/s/ M. Hue Smith, III	
	 	Name:	 	M. Hue Smith, III	
	 	Title:	 	Secretary	

STATE OF CALIFORNIA	    	)	 		
	    	)	 	ss.	
COUNTY OF LOS ANGELES	    	)	 		
This instrument was acknowledged before me on December 9, 1998 by Dieter H. Huckestein as President of Conrad International Royalty Corporation.

[SEAL]
 
DAVID MAROTE
COMM. #1192700
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXP. AUG. 8, 2002	  	 
/s/ David Marote	
	  	Notary Public	
	  	(My commission expires: 8/8/2002)	
 
S-1

7
 
IN WITNESS WHEREOF, we have set forth our hands as of the 9 th day of December, 1998.

“Disappearing Corporation”	
	
Conrad International Investment Corporation,
a Nevada corporation	
		
By:	 	/s/ Stephen F. Bollenbach	
	 	Name:	 	Stephen F. Bollenbach	
	 	Title:	 	President	
		
By:	 	/s/ M. Hue Smith, III	
	 	Name:	 	M. Hue Smith, III	
	 	Title:	 	Secretary	

STATE OF CALIFORNIA	    	)	 		
	    	)	 	ss.	
COUNTY OF LOS ANGELES	    	)	 		
This instrument was acknowledged before me on December 9, 1998 by Stephen F. Bollenbach as President of Conrad International Investment Corporation.

[SEAL]
 
DAVID MAROTE
COMM. #1192700
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXP. AUG. 8, 2002	  	 
/s/ David Marote	
	  	Notary Public	
	  	(My commission expires: 8/8/2002)	
 
S-2

CERTIFICATE OF AMENDMENT OF
ARTICLES OF INCORPORATION
OF
CONRAD INTERNATIONAL ROYALTY CORPORATION
Pursuant to the provisions of Nevada Revised Statutes, Title 7, Chapter 78, the undersigned officer does hereby certify:

FIRST:	 	The name of the Corporation is CONRAD INTERNATIONAL ROYALTY CORPORATION.	
		
SECOND:	 	The Corporation’s Board of Directors duly adopted the following resolution on January 4, 1999:	
WHEREAS, this Board of Directors deems it advisable and desirable to change the Corporation’s name to “CONRAD INTERNATIONAL CORPORATION”; and
WHEREAS, the Corporation’s sole shareholder has approved such corporate name change by executing an Action taken by written consent of the sole shareholder dated January 4, 1999.
THEREFORE, IT IS RESOLVED that Article First of the Corporation’s Articles of Incorporation be amended in its entirety to read as follows:

	  	FIRST:	  	The name of the corporation is CONRAD INTERNATIONAL CORPORATION .	
		
THIRD:	  	The total number of outstanding shares of the Corporation having voting power is 1,000 shares, and the total number of votes entitled to be cast by the sole shareholder is 1,000.	

			
FOURTH:	 	The sole shareholder of all of the aforesaid total number of outstanding shares having voting power, to wit, 1,000 shares, dispensed with the holding of a meeting of stockholders and adopted the amendments herein certified by a consent in writing signed by the sole shareholder in accordance with the provisions of Nevada Revised Statutes, Title 7, Section 78.320.	
Signed on January 4, 1999.

	 	CONRAD INTERNATIONAL ROYALTY CORPORATION	
		
By:	 	/s/ M. Hue Smith III	
	 	M. Hue Smith III	
	 	Vice President and Secretary	

STATE OF CALIFORNIA	    	)	 		
	    	)	 	ss.	
COUNTY OF LOS ANGELES	    	)	 		
On January 4, 1999 before me, David Marote, Notary Public, personally appeared M. HUE SMITH III, personally known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.
WITNESS my hand and official seal.

[SEAL]
 
DAVID MAROTE
COMM. #1192700
NOTARY PUBLIC - CALIFORNIA
LOS ANGELES COUNTY
COMM. EXP. AUG. 8, 2002	  	/s/ David Marote	
	  	David Marote, Notary Public	

			
	  	ROSS MILLER
Secretary of State
204 North Carson Street, Ste 1
Carson City, Nevada 89701-4299
(775) 684 5708
Website: www.nvsos.gov	

 	  		
Certificate of Amendment
(PURSUANT TO NRS 78.385 AND 78.390)	  		

			
USE BLACK INK ONLY - DO NOT HIGHLIGHT	  	ABOVE SPACE IS FOR OFFICE USE ONLY	
Certificate of Amendment to Articles of Incorporation
For Nevada Profit Corporations
(Pursuant to NRS 78.385 and 78.390 - After Issuance of Stock)
1. Name of corporation:

CONRAD INTERNATIONAL CORPORATION	
 	
2. The articles have been amended as follows: (provide article numbers, if available)

Article First of the Corporation’s Articles of Incorporation is hereby amended in its entirety to read as follows:	
 	
FIRST: The name of the corporation is HPP INTERNATIONAL CORPORATION.	

 	

 	

3. The vote by which the stockholders holding shares in the corporation entitling them to exercise a least a majority of the voting power, or such greater proportion of the voting power as may be required in the case of a vote by classes or series, or as may be	
required by the provisions of the articles of Incorporation* have voted in favor of the amendment is:	 	1,000 For; 0 Against	

4. Effective date of filing: (optional)    	  	 	
	  	(must not be later than 90 days after the certificate is filed)	
5. Signature: (required)

X  /s/ W. Steven Standefer	
Signature of Officer	
 
*	lf any proposed amendment would alter or change any preference or any relative or other right given to any class or series of outstanding shares, then the amendment must be approved by the vote. In addition to the affirmative vote otherwise required, of the holders of shares representing a majority of the voting power of each class or series affected by the amendment regardless to limitations or restrictions on the voting power thereof.	
IMPORTANT: Failure to include any of the above information and submit with the proper fees may cause this filing to be rejected.

This form must be accompanied by appropriate fees.	  	Nevada Secretary of State Amend Profit-After	
	  	Revised: 7-1-08	

Exhibit 3.336
BYLAWS
OF
CONRAD ROYALTY CORPORATION
*    *    *    *    *    *     *    *    *    *    *    *
ARTICLE I
OFFICES
SECTION 1. REGISTERED OFFICE.— The registered office of the corporation shall be established and maintained at the office of The Prentice-Hall Corporation System, Nevada, Inc., 502 East John Street, Room E, City of Carson City, State of Nevada 89701, and The Prentice-Hall Corporation System, Nevada, Inc. shall be the registered agent of this corporation in charge thereof.
SECTION 2. OTHER OFFICES.— The corporation may establish such other offices, within or without the State of Nevada, at such place or places as the Board of Directors from time to time may designate, or which the business of the corporation may require.
ARTICLE II
STOCKHOLDERS
SECTION 1. ANNUAL MEETINGS.– Annual meetings of stockholders for the election of Directors and for such other business as may be stated in the notice of the meeting, shall be held within or without the State of Nevada, as the Board of Directors by resolution shall determine, and as set forth in the notice of the meeting.
If the date of the annual meeting shall fall on a legal holiday of the state in which the meeting is to be held, the meeting shall be held on the next succeeding business day.
SECTION 2. SPECIAL MEETINGS.— Special meetings of the stockholders, for any purpose or purposes, may be called by the President, the Board of Directors, or by a majority of the stockholders entitled to vote on the business proposed to be transacted thereat. Such meetings may be held at such time and place, within or without the State of Nevada, as shall be stated in the notice of the meeting.

SECTION 3. NOTICE OF MEETINGS.— Written or printed notice, stating the place, date and time of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered to each stockholder entitled to vote thereat at his address as it appears on the records of the corporation, by United States mail, postage prepaid, not less than ten (10) nor more than sixty (60) days before the meeting. No business other than that stated in the notice shall be transacted at any meeting without the unanimous consent of all stockholders entitled to vote thereat.
SECTION 4. VOTING.— At each annual meeting the stockholders entitled to vote shall elect a Board of Directors, and they may transact such other corporate business as shall be stated in the notice of the meeting. The vote for Directors, and, upon the demand of any stockholder, the vote upon any question before the meeting, shall be by ballot. All elections of Directors shall be by a plurality of the votes cast, and all questions shall be decided by a majority vote, except as otherwise provided by the Articles of Incorporation or by the laws of the State of Nevada.
The Directors may prescribe a period not exceeding sixty (60) days prior to any meeting of stockholders during which no transfer of stock on the books of the corporation may be made, or may fix a day not more than sixty (60) days prior to the holding of any such meeting as the date as of which stockholders entitled to notice of and to vote at such meeting shall be determined; and only stockholders of record on such day shall be entitled to notice of or to vote at any such meeting.
Each stockholder entitled to vote, in accordance with the terms of the Articles of Incorporation and the provisions of these Bylaws, shall be entitled to one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder, but no proxy shall be voted after six (6) months from its date unless such proxy provides for a longer period. In no case shall any proxy be given for a period in excess of seven (7) years from the date of its execution.
SECTION 5. QUORUM.— Except as provided in the next section hereof, any number of stockholders together holding a majority of the stock issued and outstanding and entitled to vote thereat, who shall be present in person or represented by proxy at any meeting duly called, shall constitute a quorum for the transaction of business. If, at any meeting, less than a quorum shall be present or represented, those present, either in person or by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of stock shall be present, at which time any business may be transacted which might have been transacted at the meeting as originally noticed.

SECTION 6. ACTION WITHOUT MEETING.— Except for the election of Directors, any action to be taken by the stockholders may be taken without a meeting, if, prior to such action, all stockholders entitled to vote thereon shall consent in writing to such action being taken, and such consent shall be treated for all purposes as vote at a meeting.
ARTICLE III
DIRECTORS
SECTION 1. NUMBER AND TERM.— The number of Directors shall be not less than five (5) nor more than ten (10) until changed by amendment of these Bylaws. The Directors shall be elected at the annual meeting of stockholders, and each Director shall be elected to serve until his successor shall be elected and shall have qualified. In no case shall the number of Directors be less than three (3), except that, in cases where all the shares of a corporation are owned beneficially and of record by either one or two stockholders the number of Directors may be less than three (3) but not less than the number of stockholders.
At least one-fourth (1/4) in number of the directors shall be elected annually.
Directors need not be stockholders.
SECTION 2. QUORUM.— A majority of the Directors shall constitute a quorum for the transaction of business. If, at any meeting of the Board, there shall be less than a quorum present, a majority of those present may adjourn the meeting, from time to time, until a quorum is obtained, and no further notice thereof need be given other than by announcement at said meeting which shall be so adjourned.
SECTION 3. FIRST MEETING.— The newly elected Directors may hold their first meeting for the purpose of organization and the transaction of business, if a quorum is present, immediately after the annual meeting of stockholders or the time and place of such meeting may be fixed by written consent of the entire Board.
SECTION 4. ELECTION OF OFFICERS.— At the first meeting, or at any subsequent meeting called for that purpose, the Directors shall elect the officers of the corporation, as more specifically set forth in ARTICLE V of these Bylaws. Such officers shall hold office until the next annual election of officers, or until their successors are elected and shall have qualified.
SECTION 5. REGULAR MEETINGS.— Regular meetings of the Board of Directors shall be held, without call, at such places and times as shall be determined, from time to time, by resolution of the Board of Directors.

SECTION 6. SPECIAL MEETINGS.— Special meetings of the Board of Directors may be called by the President, or by the Secretary on the written request of a majority of the Board of Directors on ten (10) days notice to each Director.
SECTION 7. PLACE OF MEETINGS.— The Directors may hold their meetings, and have one or more offices, and keep the books of the corporation outside the State of Nevada at any office or offices of the corporation, or at any other place as they from time to time by resolution may determine.
SECTION 8. ACTION WITHOUT MEETING.— Any action required or permitted to be taken at any meeting of the Board of Directors, or any committee thereof, may be taken without a meeting if, prior to such action, a written consent thereto is signed by all members of the Board or of such committee, as the case may be, and such written consent is filed with the minutes of the proceedings of the Board of Directors or committee.
SECTION 9. GENERAL POWERS OF DIRECTORS.— The Board of Directors shall have the management of the business of the corporation, and, subject to the restrictions imposed by law exercise all the powers of the corporation.
SECTION 10. SPECIFIC POWERS OF DIRECTORS.— Without prejudice to such general powers, it hereby is expressly declared that the Directors shall have the following powers:
(1) To make and change regulations, not inconsistent with these Bylaws, for the management of the business and affairs of the corporation.
(2) To purchase or otherwise acquire for the corporation any property, rights or privileges which the corporation is authorized to acquire.
(3) To pay for any property purchased for the corporation, either wholly or partly in money, stock, bonds, debentures or other securities of the corporation.
(4) To borrow money and make and issue notes, bonds and other negotiable and transferable instruments, mortgages, deeds of trust and trust agreements, and to do every act and things necessary to effectuate the same.
(5) To remove any officer for cause, or any officer, other than the President, summarily, without cause, and, in their discretion, from time to time to devolve the powers and duties of any officer upon any other person for the time being.

(6) To appoint and remove or suspend subordinate officers, agents, or factors as they may deem necessary, and to determine their duties, and to fix and from time to time to change their salaries or remuneration, and to require security as and when they think fit.
(7) To confer upon any officer of the corporation the power to appoint, remove and suspend subordinate officers, agents and factors.
(8) To determine who shall be authorized, on behalf of the corporation, to make and sign bills, notes, acceptances, endorsements, contracts and other instruments.
(9) To determine who shall be entitled, in the name and on behalf of the corporation, to vote upon or to assign and transfer any shares of stock, bonds or other securities of other corporations held by this corporation.
(10) To delegate any of the powers of the Board, in relation to the ordinary business of the corporation, to any standing or special committee, or to any officer or agent (with power to sub-delegate), upon such terms as they deem fit.
(11) To call special meetings of the stockholders for any purpose or purposes.
SECTION 11. COMPENSATION.— Directors shall not receive any stated salary for their services as Directors, but, by resolution of the Board, a fixed fee and expenses of attendance may be allowed for attendance at each meeting.
Nothing herein contained shall be construed to preclude any Director from serving the corporation in any other capacity as an officer, agent, or otherwise, and receiving compensation therefor.
ARTICLE IV
COMMITTEES
SECTION 1. The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board, designate one or more committees, each committee to consist of two or more of the directors of the corporation, which to the extent provided in said resolution or resolutions or in these Bylaws shall have and may exercise the powers of the Board of Directors in the management of the business and affairs of the corporation and may have power to authorize the seal of the corporation to be affixed to all papers which may require it. Such committee or committees shall have such name or names as may be stated in these Bylaws or as may be determined from time to time by resolution adopted by the Board of Directors.
SECTION 2. Committees shall keep regular minutes of their proceedings, and report the same to the Board of Directors when required.

ARTICLE V
OFFICERS
SECTION 1. OFFICERS.— The officers shall be elected at the first meeting of the Board of Directors after each annual meeting of stockholders. The Directors shall elect a President, a Secretary and a Treasurer; they may also elect a Chairman of the Board, one or more Vice Presidents, and such Assistant Secretaries and Assistant Treasurers as they may deem proper. Any person may hold two or more offices.
The Board of Directors may appoint such other officers and agents as it may deem advisable, who shall hold office for such terms and shall exercise such powers and perform such duties as shall from time to time be determined by the Board of Directors.
SECTION 2. CHAIRMAN OF THE BOARD.— The Chairman of the Board of Directors, if one be elected, shall preside at all meetings of the Board, and he shall have and perform such other duties as from time to time may be assigned to him by the Board.
SECTION 3. PRESIDENT.— The President shall be the chief executive officer of the corporation, and shall have the general powers and duties of supervision and management usually vested in the office of President of a corporation. He shall preside at all meetings of the stockholders, if present thereat, and, in the absence or non-election of the Chairman of the Board, at all meetings of the Board of Directors. He shall have general supervision, direction and control of the business of the corporation. Except as the Board of Directors shall authorize the execution thereof in some other manner, he shall execute bonds, mortgages and other contracts on behalf of the corporation, and he shall cause the corporate seal to be affixed to any instrument requiring it, and when so affixed the seal shall be attested by the Secretary or the Treasurer, or an Assistant Secretary or an Assistant Treasurer.
SECTION 4. VICE PRESIDENTS.— Each Vice President shall have such powers and shall perform such duties as shall be assigned to him by the Directors.
SECTION 5. SECRETARY.— The Secretary shall give, or cause to be given, notice of all meetings of stockholders and Directors, and all other notices required by law or by these Bylaws, and, in case of his absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the President, the Board of Directors, or the stockholders, upon whose requisition the

meeting is called as provided in these Bylaws. He shall record all proceedings of meetings of the stockholders and of the Board of Directors in a book to be kept for that purpose, and shall perform such other duties as may be assigned to him by the Directors or the President. He shall have custody of the corporate seal, and shall affix said seal to all instruments requiring it, when authorized by the Board of Directors or the President, and shall attest the same.
SECTION 6. TREASURER.— The Treasurer shall have the custody of the corporate funds and securities, and shall keep full and accurate accounts of receipts and disbursements in books belong to the corporation. He shall deposit all moneys and other valuables in the name and to the credit of the corporation in such depositories as may be designated by the Board of Directors.
The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors or the President, taking proper vouchers for such disbursements. He shall render to the President and the Board of Directors, at the regular meetings of the Board, or whenever they may request it, an accounting of all his transactions as Treasurer, and of the financial condition of the corporation.
If required by the Board of Directors, he shall give the corporation a bond for the faithful discharge of his duties, in such amount and with such surety as the Board shall prescribe.
SECTION 7. ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.— Assistant Secretaries and Assistant Treasurers, if any, shall be elected and shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the Directors.
ARTICLE VI
RESIGNATIONS; FILLING OF VACANCIES;
INCREASE IN NUMBER OF DIRECTORS;
REMOVAL FROM OFFICE
SECTION 1. RESIGNATIONS.— Any Director, member of a committee, or other officer may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and, if no time be specified, at the time of its receipt by the President or the Secretary. The acceptance of a resignation shall not be necessary to make it effective.
SECTION 2. FILLING OF VACANCIES.— If the office of any officer, Director or member of a committee becomes vacant, the remaining Directors in office, although less than a quorum, may appoint, by a majority vote, any qualified person to fill such vacancy, who shall hold office for the unexpired term of his predecessor, or until his successor shall be duly chosen and shall have qualified.

Any vacancy occurring by reason of an increase in the number of Directors may be filled by action of a majority of the entire Board, for a term of office continuing only until the next election of Directors by the stockholders, or may be filled by the affirmative vote of the holders of a majority of the shares then entitled to vote at an election of Directors.
SECTION 3. INCREASE IN NUMBER OF DIRECTORS.— The number of Directors may be increased at any time by the affirmative vote of a majority of the entire Board, or by the affirmative vote of a majority in interest of the stockholders, at a special meeting called for that purpose, and, by like vote, pursuant to SECTION 2 of this ARTICLE VI, the additional Director or Directors may be chosen at such meeting to hold office until the next annual election or until their successors are elected and shall have qualified.
SECTION 4. REMOVAL FROM OFFICE.— At a meeting of stockholders expressly called for such purpose, any or all members of the Board of Directors may be removed, with or without cause, by a vote of the holders of not less than two-thirds (2/3) of the issued and outstanding capital stock entitled to vote thereon, and said stockholders may elect a successor or successors to fill any resulting vacancies, for the unexpired terms of the removed Directors.
Any officer or agent, or member of a committee elected or appointed by the Board of Directors, may be removed by said Board whenever, in its judgment, the best interests of the corporation shall be served thereby.
ARTICLE VII
CAPITAL STOCK
SECTION 1. CERTIFICATES OF STOCK.— Certificates of stock, numbered, and with the seal of the corporation affixed, signed by the President or a Vice President, and the Secretary or an Assistant Secretary, or the Treasurer or an Assistant Treasurer, shall be issued to each stockholder, certifying to the number of shares owned by him in the corporation. Whenever any certificate is countersigned or otherwise authenticated by a transfer agent or a transfer clerk, and by a registrar, the signatures of such President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer may be facsimiles.
In case any officer who has signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the corporation with the same effect as if he were such officer at the date of its issue.

SECTION 2. LOST CERTIFICATES.— A new certificate of stock may be issued in place of any certificate theretofore issued by the corporation and alleged to have been lost or destroyed, and the Directors may, at their discretion, request the owner of the lost or destroyed certificate, or his legal representative, to give the corporation a bond, in such sum as they may direct, but not exceeding double the value of the stock, to indemnify the corporation against any claim that may be made against it on account of the alleged loss of any such certificate.
SECTION 3. TRANSFER OF SHARES.— Subject to the restrictions that may be contained in the Articles of Incorporation, the shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer, the old certificate shall be surrendered to the Corporation by the delivery thereof to the person in charge of the stock transfer books and ledgers, or to any such other person as the Directors may designate, by whom they shall be cancelled, and new certificates thereupon shall be issued. Whenever any certificate is countersigned or otherwise authenticated by a transfer agent or a transfer clerk, and by a registrar, the signatures of such President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer may be facsimiles.
SECTION 4. CLOSING OF TRANSFER BOOKS.— The Board of Directors shall have the power to close the stock transfer books of the corporation for the purpose of determining stockholders entitled to notice of, or to vote at any meeting of stockholders, or stockholders entitled to receive payment of any dividend or allotment of any rights, or in order to make a determination of stockholders for any other proper purpose. The Directors may prescribe a period not exceeding 60 days prior to any meeting of the stockholders during which no transfer of stock on the books of the corporation may be made, or may fix a day not more than 60 days prior to the holding of any such meeting as the day as of which stockholders entitled to notice of and to vote at such meetings shall be determined; and only stockholders of record on such day shall be entitled to notice or to vote at such meeting.
SECTION 5. DIVIDENDS.— Subject to the provisions of the Articles of Incorporation and the laws of the State of Nevada, the Board of Directors may, at any regular or special meeting, declare dividends upon the capital stock of the corporation, as and when they may deem expedient.

ARTICLE VIII
MISCELLANEOUS PROVISIONS
SECTION 1. CORPORATE SEAL.— The Board of Directors shall adopt and alter a common seal of the corporation. Said seal shall be circular in form and shall contain the name of the corporation, the year of its creation, and the words: “CORPORATE SEAL, NEVADA”. It may be used by causing it or a facsimile thereof to be impressed, affixed, or otherwise reproduced.
SECTION 2. FISCAL YEAR.— The fiscal year of the corporation shall end on the 31st day of December of each calendar year.
SECTION 3. CHECKS, DRAFTS, NOTES.— All checks, drafts, or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation, shall be signed by such officer or officers, agent or agents of the corporation, and in such manner as from time to time shall be determined by resolution of the Board of Directors.
SECTION 4. CORPORATE RECORDS.— The corporation shall keep correct and complete books of account and minutes of the proceedings of its stockholders and Directors.
The corporation shall keep and maintain at its principal office in Nevada a certified copy of its Articles of Incorporation and all amendments thereto, a certified copy of its Bylaws and all amendments thereto, a stock ledger or duplicate stock ledger, revised annually, containing the names, alphabetically arranged, of all stockholders, their residence addresses, and the number of shares held by them, respectively. In lieu of the stock ledger or duplicate stock ledger, a statement may be filed in the principal office stating the name of the custodian of the stock ledger or duplicate stock ledger, and the present and complete post office address (including street and number, if any) where such stock ledger or duplicate stock ledger is kept.
SECTION 5. NOTICE AND WAIVER OF NOTICE.— Whenever, pursuant to the laws of the State of Nevada or these Bylaws, any notice is required to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his address as it appears on the records of the corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by statute.

Any notice required to be given may be waived, in writing, by the person or persons entitled thereto, whether before or after the time stated therein.
ARTICLE IX
AMENDMENTS
SECTION 1. AMENDMENTS OF BYLAWS.— The stockholders by the affirmative vote of the holders of a majority of the stock issued and outstanding and entitled to vote, or the Directors, by the affirmative vote of a majority of the entire Board, may at any meeting amend or alter any of these Bylaws, provided that the substance of the proposed amendment shall have been stated in the notice of the meeting, and further provided that the stockholders entitled to vote with respect to the Bylaws may alter, amend or repeal any Bylaw or Bylaws made or adopted by the Board of Directors.

CONRAD ROYALTY CORPORATION
CONSENT OF DIRECTORS TO ACTION OF
BOARD OF DIRECTORS WITHOUT MEETING
MAY 23, 1994
Pursuant to the provisions of Section 78.315(2) of the Nevada Revised Statutes and Article III, Section 8 of the Bylaws of this Corporation, as in effect on the date hereof, the undersigned directors of said Corporation hereby consent to adoption of the following resolution:
RESOLVED, that Article VIII, Section 3 of this Corporation’s Bylaws be amended to read as follows:
SECTION 3. NEGOTIABLE INSTRUMENTS, DEEDS AND CONTRACTS. All checks, drafts, notes, bonds, bills of exchange, and orders for the payment of money of the corporation; all deeds, mortgages, and other written contracts and agreements to which the corporation shall be a party; and all assignments or endorsements of stock certificates, registered bonds, or other securities owned by the corporation shall, unless otherwise required by law, or otherwise authorized by the Board of Directors as hereinafter set forth, be signed by the President or by any other officer with a title of Senior Vice President or higher rank. The Board of Directors may require or designate one or more persons, officers or employees of the corporation who may, in the name of the corporation and in lieu of, or in addition to, those persons hereinabove named, sign such instruments, and may authorize the use of facsimile signatures of any of such persons. Any shares of stock issued by any other
 
1

corporation and owned or controlled by the corporation may be voted at any Shareholders’ meeting of the other corporation by the President of the corporation, if he be present; or, in his absence, by the Secretary of the corporation; and, in the event both the President and Secretary shall be absent, then by such person as the President of the corporation shall, by duly executed proxy, designate to represent the corporation at such Shareholders’ meeting.
IN WITNESS WHEREOF, each of the undersigned Directors of said Corporation has executed this Consent as of the date set forth above.

/s/ Barron Hilton	 		 	/s/ Raymond C. Avansino, Jr.	
Barron Hilton	 		 	Raymond C. Avansino, Jr.	
			
/s/ Eric M. Hilton	 		 	/s/ Dieter H. Huckestein	
Eric M. Hilton	 		 	Dieter H. Huckestein	
			
/s/ William C. Lebo, Jr.	 		 		
William C. Lebo, Jr.	 		 		
 
2

Exhibit 3.337
New York State
Department of State
Division of Corporations, State Records
and Uniform Commercial Code
41 State Street
Albany, NY 12231
www.dos.state.ny.us
(This form must be printed or typed in black ink)
ARTICLES OF ORGANIZATION
OF
                PEACOCK ALLEY SERVICE COMPANY, LLC                
( Insert name of Limited Liability Company )
Under Section 203 of the Limited Liability Company Law
FIRST: The name of the limited liability company is, Peacock Alley Service Company, LLC
SECOND: The county within this state in which the office of the limited liability company is to be located is New York County
THIRD: The Secretary of State is designated as agent of the limited liability company upon whom process against it may be served. The address within or without this state to which the Secretary of State shall mail a copy of any process against the limited liability company served upon him or her is
Corporation Service Company
 
80 State Street
 
Albany, New York 12207-2543

					
/s/ David Marote	 		 	David Marote	
(signature of organizer)	 		 	(print or type name of organizer)	
EXECUTED ON 3/23/05	 		 		
DOS - 1336 (Rev 3/03)

New York State
Department of State
Division of Corporations, State Records
and Uniform Commercial Code
Albany, NY 12231
www.dos.state.ny.us
CERTIFICATE OF CHANGE
OF
                PEACOCK ALLEY SERVICE COMPANY, LLC                
(Insert name of Domestic Limited Liability Company )
Under Section 211-A of the Limited Liability Company Law
FIRST: The name of the limited liability company is: PEACOCK ALLEY SERVICE COMPANY, LLC .
If the name of the limited liability company has been changed, the name under which it was formed is:                                          .
SECOND: The articles of organization were filed with the Department of State on: March 25, 2005 .
THIRD: The change(s) effected hereby are: [check appropriate box(es)]
 
 	¨	The county location, within this state, in which the office of the limited liability company is located, is changed to:                                          .	
 
 	¨	The address to which the Secretary of State shall forward copies of process accepted on behalf of the limited liability company is changed to read in its entirety as follows:                                                                                                                   	

 	 	 	
		
 	 	.	
 
 	x	The limited liability company hereby: [check one]	
 
 	x	Designates Corporation Service Company as its registered agent upon whom process against the limited liability company may be served. The street address of the registered agent is 80 State Street, Albany, NY 12207-2543 .	
 
 	¨	Changes the designation of its registered agent to:                                          . The street address of the registered agent is:                                                                                                                                                      	

 	 	.	
 
 	¨	Changes the address of its registered agent to:                                                                                                            	

 	 	.	
 
 	¨	Revokes the authority of its registered agent.	

X	 	/s/ Matthew J. Hart	
	 	( Signature )	
		
	 	Matthew J. Hart	
	 	( Type or print name )	
		
	 	President	
	 	( Title of signer )	
DOS - 1359 (Rev. 5/04)

Exhibit 3.338
LIMITED LIABILITY COMPANY
OPERATING AGREEMENT
of
PEACOCK ALLEY SERVICE COMPANY, LLC
a New York limited liability company
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (the “Agreement”) is made and entered into this 1st day of April, 2005 by HILTON HOTELS CORPORATION, a Delaware corporation (“HHC”), and each individual or business entity which may subsequently be admitted to the Company. These individuals and/or business entities shall be known as and referred to as “Members” and individually as a “Member.”
ARTICLE I
Company Formation and Registered Agent
 
1.1	FORMATION. The Company was formed on March 25, 2005 in the state of New York.	
 
1.2	NAME. The name of the Company is PEACOCK ALLEY SERVICE COMPANY, LLC	
 
1.3	REGISTERED OFFICE AND AGENT. The location of the registered office of the Company in its state of formation is 80 State Street, Albany, NY 12207-2543.	
The Company’s registered agent at such address is Corporation Service Company.
 
1.4	TERM. The Company shall continue in existence perpetually, until it is dissolved by:	
 
 	(a)	Members whose capital interest (as defined in Article 2.2) exceeds 50 percent vote for dissolution; or	
 
 	(b)	Any event which makes it unlawful for the business of the Company to be carried on by the Members; or	
 
 	(c)	Any other event causing a dissolution of a Limited Liability Company under the laws of New York.	
 
1.5	BUSINESS PURPOSE. The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be formed under the Limited Liability Company Law of the State of New York.	

1.6	PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the Company shall be at 301 Park Avenue, New York, New York 10022-9990, or at such other place as the Managers may from time to time select.	
 
1.7	MEMBERS. The name and business address of the Company’s sole Member is: Hilton Hotels Corporation, 9336 Civic Center Drive, Beverly Hills, California 90210.	
ARTICLE 2
Additional Capital Contributions
 
2.1	ADDITIONAL CONTRIBUTIONS. Except as provided in Article 6.2, no Member shall be obligated to make any additional contribution to the Company’s capital.	
ARTICLE 3
Profits, Losses and Distributions
 
3.1	PROFITS/LOSSES. For financial accounting and tax purposes the Company’s net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member’s relative capital interest in the Company, in accordance with Treasury Regulation 1.704-1.	
 
3.2	DISTRIBUTIONS. The Members shall determine and distribute available funds annually or at more frequent intervals as they see fit. Available funds, as referred to herein, shall mean the net cash of the Company available after appropriate provision for expenses and liabilities, as determined by the Managers. Distributions in liquidation of the Company or in liquidation of a Member’s interest shall be made in accordance with the positive capital account balances pursuant to Treasury Regulation 1.704-1(b)(2)(ii)(b)(2). To the extent a Member shall have a negative capital account balance, there shall be a qualified income offset, as set forth in Treasury Regulation 1.704-1(b)(2)(ii)(d).	
ARTICLE 4
Management
 
4.1	MANAGEMENT OF THE BUSINESS. The sole management and control of the Company shall be vested in the Management Committee. Such Management Committee shall be comprised of two (2) persons appointed by, and to serve at the will of, the Company’s Members.	
 
4.2	MEMBER. The liability of the Members shall be limited as provided under the Limited Liability Company Law of the State of New York. The Management Committee may from time to time seek advice from the Members, but they need not accept such advice, and at all times the Management Committee shall have the exclusive right to control and manage the Company. No Member shall be an agent of any other Member of the Company solely by reason of being a Member.	

4.3	POWERS OF MANAGEMENT COMMITTEE. The Management Committee is authorized on the Company’s behalf to make all decisions as to:	
(a) the sale, development, lease or other disposition of the Company’s assets;
(b) the purchase or other acquisition of other assets of all kinds;
(c) the management of all or any part of the Company’s assets;
(d) the borrowing of money and the granting of security interests in the Company’s assets;
(e) the prepayment, refinancing or extension of any loan affecting the Company’s assets;
(f) the compromise or release of any of the Company’s claims or debts;
(g) the employment of persons, firms or corporations for the operation and management of the company’s business; and
(h) The appointment, from time to time, of such officers and agents of the Company, as the Management Committee deems necessary or advisable, define and modify, from time to time, such officers’ and agents’ duties; provided, however, that the Company shall at all times have at least one officer, employee or representative designated as its President to oversee the operation of the Company, subject in turn to the oversight of the Management Committee.
In the exercise of their management powers, the members of the Management Committee are authorized to execute and deliver:
(i) all contracts, conveyances, assignments leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts and maintenance contracts covering or affecting the Company’s assets;
(ii) all checks, drafts and other orders for the payment of the company’s funds;
(iii) all promissory notes, loans, security agreements and other similar documents; and
(iv) all other instruments of any other kind relating to the Company’s affairs, whether like or unlike the foregoing.
 
4.4	OFFICERS. The Management Committee may, as it deems advisable, elect one or more Officers to operate the Company and handle its day-to-day business, and shall define and modify, from time to time, such officers’ powers and duties.	

4.5	NOMINEE. Title to the Company’s assets shall be held in the Company’s name or in the name of any nominee that the Management Committee may designate. The Management Committee shall have power to enter into a nominee agreement with any such person, and such agreement may contain provisions indemnifying the nominee, except for his willful misconduct.	
 
4.6	COMPANY INFORMATION. Upon request, the Management Committee shall supply to any Member information regarding the Company or its activities. Each Member or his authorized representative shall have access to and may inspect and copy all books, records and materials in the Management Committee’s possession regarding the Company or its activities. The exercise of the rights contained in this Article 4.6 shall be at the requesting Member’s expense.	
 
4.7	EXCULPATION. Any act or omission of the Management Committee, the effect of which may cause or result in loss or damage to the Company or the Members if done in good faith to promote the best interests of the Company, shall not subject the members of the Management Committee to any liability to the Members.	
 
4.8	INDEMNIFICATION. The Company shall indemnify any person who was or is a party defendant or is threatened to be made a party defendant, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a Member of the company, Manager, employee or agent of the Company, or is or was serving at the request of the Company, against expenses (including attorney’s fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding if the Members determine that he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interest of the Company, and with respect to any criminal action proceeding, has no reasonable cause to believe his/her conduct was unlawful.	
The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of “nolo contendere” or its equivalent, shall not in itself create a presumption that the person did or did not act in good faith and in a manner which he reasonably believed to be in the best interest of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his/her conduct was lawful.
 
4.9	RECORDS. The Management Committee shall cause the Company to keep at its principal place of business the following:	
(a) a current list of the names and business addresses of each Member;

(b) a copy of the Certificate of Formation, this Company Operating Agreement, and all amendments to both documents;
(c) copies of the Company’s federal, state and local income tax returns and reports, if any, for the three most recent years; and
(d) copies of any financial statements of the Company for the three most recent years.
ARTICLE 5
Compensation
 
5.1	MANAGEMENT FEE. Any member of the Management Committee rendering services to the Company shall be entitled to compensation commensurate with the value of such services.	
 
5.2	REIMBURSEMENT. The Company shall reimburse the Management Committee and/ or Members for all direct out-of-pocket expenses incurred by them in managing the Company.	
ARTICLE 6
Bookkeeping
 
6.1	BOOKS. The Management Committee shall maintain complete and accurate books of account of the company’s affairs at the Company’s principal place of business. Such books shall be kept on such method of accounting as the Management Committee shall select. The Company’s accounting period shall be the calendar year.	
 
6.2	MEMBER’S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by:	
(a) any additional capital contribution made by him/her;
(b) credit balances transferred from his distribution account to his capital account;
and decreased by:
(i) distributions to him/her in reduction of Company capital;
(ii) the Member’s share of Company losses if charged to his/her capital account.
 
6.3	REPORTS. The Management Committee shall close the books of account after the close of each calendar year, and shall prepare and send to each Member a statement of such Member’s distributive share of income and expense for income tax reporting purposes.	

ARTICLE 7
Transfers
 
7.1	ASSIGNMENT. If at any time a Member proposes to sell, assign or otherwise dispose of all or any part of his interest in the Company, such Member shall first make a written offer to sell such interest to the other Members at a price determined by mutual agreement. If such other Members decline or fail to elect such interest within thirty (30) days, and if the sale or assignment is made and the Members fail to approve this sale or assignment unanimously then, pursuant to the applicable provisions of the Limited Liability Company Law of the State of New York, the purchaser or assignee shall have no right to participate in the management of the business and affairs of the Company. The purchaser or assignee shall only be entitled to receive the share of the profits or other compensation by way of income and the return of contributions to which that Member would otherwise be entitled.	
Executed as of this 1 st day of April, 2005.

SOLE MEMBER:	 	HILTON HOTELS CORPORATION,	
	 	a Delaware corporation	
			
	 	By:	 	/s/ K. Allen Anderson	
	 		 	K. Allen Anderson	
	 		 	Vice President	

Exhibit 3.339

CT-07	  	CT-07	
CERTIFICATE OF CONVERSION OF WASHINGTON HILTON JOINT VENTURE
TO A LIMITED LIABILITY COMPANY
OF WASHINGTON HILTON, L.L.C.
Under Section 1006 of the Limited Liability Company Law of the State of New York
THE UNDERSIGNED, being a natural person of at least eighteen (18) years of age and acting as an authorized person of the limited liability company (the “Company”) hereby being formed under Section 1006 of the Limited Liability Company Law of the State of New York (the “LLCL”), certifies that:
FIRST: The partnership described below was in accordance with the provisions of the Limited Liability Company Law, duly converted to a limited liability company.
SECOND: The name of the partnership was Washington Hilton Joint Venture, a New York general partnership.
THIRD: The name of the limited liability company is Washington Hilton, L.L.C.
FOURTH: The county within this state in which the office of the limited liability company is to be located is New York.
FIFTH: The latest date on which the limited liability company is to dissolve is June 26, 2049.
SIXTH: The secretary of the state is designated as agent of the Company upon whom process against the Company may be served. The post office address within or without the State of New York to which the secretary of state shall mail a copy of any process against the Company served upon such Secretary of State is c/o CT Corporation System, 1633 Broadway, New York, New York 10019.
SEVENTH: The name and address of the registered agent for service of process on the Company in the State of New York is CT Corporation System, 1633 Broadway, New York, New York 10019. Such registered agent is to be the agent of the Company upon whom process against it may be served.
EIGHTH: The Company is to be managed by one or more members.
NINTH: The future effective date of this Certificate of Conversion, if not effective upon filing, is November 27, 1996.
IN WITNESS WHEREOF, this certificate has been subscribed this 25th day of November, 1996, by the undersigned who affirms that the statements made herein are true under the penalties of perjury.

/s/ Alan S. Kava	
Alan S. Kava	
Authorized Person	

CERTIFICATE OF CHANGE
OF
WASHINGTON HILTON, L.L.C.
Under Section 211-A of the Limited Liability Company Law
 
1.	The name of the limited liability company is WASHINGTON HILTON, L.L.C.	
If applicable, the original name under which it was formed is WASHINGTON HILTON JOINT VENTURE.
 
2.	The date of filing of the original articles of organization by the Department of State is 11/27/96.	
 
3.	The address of C T Corporation System as the registered agent of said limited liability company is hereby changed from CT CORPORATION SYSTEM, 1633 BROADWAY, NEW YORK, NY 10019 to 111 Eighth Avenue, New York, New York 10011.	
 
4.	The address to which the Secretary of State shall mail a copy of process in any action or proceeding against the limited liability company which may be served on him is hereby changed from c/o CT CORPORATION SYSTEM, 1633 BROADWAY, NEW YORK, NY 10019 to c/o C T Corporation System, 111 Eighth Avenue, New York, New York 10011.	
 
5.	Notice of the above changes was mailed to the limited liability company by C T Corporation System not less than 30 days prior to the date of delivery of this Certificate to the Department of State and such limited liability company has not objected thereto.	
 
6.	C T Corporation System is both the agent of such limited liability company to whose address the Secretary of State is required to mail copies of process and the registered agent of such limited liability company.	

C T CORPORATION SYSTEM	
		
By:	 	/s/    Kenneth J. Uva        	
	 	Kenneth J. Uva	
	 	Vice President	
NY Domestic LLC - agent / process address

New York State
Department of State
Division of Corporations, State Records
and Uniform Commercial Code
Albany, NY 12231
CERTIFICATE OF CHANGE
OF
WASHINGTON HILTON, L.L.C.
 
( Insert name of Domestic Limited Liability Company)
Under Section 211-A of the Limited Liability Company Law

FIRST: The name of the limited liability company is: WASHINGTON HILTON, L.L.C.	

If the name of the limited liability company has been changed, the name under which it was formed is:	  	 	

SECOND: The articles of organization were filed with the Department of State on: November 27, 1996	
	
THIRD: The change(s) effected hereby are, [check appropriate box(es)]	

¨	  	 The county location, within this state, in which the office of the limited liability company is located, is changed to:	  	 	

x	  	The address to which the Secretary of State shall forward copies of process accepted on behalf of the limited liability company is changed to: c/o Corporation Service Company, 80 State Street, Albany, NY 12207-2543	
		
¨	  	The limited liability company hereby: [check one]	

	  	¨	  	Designates	 	 	
	  		  	 	
	  		  	as its registered agent upon whom process against the limited liability company may be served.	
			
	  	x	  	Changes the designation of its registered agent to: Corporation Service Company	
			
	  	x	  	Changes the address of its registered agent to: 80 State Street, Albany, NY 12207-2543	
			
	  	¨	  	Revokes the authority of its registered agent.	

	 	BY:	 	HILTON HOTELS CORPORATION, sole member	
		
By:	 	X /s/ K. Allen Anderson	
	 	(Signature)	
		
	 	K. Allen Anderson	
	 	(Type or print name)	
		
	 	Vice President	
	 	(Title or capacity of signer)	
DOS - 1359 (11/98)

CERTIFICATE OF CHANGE
OF
WASHINGTON HILTON, L.L.C.
 
(Insert Name of Domestic Limited Liability Company)
Under Section 211-A(b) of the Limited Liability Company Law
FIRST: The name of the limited liability company is: WASHINGTON HILTON, L.L.C.

If the name of the limited liability company has been changed, the name under which it was organized is:	  	 	
     	
SECOND: The date of filing of the original articles of organization is: November 27, 1996
THIRD: The change(s) effected hereby are: [check the appropriate box(es).]

    	  	x	  	The address for service of process of the limited liability company is changed to: c/o Corporation Service Company, 80 State Street, Albany, NY 12207-2543	
			
	  		  	The undersigned is the agent of the limited liability company to whose address the Secretary of State is required to mail copies of process accepted on behalf of the limited liability company.	
				
	  	¨	  	The address of the registered agent is changed to:	  	 	

	  		  	The undersigned is the designated registered agent of the limited liability company.	
FOURTH: A notice of this change was mailed to the limited liability company by the undersigned not less than thirty days prior to the date of delivery of this certificate to the Department of State. The limited liability company has not objected thereto.

Corporation Service Company	
	
X /S/ John H. Pelletier	
(Signature)	
	
John H. Pelletier, Asst. VP	
(Type or print the name and title or capacity of signer)	

Exhibit 3.340
AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT
OF
WASHINGTON HILTON, L.L.C.
This Amended and Restated Limited Liability Company Agreement (this “ Agreement ”) of WASHINGTON HILTON, L.L.C., a New York limited liability company (the “ Company ”), is adopted as of the 10th day of September, 2014, by Hilton Worldwide, Inc., a Delaware corporation, the sole member of the Company (“ Member ”).
WHEREAS, the Company was formed on November 27, 1996, by the filing of the Certificate of Conversion of Washington Hilton Joint Venture to a Limited Liability Company with the Department of State of the State of New York under Section 203 of the New York Limited Liability Company Law (Consol. 2006) (the New York Limited Liability Company Law, as amended from time to time, and any successor to such statute, the “ Act ”);
WHEREAS, the Company is currently governed by the Conversion and Limited Liability Company Agreement dated as of November 27, 1996 (the “ Existing Agreement ”); and
WHEREAS, the Member desires to amend and restate the Existing Agreement in its entirety.
NOW, THEREFORE, the Existing Agreement is hereby amended and restated to read in its entirety as follows:
1. Name . The name of the Company is Washington Hilton LLC.
2. Purpose . The purpose of the Company is to engage in any lawful act or activity for which a limited liability company may be organized under the Act.
3. Registered Office . The registered office of the Company in the State of New York is 80 State Street, Albany, NY 12207.
4. Registered Agent . The Secretary of State of the State of New York is designated as the agent of the Company upon whom process against it may be served, and the post office address, within or without New York, to which the Secretary of State shall mail a copy of any process against the Company is Corporation Service Company.
5. Members . The names and the addresses of the Member are set forth on Schedule A, as may be amended.
6. Management . Management of the Company is vested exclusively in the Member. The Member is Hilton Worldwide, Inc. Any decision or action to be taken by the Company shall require the prior unanimous approval of all the Members.

7. Officers . The Member, on behalf of the Company, may employ and retain persons as may be necessary or appropriate for the conduct of the Company’s business, including employees and agents who may be designated as officers with titles, including, but not limited to, “chairman,” “chief executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “director” and “chief financial officer”.
8. Dissolution . The Company shall be dissolved and its affairs shall be wound up upon a decision made at any time by the Member to dissolve the Company. In the absence of such a decision by the Member, the Company shall be dissolved and its affairs wound up as specifically required by the Act.
9. Liquidation . Upon dissolution pursuant to Section 8, the Company’s business and assets shall be liquidated in an orderly manner. The Member, or its designee, shall be the liquidators to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.
10. Capital Contributions; Percentage Interest . The Member shall make an initial capital contribution to the Company in an amount approved by the Member. No Member shall be required or permitted to make any additional contributions. The percentage interest of each Member in the Company shall be as set forth on Schedule A, as amended from time to time.
11. Profits and Losses . All items of income, gain, loss, deductions and credit for tax purposes shall be allocated to each Member pro rata in accordance with such Member’s percentage interest in the Company as set forth on Schedule A, as amended from time to time.
12. Distributions . Distributions shall be made to the Member at the times and in the aggregate amounts agreed upon by the Member.
13. Restrictions on Transfer . No Member may sell, assign, dispose of, or otherwise transfer all or any part of its membership interest or economic interest in the Company at any time without the consent of all of the other Members.
14. Admission of Additional or Substitute Members . Additional Members may be admitted to the Company at any time with the approval of all of the other Member(s). Substitute Members may be admitted to the Company at any time with the approval of all of the other Member(s).
15. Liability of Members . No Member shall have any liability for the obligations or liabilities of the Company except to the extent expressly provided in the Act.
16. Indemnification . The Company (the “ Indemnitor ”) shall indemnify and hold harmless the Member, its affiliates and subsidiaries, and all officers, directors, partners, employees, and agents of any of the foregoing (each, an “ Indemnitee ”) to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses of any nature (including attorneys’ fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which
 
2

the Indemnitee may be involved, or threatened to be involved as a party or otherwise, arising from, or in connection with, the performance of any action by such Indemnitee for, on behalf of, or otherwise in connection with, the Company.
17. Amendments . This Agreement may be amended only by written instrument executed by the Member.
18. Benefits of Agreement . None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member.
19. Governing Law . This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, with all rights and remedies hereunder being governed by said laws.
[ Remainder of page intentionally left blank. Signature page follows. ]
 
3

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amended and Restated Limited Liability Company Agreement.

Sole Member:	
	
HILTON WORLDWIDE, INC., a Delaware Corporation	
	
/s/ W. Steven Standefer	
 	
W. Steven Standefer, Senior Vice President	

Schedule A

Member	  	Percentage Interest	 	
Hilton Worldwide, Inc.	  	 	100	% 	
 
5

Exhibit 3.341
CHARTER
OF
EMBASSY MEMPHIS CORPORATION
The undersigned persons under the Tennessee Business Corporation Act adopts the following charter for the above listed corporation:
 
 	1.	The name of the corporation is EMBASSY MEMPHIS CORPORATION.	
 
 	2.	The number of shares of stock the corporation is authorized to issue is one hundred (100) shares of common without par value.	
 
 	3.	(a) The complete address of the corporation’s initial registered office in Tennessee is c/o C T Corporation System, 530 Gay Street, Knoxville, Tennessee 37902.	
(b) The name of the initial registered agent, to be located at the address listed in 3(a), is C T Corporation System.
 
 	4.	The name and complete address of each incorporator is:	

NAME	  	ADDRESS	
		
J. L. Miles	  	906 Olive Street	
	  	St. Louis, MO 63101	
		
S. A. Gramlich	  	906 Olive Street	
	  	St. Louis, MO 63101	
		
D. K. Ohlendorf	  	906 Olive Street	
	  	St. Louis, MO 63101	
 
 	5.	The complete address of the corporation’s principal office is 850 Ridge Lake Boulevard, Suite 400 Memphis, Tennessee 38120.	
 
 	6.	The corporation is for profit.	
Date: December 2, 1992

/s/ J. L. Miles	
 	
J. L. Miles, Incorporator	
	
/s/ S. A. Gramlich	
 	
S. A. Gramlich, Incorporator	
	
/s/ D. K. Ohlendorf	
 	
D. K. Ohlendorf, Incorporator	

CHANGE OF REGISTERED AGENT/OFFICE (BY CORPORATION)
Pursuant to the provisions of Section 48-15-102 or 48-25-108 of the Tennessee Business Corporation Act or Sec-48-55-102 or 48-65-108 of the Tennessee Nonprofit Corporation Act, the undersigned corporation hereby submits this application:

1. The name of the corporation is	 	 	 	 	 	 	 		
		
EMBASSY MEMPHIS CORPORATION	 	.	

2. The street address of its current registered office is	 	 	 	 	 	 	 		
					
530 GAY STREET	 	    KNOXVILLE	 	TN	 	37902	 	.	

3. If the current registered office is to be changed, the street address of the new registered office, the zip code of such office,	 		
					
and the county in which the office is located is	 	   c/o CORPORATION SERVICE COMPANY	 		
, 500 Tallan Building, Two Union Square,	 		
Chattanooga, Tennessee 37402-2571	 	.	

4. The name of the current registered agent is	 	 	 	 	 	 	 		
		
C T CORPORATION SYSTEM	 	.	
		
5. If the current registered agent is to be changed, the name of the new registered agent is	 		
		
CORPORATION SERVICE COMPANY	 	.	
		
6. After the change(s), the street addresses of the registered office and the business office of the registered agent will be identical.	 		

6/13/96	 		 	EMBASSY MEMPHIS CORPORATION	
Signature Date	 		 	Name of Corporation	
			
VICE PRESIDENT	 		 	/s/ Donald H. Dempsey	
 	 		 	 	
Signer’s Capacity	 		 	Signature	
			
	 		 	DONALD H. DEMPSEY	
	 		 	Name (typed or printed)	

CHANGE OF REGISTERED AGENT/OFFICE (BY CORPORATION)
Pursuant to the provisions of Section 48-15-102 or 48-25-108 of the Tennessee Business Corporation Act or Section 48-55-102 or 48-65-108 of the Tennessee Nonprofit Corporation Act, the undersigned corporation hereby submits this application:

1. The name of the corporation is	 	EMBASSY MEMPHIS CORPORATION	 		
			
 	 	 	 	.	

2. The street address of its current registered office is	 	500 TALLAN BLDG TWO UNION SQ.,	 		
			
CHATTANOOGA TN 37402-2571	 	 	 	.	

3. If the current registered office is to be changed, the street address of the new registered office, the zip code of such office,	 		
					
and the county in which the office is located is	 	  c/o C T CORPORATION SYSTEM,	 		
		
530 Gay Street, Knoxville, Tennessee 37902 - Knox County	 	.	

4. The name of the current registered agent is	 	CORPORATION SERVICE COMPANY	 		
			
 	 	 	 	.	
		
5. If the current registered agent is to be changed, the name of the new registered agent is	 		
		
C T CORPORATION SYSTEM	 	.	
	
6. After the change(s), the street addresses of the registered office and the business office of the registered agent will be identical	

 	 		 	EMBASSY MEMPHIS CORPORATION	
Signature Date	 		 	Name of Corporation	
			
	 		 	/s/ J. Kendall Huber	
 	 		 	 	
Signer’s Capacity	 		 	Signature	
			
	 		 	J. Kendall Huber	
	 		 	President	

CHANGE OF REGISTERED AGENT/OFFICE (BY CORPORATION)
Pursuant to the provisions of Section 48-15-102 or 48-25-108 of the Tennessee Business Corporation Act or Section 48-55-102 or 48-65-108 of the Tennessee Nonprofit Corporation Act, the undersigned corporation hereby submits this application:

1. The name of the corporation is	  	Embassy Memphis Corporation	 		
			
 	  	 	 	.	

2. The street address of its current registered office is	  	530 Gay Street, Knoxville, TN 37902	 		
			
 	  	 	 	.	

3. If the current registered office is to be changed, the street address of the new registered office, the zip code of such office,	 		
					
and the county in which the office is located is	  	 	 		
		
1908 Poston Avenue, Nashville, Tennessee 37203, Davidson County	 	.	

4. The name of the current registered agent is	  	CT Corporation System	 		
			
 	  	 	 	.	
		
5. If the current registered agent is to be changed, the name of the new registered agent is	 		
			
    Corporation Service Company	  	 	 	.	
		
6. After the change(s), the street addresses of the registered office and the business office of the registered agent will be identical.	 		

9/6/00	 		 	Embassy Memphis Corporation	
Signature Date	 		 	Name of Corporation	
			
Vice President	 		 	/s/ Vivien S. Mitchell	
 	 		 	 	
Signer’s Capacity	 		 	Signature	
			
	 		 	Vivien S. Mitchell	
	 		 	Name (typed or printed)	

[STAMP]    SS-4427	  		  	RDA 1678	

Exhibit 3.342
EMBASSY MEMPHIS CORPORATION
BY-LAWS

ARTICLE I
OFFICES
SECTION 1 . Registered Office . The registered office shall be in the City of Memphis, County of Shelby, State of Tennessee.
SECTION 2 . Other Offices . The Corporation may also have offices at such other places both within and without the State of Tennessee as the board of directors may from time to time determine or the business of the Corporation may require.
ARTICLE II
MEETINGS OF STOCKHOLDERS
SECTION 1 . Place of Meetings . All meetings of the stockholders shall be held at any place within or without the State of Tennessee as shall be designated from time to time by the board of directors. In the absence of any such designation, stockholders’ meetings shall be held at the principal executive office of the Corporation.
SECTION 2 . Annual Meeting of Stockholders . An annual meeting of stockholders shall be held each year on a date and at a time designated by the board of directors. At each annual meeting, directors shall be elected and any other proper business may be transacted.
SECTION 3 . Quorum; Adjourned Meetings and Notice Thereof . A majority of the stock issued and outstanding and entitled to vote at any meeting of stockholders, the holders of which are present in person or represented by proxy, shall constitute a quorum for the transaction of business except as otherwise provided by law. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum and the votes present may continue to transact business until adjournment. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority of the voting stock represented in person or by proxy may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote thereat.
SECTION 4 . Voting . When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which, by express provision of law, a different vote is required, in which case such express provision shall govern and control the decision of such question.
 
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SECTION 5 . Proxies . At each meeting of the stockholders, each stockholder having the right to vote may vote in person or may authorize another person or persons to act for him by proxy appointed by an instrument in writing subscribed by such stockholder and bearing a date not more than three years prior to said meeting, unless said instrument provides for a longer period. All proxies must be filed with the secretary of the Corporation at the beginning of each meeting in order to be counted in any vote at the meeting. Each stockholder shall have one vote for each share of stock having voting power, registered in his name on the books of the Corporation on the record date set by the board of directors as provided in Article V, Section 6 hereof. All elections shall be had and all questions decided by a plurality vote.
SECTION 6 . Special Meetings . Special meetings of the stockholders, for any purpose, or purposes, unless otherwise prescribed by statute, may be called by the president and shall be called by the president or the secretary at the request in writing of a majority of the board of directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the Corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.
SECTION 7 . Notice of Stockholders Meetings . Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given, which notice shall state the place, date and hour of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. The written notice of any meeting shall be given to each stockholder entitled to vote at such meeting not less than ten nor more than sixty days before the date of the meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at his address as it appears on the records of the Corporation.
SECTION 8 . Maintenance and Inspection of Stockholder List . The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.
 
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SECTION 9 . Stockholder Action by Written Consent Without a Meeting . Any action required to be taken at any annual or special meeting of stockholders of the Corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.
ARTICLE III
DIRECTORS
SECTION 1 . Number and Qualification of Directors . The board of directors shall consist of a minimum of one (1) and a maximum of ten (10) directors. The number of directors shall be fixed or changed from time to time, within the minimum and maximum, by the then appointed directors. The number of directors which shall constitute the initial board shall be three (3). The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 2 of this Article III, and each director elected shall hold office until his successor is elected and qualified; provided, however, that unless otherwise restricted by law, any director or the entire board of directors may be removed, either with or without cause, from the board of directors at any meeting of stockholders by a majority of the stock represented and entitled to vote thereat.
SECTION 2 . Vacancies . Vacancies on the board of directors by reason of death, resignation, retirement, disqualification, removal from office, or otherwise, and newly created directorships resulting from any increase in the authorized number of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. The directors so chosen shall hold office until the next annual election of directors and until their successors are duly elected and shall qualify, unless sooner displaced. If there are no directors in office, then an election of directors may be held in the manner provided by statute. If, at the time of filling any vacancy or any newly created directorship, the directors then in office shall constitute less than a majority of the whole board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any stockholder or stockholders holding at least ten percent of the total number of the shares at the time
 
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outstanding having the right to vote for such directors, summarily order an election to be held to fill any such vacancies or newly created directorships, or to replace the directors chosen by the directors then in office.
SECTION 3 . Powers . The property and business of the Corporation shall be managed by or under the direction of its board of directors. In addition to the powers and authorities by these By-Laws expressly conferred upon them, the board of directors may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Certificate of Incorporation or by these By-Laws directed or required to be exercised or done by the stockholders.
SECTION 4 . Place of Directors Meetings . The directors may hold their meetings and have one or more offices, and keep the books of the Corporation outside of the State of Tennessee.
SECTION 5 . Regular Meetings . Regular meetings of the board of directors may be held without notice at such time and place as shall from time to time be determined by the board.
SECTION 6 . Special Meetings . Special meetings of the board of directors may be called by the president on twenty-four hours’ notice to each director, either personally or by mail or by telegram; special meetings shall be called by the president or the secretary in like manner and on like notice on the written request of two directors unless the board of directors consists of only one director, in which case special meetings shall be called by the president or secretary in like manner or on like notice on the written request of the sole director.
SECTION 7 . Quorum . At all meetings of the board of directors a majority of the authorized number of directors shall be necessary and sufficient to constitute a quorum for the transaction of business, and the vote of a majority of the directors present at any meeting at which there is a quorum, shall be the act of the board of directors, except as may be otherwise specifically provided by statute. If a quorum shall not be present at any meeting of the board of directors the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. If only one director is authorized, such sole director shall constitute a quorum.
SECTION 8 . Action Without Meeting . Any action required or permitted to be taken at any meeting of the board of directors or of any committee thereof may be taken without a meeting, if all members of the board of directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the board or directors or committee.
SECTION 9 . Telephone Meetings . Members of the board of directors, or any committee designated by the board of directors, may participate in a meeting of the board of directors, or any committee, by means of conference telephone or similar
 
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communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.
SECTION 10 . Committees of Directors . The board of directors may, by resolution passed by a majority of the whole board of directors, designate one or more committees, each such committee to consist of one or more of the directors of the corporation. The board of directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in a resolution of the board of directors, shall have and may exercise all the powers and authority of the board of directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the board of directors, fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation’s property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution, or amending the By-Laws of the Corporation; and, unless the resolution expressly so provides, no such committee shall have the power or authority to declare a dividend, to authorize the issuance of stock, or to adopt a Certificate of Ownership and Merger.
SECTION 11 . Minutes of Committee Meetings . Each committee shall keep regular minutes of its meetings and report the same to the board of directors when required.
SECTION 12 . Compensation of Directors . The board of directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated
 
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salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor, except that no employee of the Corporation or an affiliate of the Corporation shall be entitled to receive compensation for serving as a director other than his regular salary as an employee. Members of special or standing committees may be allowed like compensation for attending committee meetings.
SECTION 13 . Indemnification . The Corporation shall indemnify every person who was or is a party or is or was threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director, officer or employee of the Corporation or, while a director, officer or employee of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or trustee of another Corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against expenses (including counsel fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding, to the full extent permitted by applicable law. Expenses incurred by a person who is or was a director or officer of the Corporation in appearing at, participating in or defending any such action, suit or proceeding shall be paid by the Corporation at reasonable intervals in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation as authorized by this Section 13. If a claim under this Section 13 is not paid in full by the Corporation within ninety days after a written claim has been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Corporation) that the claimant has not met the standards of conduct which make it permissible under the Tennessee General Corporation Law or other applicable law for the Corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its board of directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he has met the applicable standard of conduct set forth in the Tennessee General Corporation Law or other applicable law, nor an actual determination by the Corporation (including its board of directors, independent legal counsel, or its
 
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stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
ARTICLE IV
OFFICERS
SECTION 1 . Officers . The officers of the Corporation shall be chosen by the board of directors and shall include a president, a vice president and a secretary. The Corporation may also have at the discretion of the board of directors such other officers as are desired, including a chairman of the board, additional vice presidents, one or more assistant secretaries, a treasurer, one or more assistant treasurers, and such other officers as may be appointed in accordance with the provisions of Section 2 of this Article IV. In the event there are two or more vice presidents, then one or more may be designated as executive vice president, senior vice president, vice president marketing, or other similar or dissimilar title. At the time of the election of officers, the directors may by resolution determine the order of their rank. Any number of offices may be held by the same person.
SECTION 2 . Election of Officers . The board of directors, at its first meeting after each annual meeting of stockholders, shall choose the officers of the Corporation. Between annual meetings the board of directors may appoint such other officers and agents, as it shall deem necessary, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the board of directors.
SECTION 3 . Term of Office; Removal and Vacancies . The officers of the Corporation shall hold office until their successors are chosen and qualify in their stead. Any officer elected or appointed by the board of directors may be removed at any time, either with or without cause, by the board of directors. If the office of any officer or officers becomes vacant for any reason, the vacancy may be filled by the board of directors.
SECTION 4 . Chairman of the Board . The chairman of the board, if such an officer be elected, shall, if present, preside at all meetings of the board of directors and exercise and perform such other powers and duties as may be from time to time assigned to him by the board of directors or prescribed by these By-Laws. If there is no president, the chairman of the board shall, in addition, be the chief executive officer of the Corporation and shall have the powers and duties prescribed in Section 5 of this Article IV.
 
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SECTION 5 . President . Subject to such supervisory powers, if any, as may be given by the board of directors to the chairman of the board, if there be such an officer, the president shall be the chief executive officer of the Corporation and shall, subject to the control of the board of directors, have general supervision, direction and control of the business and officers of the Corporation. He shall be an ex-officio member of all committees and shall have the general powers and duties of management usually vested in the office of president and chief executive officer of Corporations, and shall have such other powers and duties as may be prescribed by the board of directors or these By-Laws.
SECTION 6 . Vice Presidents . In the absence or disability of the president, the vice presidents in order of their rank as fixed by the board of directors, or if not ranked, the vice president designated by the board of directors, shall perform all the duties of the president, and when so acting shall have all the powers of and be subject to all the restrictions upon the president. The vice presidents shall have such other duties as from time to time may be prescribed for them, respectively, by the board of directors.
SECTION 7 . Secretary . The secretary shall record the proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose; and shall perform like duties for the standing committees when required by the board of directors. He shall give, or cause to be given, notice of all meetings of the stockholders and of the board of directors, and shall perform such other duties as may be prescribed by the board of directors or these By-Laws. He shall keep in safe custody the seal of the Corporation, and affix the same to any instrument requiring it, and when so affixed it shall be attested by his signature or by the signature of an assistant secretary. The board of directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his signature.
SECTION 8 . Assistant Secretaries . The assistant secretary, or if there be more than one, the assistant secretaries in the order determined by the board of directors, or if there be no such determination, the assistant secretary designated by the board of directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
SECTION 9 . Treasurer . The treasurer, if such an officer is elected, shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys, and other valuable effects in the name and to the credit of the Corporation, in such depositories as may be designated by the board of directors. He shall disburse the funds of the Corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the board of directors, at its regular meetings, or when the board of directors so requires, an account
 
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of all his transactions as treasurer and of the financial condition of the Corporation. If required by the board of directors, he shall give the Corporation a bond, in such sum and with such surety or sureties as shall be satisfactory to the board of directors, for the faithful performance of the duties of his office and for the restoration to the Corporation, in case of his death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the Corporation.
SECTION 10 . Assistant Treasurers . The assistant treasurer, or if there shall be more than one, the assistant treasurers in the order determined by the board of directors, or if there be no such determination, the assistant treasurer designated by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall perform such other duties and have such other powers as the board of directors may from time to time prescribe.
ARTICLE V
CERTIFICATES OF STOCK
SECTION 1 . Certificates . Every holder of stock of the Corporation shall be entitled to have a certificate signed by, or in the name of the Corporation by, the chairman or vice chairman of the board of directors, or the president or a vice president, and by the secretary or an assistant secretary, or the treasurer or an assistant treasurer of the Corporation, certifying the number of shares represented by the certificate owned by such stockholder in the Corporation.
SECTION 2 . Signatures on Certificates . Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.
SECTION 3 . Statement of Stock Rights, Preferences, Privileges . If the Corporation shall be authorized to issue more than one class of stock or more than one series of any class, the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the Corporation shall issue to represent such class or series of stock, provided that, except as otherwise provided in Section 202 of the General Corporation Law of Tennessee, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate
 
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which the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
SECTION 4 . Lost Certificates . The board of directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the board of directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
SECTION 5 . Transfers of Stock . Upon surrender to the Corporation, or the transfer agent of the Corporation, of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.
SECTION 6 . Fixing Record Date . In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the board of directors may fix a record date which shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.
SECTION 7 . Registered Stockholders . The Corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and accordingly shall not be bound to recognize any equitable or other claim or interest in such share on the part of any other person, whether or not it shall have express or other notice thereof, save as expressly provided by the laws of the State of Tennessee.
 
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ARTICLE VI
GENERAL PROVISIONS
SECTION 1 . Dividends . Dividends upon the capital stock of the Corporation may be declared by the board of directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock.
SECTION 2 . Payment of Dividends; Directors Duties . Before payment of any dividend there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interests of the Corporation, and the directors may abolish any such reserve.
SECTION 3 . Checks . All checks or demands for money and notes of the Corporation shall be signed by such officer or officers as the board of directors may from time to time designate.
SECTION 4 . Fiscal Year . The fiscal year of the Corporation shall end on the Friday nearest December 31 and the following fiscal year shall commence on the Saturday following the aforesaid Friday, unless the fiscal year is otherwise fixed by affirmative resolution of the entire board of directors.
SECTION 5 . Corporate Seal . The corporate seal shall have inscribed thereon the name of the Corporation and the words “Corporate Seal, Tennessee.” Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
SECTION 6 . Manner of Giving Notice . Whenever, under the provisions of the Certificate of Incorporation or of these By-Laws, or as required by law, notice is required to be given to any director or stockholder, it shall not be construed to mean personal notice, but such notice may be given in writing, by mail, addressed to such director or stockholder, at his address as it appears on the records of the Corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice to directors may also be given by telegram.
SECTION 7 . Waiver of Notice . Whenever any notice is required to be given by law or under the provisions of the Certificate of Incorporation or of these By-Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
 
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ARTICLE VII
AMENDMENTS
SECTION 1 . Amendment by Directors or Stockholders . These By-Laws may be altered, amended or repealed or new By-Laws may be adopted by the stockholders or by the board of directors, when such power is conferred upon the board of directors by the Certificate of Incorporation, at any regular meeting of the stockholders or of the board of directors or at any special meeting of the stockholders or of the board of directors if notice of such alteration, amendment, repeal or adoption of new By-Laws be contained in the notice of such special meeting. If the power to adopt, amend or repeal these By-Laws is conferred upon the board of directors by the Certificate of Incorporation it shall not divest or limit the power of the stockholders to adopt, amend or repeal these By-Laws.
 
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Exhibit 3.343
ARTICLES OF INCORPORATION
OF
EMBASSY SUITES CLUB NO. TWO, INC.
I, the undersigned natural person of the age of eighteen years or more, a citizen of the State of Texas, acting as incorporator of a corporation under the Texas Business Corporation Act, do hereby adopt the following Articles of Incorporation for such corporation:
ARTICLE ONE
The name of the corporation is EMBASSY SUITES CLUB NO. TWO, INC.
ARTICLE TWO
The period of its duration is perpetual.
ARTICLE THREE
The purposes for which the corporation is organized are:
 
 	(a)	transaction of any lawful act or activity for which corporations may be organized under the Texas Business Corporation Act.	
 
 	(b)	to engage in the service and sale at retail of alcoholic and other beverages; and	
 
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 	(c)	to buy, sell and deal in services, personal property and real property, subject to Part Four of the Texas Miscellaneous Corporation Laws Act, and	
 
 	(d)	to carry out such purposes in other states, territories, districts or possessions of the Unites States, or in foreign countries, to the extent that such purposes are not forbidden by the laws of such state, territory, district or foreign country.	
ARTICLE FOUR
The aggregate number of shares which the corporation shall have authority to issue is One Million (1,000,000) shares of common stock of the par value of $0.10 each. The shares shall be designated as common stock and shall have identical voting rights, privileges and powers, except that cumulative voting, as permitted by the Texas Business Corporation Act, is hereby expressly prohibited in all elections of every kind and character and in all voting upon any issues where the same, under any circumstances and in the absence of this prohibition, might otherwise be permissible. Any action to be taken by the shareholders of this corporation shall never require more than the vote of the holders of a majority of the shares entitled to vote thereon.
 
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ARTICLE FIVE
The corporation shall not commence business until it has received for the issuance of its shares consideration of the value of ONE THOUSAND DOLLARS ($1,000.00), consisting of money, labor done, or property actually received, which sum is not less than ONE THOUSAND DOLLARS ($1,000.00).
ARTICLE SIX
The corporation shall indemnify any director, officer or employee or former director, officer or employee of the corporation or any person who may have served at its request as a director, officer or employee of another corporation in which it owns shares of stock, or of which it is a creditor, against expenses actually and necessarily incurred by him and any action, suit or proceeding whether civil or criminal in nature, in which he is made a party by reason of being or having been such a director, officer or employee (whether or not a director, officer or employee at the time such costs or expenses were incurred by or imposed upon him), except in relation to the matters as to which he shall be adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct. The corporation may also reimburse to any director, officer or employee the reasonable costs of settlement of any such action, suit or proceeding, it if shall be found by a majority of the committee of the directors not involved in the matter in controversy, whether
 
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or not a quorum, that it was to the interest of the corporation that such settlement be made and that such director, officer or employee was not guilty of gross negligence or willful misconduct. Such rights of indemnification and reimbursement shall not be deemed exclusive of any other rights to which such director, officer or employee may be entitled by law or under any bylaw, agreement, vote of shareholders, or otherwise.
ARTICLE EIGHT
No shareholder shall be entitled as a matter of right to subscribe for or receive additional shares of any class of stock of the corporation, whether now or hereafter authorized, or any bonds, debentures, or other securities convertible into stocks, but said additional shares of stock or other securities convertible into stock may be issued or disposed of by the Board of Directors to such persons and on such terms as in its discretion it shall deem advisable.
ARTICLE TEN
The post office address of its initial registered office is 5710 LBJ Freeway, Suite 180, Dallas, TX 75240, and the name of its initial registered agent at such address is Waylon E. McMullen.
ARTICLE ELEVEN
The number of directors of the corporation shall be fixed from time to time by resolution of the board of
 
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directors of the corporation. The number of directors constituting the initial board of directors is one (1) and the names and address of the person who is to serve as director until the first annual meeting of the shareholders or until a successor is elected and qualified is the following:

NAME	  	ADDRESS	
		
Waylon E. McMullen	  	5710 LBJ Freeway, Suite 180
Dallas, TX 75240	
ARTICLE TWELVE
The initial bylaws shall be adopted by the board of directors. The power to alter, amend or appeal the bylaws or adopt new bylaws is vested in the board of directors, subject to repeal or change by action of the shareholders.
ARTICLE THIRTEEN
The name and address of the incorporator is:

NAME	  	ADDRESS	
		
Waylon E. McMullen	  	5710 LBJ Freeway, Suite 180
Dallas, TX 75240	
IN WITNESS WHEREOF, I have executed these Articles of Incorporation on this 13th day of March, 1984.

/s/ Waylon E. McMullen	
Waylon E. McMullen	
 
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STATE OF TEXAS	  	§	
	  	§	
COUNTY OF DALLAS	  	§	
I, Lynette Reid, a Notary Public, do hereby certify that on this 13th day of March, 1984, personally appeared before me WAYLON E. McMULLEN, being duly sworn, declared that he is the person who signed the foregoing document as incorporator, and that the statements therein contained are true.

/s/ Lynette Reid	
Notary Public in and for The State of Texas	
My Commission Expires:

LYNETTE REID	  		
		
MY COMMISSION EXPIRES	  		
		
FEBRUARY 28, 1985	  		
 
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STATEMENT OF CHANGE OF REGISTERED
OFFICE OR REGISTERED AGENT OR BOTH
BY A TEXAS DOMESTIC CORPORATION
1. The name of the corporation is Embassy Suites Club No. Two, Inc. .
2. The address, including street and number, of its present registered office as shown in the records of the Secretary of State of the State of Texas before filing this statement is 5710 LBJ Freeway, Ste: 180 Dallas, TX 75240 .
3. The address, including street and number, to which its registered office is to be changed is 250 Lincoln Centre Three/LB12 5430 LBJ Freeway, Dallas, TX 75240-2601 .
(Give new address or state “no change”)
4. The name of its present registered agent, as shown in the records of the Secretary of State of the State of Texas, before filing this statement is Waylon E. McMullen .
5. The name of its new registered agent is No change .
(Give new name or state “no change”)
6. The address of its registered office and the address of the business office of its registered agent, as changed, will be identical.
7. Such change was authorized by: (Check One)

 	 	A.	 	The Board of Directors	
			
X	 	B.	 	An officer of the corporation so authorized by the Board of Directors.	

	
/s/ Waylon E. McMullen	
An Authorized Officer	

STATEMENT OF CHANGE OF REGISTERED OFFICE
OR REGISTERED AGENT OR BOTH
BY A TEXAS DOMESTIC CORPORATION
 
1.	The name of the corporation is EMBASSY SUITES CLUB NO. TWO, INC.	
 
2.	The address, including street and number, of its present registered office as shown in the records of the Secretary of State of the State of Texas before filing this statement is 5430 LBJ Freeway, Suite 250, Dallas, TX 75240-2601.	
 
3.	The address, including street and number, to which its registered office is to be changed is 3400 Carlisle, Suite 250, Dallas, TX 75204-1223.	
 
4.	The name of its present registered agent, as shown in the records of the Secretary of State of the State of Texas, before filing this statement is WAYLON E. MCMULLEN.	
 
5.	The name of its new registered agent is REBECCA J. MANUEL.	
 
6.	The address of its registered office and the address of the business office of its registered agent, as changed, will be identical.	
 
7.	Such change was authorized by:	

            	  	A.	  	The Board of Directors	
			
    X    	  	B.	  	An officer of the corporation so authorized by the Board of Directors.	

/s/ Rebecca J. Manuel	
 	
An Authorized Officer	

STATEMENT OF CHANGE OF REGISTERED OFFICE
AND REGISTERED AGENT OF
EMBASSY SUITES CLUB NO. TWO, INC.
TO THE SECRETARY OF STATE OF THE STATE OF TEXAS:
Pursuant to the provisions of Article 2.10 of the Texas Business Corporation Act, EMBASSY SUITES CLUB NO. TWO, INC., a Texas Corporation (the “Corporation”) submits the following statement for the purpose of changing its registered office and its registered agent, in the State of Texas:
1. The name of the corporation is EMBASSY SUITES CLUB NO. TWO, INC.
2. The post-office address, including street and number, of its present registered office, as shown in the records of the Secretary of the State of Texas prior to filing this statement, is 3400 Carlisle, Suite 250, Dallas, Texas 75204.
3. The post-office address, including street and number, to which its registered office is to be changed is 1820 Lincoln Plaza, 500 North Akard Street, Dallas, Texas 75201.
4. The name of its present registered agent, as shown in the records of the Secretary of State of Texas, prior to filing this statement is Rebecca J. Manuel.
5. The name of its new registered agent is Rebecca J. Manuel.
6. The post-office address of its registered office and the post-office address of the business office of its registered agent, as changed, will be identical.
7. Such change was authorized by an officer of the Corporation so authorized by the Board of Directors of the Corporation.

/s/ Rebecca J. Manuel	
Rebecca J. Manuel, Secretary	

STATEMENT OF CHANGE OF REGISTERED OFFICE
OR REGISTERED AGENT OF
EMBASSY SUITES CLUB NO. TWO, INC.
 
1.	The name of the Corporation is EMBASSY SUITES CLUB NO. TWO, INC.	
 
2.	The Corporation’s charter number is 00695769-00.	
 
3.	The address of the current registered office as shown in the records of the Texas Secretary of State is: 1820 Lincoln Plaza, 500 North Akard Street, Dallas, Texas 75201.	
 
4.	The address of the new registered office is: 8080 North Central Expressway, Suite 400, Dallas, Texas 75206.	
 
5.	The name of the current registered agent as shown in the records of the Texas Secretary of State is: Rebecca J. Manuel.	
 
6.	The registered agent will not change.	
 
7.	Following the changes shown above, the address of the registered office and the address of the office of the registered agent will continue to be identical, as required by law.	
 
8.	The changes shown above were authorized by an officer of the corporation so authorized by the board of directors.	

/s/ Rebecca J. Manuel	
Rebecca J. Manuel, Secretary-Treasurer of
EMBASSY SUITES CLUB NO. TWO, INC.	

	
Office of the Secretary of State
Corporations Section
P.O. Box 13697
Austin, Texas 78711-3697	

CHANGE OF REGISTERED AGENT/REGISTERED OFFICE
 
1.	The name of the entity is EMBASSY SUITES CLUB NO. TWO, INC . and the file number issued to the entity by the secretary of state is 69576900	
 
2.	The entity is: (Check one.)	
 
 	x	a business corporation , which has authorized the changes indicated below through its board of directors or by an officer of the corporation so authorized by its board of directors, as provided by the Texas Business Corporation Act.	
 
 	¨	a non-profit corporation , which has authorized the changes indicated below through its board of directors or by an officer of the corporation so authorized by its board of directors, or through its members in whom management of the corporation is vested pursuant to article 2.14C, as provided by the Texas Non-Profit Corporation Act.	
 
 	¨	a limited liability company , which has authorized the changes indicated below through its members or managers, as provided by the Texas Limited Liability Company Act.	
 
 	¨	a limited partnership , which has authorized the changes indicated below through its partners, as provided by the Texas Revised Limited Partnership Act.	
 
 	¨	an out-of-state financial institution , which has authorized the changes indicated below in the manner provided under the laws governing its formation.	
 
3.	The registered office address as PRESENTLY shown in the records of the Texas secretary of State is 8080 North Central Expwy, Suite 400, Dallas, Texas 75206	
 
4.	x A. The address of the NEW registered office is: (Please provide street address, city, state and zip code. The address must be in Texas.)	
800 Brazos, Austin, TX 78701
 
OR	¨ B. The registered office address will not change.	
 
5.	The name of the registered agent as PRESENTLY shown in the records of the Texas secretary of state is Rebecca J. Manuel	
 
6.	x A. The name of the NEW registered agent is Corporation Service Company d/b/a CSC-Lawyers Incorporating Service Company	
 
OR	¨ B. The registered agent will not change.	

7.	Following the changes shown above, the address of the registered office and the address of the office of the registered agent will continue to be identical, as required by law.	

	 	By:	 	/s/ K. Allen Anderson	
	 		 	(A person authorized to sign on behalf of the entity)	 	K. Allen Anderson
Secretary & Treasurer	
INSTRUCTIONS
 
1.	It is recommended that you call (512) 463-5555 to verify the information in items 3 and 5 as it currently appears on the records of the secretary of state before submitting the statement for filing. You also may e-mail an inquiry to corpinfo@sos.state.tx.us . As information on out-of-state financial institutions is maintained on a separate database, a financial institution must call (512) 463-5701 to verify registered agent and registered office information. If the information on the form is inconsistent with the records of this office, the statement will be returned.	
 
2.	You are required by law to provide a street address in item 4 unless the registered office is located in a city with a population of 5,000 or less. The purpose of this requirement is to provide the public with notice of a physical location at which process may be served on the registered agent. A statement submitted with a post office box address or a lock box address will not be filed.	
 
3.	An authorized officer of the corporation or financial institution must sign the statement. In the case of a limited liability company, an authorized member or manager of a limited liability company must sign the statement. A general partner must sign the statement on behalf of a limited partnership. A person commits an offense under the Texas Business Corporation Act, the Texas Non-Profit Corporation Act or the Texas Limited Liability Company Act if the person signs a document the person knows is false in any material respect with the intent that the document be delivered to the secretary of state for filing. The offense is a Class A misdemeanor .	
 
4.	Please attach the appropriate fee:	

Business Corporation	  	$	15.00	  	
Financial Institution, other than Credit Unions	  	$	15.00	  	
Financial Institution that is a Credit Union	  	$	5.00	  	
Non-Profit Corporation	  	$	5.00	  	
Limited Liability Company	  	$	10.00	  	
Limited Partnership	  	$	50.00	  	
Personal checks and MasterCard®, Visa®, and Discover® are accepted in payment of the filing fee. Checks or money orders must be payable through a U.S. bank or other financial institution and made payable to the secretary of state. Fees paid by credit card are subject to a statutorily authorized processing cost of 2.1% of the total fees.
 
5.	Two copies of the form along with the filing fee should be mailed to the address shown in the heading of this form. The delivery address is: Secretary of State, Statutory Filings Division, Corporations Section, James Earl Rudder Office Building, 1019 Brazos, Austin, Texas 78701. We will place one document on record and return a file stamped copy, if a duplicate copy is provided for such purpose. The telephone number is (512) 463-5555, TDD: (800) 735-2989, FAX: (512) 463-5709.	
Form No. 401
Revised 9/99

			
[Seal]          Office of the Secretary of State	  	Filed in the Office of the	
                     Corporations Section	  	Secretary of State of Texas	
                     P.O. Box 13697	  	Filing #: 69576900 07/31/2003	
                     Austin, Texas 78711-3697	  	Document #: 39208220929	
                     (Form 408)	  	Image Generated Electronically
for Web Filing	

STATEMENT OF CHANGE OF
ADDRESS OF REGISTERED AGENT
 
1.	The name of the entity represented is	
EMBASSY SUITES CLUB NO. TWO. INC.
The entity’s filing number is 69576900
 
2.	The address at which the registered agent has maintained the registered office address for such entity is: (Please provide street address, city, state and zip code presently shown in the records of the Secretary of State.)	
800 Brazos, Austin, Texas 78701
 
3.	The address at which the registered agent will hereafter maintain the registered office address for such entity is: (Please provide street address, city, state and zip code. The address must be in Texas.)	
701 Brazos Street, Suite 1050, Austin, Texas 78701
 
4.	Notice of the change of address has been given to said entity in writing at least 10 business days prior to the submission of this filing.	
Date: 07/31/03

Corporation Service Company	
d/b/a CSC-Layers Incorporating Service Company	
	
Name of Registered Agent	
	
John H. Pelletier, Asst. VP	
	
Signature of Registered Agent	
FILING OFFICE COPY

			
[Seal]          Office of the Secretary of State
                      Corporations Section
                      P.O. Box 13697
                      Austin, Texas 78711-3697
                      (Form 408)	  	Filed in the Office of the
Secretary of State of Texas
Filing #: 69576900 10/30/2009
Document #: 281713096424
Image Generated Electronically	

STATEMENT OF CHANGE OF
ADDRESS OF REGISTERED AGENT
 
1.	The name of the entity represented is	
EMBASSY SUITES CLUB NO. TWO. INC.
The entity’s filing number is 69576900
 
2.	The address at which the registered agent has maintained the registered office address for such entity is: (Please provide street address, city, state and zip code presently shown in the records of the Secretary of State.)	
701 Brazos, Suite 1050, Austin, TX 78701
 
3.	The address at which the registered agent will hereafter maintain the registered office address for such entity is: (Please provide street address, city, state and zip code. The address must be in Texas.)	
211 E. 7th Street, Suite 620, Austin, TX 78701
 
4.	Notice of the change of address has been given to said entity in writing at least 10 business days prior to the submission of this filing.	
Date: 10/30/2009

Corporation Service Company d/b/a CSC-Lawyers Incorporating Service Company	
	 	Name of Registered Agent	
		
	 	John H. Pelletier, Asst. VP	
		
	 	Signature of Registered Agent	
FILING OFFICE COPY

Exhibit 3.344
BYLAWS
OF
EMBASSY SUITES CLUB NO. TWO, INC.
ARTICLE 1: OFFICES
1.01 Registered Office and Agent . The registered office of the corporation shall be at 5710 LBJ Freeway, Suite 180, Dallas, Texas 75240-6324. The name of the registered agent at such address is Waylon E. McMullen.
1.02 Other Offices . The corporation may also have offices at such other places both within or outside the State of Texas as the board of directors may from time to time determine or the business of the corporation may require.
ARTICLE 2: SHAREHOLDERS
2.01 Place of Meetings . All meetings of the shareholders for the election of directors shall be had at such time and place, within or outside the State of Texas, as shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.
2.02 Annual Meeting . An annual meeting of the shareholders shall be held each year on a day within 12 0 days from the fiscal year-end to be selected by the board of directors. If such a day is a legal holiday, then the meeting shall be on the next secular day following. At the meeting, the shareholders shall elect directors and transact such other business as may properly be brought before the meeting.
2.03 Special Meetings . Special meetings of the shareholders, for any purpose or purposes, unless otherwise prescribed by statute or by the articles of incorporation, or by these bylaws, may be called by the board of directors, the president, or the holders of not less than one-tenth (1/10) of all the shares entitled to vote at the meetings. Business transacted at a special meeting shall be confined to the objects stated in the notice of the meeting.
 
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2.04 Notice .
(a) Annual Meeting . Written or printed notice stating the place and the day and hour of the meeting shall be delivered not less than ten (10) nor more than fifty (50) days before the date of the meeting, either personally, by telegram, or by mail, by or at the direction of the board of directors to each shareholder.
(b) Special Meetings . Written or printed notice stating the place, day and hour, and purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) days nor more than fifty (50) days before the date of the meeting, either personally, by mail, or by telegram, by or at the direction of the board of directors, the president, or the holders of not less than one-tenth (1/10) of all the shares entitled to vote at the meeting.
(c) Delivery . Delivery of the notice shall be performed by the secretary of the corporation.
(d) Notice by Mail . When mailed, the notice shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at his address as it appears on the stock transfer books of the corporation, with postage thereon prepaid.
(e) Notice by Telegram . When telegraphed, the notice shall be deemed to be delivered when delivered to the telegraph office for transmittal using the shareholder’s address as it appears on the stock transfer books of the corporation. Transmittal costs shall be paid by the corporation.
2.05 Voting List . At least ten (10) days before each meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting, arranged in alphabetical order, with the address of each and the number of voting shares held by each, shall be prepared by the officer or agent having charge of the stock transfer books. The list, for a period of ten days prior to the meeting, shall be kept on file at the registered office of the corporation and shall be subject to inspection by any shareholder at any time during usual business hours. The list shall also be produced and kept open at the time and place of the meeting during the whole time thereof, and shall be subject to the inspection of any shareholder during the whole time of the meeting.
2.06 Quorum . The holders of a majority of the shares issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall be requisite and
 
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shall constitute a quorum at all meetings of the shareholders for the transaction of business except as otherwise provided by statute, by the articles of incorporation or by these bylaws. If a quorum is not present or represented at a meeting of the shareholders, the shareholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented any business may be transacted which might have been transacted at the meeting as originally notified.
2.07 Majority Vote; Withdrawal of Quorum . When a quorum is present at any meeting, the vote of the holders of a majority of the shares having voting power, present in person or represented by proxy, shall decide any question brought before such meeting, unless the question is one upon which, by express provisions of the statutes or the articles of incorporation or by these bylaws, a different vote is required in which case such express provision shall govern and control the decision of such question. The shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.
2.08 Method of Voting . Each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of the shareholders, except to the extent that the voting rights of the shares of any class or classes are limited or denied by the articles of incorporation. At any meeting of the shareholders, every shareholder having the right to vote may vote either in person, or by proxy executed in writing by the shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after eleven months from the date of its execution, unless otherwise provided in the proxy. Each proxy shall be filed with the secretary of the corporation prior to or at the time of the meeting. Voting for directors shall be in accordance with Section 3.04 of these bylaws. Any vote may be taken by voice or by show of hands unless someone entitled to vote objects, in which case, written ballots shall be used.
2.09 Record Date; Closing Transfer Books . The board of directors may fix in advance a record date for the purpose of determining shareholders entitled to notice of or to vote at a meeting of the shareholders, the record date to be not less than ten (10) nor more than fifty (50) days prior to the meeting, or the board of directors may close the stock transfer
 
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books for such purpose for a period of not less than ten nor more than fifty days prior to such meeting. In the absence of any action by the board of directors, the date upon which the notice of the meeting is mailed shall be the record date.
2.10 Action Without Meeting . Any action required by statute to be taken at a meeting of the shareholders, or any action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof and such consent shall have the same force and effect as a unanimous vote of the shareholders. The consent may be in more than one counterpart so long as each shareholder signs one of the counterparts. Any such signed consent, or a signed copy thereof, shall be placed in the minute book of the corporation.
2.11 Telephone and Similar Meetings . Shareholders may participate in and hold a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation in such a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
2.12 Procedure . The president shall preside over all shareholders meetings. The secretary shall keep minutes of each shareholders meeting and the minutes shall be placed in the minute book of the corporation.
ARTICLE 3: DIRECTORS
3.01 Management . The business and affairs of the corporation shall be managed by the board of directors who may exercise all such powers of the corporation and do all such lawful acts and things as are not (by statute or by the articles of incorporation or by these bylaws) directed or required to be exercised or done by the shareholders.
3.02 Number; Qualification; Term . The board of directors shall consist of three (3) or more directors, who need not be shareholders or residents of the State of Texas. Each director elected shall hold office until his successor shall be elected and shall qualify.
 
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3.03 Change in Number . The number of directors may be increased or decreased, from time to time. Any directorship to be filled by reason of any increase in the number of directors shall be filled by election at an annual meeting of or at a special meeting of shareholders called for that purpose.
3.04 Election of Directors and Chairman of the Board . The directors shall be elected at the annual meeting of the shareholders, except as provided in Bylaws 3.03 and 3.06. Directors shall be elected by plurality vote. Cumulative voting shall be permitted. The directors may elect a chairman of the board who will hold such office until his successor shall be elected.
3.05 Removal . Any director, except as provided under 3.03, may be removed either for or without cause at any special or annual meeting of shareholders, by the affirmative vote of a majority in number of shares of the shareholders present in person or by proxy at such meeting and entitled to vote for the election of such director if notice of intention to act upon such matter shall have been given in the notice calling such meeting.
3.06 Vacancies . Any vacancy occurring in the board of directors (by death, resignation, removal or otherwise) may be filled by an affirmative vote of a majority of the remaining directors though less than a quorum of the board of directors. A director elected to fill a vacancy shall be elected for the unexpired term of his predecessor in office.
3.07 Place of Meetings . Meetings of the board of directors, regular or special, may be held either within or outside the State of Texas.
3.08 First Meetings . The first meeting of each newly elected board shall be held without further notice immediately following the annual meeting of shareholders, and at the same place, unless (by majority vote of the directors then elected and serving) such time and place shall be changed.
3.09 Regular Meetings . Regular meetings of the board of directors shall be held at least annually and such meeting may be held without notice at such place as shall from time to time be determined by the board.
 
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3.10 Special Meetings .
(a) Special meetings of the board of directors may be called by the chairman of the board or president on at least one (1) day’s notice to each director, either by mail, telegram or personally (by telephone or otherwise). Special meetings shall be called by the president or secretary in like manner and on like notice on the request of one director. Except as otherwise expressly provided by statute, or by the articles of incorporation, or by these bylaws, neither the business to be transacted at, nor the purpose of, any special meeting need be specified in a notice or waiver of notice.
(b) Delivery of the notice shall be performed by the secretary of the corporation.
(c) Notice by Mail . When mailed, the notice shall be deemed to be delivered when deposited in the United States Mail addressed to the board member, with postage thereon prepaid.
(d) Notice by Telegram . When telegraphed, the notice shall be deemed to be delivered when delivered to the telegraph office for transmittal to the board member with telegraph costs paid by the corporation.
(e) Notice by Telephone . When telephoned, the notice shall be deemed to be delivered when personally delivered to the board member or when delivered to any person who commonly accepts the board member’s messages. The inability to deliver a telephoned notice to these parties shall not constitute non-delivery provided written or printed notice of an attempted telephoned notice is delivered within one (1) day as detailed in 3.10(c) or 3.10(d).
3.11 Quorum; Majority Vote . At all meetings of the board of directors a majority of the number of directors fixed by these bylaws shall constitute a quorum for the transaction of business. The act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the board of directors, except as otherwise specifically provided by statute or by the articles of incorporation or by these bylaws. If a quorum is not present at a meeting of the board of directors, the directors present thereat may adjourn the meeting from time to time without notice other than announcement at the meeting, until a quorum is present.
 
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3.12 Compensation . By resolution of the board of directors, the directors may be paid their expenses, if any, of attendance at such meeting of the board of directors and may be paid a fixed sum for attendance at each meeting of the board of directors or a stated salary as director. No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.
3.13 Action without Meeting . Any action required or permitted to be taken at a meeting of the board of directors may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all the members of the board of directors. Such consent shall have the same force and effect as a unanimous vote at a meeting. The signed consent, or a signed copy, shall be placed in the minute book. The consent may be in more than one counterpart so long as each director signs one of the counterparts.
3.14 Telephone and Similar Meetings . Directors may participate in and hold a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation in such a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
3.15 Procedure . The chairman of the board of directors shall preside at all board meetings. The board of directors shall keep minutes of its proceedings. The minutes shall be placed in the minute book of the corporation.
3.16 Interested Directors, Officers and Shareholders . No contract or transaction between the corporation and one or more of its directors or officers, or between the corporation and any other corporation, partnership, association, or other organization in which one or more of the directors or officers are directors, officers or partners, or have a financial interest, shall be void or voidable solely by reason of such relationship, or solely because the director or officer is present at or participates in the meeting of the corporation or a committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if any of the following conditions are met:
(a) The material facts as to the relationship or interest of the director or officer and as to the contract
 
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or transaction are disclosed or are known to the board of directors of the corporation or the committee thereof which authorizes the contract or transaction, and the board of directors of the corporation or committee thereof in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or
(b) The material facts as to the relationship or interest of the director or officer and to the contract or transaction are disclosed or are known to the shareholders of the corporation entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the shareholders of the corporation at any annual or special meeting of shareholders called for that purpose; or
(c) The contract or transaction is fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors of the corporation, a committee thereof, or the shareholders of the corporation.
Common or interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors of the corporation or of a committee thereof which authorizes the contract or transaction.
This provision shall not be construed to invalidate any contract or transaction which would be valid in the absence of this provision.
ARTICLE 4: EXECUTIVE COMMITTEE
4.01 Designation . The board of directors may, by resolution adopted by a majority of the whole board, designate an executive committee, to consist of two or more of the directors of the corporation, one of whom shall be the president of the corporation.
4.02 Authority . The executive committee, to the extent provided in such resolution, shall have and may exercise all of the authority of the board of directors in the management of the business and affairs of the corporation, except where action of the full board of directors is required by statute or by the articles of incorporation, and shall have power to authorize the seal of the corporation to be affixed to all papers which may require it.
 
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4.03 Change in Number . The number of executive committee members may be increased or decreased from time to time by resolution adopted by a majority of the whole board of directors.
4.04 Removal . Any member of the executive committee may be removed by the board of directors by the affirmative vote of a majority of the whole board, whenever in its judgment the best interest of the corporation will be served thereby.
4.05 Vacancies . A vacancy occurring in the executive committee (by death, resignation, removal or otherwise) may be filled by the board of directors in the manner provided for original designation in Bylaw 4.01.
4.06 Meetings . Time, place and notice (if any) of executive committee meetings shall be determined by the executive committee.
4.07 Quorum; Majority Vote . At meetings of the executive committee, a majority of the number of members designated by the board of directors shall constitute a quorum for the transaction of business. The act of a majority of the members present at any meeting at which a quorum is present shall be the act of the executive committee, except as otherwise specifically provided by statute, the articles of incorporation, or these bylaws. If a quorum is not present at a meeting of the executive committee, the members present may adjourn the meeting from time to time, without notice other than an announcement at the meeting, until a quorum is present.
4.08 Procedure . The president shall preside at executive committee meetings. The executive committee shall keep regular minutes of its proceedings and report the same to the board of directors when required. The minutes of the proceedings of the executive committee shall be placed in the minute book of the corporation.
4.09 Action Without Meeting . Any action required or permitted to be taken at a meeting of the executive committee may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all the members of the executive committee. Such consent shall have the same force and effect as a unanimous vote at a meeting. The signed consent, or a signed copy, shall be placed in the minute book. The consent may be in more than one counterparts so long as each committee member signs one of the counterparts.
 
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4.10 Telephone and Similar Meetings . Committee members may participate in and hold a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other. Participation in such a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.
4.11 Compensation . Members of the executive committee may by resolution of the board of directors, be allowed compensation for attending committee meetings.
4.12 Responsibility . The designation of an executive committee and the delegation of authority to it shall not operate to relieve the board of directors, or any member thereof, of any responsibility imposed upon it or him by law.
ARTICLE 5: NOTICE
5.01 Method . Whenever by statute or the articles of incorporation or these bylaws, notice is required to be given to director or shareholder, and no provision is made as to how the notice shall be given, it shall not be construed to mean personal notice, but any such notice may be given, (a) in writing, by mail, postage prepaid, addressed to directors or shareholders at the address appearing on the books of the corporation, or (b) in any other method permitted by law or these bylaws. Any notice required or permitted to be given by mail shall be deemed given at the time when the same is thus deposited in the United States mails.
5.02 Waiver . Whenever, by statute or the articles of incorporation or by these bylaws, notice is required to be given to shareholder or director, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated in such notice, shall be equivalent to the giving of such notice. Attendance of a shareholder or director at a meeting, including telephone meetings, shall constitute a waiver of notice of such meeting, except where a shareholder or director attends for the express purpose of objection to the transaction of any business on the grounds that the meeting was not lawfully called or convened.
 
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ARTICLE 6: OFFICERS
6.01 Number; Qualification; Election; Term .
(a) The corporation shall have:
(1) A president, a vice president, a secretary and a treasurer, and
(2) Such other officers including a chairman of the board and additional vice presidents and assistant officers and agents as the board of directors may think necessary.
(b) Any two or more offices may be held by the same person.
(c) Officers named in Section 6.01(a)(1) shall be elected by the board of directors on the expiration of an officer’s term or whenever a vacancy exists. Officers and agents named in Section 6.01(a)(2) may be elected by the board at any meeting.
(d) Unless otherwise specified by the board at the time of election or appointment, or in an employment contract approved by the board, each officer’s and agent’s term shall end at the first meeting of directors after the next annual meeting of shareholders. He shall serve until the end of his term, or if earlier, his death, resignation or removal.
(e) All officers must have been Texas residents for a period of at least three years immediately preceding his or her election.
(f) No officer need be a member of the Board of Directors except the Chairman of the Board, if one he elected.
(g) Election or appointment of an officer or agent shall not of itself create contract rights.
6.02 Removal . Any officer elected or appointed by the board of directors may be removed by the board of directors whenever in its judgment the best interest of the corporation will be served thereby. Such removal shall be without prejudice to the contract rights, if any, of the person so removed. Election or appointment of an officer shall not of itself create contract rights.
 
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6.03 Vacancies . Any vacancy occurring in any office of the corporation (by death, resignation, removal or otherwise) may be filled by the board of directors.
6.04 Authority . Officers shall have such authority and perform such duties in the management of the corporation as are provided in these bylaws or as may be determined by resolution of the board of directors not inconsistent with these bylaws.
6.05 Compensation . The compensation of officers shall be fixed from time to time by the board of directors.
6.06 Chairman of the Board . The Chairman of the Board, if one be elected, shall be the Chief Executive Officer of the Corporation and, subject to the provisions of these Bylaws, shall have general supervision of the affairs of the Corporation and shall have general and active control of all its business. He shall preside, when present, at all meetings of shareholders and at all meetings of the Board of Directors. He shall see that all orders and resolutions of the Board of Directors and the shareholders are carried into effect. He shall have general authority to execute bonds, deeds and contracts in the name of the Corporation and affix the corporate seal thereto; to sign stock certificates; to cause the employment or appointment of such employees and agents of the Corporation as the proper conduct of operations may require, and to fix their compensation, subject to the provisions of these Bylaws; to remove or suspend any employee or agent who shall have been employed or appointed under his authority or under the authority of an officer subordinate to him; to suspend from his office any officer subordinate to the Chairman of the Board, pending final action by the authority which shall have elected or appointed him; and, in general, to exercise all the powers and authority usually appertaining to the chief executive officer of a corporation, except as otherwise provided in these Bylaws.
6.07 President . The president shall be the chief executive officer of the corporation; he shall preside at all meetings of the shareholders and executive committee, shall have general and active management of the business affairs of the corporation, and shall see that all orders and resolutions of the board are carried into effect. He shall perform such other duties and have such other authority and powers as the board of directors may from time to time prescribe.
6.08 Vice President . The vice presidents in the order of their seniority (as defined by the board of directors),
 
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unless otherwise determined by the board of directors, shall, in the absence or disability of the president, perform the duties and have the authority and exercise the powers of the president. They shall perform such other duties and have such other authority and powers as the board of directors may from time to time prescribe or as the president may from time to time delegate.
6.09 Secretary .
(a) The secretary shall attend all meetings of the board of directors and all meetings of the shareholders and record all votes and the minutes of all proceedings in a book to be kept for that purpose and shall perform like duties for the executive committee when required.
(b) He shall give, or cause to be given, notice of all meetings, regular and otherwise, of the shareholders and the board of directors.
(c) He shall keep in safe custody the seal of the corporation and, when authorized by the board of directors or the executive committee, affix the same to any instrument requiring it and, when so affixed, it shall be attested by his signature or by the signature of the treasurer or an assistant secretary.
(d) He shall be under the supervision of the president. He shall perform such other duties and have such other authority and powers as the board of directors may from time to time prescribe or as the president may from time to time delegate.
6.10 Assistant Secretary . The assistant secretaries in the order of their seniority, (as defined by the board of directors), unless otherwise determined by the board of directors, shall, in the absence or disability of the secretary, perform the duties and have the authority and exercise the powers of the secretary. They shall perform such other duties and have such other powers as the board of directors may from time to time prescribe or as the president may from time to time delegate.
6.11 Treasurer .
(a) The treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements of the corporation and shall deposit all moneys and other
 
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valuable effects in the name and to the credit of the corporation in such depositories as may be designated by the board of directors.
(b) He shall disburse the funds of the corporation as may be ordered by the board of directors, taking proper vouchers for such disbursements, and shall render to the president and directors, at the regular meetings of the board, or whenever they may require it, an account of all his transactions as treasurer and of the financial condition of the corporation.
(c) If required by the board of directors, he shall give the corporation a bond in such form, in such sum, and with such surety or sureties as shall be satisfactory to the board for the faithful performance of the duties of his office, and for the retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his possession or under his control belonging to the corporation.
(d) He shall perform such other duties and have such other authority and powers as the board of directors may from time to time prescribe or as the president may from time to time delegate.
6.12 Assistant Treasurer . The assistant treasurers in the order of their seniority, (as defined by the board of directors), unless otherwise determined by the board of directors, shall, in the absence or disability of the treasurer, perform the duties and have the authority and exercise the powers of the treasurer. They shall perform such other duties and have such other powers as the board of directors may from time to time prescribe or as the president may from time to time delegate.
ARTICLE 7: CERTIFICATES AND SHAREHOLDERS
7.01 Certificates . Certificates in the form determined by the board of directors shall be delivered representing all shares to which shareholders are entitled. Certificates shall be consecutively numbered and shall be entered in the books of the corporation as they are issued. Each certificate shall state on the face thereof the holder’s name, the number and class of shares, par value, and such other matters as may be required by law. They shall be signed by the president or a vice president and such other officer or officers as the board of directors shall designate, and shall be sealed with the seal of the corporation or a facsimile thereof. If any
 
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certificate is countersigned by a transfer agent or registered by a registrar (either of which is other than the corporation or an employee of the corporation), the signature of any such officer may be a facsimile.
7.02 Replacement of Lost or Destroyed Certificates . The board of directors may direct a new certificate or certificates to be issued in place of any certificate previously issued by the corporation alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming the loss or destruction. In so doing the board of directors may, in its discretion and as a condition precedent to the issuance, (a) require the owner of the lost or destroyed certificate, or his legal representative, to advertise the same in such manner as it shall require and/or, (b) to give the corporation a bond (with surety or sureties satisfactory to the corporation) in such sum as it may direct, as indemnity against any claim or expense resulting from any claim, that may be made against the corporation with respect to the certificates alleged to have been lost or destroyed.
7.03 Transfer of Shares . Shares of stock shall be transferable only on the books of the corporation by the holder thereof in person or by his duly authorized attorney. Upon surrender, to the corporation or its transfer agent, of a certificate representing shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, the corporation or its transfer agent shall issue a new certificate to the person entitled thereto, cancel the certificate and record the transaction upon its books.
7.04 Registered Shareholders . The corporation shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it has express or other notice thereof, except as otherwise provided by law.
ARTICLE 8: GENERAL PROVISIONS
8.01 Dividends and Reserves .
(a) Declaration and Payment . Subject to statute and the articles of incorporation, dividends may be declared by the board of directors at any regular or special meeting and may be paid in cash, in property,
 
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or in shares of the corporation. The declaration and payment shall be at the discretion of the board of directors.
(b) Record Date . The board of directors may fix in advance a record date for the purpose of determining shareholders entitled to receive payment of any dividend, the record date to be not more than fifty days prior to the payment date of such dividend, or the board of directors may close the stock transfer books for such purpose for a period of not more than fifty days prior to the payment date of such dividend. In the absence of any action of the board of directors, the date upon which the board of directors adopts the resolution declaring the dividend shall be the record date.
(c) Reserves . By resolution the board of directors may create such reserve or reserves out of the earned surplus of the corporation as the directors may from time to time, in their discretion, think proper to provide for contingencies, or to equalize dividends, or to repair or maintain any property of the corporation. The directors may modify or abolish any such reserve in the manner in which it was created.
8.02 Books and Records . The corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its shareholders, executive committee and board of directors, and shall keep at its registered office or principal place of business, or at the office of its transfer agent or registrar, a record of its shareholders, giving the names and addresses of all shareholders and the number and class of the shares held by each.
8.03 Annual Statement . The board of directors shall present at each annual meeting of shareholders a full and clear statement of the business and condition of the corporation.
8.04 Checks and Notes . All checks or demands for money and notes of the corporation shall be signed by such officer or officers or such other person or persons as the board of directors may from time to time delegate.
8.05 Fiscal Year . The fiscal year of the corporation shall be fixed by the resolution of the board of directors.
8.06 Seal . The corporate seal (of which there may be one or more exemplars) shall contain the name of the corporation. The seal may be used by impressing it or reproducing a facsimile of it, or otherwise.
 
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8.07 Indemnification .
(a) Persons . The corporation shall indemnify to the extent provided in paragraph (b), these persons:
(1) Any director or officer of the corporation.
(2) Any former director or officer of the corporation, and
(3) Any person who may have served at the corporation’s request as a director or officer of another corporation in which the corporation owns or has owned stock, or of which it is or has been a creditor.
(b) Extent . The indemnification shall be against expenses actually and necessarily incurred by such person, and any amount paid in satisfaction of judgments in connection with any action, suit or proceeding (whether civil or criminal) in which he is made a party by reason of being or having been a director or officer (whether or not such at the time the costs or expenses are incurred by or imposed on him) except in relation to matters as to which he shall be adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct in the performance of duty.
(c) Reimbursement . The corporation may also reimburse to any such person the reasonable costs of settlement of any such action, suit or proceeding, if it is found by a majority of the board of directors not involved in the matter (whether or not a quorum) that (1) it was in the interest of the corporation to make such settlement and (2) such person was not guilty of gross negligence or willful misconduct.
(d) Non-Exclusive. These rights of indemnification and reimbursement shall not be exclusive of any other rights to which such person may be entitled by law, bylaw, agreement, shareholders’ vote or otherwise.
8.08 Resignation . Any director or officer may resign by giving written notice to the chairman of the board, president or the secretary. The resignation shall take effect at the time specified therein, or immediately if no time is specified therein, the acceptance of such resignation shall not be necessary to make it effective.
 
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8.09 Amendment of Bylaws . These bylaws may be altered, amended or repealed at any meeting of the board of directors at which a quorum is present, by the affirmative vote of a majority of the directors present at such meeting.
8.10 Construction . Whenever the context so requires, the masculine shall include the feminine and neuter, and the singular shall include the plural, and conversely. If any portion of these bylaws shall be invalid or inoperative, then, so far as is reasonable and possible:
(a) The remainder of these bylaws shall be considered valid and operative, and
(b) Effect shall be given to the intent manifested by the portion held invalid or inoperative.
8.11 Headings . The headings used in these bylaws have been inserted for convenience only and do not constitute matter to be construed in interpretation.
* * * * * * * * * * * * * * * * * * * * * * * *
This is to certify that the within Bylaws were duly adopted by unanimous consent of the Board of Directors of EMBASSY SUITES CLUB NO. TWO, INC. at its Board of Directors Meeting held this 13 th day of March, 1984.

/s/ Rebecca J. Manuel	
Secretary	
 
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Exhibit 4.3
SECOND SUPPLEMENTAL INDENTURE
Supplemental Indenture (this “ Supplemental Indenture ”), dated as of September 8, 2014, between Hilton International Holding Corporation, a Delaware corporation (the “ Guaranteeing Subsidiary ”), a subsidiary of Hilton Worldwide Finance LLC, a Delaware limited liability company (the “ Issuer ”), and Wilmington Trust, National Association, a national banking association, as trustee (the “ Trustee ”).
W I T N E S S E T H
WHEREAS, the Issuer, Hilton Worldwide Finance Corp., a Delaware corporation (together with the Issuer, the “ Issuers ”), and the Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of October 4, 2013 (as supplemented by the First Supplemental Indenture, dated as of October 25, 2013, the “ Indenture ”), providing for the issuance of an unlimited aggregate principal amount of 5.625% Senior Notes due 2021 (the “ Notes ”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “ Guarantee ”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
(1) Capitalized Terms . Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
(2) Agreement to Guarantee . The Guaranteeing Subsidiary acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, the Guaranteeing Subsidiary; and (iii) perform all obligations and duties required of a Guarantor pursuant to the Indenture. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 thereof.
(3) Execution and Delivery . The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.
(4) No Recourse Against Others . No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuers or the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
(5) Governing Law . THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(6) Counterparts . The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
(7) Effect of Headings . The Section headings herein are for convenience only and shall not affect the construction hereof.
(8) The Trustee . The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.
(9) Benefits Acknowledged . The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.
(10) Successors . All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.
[ Remainder of Page Left Intentionally Blank ]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

HILTON INTERNATIONAL HOLDING CORPORATION,
as Guaranteeing Subsidiary	
		
By: 	 	/s/ Kevin Jacobs	
	 	Name: Kevin Jacobs	
	 	Title: Executive Vice President and Chief
          Financial Officer	

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee	
		
By: 	 	/s/ W. Thomas Morris, II	
	 	Name: W. Thomas Morris, II	
	 	Title: Vice President	
[ Signature Page to the Supplemental Indenture ]

Exhibit 5.1
September 11, 2014
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Ladies and Gentlemen:
We have acted as counsel to Hilton Worldwide Finance LLC, a Delaware limited liability company (the “Company”), and Hilton Worldwide Finance Corp., a Delaware corporation (together with the Company, the “Issuers”), and to the guarantors listed on Schedule I hereto (the “Guarantors”), in connection with the Registration Statement on Form S-4 (the “Registration Statement”) filed by the Issuers and the Guarantors with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, relating to the issuance by the Issuers of up to $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021 (the “Exchange Securities”) and the issuance by the Guarantors of guarantees (the “Exchange Guarantees”) with respect to the Exchange Securities. The Exchange Securities and the Exchange Guarantees will be issued under an indenture, dated as of October 4, 2013 (as amended by the first supplemental indenture, dated as of October 25, 2013, and the second supplemental indenture, dated as of September 8, 2014, the “Indenture”), among the Issuers, the Guarantors and Wilmington Trust, National Association, as trustee (the “Trustee”). The Exchange Securities and the Exchange Guarantees will be offered by the Issuers and the Guarantors in exchange for their outstanding 5.625% Senior Notes due 2021 and the guarantees thereof of the Guarantors.

We have examined the Registration Statement and the Indenture (including the form of Exchange Security and the terms of the Exchange Guarantees set forth therein), which has been filed with the Commission as an exhibit to the Registration Statement. We also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and have made such other investigations as we have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, we have relied upon certificates or comparable documents of public officials and of officers and representatives of the Issuers and the Guarantors.
In rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents. We also have assumed that the Indenture is the valid and legally binding obligation of the Trustee.
Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:
1. When the Exchange Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the Indenture pursuant to the exchange offer described in the Registration Statement, the Exchange Securities will constitute valid and legally binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms.
2. When (a) the Exchange Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the Indenture pursuant to the exchange offer described in the Registration Statement and (b) the Exchange Guarantees have been duly issued, the Exchange Guarantees will constitute valid and legally binding obligations of the Guarantors, enforceable against the Guarantors in accordance with their terms.
 
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Our opinions set forth above are subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing.
Insofar as the opinions expressed herein relate to or are dependent upon matters governed by (i) the respective laws of the States of Arizona, California, Kansas, Massachusetts, Missouri and Texas, we have relied upon the opinion of Dentons US LLP, (ii) the law of the State of Florida, we have relied upon the opinion of Hill, Ward & Henderson, P.A., (iii) the law of the State of Louisiana, we have relied upon the opinion of Jones Walker LLP, (iv) the law of the State of Nevada, we have relied upon the opinion of Snell & Wilmer L.L.P. and (v) the law of the State of Tennessee, we have relied upon the opinion of Bass, Berry & Sims PLC, each dated the date hereof and our opinions are subject to the qualifications, assumptions, limitations and exceptions set forth therein.
We do not express any opinion herein concerning any law other than the law of the State of New York, the Delaware General Corporation Law and the Delaware Limited Liability Company Act and, to the extent set forth herein, the respective laws of the States of Arizona, California, Florida, Kansas, Louisiana, Massachusetts, Missouri, Nevada, Tennessee and Texas.
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Prospectus included in the Registration Statement.

Very truly yours,	
	
/s/ Simpson Thacher & Bartlett LLP	
SIMPSON THACHER & BARTLETT LLP	
 
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SCHEDULE I

Guarantor	  	State of Incorporation or Organization	
Destination Resorts LLC	  	Arizona	
Doubletree Hotel Systems LLC	  	Arizona	
Doubletree Hotels LLC	  	Arizona	
DT Management LLC	  	Arizona	
DT Real Estate, Inc.	  	Arizona	
DTM Atlanta/Legacy, Inc.	  	Arizona	
DTM Coconut Grove, Inc.	  	Arizona	
DTM Largo, Inc.	  	Arizona	
DTM Maryland, Inc.	  	Arizona	
DTM Santa Clara LLC	  	Arizona	
DTM Walnut Creek, Inc.	  	Arizona	
DTR FCH Holdings, Inc.	  	Arizona	
DTR PAH Holding, Inc.	  	Arizona	
DTR San Antonio, Inc.	  	Arizona	
DTR TM Holdings, Inc.	  	Arizona	
HIC Gaming California, Inc.	  	California	
HIC San Pablo Limited, Inc.	  	California	
HIC San Pablo, L.P.	  	California	
Hilton San Diego Corporation	  	California	
90210 Biltmore Management, LLC	  	Delaware	
90210 Desert Resorts Management Co., LLC	  	Delaware	
90210 Grand Wailea Management Co., LLC	  	Delaware	
90210 LLC	  	Delaware	
90210 Management Company, LLC	  	Delaware	
Andiamo’s O’Hare, LLC	  	Delaware	
Blue Bonnet Security, LLC	  	Delaware	
Compris Hotel LLC	  	Delaware	
Conrad Franchise LLC	  	Delaware	
Conrad International Manage (CIS) LLC	  	Delaware	
Conrad Management LLC	  	Delaware	
Doubletree DTWC LLC	  	Delaware	
Doubletree Franchise LLC	  	Delaware	
Doubletree LLC	  	Delaware	
Doubletree Management LLC	  	Delaware	
DTWC Spokane City Center SPE, LLC	  	Delaware	
EJP LLC	  	Delaware	
Embassy Development LLC	  	Delaware	
Embassy Equity Development LLC	  	Delaware	
Embassy Suites (Isla Verde), Inc.	  	Delaware	
Embassy Suites Franchise LLC	  	Delaware	
Embassy Syracuse Development LLC	  	Delaware	
EPAM Corporation	  	Delaware	

			
Grand Vacations Realty, LLC	  	Delaware	
Grand Vacations Services LLC	  	Delaware	
Grand Vacations Title, LLC	  	Delaware	
Hampton Inns Franchise LLC	  	Delaware	
Hampton Inns LLC	  	Delaware	
Hampton Inns Management LLC	  	Delaware	
HHC BC Orlando, LLC	  	Delaware	
HHC One Park Boulevard, LLC	  	Delaware	
HIC First Corporation	  	Delaware	
HIC Holdings Corporation	  	Delaware	
HIC Hotels U.S.A. Corporation	  	Delaware	
HIC Racing Corporation	  	Delaware	
HIC Second Corporation	  	Delaware	
Hilton Beverage LLC	  	Delaware	
Hilton Chicago Beverage I LLC	  	Delaware	
Hilton Chicago Beverage II LLC	  	Delaware	
Hilton Chicago Beverage III LLC	  	Delaware	
Hilton Chicago Beverage IV LLC	  	Delaware	
Hilton Corporate Director LLC	  	Delaware	
Hilton El Con Management LLC	  	Delaware	
Hilton El Con Operator LLC	  	Delaware	
Hilton Electronic Distribution Systems, LLC	  	Delaware	
Hilton Energy Investments, LLC	  	Delaware	
Hilton Franchise Holding LLC	  	Delaware	
Hilton Franchise LLC	  	Delaware	
Hilton Garden Inns Franchise LLC	  	Delaware	
Hilton Garden Inns Management LLC	  	Delaware	
Hilton Grand Vacations Club, LLC	  	Delaware	
Hilton Grand Vacations Company, LLC	  	Delaware	
Hilton Grand Vacations Financing, LLC	  	Delaware	
Hilton Hawaii Corporation	  	Delaware	
Hilton HHonors Worldwide, L.L.C.	  	Delaware	
Hilton Illinois Holdings LLC	  	Delaware	
Hilton Inns LLC	  	Delaware	
Hilton International Holding Corporation	  	Delaware	
Hilton Kingsland 1, LLC	  	Delaware	
Hilton Management LLC	  	Delaware	
Hilton New Jersey Service Corp.	  	Delaware	
Hilton OPB, LLC	  	Delaware	
Hilton Orlando Partners II, LLC	  	Delaware	
Hilton Orlando Partners III, LLC	  	Delaware	
Hilton Recreation LLC	  	Delaware	
Hilton Resorts Corporation	  	Delaware	
Hilton Resorts Marketing Corp.	  	Delaware	
Hilton Spring Corporation	  	Delaware	
Hilton Supply Management LLC	  	Delaware	

			
Hilton Systems Solutions, LLC	  	Delaware	
Hilton Systems, LLC	  	Delaware	
Hilton Worldwide Holdings Inc.	  	Delaware	
Hilton Worldwide, Inc.	  	Delaware	
HLT Audubon LLC	  	Delaware	
HLT CA Hilton LLC	  	Delaware	
HLT Conrad Domestic LLC	  	Delaware	
HLT Conrad GP LLC	  	Delaware	
HLT Domestic JV Holdings LLC	  	Delaware	
HLT Domestic Owner LLC	  	Delaware	
HLT ESP Franchise LLC	  	Delaware	
HLT ESP International Franchise LLC	  	Delaware	
HLT ESP International Franchisor Corporation	  	Delaware	
HLT ESP International Manage LLC	  	Delaware	
HLT ESP International Management Corporation	  	Delaware	
HLT ESP Manage LLC	  	Delaware	
HLT Franchise II Borrower LLC	  	Delaware	
HLT HQ SPE LLC	  	Delaware	
HLT HSM Holding LLC	  	Delaware	
HLT HSS Holding LLC	  	Delaware	
HLT JV Acquisition LLC	  	Delaware	
HLT JV I Borrower LLC	  	Delaware	
HLT Lifestyle Franchise LLC	  	Delaware	
HLT Lifestyle International Franchise LLC	  	Delaware	
HLT Lifestyle International Franchisor Corporation	  	Delaware	
HLT Lifestyle International Manage LLC	  	Delaware	
HLT Lifestyle International Management Corporation	  	Delaware	
HLT Lifestyle Manage LLC	  	Delaware	
HLT Memphis Data LLC	  	Delaware	
HLT O’Hare LLC	  	Delaware	
HLT Operate DTWC LLC	  	Delaware	
HLT Owned II Holding LLC	  	Delaware	
HLT Owned II-A Borrower LLC	  	Delaware	
HLT Palmer LLC	  	Delaware	
HLT Timeshare Borrower I LLC	  	Delaware	
HLT Timeshare Borrower II LLC	  	Delaware	
Homewood Suites Franchise LLC	  	Delaware	
Homewood Suites Management LLC	  	Delaware	
Hotels Statler Company, Inc.	  	Delaware	
HPP Hotels USA, Inc.	  	Delaware	
HRC Islander LLC	  	Delaware	
HTGV, LLC	  	Delaware	
Innvision, LLC	  	Delaware	
Lockwood Palmer House, LLC	  	Delaware	
MeriTex, LLC	  	Delaware	
Potter’s Bar Palmer House, LLC	  	Delaware	

			
Promus Hotel Services, Inc.	  	Delaware	
Promus Hotels Florida LLC	  	Delaware	
Promus Hotels LLC	  	Delaware	
Promus Hotels Minneapolis, Inc.	  	Delaware	
Promus Hotels Parent LLC	  	Delaware	
Promus Operating LLC	  	Delaware	
Promus/Kingston Development Corporation	  	Delaware	
Samantha Hotel LLC	  	Delaware	
Suite Life LLC	  	Delaware	
Tex Holdings, Inc.	  	Delaware	
WA Collection International, LLC	  	Delaware	
Waldorf Astoria Franchise LLC	  	Delaware	
Waldorf=Astoria Management LLC	  	Delaware	
Florida Conrad International Corp.	  	Florida	
Hilton-OCCC Hotel, LLC	  	Florida	
Hilton-OCCC Mezz Lender, LLC	  	Florida	
Embassy Suites Club No. 1, Inc.	  	Kansas	
Hotel Clubs of Corporate Woods, Inc.	  	Kansas	
Embassy Suites Club No. Three, Inc.	  	Louisiana	
International Rivercenter Lessee, L.L.C.	  	Louisiana	
DTM Cambridge, Inc.	  	Massachusetts	
Chesterfield Village Hotel, LLC	  	Missouri	
Bally’s Grand Property Sub I, LLC	  	Nevada	
Conrad International (Belgium) LLC	  	Nevada	
Conrad International (Egypt) Resorts Corporation	  	Nevada	
Conrad International (Indonesia) Corporation	  	Nevada	
Conrad International Investment (Jakarta) Corporation	  	Nevada	
Hilton Grand Vacations Management, LLC	  	Nevada	
Hilton Holdings, LLC	  	Nevada	
Hilton Hospitality, LLC	  	Nevada	
Hilton Illinois, LLC	  	Nevada	
HPP International Corporation	  	Nevada	
Peacock Alley Service Company, LLC	  	New York	
Washington Hilton, L.L.C.	  	New York	
Embassy Memphis Corporation	  	Tennessee	
Embassy Suites Club No. Two, Inc.	  	Texas	

					
	  	Dentons US LLP
1221 Avenue of the Americas
New York, NY 10020-1089 USA
 
T    +1 212 768 6700
F    +1 212 768 6800	  	Exhibit 5.2	
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
7930 Jones Branch Drive
Suite 1100
McLean, Virginia 22102
 
 	Re:	Registration Statement on Form S-4	
Ladies and Gentlemen:
We have acted as special counsel to the subsidiaries of Hilton Worldwide Finance LLC, a Delaware limited liability company (the “ Parent ”), listed on Schedule I (each a “ Company ” and collectively, the “ Companies ”), in connection with the Registration Statement on Form S-4 (the “ Registration Statement ”) filed by the Parent, Hilton Worldwide Finance Corp., a Delaware corporation (together with the Parent, the “ Issuers ”), the Companies and the other subsidiary guarantors of the Parent (together with the Companies, the “ Guarantors ”) with the Securities and Exchange Commission (the “ Commission ”) under the Securities Act of 1933, as amended (the “ Act ”) and the rules and regulations thereunder (the “ Rules ”), relating to the issuance by the Issuers of up to $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021 which have been registered under the Act (the “ Exchange Notes ”) and the issuance by the Guarantors of guarantees (the “ Exchange Guarantees ”) with respect to the Exchange Notes. The Exchange Notes and the Exchange Guarantees will be issued under that certain Indenture, dated as of October 4, 2013, among the Issuers, Hilton Worldwide Holdings Inc., the Guarantors and Wilmington Trust, National Association, as trustee (as amended by that certain First Supplemental Indenture, dated as of October 25, 2013, among the Guarantors and Wilmington Trust, National Association, as trustee and the Second Supplemental Indenture, dated as of September 8, 2014, among the Guarantors and Wilmington Trust, National Association, as trustee) (the “ Indenture ”). The Exchange Notes will be offered by the Issuers in exchange for any and all of the Issuers’ outstanding unregistered 5.625% Senior Notes due 2021.
We are delivering this opinion letter to you at your request in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act.
In connection with rendering the opinions set forth in this opinion letter, we have reviewed originals or copies of the following documents (collectively, the “ Transaction Documents ”):
 
 	(i)	the Indenture (including the form of Exchange Note set forth therein);	
 
 	(ii)	the Registration Statement;	
 
 	(iii)	the Purchase Agreement, dated as of September 20, 2013, as supplemented by the related Joinder Agreement, dated as of October 25, 2013, among the Issuers, the Companies and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“ Merrill Lynch ”); and	
 
 	(iv)	the Registration Rights Agreement, dated as of October 4, 2013, as supplemented by the related Joinder Agreement, dated as of October 25, 2013, among the Issuers, the Companies and Merrill Lynch.	

					
	    	Opinion: Registration Statement on Form S-4
September 11, 2014
Page 2	  		
 
Further, in connection with rendering the opinions set forth in this opinion letter, we have reviewed originals or copies of the following documents:
 
 	(i)	copies of the organizational documents of each Company listed on Schedule I (each an “ Organizational Document ” and collectively the “ Organizational Documents ”), each as certified by such Secretary of State or other governmental authority of such Company’s State of incorporation or organization (the “ Governmental Authority ”) on such date as is stated opposite the relevant Organizational Document’s name on Schedule I;	
 
 	(ii)	copies of the By-laws and Limited Liability Company Agreements of the Companies listed on Schedule II, each as delivered to us by the relevant Company;	
 
 	(iii)	copies of resolutions, each dated as of October 25, 2013, listed on Schedule III (the “ Resolutions ”), each as adopted with respect to the relevant Company by the entity or person identified opposite such Resolutions on Schedule III, delivered to us by the relevant Company;	
 
 	(iv)	Certificates of Good Standing for each of the Companies, as of a recent date, issued by the relevant Governmental Authority; and	
 
 	(v)	certificate to counsel from the Companies, dated the date hereof (the “ Certificate to Counsel ”).	
In addition, we have examined originals or copies authenticated to our satisfaction of such corporate records, certificates of officers of the Company and public officials, and other documents as we have deemed relevant or necessary in connection with our opinions set forth herein. We have relied, without independent verification, on certificates of public officials and, as to questions of fact material to such opinions, upon the representations of the Company set forth in Transaction Documents, Certificate to Counsel or such certificates of officers and other representatives of the Company and factual information we have obtained from such other sources as we have deemed reasonable. We have not independently verified the accuracy of the matters set forth in the written statements or certificates upon which we have relied.
We have assumed (i) the genuineness and authenticity of all documents examined by us and all signatures thereon, and the conformity to originals of all copies of all documents examined by us; (ii) that the execution, delivery and/or acceptance of the Transaction Documents have been duly authorized by all action, corporate or otherwise, necessary by the parties to the Transaction Documents other than the Companies (the “ Other Parties ”); (iii) the legal capacity of all natural persons executing the Transaction Documents; (iv) that each of the Other Parties has satisfied those legal requirements that are applicable to it to the extent necessary to make the Transaction Documents enforceable against it; (v) that each of the Transaction Documents constitutes a valid and binding obligation of the Other Parties and is enforceable against the Other Parties in accordance with its terms; (vi) that each of the Other Parties has complied with all legal requirements pertaining to its status as such status relates to its rights to enforce the Transaction Documents; (vii) that the Transaction Documents accurately describe and contain the mutual understandings of the parties, and that there are no oral or written statements or agreements or usages of trade or courses of prior dealings among the parties that would modify, amend or vary any of the terms of the Transaction Documents; (viii) that the Other Parties will act in accordance with, and will

					
	    	Opinion: Registration Statement on Form S-4
September 11, 2014
Page 3	  		
 
refrain from taking any action that is forbidden by, the terms and conditions of the Transaction Documents; (ix) the constitutionality or validity of a relevant statute, rule, regulation or agency action is not in issue; (x) all agreements other than the Transaction Documents with respect to which we have provided advice in our letter or reviewed in connection with our letter would be enforced as written; (xi) that there has not been any mutual mistake of fact or misunderstanding, fraud, duress or undue influence; (xii) that each of the Other Parties and any agent acting for it in connection with the Transaction Documents have acted without notice of any defense against the enforcement of any rights created by, or adverse claim to any property transferred pursuant to, the Transaction Documents; (xiii) the compliance of the Exchange Offer and of the conduct of the parties to the Exchange Offer with any requirement of good faith, fair dealing and conscionability; and (xiv) the due qualification of the Indenture under the Trust Indenture Act of 1939, as amended.
For purposes of this opinion letter, “ Applicable Laws ” means the laws, rules and regulations that a counsel in Arizona, California, Kansas, Massachusetts, Missouri and Texas exercising customary professional diligence would reasonably be expected to recognize as being applicable to the respective Guarantors or the Transaction Documents, but excluding those areas of law that are expressly excluded from the scope of the opinions in this opinion letter.
Based on the foregoing, and in reliance thereon, and subject to the qualifications, limitations and exceptions stated herein, we are of the opinion, having due regard for such legal considerations as we deem relevant, that when (a) the Registration Statement has been declared effective by the Commission, and (b) the Exchange Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the Indenture and the Registration Statement:
1. Each Company is a corporation or limited liability company, as the case may be, validly existing and in good standing under the law of its jurisdiction or incorporation or organization.
2. Each Company has the corporate power or limited liability company power and authority, as the case may be, to execute and deliver the Indenture, including the Exchange Guarantee, and to perform its respective obligations thereunder.
3. Each Company has duly executed and delivered the Indenture, including the issuance of the Exchange Guarantees.
4. With respect to each Company, the execution and delivery of the Indenture, including issuance of the Exchange Guarantees, and the performance by such Company of its obligations thereunder, do not (a) violate such Company’s Organizational Documents, or (b) violate any Applicable Law applicable to which any such Company is a party or by which any of its assets or properties is bound.
The foregoing opinions are subject to the following exceptions, qualifications and limitations:
1. Our opinions are subject to the effect of federal and state bankruptcy, insolvency, reorganization, arrangement, moratorium, fraudulent conveyance and other laws relating to or affecting the rights of secured or unsecured creditors generally (or affecting the rights of only creditors of specific types of debtors), with respect to which we express no opinion.
2. Our opinions are further subject to limitations imposed by general principles of equity or public policy upon the enforceability of any of the remedies, covenants or other provisions of the Transaction Documents, including, without limitation, concepts of materiality, good faith and fair dealing and upon the availability of injunctive relief or other equitable remedies, and the application of principles of equity (regardless of whether enforcement is considered in proceedings at law or in equity).

					
	    	Opinion: Registration Statement on Form S-4
September 11, 2014
Page 4	  		
 
3. Our opinions are subject to the effect of the rules of law that:
 
 	a.	limit or affect the enforcement of provisions of a contract that purport to waive, or to require waiver of, (i) the obligations of good faith, fair dealing, diligence and reasonableness, (ii) broadly or vaguely stated rights, (iii) statutory, regulatory or constitutional rights, except to the extent that the statute, regulation or constitution explicitly allows waivers; (iv) unknown future defenses; and (v) rights to damages.	
 
 	b.	provide that choice of law, forum selection, consent to jurisdiction, and jury waiver clauses in contracts are not necessarily binding;	
 
 	c.	limit the availability of a remedy under certain circumstances where another remedy has been elected;	
 
 	d.	provide a time limitation after which a remedy may not be enforced;	
 
 	e.	limit the enforceability of provisions releasing, exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves gross negligence, recklessness, willful misconduct, unlawful conduct, or violations of federal or state securities laws or regulations or public policy;	
 
 	f.	may, where less than all of a contract may be unenforceable, limit the enforceability of the balance of the contract to circumstances in which the unenforceable portion is not an essential part of the agreed exchange;	
 
 	g.	govern and afford judicial discretion regarding the determination of damages and entitlement to attorneys’ fees and other costs;	
 
 	h.	may permit a party that has materially failed to render or offer performance required by the contract to cure that failure unless (i) permitting a cure would unreasonably hinder the aggrieved party from making substitute arrangements for performance, or (ii) it was important in the circumstances to the aggrieved party that performance occur by the date stated in the contract; and	
 
 	i.	may in the absence of a contemporaneous waiver or consent, discharge a guarantor to the extent that (i) action by a creditor impairs the value of collateral security for guaranteed debt to the detriment of a guarantor, or (ii) a guaranteed obligation is materially modified.	
We advise you of California statutory provisions and case law to the effect that a guarantor may be discharged, in whole or in part, if the beneficiary of the guaranty alters the obligation of the principal, fails to inform the guarantor of material information pertinent to the principal or any collateral, elects remedies that may impair either the subrogation or reimbursement rights of the guarantor against the principal or the value of any collateral, fails to accord the guarantor the protections afforded a debtor under Division 9 of the California Uniform Commercial Code or otherwise takes any action that prejudices the guarantor, unless, in any such case, the guarantor has effectively waived such rights or the consequences of such action or has consented to such action.

					
	    	Opinion: Registration Statement on Form S-4
September 11, 2014
Page 5	  		
 
We do not express any opinion as to the laws of any jurisdiction other than the respective laws of the States of Arizona, California, Kansas, Massachusetts, Missouri Texas and Nevada.
This opinion letter speaks only as of the date hereof. We assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts or other developments, whether existing before or first arising after the date hereof, that might change the opinions expressed above.
We hereby consent to the filing of this opinion letter as Exhibit 5.2 to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Registration Statement and the prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.
This opinion letter may be relied upon by Simpson Thacher & Bartlett LLP, as if it were addressed to it, in rendering its opinion in connection with the registration of the Exchange Notes and the Exchange Guarantees and the issuance of the Exchange Notes and the Exchange Guarantees as described in the Registration Statement.
This opinion is limited to the matters set forth herein; no opinion may be inferred or implied beyond the matters expressly stated in this letter.

	 	Very truly yours,	
		
	 	/s/ Dentons US LLP	

SCHEDULE I
LIST OF COMPANIES

#	 	Entity Name	  	Jurisdiction	  	Governmental Authority	  	Governmental
Authority
Certification
Date	  	Organization Documents	
1	 	Destination Resorts LLC	  	Arizona	  	Secretary of State	  		  	Articles of Organization, dated October 22, 2007, as amended by Articles of Amendment, dated October 25, 2007.	
2	 	Doubletree Hotel Systems LLC	  	Arizona	  	Secretary of State	  		  	Articles of Organization, dated October 22, 2007, as amended by Articles of Amendment, dated October 25, 2007.	
3	 	Doubletree Hotels LLC	  	Arizona	  	Secretary of State	  		  	Articles of Organization, dated October 22, 2007, as amended by Articles of Amendment, dated October 25, 2007.	
4	 	DT Management LLC	  	Arizona	  	Secretary of State	  		  	Articles of Organization, dated October 22, 2007, as amended by Articles of Amendment, dated October 25, 2007.	
5	 	DT Real Estate, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated June 29, 1987, as amended by Articles of Amendment, dated March 16, 1994.	
6	 	DTM Atlanta/Legacy, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated November 9, 1994, as amended by Articles of Amendment, dated March 15, 1996, as further amended by Articles of Amendment, dated December 16, 1997.	
7	 	DTM Coconut Grove, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated May 27, 1987.	
8	 	DTM Largo, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated June 18, 1985, as amended by Articles of Amendment, dated May 27, 1997.	
9	 	DTM Maryland, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated January 20, 1989, as amended by Articles of Amendment, dated February 14, 1991, as further amended by Articles of Amendment, dated June 27, 1997.	
 
S - 1

											
#	 	Entity Name	  	Jurisdiction	  	Governmental Authority	  	Governmental
Authority
Certification
Date	  	Organization Documents	
10	 	DTM Santa Clara LLC	  	Arizona	  	Secretary of State	  		  	Articles of Organization, dated October 22, 2007, as amended by Articles of Amendment, dated October 25, 2007.	
11	 	DTM Walnut Creek, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated February 9, 1990.	
12	 	DTR FCH Holdings, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated April 11, 1983, as amended by Articles of Amendment, dated April 11, 1997.	
13	 	DTR PAH Holding, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated October 9, 1996.	
14	 	DTR San Antonio, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation dated November 8, 1994.	
15	 	DTR TM Holdings, Inc.	  	Arizona	  	Secretary of State	  		  	Articles of Incorporation, dated May 8, 1978, as amended by Articles of Amendment, dated September 9, 1997, as further amended by Articles of Restatement of the Articles of Incorporation, dated October 24, 2007.	
16	 	HIC Gaming California, Inc.	  	California	  	Secretary of State	  		  	Articles of Incorporation, dated August 26, 1994, as amended by Certificate of Amendment, dated February 21, 2006.	
17	 	HIC San Pablo Limited, Inc.	  	California	  	Secretary of State	  		  	Articles of Incorporation, dated February 9, 1995, as amended by Certificate of Amendment, dated February 21, 2006.	
18	 	HIC San Pablo, L.P.	  	California	  	Secretary of State	  		  	Certificate of Limited Partnership, dated February 10, 1995, as amended by Amendment to Certificate of Limited Partnership, dated February 21, 2006.	
 
S - 2

											
#	 	Entity Name	  	Jurisdiction	  	Governmental Authority	  	Governmental
Authority
Certification
Date	  	Organization Documents	
19	 	Hilton San Diego Corporation	  	California	  	Secretary of State	  		  	Articles of Incorporation, dated July 27, 1965, as amended by Certificate of Amendment, dated September 2, 1971, as further amended by Certificate of Amendment, dated November 24, 1975, as further amended by Certificate of Amendment, dated February 24, 1984, as further amended by Certificate of Amendment, dated March 13, 1989.	
20	 	Embassy Suites Club No. 1, Inc.	  	Kansas	  	Secretary of State	  		  	Articles of Incorporation, dated January 9, 1984, as amended by Certificate of Amendment, dated March 6, 1984.	
21	 	Hotel Clubs of Corporate Woods, Inc.	  	Kansas	  	Secretary of State	  		  	Articles of Incorporation, dated September 24, 1981.	
22	 	DTM Cambridge, Inc.	  	Massachusetts	  	Secretary of the
Commonwealth
of Massachusetts	  		  	Articles of Organization, dated March 29, 1991.	
23	 	Chesterfield Village Hotel, L.L.C.	  	Missouri	  	Secretary of State	  		  	Articles of Organization, dated January 23, 1998.	
24	 	Embassy Suites Club No. Two, Inc.	  	Texas	  	Secretary of State	  		  	Articles of Incorporation, dated March 13, 1984.	
 
S - 3

SCHEDULE II
BY-LAWS, OPERATING AGREEMENTS, LIMITED PARTNERSHIP AGREEMENTS

#	  	Entity Name	  	By-Laws/Agreements	
1	  	Destination Resorts LLC	  	Operating Agreement, dated October 24, 2007.	
2	  	Doubletree Hotel Systems LLC	  	Operating Agreement, dated October 24, 2007.	
3	  	Doubletree Hotels LLC	  	Operating Agreement, dated October 24, 2007.	
4	  	DT Management LLC	  	Operating Agreement, dated October 24, 2007.	
5	  	DT Real Estate, Inc.	  	Bylaws, adopted June 29, 1987.	
6	  	DTM Atlanta/Legacy, Inc.	  	Bylaws, adopted November 18, 1994.	
7	  	DTM Coconut Grove, Inc.	  	Bylaws, adopted May 29, 1987.	
8	  	DTM Largo, Inc.	  	Amended and Restated Bylaws, adopted January 26, 1987.	
9	  	DTM Maryland, Inc.	  	Bylaws, adopted January 24, 1989.	
10	  	DTM Santa Clara LLC	  	Operating Agreement, dated October 24, 2007.	
11	  	DTM Walnut Creek, Inc.	  	Bylaws, adopted February 12, 1990.	
12	  	DTR FCH Holdings, Inc.	  	Amended and Restated Bylaws, adopted January 26, 1987.	
13	  	DTR PAH Holding, Inc.	  	Bylaws, adopted October 22, 1996.	
14	  	DTR San Antonio, Inc.	  	Bylaws, adopted November 18, 1994.	
15	  	DTR TM Holdings, Inc.	  	Amended and Restated Bylaws, adopted January 26, 1987.	
16	  	HIC Gaming California, Inc.	  	Amended and Restated Bylaws, adopted October 25, 2013.	
17	  	HIC San Pablo Limited, Inc.	  	Amended and Restated Bylaws, adopted October 25, 2013.	
18	  	HIC San Pablo, L.P.	  	Amended and Restated Limited Partnership Agreement, dated October 25, 2013.	
19	  	Hilton San Diego Corporation	  	Amended and Restated Bylaws, adopted October 25, 2013.	
20	  	Embassy Suites Club No. 1, Inc.	  	By-Laws, adopted October 25, 2013.	
21	  	Hotel Clubs of Corporate Woods, Inc.	  	Amended and Restated Bylaws, adopted August 4, 1998.	
22	  	DTM Cambridge, Inc.	  	By-Laws, dated March 29, 1991.	
23	  	Chesterfield Village Hotel, L.L.C.	  	Amended and Restated Limited Liability Company Agreement, dated October 25, 2013.	
24	  	Embassy Suites Club No. Two, Inc.	  	Bylaws, adopted March 13, 1984.	
 
S - 4

SCHEDULE III
RESOLUTIONS

#	  	Entity Name	  	Action by Written Consent	
1	  	Destination Resorts LLC	  	Action by Written Consent of the Sole Member, Hilton Holdings, LLC	
2	  	Doubletree Hotel Systems LLC	  	Action by Written Consent of the Sole Member, DoubleTree Hotels LLC	
3	  	Doubletree Hotels LLC	  	Action by Written Consent of the Sole Member, DoubleTree LLC	
4	  	DT Management LLC	  	Action by Written Consent of the Sole Member, DoubleTree Hotels LLC	
5	  	DT Real Estate, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
6	  	DTM Atlanta/Legacy, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger, Keith Clampet, and W. Steven Standefer	
7	  	DTM Coconut Grove, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
8	  	DTM Largo, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
9	  	DTM Maryland, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
10	  	DTM Santa Clara LLC	  	Action by Written Consent of the Sole Member, DT Management LLC	
11	  	DTM Walnut Creek, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Sean Dell’Orto and W. Steven Standefer	
12	  	DTR FCH Holdings, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
13	  	DTR PAH Holding, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
 
S - 5

					
#	  	Entity Name	  	Action by Written Consent	
14	  	DTR San Antonio, Inc.	  	Action by Written Consent of the Board of Directors, W. Steven Standefer	
15	  	DTR TM Holdings, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Kevin J. Jacobs and Kristin Campbell	
16	  	HIC Gaming California, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Justin Ray Hensley and W. Steven Standefer	
17	  	HIC San Pablo Limited, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger, Kevin J. Jacobs and W. Steven Standefer	
18	  	HIC San Pablo, L.P.	  	Action by Written Consent of the General Partner, HIC Gaming California, Inc.	
19	  	Hilton San Diego Corporation	  	Action by Written Consent of the Board of Directors, W. Steven Standefer	
20	  	Embassy Suites Club No. 1, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger, Keith Clampet and W. Steven Standefer	
21	  	Hotel Clubs of Corporate Woods, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger and Keith Clampet	
22	  	DTM Cambridge, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger, Kevin J. Jacobs and W. Steven Standefer	
23	  	Chesterfield Village Hotel, L.L.C.	  	Action by Written Consent of the Sole Member and Manager, Promus Hotels LLC	
24	  	Embassy Suites Club No. Two, Inc.	  	Action by Unanimous Written Consent of the Board of Directors, Joseph Berger, Keith Clampet and W. Steven Standefer	
 
S - 6

Exhibit 5.3
[HILL WARD HENDERSON Letterhead]
September 11, 2014
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
Florida Conrad International Corp.
Hilton-OCCC Hotel, LLC
Hilton-OCCC Mezz Lender, LLC
7930 Jones Branch Drive
Suite 1100
McLean, Virginia 22102
 
 	Re:	Registration Statement on Form S-4	
Ladies and Gentlemen:
We have acted as special Florida counsel to Florida Conrad International Corp., a Florida corporation (“ Florida Conrad ”), Hilton-OCCC Hotel, LLC, a Florida limited liability company (“ OCCC Hotel ”), and Hilton-OCCC Mezz Lender, LLC, a Florida limited liability company (“ OCCC Mezz Lender ”)(each individually, a “ Florida Guarantor ” and collectively, the “ Florida Guarantors ”), in connection with the Registration Statement on Form S-4 (the “ Registration Statement ”), filed concurrently herewith by Hilton Worldwide Finance LLC, a Delaware limited liability company, Hilton Worldwide Finance Corp., a Delaware corporation (collectively, the “ Issuers ”), the Florida Guarantors, Hilton Worldwide Holdings Inc. (“ Holdings ”) and the other guarantors named therein (collectively with the Florida Guarantors, the “ Subsidiary Guarantors ,” and collectively with the Florida Guarantors and Holdings, the “ Guarantors ”), with the Securities and Exchange Commission (the “ Commission ”) under the Securities Act of 1933, as amended (the “ Act ”). The Registration Statement relates to the issuance of the Issuers’ 5.625% Senior Notes due 2021 in the aggregate principal amount of $1,500,000,000 (the “ Exchange Notes ”) and related guarantee by the Guarantors (the “ Exchange Guarantee ” and collectively with the Exchange Notes, the “ Exchange Securities ”) pursuant to an exchange offer (the “ Exchange Offer ”) in exchange for a like principal amount of the Issuers’ issued and outstanding unregistered 5.625% Senior Notes due 2021 and related guarantee by the Guarantors. The Exchange Notes and Exchange Guarantee will be issued under an indenture, dated as of October 4, 2013, among the Issuers, Holdings and Wilmington Trust, National Association, as trustee (the “ Trustee ”), as supplemented by the First Supplemental Indenture, dated as of October 25, 2013 (the “ First Supplemental Indenture ”) and the Second Supplemental Indenture, dated as of September 8, 2014 (the “ Second Supplemental Indenture ”), among the Subsidiary Guarantors and the Trustee (the indenture as supplemented by the First Supplemental Indenture and the Second Supplemental Indenture, the “ Indenture ”).
We are delivering this opinion letter to you at your request in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Act.
This opinion letter is limited to the matters expressly stated herein. No opinions are to be inferred or implied beyond the opinions expressly so stated.

Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
Florida Conrad International Corp.
Hilton-OCCC Hotel, LLC
Hilton-OCCC Mezz Lender, LLC
September 11, 2014
Page 2
 
In connection with rendering the opinions set forth in this opinion letter, we have reviewed originals or copies of the following documents (collectively, the “ Transaction Documents ”):
(i) the Indenture (including the form of Exchange Note set forth therein);
(ii) the Registration Statement;
(iii) the Purchase Agreement, dated as of September 20, 2013, among the Issuers, Holdings and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers (the “ Representative ”), as supplemented by the related Joinder Agreement, dated as of October 25, 2013, among the Subsidiary Guarantors and the Representative; and
(iv) the Registration Rights Agreement, dated as of October 4, 2013, among the Issuers, Holdings and the Representative, as supplemented by the related Joinder Agreement, dated as of October 25, 2013, among the Subsidiary Guarantors and the Representative.
Further, in connection with rendering the opinions set forth in this opinion letter, we have reviewed originals or copies of the following documents:
(i) copies of the Articles of Incorporation of Florida Conrad, Articles of Organization of OCCC Hotel, and Articles of Organization, as amended, of OCCC Mezz Lender, each as certified by the Secretary of State of the State of Florida (the “ Florida Secretary ”) on August 15, 2014;
(ii) copies of the Bylaws of Florida Conrad, the Limited Liability Company Operating Agreement of OCCC Hotel, dated as of June 5, 2000, and the Amended and Restated Limited Liability Company Agreement of OCCC Mezz Lender, dated as of October 25, 2013, each as delivered to us by the Florida Guarantors (together, the documents in (i) and (ii), the “ Organizational Documents ”);
(iii) copies of resolutions, each dated as of October 25, 2013, adopted by (A) the Board of Directors of Florida Conrad, (B) the sole member of OCCC Hotel and (C) the sole and managing member of OCCC Mezz Lender, each as delivered to us by the Florida Guarantors;
(iv) Certificates of Status for each of the Florida Guarantors, dated September 10, 2014, issued by the Florida Secretary (“ Certificates of Status ”); and
(v) certificate to counsel from the Florida Guarantors, dated the date hereof (the “ Certificate to Counsel ”).

Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
Florida Conrad International Corp.
Hilton-OCCC Hotel, LLC
Hilton-OCCC Mezz Lender, LLC
September 11, 2014
Page 3
 
We have also reviewed such other documents, instruments and certificates as we have deemed relevant or necessary to form the basis for the opinions set forth in this opinion letter.
As to the matters of fact underlying the opinions herein, we have relied upon, and assumed the accuracy of, the representations and warranties contained in the Transaction Documents and the Certificate to Counsel. However, no opinion is rendered hereunder as to the accuracy of the representations and warranties contained in the Transaction Documents or the Certificate to Counsel. We note that we have been retained to act solely as local Florida counsel to the Florida Guarantors in connection with this opinion letter. We are not regular counsel to the Florida Guarantors or to any other party to the Exchange Offer and are not generally informed as to their respective business affairs. We have, with your consent, assumed that certificates of public officials dated earlier than the date hereof remain accurate from such earlier dates through and including the date hereof.
In rendering the opinions set forth herein, we have relied, without investigation, on each of the following assumptions: (a) the legal capacity of each natural person to take all actions required of each such person in connection with the Exchange Offer; (b) the legal existence of each party to the Transaction Documents other than the Florida Guarantors; (c) the power of each party to the Exchange Offer other than the Florida Guarantors (each, an “ Other Party ”), to execute, deliver and perform, and the validity, binding effect and enforceability as to each Other Party (and with respect to the Florida Guarantors, only to the extent expressly provided in this opinion letter) of, the Transaction Documents executed and delivered or to be executed or delivered by such party and of each other act done or to be done by such party; (d) the authorization, execution and delivery by each Other Party of each Transaction Document executed and delivered or to be executed or delivered by such party; (e) the genuineness of each signature, the completeness of each document submitted to us, the authenticity of each document submitted to us as an original, the conformity to the original of each document submitted to us as a copy and the authenticity of the original of each document submitted to us as a copy; (f) the truthfulness of each statement as to all factual matters otherwise not known to us to be untruthful or unreliable contained in any document encompassed within the diligence review undertaken by us; (g) the compliance of the Exchange Offer and of the conduct of the parties to the Exchange Offer with any requirement of good faith, fair dealing and conscionability; (h) the Florida Guarantors, as wholly-owned subsidiaries of Hilton Worldwide Finance LLC, will derive substantial direct and indirect benefit from the Exchange Offer and the other transactions contemplated by the Transaction Documents; and (i) the due qualification of the Indenture under the Trust Indenture Act of 1939, as amended.
For purposes of this opinion letter, “ Applicable Laws ” means the Florida laws, rules and regulations that a Florida counsel exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Florida Guarantors or the Transaction Documents, but excluding state “Blue Sky,” fraudulent conveyance, fraudulent transfer and other insolvency laws and any other areas of law that are expressly excluded from the scope of the opinions in this opinion letter.

Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
Florida Conrad International Corp.
Hilton-OCCC Hotel, LLC
Hilton-OCCC Mezz Lender, LLC
September 11, 2014
Page 4
 
Based upon and subject to the foregoing, and subject to the assumptions, limitations and qualifications contained herein, we are of the opinion that:
1. Each Florida Guarantor is a corporation or limited liability company, as the case may be, organized under Florida law, and its corporate status or limited liability company status, as the case may be, is active.
2. Each Florida Guarantor has the corporate power or limited liability company power, as the case may be, to execute and deliver the Indenture, which includes the Exchange Guarantee, and to perform its respective obligations thereunder.
3. Each Florida Guarantor has authorized the execution and delivery of the First Supplemental Indenture, and performance of the Indenture, which includes the Exchange Guarantee, by all necessary corporate action or limited liability company action, as the case may be.
4. Each Florida Guarantor has duly executed and delivered the First Supplemental Indenture.
5. With respect to each Florida Guarantor, the execution and delivery of the First Supplemental Indenture, issuance of the Exchange Guarantee, and performance by such Florida Guarantor of its obligations under the Indenture, which includes the Exchange Guarantee, do not (a) violate such Florida Guarantor’s Organizational Documents, or (b) violate any Applicable Law.
The foregoing opinions are subject to the following exceptions, qualifications and limitations:
Our opinion in paragraph 1 is based solely upon our review of the Certificates of Status with respect to each Florida Guarantor.
We do not express any opinion as to the laws of any jurisdiction other than the State of Florida. Further, all federal laws, rules and regulations are expressly excluded from the scope of this opinion letter.
This opinion letter speaks only as of the date hereof. We assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts or other developments, whether existing before or first arising after the date hereof, that might change the opinions expressed above.

Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
Florida Conrad International Corp.
Hilton-OCCC Hotel, LLC
Hilton-OCCC Mezz Lender, LLC
September 11, 2014
Page 5
 
Simpson Thacher & Bartlett LLP may rely upon this opinion letter in connection with its opinion addressed to the Issuers, filed as Exhibit 5.1 to the Registration Statement, to the same extent as if it were an addressee hereof; provided, however, that no other person or entity may rely on this provision.
We hereby consent to the filing of this opinion letter as Exhibit 5.3 to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Registration Statement and the prospectus that forms a part thereof. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission.

Very truly yours,	
	
/s/ Hill, Ward & Henderson, P.A.	
HILL, WARD & HENDERSON, P.A.	

Exhibit 5.4
September 11, 2014
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
7390 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Re: Local Counsel Opinion – Embassy Suites Club No. Three, Inc. and International Rivercenter Lessee, L.L.C.
Ladies and Gentlemen:
We have acted as special Louisiana counsel to Hilton Worldwide Finance LLC, a Delaware limited liability company, Hilton Worldwide Finance Corp., a Delaware corporation (collectively, the “ Issuers ”), Embassy Suites Club No. Three, Inc., a Louisiana corporation (“ Embassy Suites ”), and International Rivercenter Lessee, L.L.C., a Louisiana limited liability company (“ IRL ”, and together with Embassy Suites, the “ Guarantors ”), in connection with matters related to the issuance of the Exchange Note Guarantees (as defined below) by the Guarantors, which are being issued in connection with the Issuers’ offer to exchange up to $1,500,000,000 in aggregate principal amount of its 5.625% Senior Notes due 2021 (the “ Exchange Notes ”), which are being registered under the Securities Act of 1933, as amended (the “ Securities Act ”), for a like principal amount of its 5.625% Senior Notes due 2021 that were issued on October 4, 2013 (the “ Outstanding Notes ”, and together with the Exchange Notes, the “ Notes ”) pursuant to the Registration Statement on Form S-4 filed with the Securities and Exchange Commission (the “ SEC ”) on September 11, 2014 (the “ Registration Statement ”). Pursuant to the Indenture, dated as of October 4, 2013, among the Issuers, the guarantors named therein and Wilmington Trust, National Association, a national banking association, as trustee (as supplemented, the “ Indenture ”), the Exchange Notes will be unconditionally guaranteed, jointly and severally, on the terms and subject to the conditions set forth in the Indenture (the “ Exchange Note Guarantees ”). All capitalized terms used herein that are defined in, or by reference in, the Indenture have the meanings assigned to such terms therein or by reference therein, unless otherwise defined herein.
You are aware, and we hereby confirm, that we have not represented the Issuers or the Guarantors with respect to the preparation, negotiation, execution or filing of the Indenture, the Exchange Notes, the Registration Statement, or any documents ancillary thereto or transactions

contemplated thereby. We have been retained by the Issuers and the Guarantors for the sole and limited purpose of rendering the opinions set forth herein. By your acceptance of this opinion, you acknowledge the foregoing and confirm that you have consented to the rendering of the opinions set forth herein by this firm in light thereof.
In connection with rendering the opinions expressed below, we have examined and relied upon copies of (i) the Registration Statement, (ii) the Indenture, which will be filed with the SEC as an exhibit to the Registration Statement, (iii) an Action by Unanimous Written Consent of the Board of Directors of Embassy Suites, dated as of October 25, 2013, and an Action by Unanimous Written Consent of All of the Members and Managing Members of IRL, dated as of October 25, 2013, (iv) the articles of incorporation of Embassy Suites, dated as of November 2, 1994, and the articles of organization of IRL, dated as of November 6, 2003, (v) the Amended and Restated Bylaws of Embassy Suites, dated as of April 30, 1999, (vi) the Amended and Restated Limited Liability Company Agreement of IRL, dated as of October 25, 2013, (vii) certificates of good standing and existence for each of the Guarantors issued by the Louisiana Secretary of State, each dated as of September 10, 2014, (viii) the Omnibus Secretary’s Certificate for Subsidiary Guarantors, dated October 25, 2013, (ix) the Omnibus Secretary’s Certificate of the Guarantors, dated as of September 11, 2014 (the “ Secretary’s Certificate ”), and (x) such other instruments as we have deemed relevant and necessary to enable us to express the opinions hereinafter set forth.
In connection with our examination of such documents, we have assumed without independent investigation or verification (i) that each of the documents and instruments reviewed by us has been duly authorized, executed and delivered by each of the parties thereto (other than the Guarantors) and is enforceable against such parties in accordance with the terms thereof, (ii) the authenticity of all documents and instruments submitted to us as originals, (iii) the conformity to the originals of all documents and instruments submitted to us as electronic, conformed, certified or photostatic copies, (iv) the accuracy and completeness of all corporate and other records made available to us by the Issuers and the Guarantors, (v) the absence of any other documents, instruments, records, agreements, course of prior dealings or understandings that alter, modify or change in any way the terms of any documents, records or agreements provided to or reviewed by us or the validity or accuracy of the representations made to us orally or as set forth in any documents, instruments, records or agreements provided to or reviewed by us, (vi) the genuineness of all signatures on all documents and instruments examined by us, (vii) that adequate consideration and value have been given for the obligations incurred pursuant to the Indenture, (viii) the power and legal capacity of all persons who have executed documents reviewed by us hereunder, (ix) the individuals executing the Written Consent of Embassy Suites constituted all of the duly elected and authorized directors of Embassy Suites and the individuals executing the Written Consent of IRL constituted all of the members and managing members of IRL, and (x) the Indenture is the valid and legally binding obligation of the trustee. We express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.
 
- 2 -

Based upon the foregoing, and subject to the qualifications and limitations stated herein, we are of the opinion that:
 
 	1.	Embassy Suites is validly existing and in good standing as a corporation under the laws of the State of Louisiana and IRL is validly existing and in good standing as a limited liability company under the laws of the State of Louisiana;	
 
 	2.	Embassy Suites has the corporate power and authority, and IRL has the limited liability company power and authority, to execute and deliver the Indenture, and issue the Exchange Note Guarantees, and perform their respective obligations thereunder;	
 
 	3.	The Indenture has been duly authorized, executed and delivered by each of the Guarantors;	
 
 	4.	The Exchange Note Guarantees have been duly authorized by each of the Guarantors; and	
 
 	5.	The execution and delivery of the Indenture, and the issuance of the Exchange Note Guarantees, by each of the Guarantors and the performance by each of the Guarantors of its obligations thereunder do not violate any Louisiana law, rule or regulation applicable to such Guarantor.	
The opinions expressed herein are limited to the effect of the laws of the State of Louisiana. We do not express any opinion herein concerning any law other than the laws of the State of Louisiana. This opinion is limited in all respects to Applicable Law as now in effect and which has been published and is generally available in a format which makes legal research reasonably feasible. As used in this letter, the phrase “Applicable Law” shall mean the internal laws of the State of Louisiana which, in our experience, are normally applicable to transactions of the type contemplated by the Indenture. No opinion is expressed as to the effect of any other laws of the State of Louisiana, or the laws of any other jurisdiction, including but not limited to the federal laws of the United States. With respect to the opinion expressed in paragraph 3 above concerning the due delivery of the Indenture, we have relied solely upon the Secretary’s Certificate.
We undertake no obligation, and hereby disclaim any obligation, to update or supplement this opinion letter with respect to subsequent changes in the law or the facts presently in effect that would alter the scope or substance of the opinions herein expressed. This letter expresses our legal opinion as to the foregoing matters based upon our professional judgment at this time.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to this firm under the caption “Legal Matters” in the prospectus that is included in the Registration Statement. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC promulgated thereunder. This opinion letter may be relied upon by Simpson Thacher & Bartlett LLP, as if it were addressed to it, in rendering its opinion in connection with the registration of the Exchange Notes and the Exchange Note Guarantees and the issuance of the Exchange Notes and the Exchange Note Guarantees as described in the Registration Statement.
 
- 3 -

	
Very truly yours,	
	
/s/ Jones Walker LLP	
JONES WALKER LLP	
 
- 4 -

Exhibit 5.5
September 11, 2014
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
as the Issuers
c/o Hilton Worldwide Holdings Inc.
7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
 
 	Re:	Guarantees of the obligations owed under the $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021	
Ladies and Gentlemen:
We have acted as counsel to Hilton Worldwide Finance, LLC, a Delaware limited liability company (the “Company”), and Hilton Worldwide Finance Corp., a Delaware corporation (together with the Company, the “Issuers”), and to the subsidiaries of the Company listed on Schedule I (the “Nevada Guarantors”), in connection with the Registration Statement on Form S-4 (the “Registration Statement”) filed by the Issuers and the Guarantors (as defined below) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, relating to the issuance by the Issuers of up to $1,500,000,000 aggregate principal amount of 5.625% Senior Notes due 2021 (the “Exchange Securities”) and the issuance by the Guarantors of guarantees (the “Exchange Guarantees”) of the Issuers’ obligations with respect to the Exchange Securities. The Exchange Securities and the Exchange Guarantees will be issued under an indenture, dated as of October 4, 2013 (as amended by the first supplemental indenture, dated as of October 25, 2013, and the second supplemental indenture dated September 8, 2014, altogether, the “Indenture”), among the Issuers, the Nevada Guarantors, the other guarantors party thereto (together with the Nevada Guarantors, the “Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”). The Exchange Securities and the Exchange Guarantees will be offered by the Issuers and Guarantors in exchange for their outstanding 5.625% Senior Notes due 2021 and the guarantees thereof of the Guarantors.
We have examined the Registration Statement and the Indenture, which has been filed with the Commission as an exhibit to the Registration Statement. We also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and have made such other investigations as we have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, we have relied upon certificates or comparable documents of public officials and of officers and representatives of the Issuers and the Guarantors.

Hilton Worldwide Finance LLC,
Hilton Worldwide Finance Corp.,
as the Issuers
September 11, 2014
Page 2
 
In rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents. We also have assumed that the Indenture is the valid and legally binding obligation of the Trustee.
Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:
 
 	1.	The Indenture has been duly authorized, executed and delivered by each of the Nevada Guarantors.	
 
 	2.	Each of the Nevada Guarantors has duly authorized its Exchange Guarantee.	
 
 	3.	The execution and delivery of the Indenture, and the issuance of the Exchange Guarantees, by each of the Nevada Guarantors and the performance by each of the Nevada Guarantors of its obligations thereunder do not violate any Nevada law, rule or regulation applicable to such Nevada Guarantor.	
Our opinions set forth above are subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing.
We do not express any opinion herein concerning any law other than the law of the State of Nevada.
We hereby consent to the filing of this opinion letter as Exhibit 5.5 to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Prospectus included in the Registration Statement.
This opinion letter may be relied upon by Simpson Thacher & Bartlett LLP, as if it were addressed to it, in rendering its opinion in connection with the registration of the Exchange Notes and the Exchange Note Guarantees and the issuance of the Exchange Notes and the Exchange Note Guarantees as described in the Registration Statement.

Very truly yours,	
	
/s/ Snell & Wilmer L.L.P.	
SNELL & WILMER L.L.P.	

Exhibit 5.5
SCHEDULE I
Conrad International (Egypt) Resorts Corporation
Conrad International (Indonesia) Corporation
Conrad International Investment (Jakarta) Corporation
HPP International Corporation
Bally’s Grand Property Sub I, LLC
Conrad International (Belgium) LLC
Hilton Holdings, LLC
Hilton Hospitality, LLC
Hilton Illinois, LLC

					
	 	[Bass Berry + SIMS Letterhead]
150 Third Avenue South, Suite 2800
Nashville, Tennessee 37201
(615) 742-6200	  	Exhibit 5.6	
September 11, 2014
Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp.
7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Ladies and Gentlemen:
We have acted as Tennessee counsel to Embassy Memphis Corporation, a Tennessee corporation (the “Company”), in connection with a Registration Statement on Form S-4 (the “ Registration Statement ”) filed by Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (collectively, the “ Issuers ”), the Company and the other guarantors set forth on the Registration Statement with the Securities and Exchange Commission (the “ Commission ”) relating to the registration under the Securities Act of 1933, as amended (the “ Securities Act ”), of the offer and exchange of up to $1,500,000,000 aggregate principal amount of the Issuers’ 5.625% senior notes due 2021 (the “ Exchange Notes ”) that are to be guaranteed on a senior unsecured basis by Hilton Worldwide Holdings Inc., the Company and certain other subsidiaries of the Issuers (collectively, the “ Guarantors ”). The Exchange Notes and the guarantees thereof are to be issued pursuant to an indenture, dated as of October 4, 2013, as supplemented by a First Supplemental Indenture, dated as of October 25, 2013, and a Second Supplemental Indenture, dated as of September 8, 2014 (collectively, the “ Indenture ”), by and among the Issuers, the Guarantors and Wilmington Trust, National Association, as trustee (the “ Trustee ”).
The Exchange Notes are to be issued in an exchange offer for a like aggregate original principal amount of currently outstanding 5.625% senior notes due 2021 in accordance with the terms of a Registration Rights Agreement, dated as of October 4, 2013, and a Joinder Agreement, dated as of October 25, 2013, among the Issuers, the Guarantors, and Merrill, Lynch, Pierce, Fenner & Smith Incorporated, as representative of the parties named therein as the Initial Purchasers (collectively, the “ Registration Rights Agreement ”).
In rendering our opinions herein, we have relied with respect to factual matters, upon the Officers’ Certificate (defined below), statements and representations of representatives of the Company and certificates of public officials referred to below. In addition thereto, we have reviewed and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to form the basis for rendering our opinions, including, without limitation, the following:
 
 	(i)	the charter and bylaws of the Company;	

September 11, 2014
Page 2
 
 	(ii)	the certificate with respect to various factual matters signed by an officer of the Company and dated the date of this opinion (the “ Officer’s Certificate ”);	
 
 	(iii)	the Registration Rights Agreement;	
 
 	(iv)	the Indenture, including the terms of the guarantees of the Exchange Notes set forth therein;	
 
 	(v)	the form of Exchange Notes; and	
 
 	(vi)	the Registration Statement (collectively, with the Registration Rights Agreement, Indenture and Exchange Notes, the “ Transaction Documents ”).	
In all such examinations, we have assumed the genuineness of signatures on original documents, the authenticity of all documents submitted to us as originals, and the conformity to such original documents of all copies submitted to us as certified, conformed or photographic copies, and as to certificates of public officials, we have assumed the same to have been properly given and to be accurate. We have assumed that all documents we have reviewed are the valid and binding obligations of and enforceable against the parties thereto and the due authorization, execution and delivery of all documents by all of the parties thereto, except, in each case, to the extent we render an opinion in paragraphs 3 and 4 below as to due authorization, execution and delivery.
We have assumed that all executed written factual statements, agreements, instruments, and other documents that we have relied upon in rendering this opinion have been executed by persons with legal capacity to execute such documents. Except as expressly set forth in this letter, we have made no independent investigation or inquiry as to the accuracy or completeness of any representation, warranty, data, certificate or other information, written or oral, made or furnished to us in connection with the transactions contemplated by the Registration Statement or to determine the existence or absence of facts, and no inference as to our knowledge of the existence or absence of any such facts should be drawn from the fact of our representation of the Company.
The opinions expressed herein are limited in all respects to the laws of the State of Tennessee and no opinion is expressed with respect to (i) the federal laws of the United States of America or laws of any other jurisdiction or any effect which such laws may have on the opinions expressed herein, (ii) the bylaws, rules or regulations of the Financial Industry Regulatory Authority, Inc. or (iii) the securities or “blue sky” laws of any jurisdiction. We are not rendering any opinion, and we are not providing any assurance, as to compliance with any antifraud law, rule or regulation relating to securities, or to the sale or issuance thereof. The opinions expressed herein are further qualified as follows: pursuant to Tennessee Code Annotated Section 48-16-401, the authorization and, therefore, compliance with Tennessee statutory law and the validity, binding nature and enforceability of the Transaction Documents as they relate to the Company may be subject to Tennessee corporation law restrictions relating to capital or other financial adequacy that would be applicable in the event that any indebtedness, obligation, liability or undertaking of the Company thereunder is deemed to be a dividend or distribution.

September 11, 2014
Page 3
 
With regard to our opinion in paragraph 1 below with respect to the Company’s good standing, we have based our opinion solely upon examination of the certificate of good standing issued by the Tennessee Secretary of State as of a recent date.
Subject to the assumptions, exceptions and limitations hereinabove and hereinafter stated, it is our opinion that:
(1) The Company is validly existing as a corporation in good standing under the laws of the State of Tennessee.
(2) The Company had and has the corporate power under the laws of the State of Tennessee to execute, deliver and perform its obligations under the Indenture, including its guarantee of the Exchange Notes.
(3) The execution and delivery by the Company of the Indenture and the performance of its obligations thereunder, including guaranteeing the Exchange Notes in accordance with the provisions of the Indenture, have been duly authorized by all necessary corporate action on the part of the Company, and do not violate (a) any Tennessee statutory law or regulation applicable to the Company, or (b) any decree of any Tennessee court known to us specifically directed to the Company.
(4) The Indenture has been duly executed and delivered by the Company.
This opinion is given as of the date hereof, and we assume no obligation to advise you after the date hereof of facts or circumstances that come to our attention or changes in law that occur which could affect the opinions contained herein. This opinion is being rendered solely for your benefit in connection with the matters addressed herein. This opinion letter may be relied upon by Simpson Thacher & Bartlett LLP, as if it were addressed to it, in rendering its opinion in connection with the registration of the Exchange Notes and the Exchange Note Guarantees and the issuance of the Exchange Notes and the Exchange Note Guarantees as described in the Registration Statement.
We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of our name therein and in the related prospectus under the caption “Legal Matters.” In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

Very truly yours,	
	
/s/ Bass, Berry & Sims PLC	

EXHIBIT 12
HILTON WORLDWIDE HOLDINGS INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio amounts)
(unaudited)

 	  	Six Months
Ended June 30,	 	 	Year Ended December 31,	 	
 	  	2014	 	 	2013	 	 	2013	 	 	2012	 	 	2011	 	 	2010	 	 	2009	 	
Earnings:	  				 				 				 				 				 				 				
Income (loss) before taxes	  	$	540	  	 	$	317	  	 	$	698	  	 	$	573	  	 	$	196	  	 	$	419	  	 	$	(810	) 	
Equity in (earnings) losses from unconsolidated affiliates	  	 	(12	) 	 	 	(8	) 	 	 	(16	) 	 	 	11	  	 	 	145	  	 	 	12	  	 	 	113	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	528	  	 	 	309	  	 	 	682	  	 	 	584	  	 	 	341	  	 	 	431	  	 	 	(697	) 	
Add:	  				 				 				 				 				 				 				
Fixed charges	  	 	386	  	 	 	345	  	 	 	767	  	 	 	724	  	 	 	795	  	 	 	1,087	  	 	 	1,145	  	
Distributed income of equity method investees	  	 	11	  	 	 	10	  	 	 	27	  	 	 	31	  	 	 	13	  	 	 	18	  	 	 	22	  	
Subtract:	  				 				 				 				 				 				 				
Interest capitalized	  	 	(2	) 	 	 	(3	) 	 	 	(7	) 	 	 	(6	) 	 	 	(6	) 	 	 	(1	) 	 	 	(11	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings available for fixed charges	  	$	923	  	 	$	661	  	 	$	1,469	  	 	$	1,333	  	 	$	1,143	  	 	$	1,535	  	 	$	459	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Charges:	  				 				 				 				 				 				 				
Interest expense (1)	  	$	311	  	 	$	274	  	 	$	620	  	 	$	569	  	 	$	643	  	 	$	946	  	 	$	1,000	  	
Interest capitalized	  	 	2	  	 	 	3	  	 	 	7	  	 	 	6	  	 	 	6	  	 	 	1	  	 	 	11	  	
Estimated interest included in rent expense	  	 	73	  	 	 	68	  	 	 	140	  	 	 	149	  	 	 	146	  	 	 	140	  	 	 	134	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Fixed Charges	  	$	386	  	 	$	345	  	 	$	767	  	 	$	724	  	 	$	795	  	 	$	1,087	  	 	$	1,145	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Earnings to Fixed Charges	  	 	2.4	  	 	 	1.9	  	 	 	1.9	  	 	 	1.8	  	 	 	1.4	  	 	 	1.4	  	 	 	0	(2)  	

 

(1)  	Includes the amortization of debt discounts, premiums and capitalized expenses related to indebtedness.	
(2)	For the year ended December 31, 2009, earnings were inadequate to cover fixed charges by approximately $686 million.	

Exhibit 21

LIST OF SUBSIDIARIES	
		
Name	  	Jurisdiction of
Incorporation or
Organization	
259 Pitt Street Pty Ltd.	  	Australia	
90210 Biltmore Management, LLC	  	Delaware	
90210 Desert Resorts Management Co., LLC	  	Delaware	
90210 Grand Wailea Management Co., LLC	  	Delaware	
90210 LLC	  	Delaware	
90210 Management Company, LLC	  	Delaware	
Adana Hilton Enternasyonal Otelcilik Limited Sirketi	  	Turkey	
Adda Hotels	  	England, UK	
Adda Properties Limited	  	England, UK	
Addis Ababa Hilton Private Limited Company	  	Ethiopia	
Admiral Holdings Australia Pty Ltd	  	Australia	
Admiral I Pty Limited	  	Australia	
Admiral II Pty Limited	  	Australia	
Admiral III Pty Limited	  	Australia	
Admiral Investments Pty Limited	  	Australia	
African American Investment Corporation (Pty) Ltd	  	South Africa	
African American Properties (Pty) Ltd.	  	South Africa	
African American Properties Hotels (Pty) Ltd.	  	South Africa	
Andiamo’s O’Hare, LLC	  	Delaware	
Ankara Enternasyonel Otelcilik Anonim Sirketi	  	Turkey	
Aro Participation Limited	  	England, UK	
Atlanta Perimeter Hotel Owner LLC	  	Delaware	
ATM Hotels Pty. Limited	  	Australia	
Avenue Louise Hotel Partners S.N.C.	  	Belgium	
Bally’s Grand Property Sub I, LLC	  	Nevada	
Belfast Hilton Limited	  	Northern Ireland, UK	
Blue Bonnet Security, LLC	  	Delaware	
Bondarea Limited	  	Scotland, UK	
Bradley Court Limited	  	England, UK	
Brasilton Contagem Hoteis e Turismo SA (In Liquidation)	  	Brazil	
Brighton at Kingston Plantation, L.L.C.	  	Delaware	
Buckingham’s Chicago, LLC	  	Delaware	
Chesterfield Village Hotel, L.L.C.	  	Missouri	
Chicago Hilton LLC	  	Delaware	
CHW Holdings, LLC	  	Delaware	
Clive Hall Limited	  	England, UK	
Club Mack OPCO, L.L.C.	  	Nevada	
Comfort Hotels International Limited	  	England, UK	
Comfort Hotels Limited	  	England, UK	
Comfort Inns BV	  	Netherlands	
Comfort Lodge (U.K.) Limited	  	England, UK	
Comfort Lodge Limited	  	England, UK	
Compris Hotel LLC	  	Delaware	
Conrad Franchise LLC	  	Delaware	
Conrad International (Belgium) LLC	  	Nevada	
Conrad International (Egypt) LLC	  	Nevada	
Conrad International (Egypt) Resorts Corporation	  	Nevada	
Conrad International (Indonesia) Corporation	  	Nevada	
Conrad International (Thailand) Limited	  	Thailand	
Conrad International Hotels (HK) Limited	  	Hong Kong	
Conrad International Investment (Jakarta) Corporation	  	Nevada	
Conrad International Manage (CIS) LLC	  	Delaware	
Conrad International Management Services (Singapore) Pte Ltd	  	Singapore	
Conrad Management LLC	  	Delaware	

Coylumbridge Highland Lodges (Management) Limited	  	Scotland, UK	
Craigendarroch Limited	  	Scotland, UK	
Crystal City LLC	  	Delaware	
Destination Resort Affiliates	  	Arizona	
Destination Resorts LLC	  	Arizona	
DJONT Leasing LLC	  	Delaware	
Domhotel GmbH	  	Germany	
Doubletree De Mexico, S.A. De C.V.	  	Mexico	
Doubletree DTWC LLC	  	Delaware	
Doubletree Franchise LLC	  	Delaware	
Doubletree Hotel Systems LLC	  	Arizona	
Doubletree Hotels LLC	  	Arizona	
Doubletree International Franchise LLC	  	Delaware	
Doubletree LLC	  	Delaware	
Doubletree Management LLC	  	Delaware	
Doubletree Partners	  	Delaware	
DR Spokane City Center LLC	  	Delaware	
DT Management LLC	  	Arizona	
DT Ontario Hotel Partners	  	California	
DT Real Estate, Inc.	  	Arizona	
DTM Atlanta/Legacy, Inc.	  	Arizona	
DTM Cambridge, Inc.	  	Massachusetts	
DTM Coconut Grove, Inc.	  	Arizona	
DTM Largo, Inc.	  	Arizona	
DTM Maryland, Inc.	  	Arizona	
DTM Santa Clara LLC	  	Arizona	
DTM Walnut Creek, Inc.	  	Arizona	
DTR FCH Holdings, Inc.	  	Arizona	
DTR Houston, Inc.	  	Arizona	
DTR PAH Holding, Inc.	  	Arizona	
DTR San Antonio, Inc.	  	Arizona	
DTR TM Holdings, Inc.	  	Arizona	
DTWC Spokane City Center SPE, LLC	  	Delaware	
Dunkeld Lodges (Management) Limited	  	Scotland, UK	
Durban Hotel Asset Trust	  	South Africa	
EJP LLC	  	Delaware	
Embassy Development LLC	  	Delaware	
Embassy Equity Development LLC	  	Delaware	
Embassy Memphis Corporation	  	Tennessee	
Embassy Suites (Isla Verde), Inc.	  	Delaware	
Embassy Suites (Puerto Rico), Inc.	  	Delaware	
Embassy Suites Club No. 1, Inc.	  	Kansas	
Embassy Suites Club No. Three, Inc.	  	Louisiana	
Embassy Suites Club No. Two, Inc.	  	Texas	
Embassy Suites Franchise LLC	  	Delaware	
Embassy Suites International Franchise LLC	  	Delaware	
Embassy Suites Management LLC	  	Delaware	
Embassy Syracuse Development LLC	  	Delaware	
EPAM Corporation	  	Delaware	
EPT Kansas City Limited Partnership	  	Delaware	
EPT Meadowlands Limited Partnership	  	Delaware	
Exhibition Hall Brighton	  	England, UK	
Fess Parker-Red Lion Hotel	  	California	
Florida Conrad International Corp.	  	Florida	
Global Resort Partners	  	Hawaii	
Grand Vacations Realty, LLC	  	Delaware	
Grand Vacations Services LLC	  	Delaware	
Grand Vacations Title, LLC	  	Delaware	
Greatkey Limited	  	England, UK	
Grundstucksgesellschaft Belvederer Allee Weimar mbH	  	Germany	

GSP Investments 1, LLC	  	Hawaii	
H Alliance, Inc.	  	Delaware	
Hampton Inns Franchise LLC	  	Delaware	
Hampton Inns LLC	  	Delaware	
Hampton Inns Management LLC	  	Delaware	
Hapeville Hotel Limited Partnership	  	Delaware	
Hapeville Investors, LLC	  	Delaware	
HFS San Francisco Liquor License, LLC	  	Delaware	
HGV Depositor LLC	  	Delaware	
HHC BC Orlando, LLC	  	Delaware	
HHC One Park Boulevard, LLC	  	Delaware	
HHC/PTC, LLC	  	Delaware	
HI (Maldives) Pte Limited	  	Maldives	
HI Hotel Management (Guam), Inc.	  	Guam	
HI Investment (Colombia) EU	  	Colombia	
HI US Finance LLC	  	Delaware	
HI US Investments Unlimited	  	England, UK	
HIC Dormant Holding LLC	  	Delaware	
HIC First Corporation	  	Delaware	
HIC Gaming California, Inc	  	California	
HIC Group Finance Limited	  	England, UK	
HIC Group International Luxembourg S.a.r.l.	  	Luxembourg	
HIC Holdings BV	  	Netherlands	
HIC Holdings Corporation	  	Delaware	
HIC Hotels U.S.A. Corporation	  	Delaware	
HIC Racing (Chiswick) Limited	  	England, UK	
HIC Racing Corporation	  	Delaware	
HIC Roissy Netherlands BV	  	Netherlands	
HIC San Pablo Limited, Inc	  	California	
HIC San Pablo, L.P.	  	California	
HIC Second Corporation	  	Delaware	
HIC Treasury Limited	  	England, UK	
HIH Sweden AB	  	Sweden	
Hilstock Hotel Holding Corporation	  	Delaware	
Hilton (Hellas) Monoprosopi EPE	  	Greece	
Hilton Argentina SRL	  	Argentina	
Hilton Beverage LLC	  	Delaware	
Hilton Canada Co.	  	Canada	
Hilton Canada ULC	  	Canada	
Hilton Chicago Beverage I LLC	  	Delaware	
Hilton Chicago Beverage II LLC	  	Delaware	
Hilton Chicago Beverage III LLC	  	Delaware	
Hilton Chicago Beverage IV LLC	  	Delaware	
Hilton CMBS Holdings LLC	  	Delaware	
Hilton Copenhagen ApS	  	Denmark	
Hilton Corporate Director LLC	  	Delaware	
Hilton CP Management LLC	  	Delaware	
Hilton CP Operator LLC	  	Delaware	
Hilton Cyprus Limited	  	Cyprus	
Hilton do Brasil Ltd	  	Brazil	
Hilton Domestic Property LLC	  	Delaware	
Hilton Egypt Lil Tigara	  	Egypt	
Hilton El Con Management LLC	  	Delaware	
Hilton El Con Operator LLC	  	Delaware	
Hilton EL Segundo LLC	  	Delaware	
Hilton Electronic Distribution Systems, LLC	  	Delaware	
Hilton Embassy Holdings LLC	  	Delaware	
Hilton Energy Investments, LLC	  	Delaware	
Hilton Enternasyonal Otelcilik AS	  	Turkey	
Hilton ESJ Management LLC	  	Delaware	
Hilton ESJ Operator LLC	  	Delaware	

Hilton Finance (UK) Limited	  	England, UK	
Hilton Franchise Holding LLC	  	Delaware	
Hilton Franchise LLC	  	Delaware	
Hilton Garden Inns Franchise LLC	  	Delaware	
Hilton Garden Inns Management LLC	  	Delaware	
Hilton Grand Vacations Club, LLC	  	Delaware	
Hilton Grand Vacations Company, LLC	  	Delaware	
Hilton Grand Vacations Financing, LLC	  	Delaware	
Hilton Grand Vacations Japan, LLC	  	Japan	
Hilton Grand Vacations Management, LLC	  	Nevada	
Hilton Grand Vacations Trust 2013-A	  	Delaware	
Hilton Grand Vacations Trust 2014-A	  	Delaware	
Hilton Grand Vacations Trust I LLC	  	Delaware	
Hilton Hawaii Corporation	  	Delaware	
Hilton Hawaiian Village LLC	  	Hawaii	
Hilton HHC Limited	  	England, UK	
Hilton HHonors Worldwide, L.L.C.	  	Delaware	
Hilton HIH Limited	  	England, UK	
Hilton Holdings LLC	  	Nevada	
Hilton Hospitality LLC	  	Nevada	
Hilton Hotel Management (Shanghai) Co Ltd	  	China	
Hilton Hotel Management Services Private Limited	  	India	
Hilton Hotel Service Co Limited	  	Japan	
Hilton Hotels (Ireland) Limited	  	Ireland	
Hilton Hotels of Australia (Melbourne) Pty Ltd	  	Australia	
Hilton Hotels of Australia Pty Limited	  	Australia	
Hilton Illinois Holdings LLC	  	Delaware	
Hilton Illinois LLC	  	Nevada	
Hilton Inns LLC	  	Delaware	
Hilton Insurance Corporation	  	Vermont	
Hilton Internacional de Venezuela CA	  	Venezuela	
Hilton International (Bulgaria) EAD	  	Bulgaria	
Hilton International (France) SAS	  	France	
Hilton International (Germany) GmbH	  	Germany	
Hilton International (Moscow) LLC	  	Delaware	
Hilton International (Nederland) BV	  	Netherlands	
Hilton International (Switzerland) GmbH	  	Switzerland	
Hilton International (Thailand) Limited	  	Thailand	
Hilton International Aruba NV (In Liquidation)	  	Aruba	
Hilton International Asia Pacific Pte Ltd.	  	Singapore	
Hilton International Australia Holding Pty Ltd	  	Australia	
Hilton International Australia Pty Limited	  	Australia	
Hilton International Barbados Limited	  	Barbados	
Hilton International Canada CRA ULC	  	Canada	
Hilton International Co (Belgium) SPRL/BVBA	  	Belgium	
Hilton International Ecuador LLC	  	Delaware	
Hilton International Franchise (UK) Limited	  	England, UK	
Hilton International GAMMA SASU	  	France	
Hilton International Holding Corporation	  	Delaware	
Hilton International Holding USA Corporation	  	Delaware	
Hilton International Holdings LLC	  	Delaware	
Hilton International Hotels (U.K.) Limited	  	England, UK	
Hilton International Jamaica Limited	  	Jamaica	
Hilton International LLC	  	Delaware	
Hilton International Manage (Americas) LLC	  	Delaware	
Hilton International Manage (Argentina) SRL	  	Argentina	
Hilton International Manage (CIS) LLC	  	Delaware	
Hilton International Manage (Maldives) Pvt. Ltd	  	Maldives	
Hilton International Manage (Middle East) LLC	  	Delaware	
Hilton International Manage LLC	  	Delaware	
Hilton International Management LLC	  	Delaware	

Hilton International Management (Middle East) LLC	  	Delaware	
Hilton International of Puerto Rico Inc.	  	Delaware	
Hilton International South Africa (PTY) Limited	  	South Africa	
Hilton International Trinidad Limited	  	Trinidad and Tobago	
Hilton International Vermogensverwaltung GmbH	  	Germany	
Hilton International Wien GmbH	  	Austria	
Hilton Israel Ltd	  	Israel	
Hilton Italiana Srl	  	Italy	
Hilton Kingsland 1, LLC	  	Delaware	
Hilton Land Investment 1, LLC	  	Delaware	
Hilton Leisure Breaks Limited	  	England, UK	
Hilton Malta Limited	  	Malta	
Hilton Management LLC	  	Delaware	
Hilton Mexico Promotora SA de CV	  	Mexico	
Hilton Munich Airport Hotel Manage GmbH	  	Germany	
Hilton Nairobi Limited	  	Kenya	
Hilton New Jersey Service Corp.	  	Delaware	
Hilton New Orleans, LLC	  	Delaware	
Hilton of Malaysia LLC	  	Delaware	
Hilton of Panama Limited	  	Panama	
Hilton of Spain S.L.	  	Spain	
Hilton OPB, LLC	  	Delaware	
Hilton Orlando Partners II, LLC	  	Delaware	
Hilton Orlando Partners III, LLC	  	Delaware	
Hilton PCB S.a.r.l.	  	Luxembourg	
Hilton Recreation LLC	  	Delaware	
Hilton Reservations Worldwide, L.L.C.	  	Delaware	
Hilton Resorts Corporation	  	Delaware	
Hilton Resorts Marketing Corp.	  	Delaware	
Hilton Resorts Marketing Korea, LLC	  	Korea, Republic of	
Hilton Riverside, LLC	  	Delaware	
Hilton Russia LLC	  	Delaware	
Hilton San Diego Corporation	  	California	
Hilton Seattle Airport LLC	  	Delaware	
Hilton Service Center GmbH	  	Germany	
Hilton Spring Corporation	  	Delaware	
Hilton Suites, LLC	  	Delaware	
Hilton Supply Management LLC	  	Delaware	
Hilton Systems Solutions, LLC	  	Delaware	
Hilton Systems, LLC	  	Delaware	
Hilton Tobago Limited	  	Trinidad and Tobago	
Hilton Travel Services LLC	  	Delaware	
Hilton U.S. Finance LLC	  	Delaware	
Hilton UK Corporate Director Limited	  	England, UK	
Hilton UK Hotels Limited	  	England, UK	
Hilton UK Manage Limited	  	England, UK	
Hilton UK Pension Trustee Limited	  	England, UK	
Hilton Waldorf Holdings LLC	  	Delaware	
Hilton Worldwide Franchising LP	  	England, UK	
Hilton Worldwide FS Treasury Limited	  	England, UK	
Hilton Worldwide Holding 1 Limited	  	England, UK	
Hilton Worldwide Holding 2 Limited	  	England, UK	
Hilton Worldwide Holding LLP	  	England, UK	
Hilton Worldwide International CRA B.V.	  	Netherlands	
Hilton Worldwide International CRA Holding C.V	  	Netherlands	
Hilton Worldwide International FS Treasury LLC	  	Delaware	
Hilton Worldwide International Holding 1 LLC	  	Delaware	
Hilton Worldwide International Israel Ltd.	  	Israel	
Hilton Worldwide International Italy S.r.l.	  	Italy	
Hilton Worldwide International Myanmar Limited	  	Myanmar	
Hilton Worldwide International Puerto Rico LLC	  	Puerto Rico	

Hilton Worldwide Manage Limited	  	England, UK	
Hilton Worldwide Services Limited	  	Scotland, UK	
Hilton Worldwide, Inc.	  	Delaware	
Hilton-OCCC Hotel, LLC	  	Florida	
Hilton-OCCC Mezz Lender, LLC	  	Florida	
Hiro Grundstucks GmbH & Co KG	  	Germany	
HIRO Hotel GmbH & Co KG	  	Germany	
HIRO Verwaltungs GmbH	  	Germany	
HLT Adda GP Limited	  	England, UK	
HLT Aro Manage Limited	  	England, UK	
HLT Audubon LLC	  	Delaware	
HLT Bradford Limited	  	England, UK	
HLT Brazil LLC	  	Delaware	
HLT CA Hilton LLC	  	Delaware	
HLT Canada Managed LP	  	Delaware	
HLT Conrad Domestic LLC	  	Delaware	
HLT Craigendarroch Suites Limited	  	England, UK	
HLT DC Owner LLC	  	Delaware	
HLT Domestic JV Holdings LLC	  	Delaware	
HLT Domestic Owner LLC	  	Delaware	
HLT Drake LLC	  	Delaware	
HLT English Operator Limited	  	England, UK	
HLT ESP Franchise LLC	  	Delaware	
HLT ESP International Franchise LLC	  	Delaware	
HLT ESP International Franchisor Corporation	  	Delaware	
HLT ESP International Manage LLC	  	Delaware	
HLT ESP International Management Corporation	  	Delaware	
HLT ESP Manage LLC	  	Delaware	
HLT Existing Franchise Holding LLC	  	Delaware	
HLT Franchise II Borrower LLC	  	Delaware	
HLT Franchise Mezz II-A LLC	  	Delaware	
HLT Franchise Mezz II-B LLC	  	Delaware	
HLT Franchise Mezz II-C LLC	  	Delaware	
HLT Franchise Mezz II-D LLC	  	Delaware	
HLT Franchise Mezz II-E LLC	  	Delaware	
HLT Franchise Mezz II-F LLC	  	Delaware	
HLT Franchise Mezz II-G LLC	  	Delaware	
HLT Franchise Mezz II-H LLC	  	Delaware	
HLT Franchise Mezz II-I LLC	  	Delaware	
HLT Franchise Mezz II-J LLC	  	Delaware	
HLT Franchise Mezz II-K LLC	  	Delaware	
HLT Franchise Mezz V-A LLC	  	Delaware	
HLT Franchise Mezz V-B LLC	  	Delaware	
HLT Franchise Mezz V-C LLC	  	Delaware	
HLT Franchise Mezz V-D LLC	  	Delaware	
HLT Franchise Mezz V-E LLC	  	Delaware	
HLT Franchise Mezz V-F LLC	  	Delaware	
HLT Franchise Mezz V-G LLC	  	Delaware	
HLT Franchise Mezz V-H LLC	  	Delaware	
HLT Franchise Mezz V-I LLC	  	Delaware	
HLT Franchise Mezz V-J LLC	  	Delaware	
HLT Franchise Mezz V-K LLC	  	Delaware	
HLT Franchise V Borrower LLC	  	Delaware	
HLT German Manage GmbH	  	Germany	
HLT German Services GmbH	  	Germany	
HLT GP LLC	  	Delaware	
HLT Hawaii Holding LLC	  	Delaware	
HLT HQ SPE LLC	  	Delaware	
HLT HSM Holding LLC	  	Delaware	
HLT HSS Holding LLC	  	Delaware	
HLT International Existing Franchise Holding LLC	  	Delaware	

HLT International Manage LLC	  	Delaware	
HLT JV Acquisition LLC	  	Delaware	
HLT JV I Borrower LLC	  	Delaware	
HLT JV II Borrower LLC	  	Delaware	
HLT JV Mezz I-A LLC	  	Delaware	
HLT JV Mezz I-B LLC	  	Delaware	
HLT JV Mezz I-C LLC	  	Delaware	
HLT JV Mezz I-D LLC	  	Delaware	
HLT JV Mezz I-E LLC	  	Delaware	
HLT JV Mezz I-F LLC	  	Delaware	
HLT JV Mezz I-G LLC	  	Delaware	
HLT JV Mezz I-H LLC	  	Delaware	
HLT JV Mezz I-I LLC	  	Delaware	
HLT JV Mezz II-A LLC	  	Delaware	
HLT JV Mezz II-B LLC	  	Delaware	
HLT JV Mezz II-C LLC	  	Delaware	
HLT JV Mezz II-D LLC	  	Delaware	
HLT JV Mezz II-E LLC	  	Delaware	
HLT JV Mezz II-F LLC	  	Delaware	
HLT JV Mezz II-G LLC	  	Delaware	
HLT JV Mezz II-H LLC	  	Delaware	
HLT JV Mezz II-I LLC	  	Delaware	
HLT JV Mezz II-J LLC	  	Delaware	
HLT JV Mezz II-K LLC	  	Delaware	
HLT JV Mezz I-J LLC	  	Delaware	
HLT JV Mezz I-K LLC	  	Delaware	
HLT Lifestyle Franchise LLC	  	Delaware	
HLT Lifestyle International Franchise LLC	  	Delaware	
HLT Lifestyle International Franchisor Corporation	  	Delaware	
HLT Lifestyle International Manage LLC	  	Delaware	
HLT Lifestyle International Management Corporation	  	Delaware	
HLT Lifestyle Manage LLC	  	Delaware	
HLT Logan LLC	  	Delaware	
HLT London Manage Limited	  	England, UK	
HLT Managed IV Holding Limited	  	England, UK	
HLT Managed IV-A Borrower Limited	  	England, UK	
HLT Managed IV-A Holding Limited	  	England, UK	
HLT Managed Mezz IV-A Limited	  	England, UK	
HLT Managed Mezz IV-B Limited	  	England, UK	
HLT Managed Mezz IV-C Limited	  	England, UK	
HLT Managed Mezz IV-D Limited	  	England, UK	
HLT Managed Mezz IV-E Limited	  	England, UK	
HLT Managed Mezz IV-F Limited	  	England, UK	
HLT Managed Mezz IV-G Limited	  	England, UK	
HLT Managed Mezz IV-H Limited	  	England, UK	
HLT Managed Mezz IV-I Limited	  	England, UK	
HLT Managed Mezz IV-J Limited	  	England, UK	
HLT Managed Mezz IV-K Limited	  	England, UK	
HLT Managed Mezz V-A Limited	  	England, UK	
HLT Managed Mezz V-B Limited	  	England, UK	
HLT Managed Mezz V-C Limited	  	England, UK	
HLT Managed Mezz V-D Limited	  	England, UK	
HLT Managed Mezz V-E Limited	  	England, UK	
HLT Managed Mezz V-F Limited	  	England, UK	
HLT Managed Mezz V-G Limited	  	England, UK	
HLT Managed Mezz V-H Limited	  	England, UK	
HLT Managed Mezz V-I Limited	  	England, UK	
HLT Managed Mezz VI-A LLC	  	Delaware	
HLT Managed Mezz VI-B LLC	  	Delaware	
HLT Managed Mezz VI-C LLC	  	Delaware	
HLT Managed Mezz VI-D LLC	  	Delaware	

HLT Managed Mezz VI-E LLC	  	Delaware	
HLT Managed Mezz VI-F LLC	  	Delaware	
HLT Managed Mezz VI-G LLC	  	Delaware	
HLT Managed Mezz VI-H LLC	  	Delaware	
HLT Managed Mezz VI-I LLC	  	Delaware	
HLT Managed Mezz VI-J LLC	  	Delaware	
HLT Managed Mezz VI-K LLC	  	Delaware	
HLT Managed Mezz V-J Limited	  	England, UK	
HLT Managed Mezz V-K Limited	  	England, UK	
HLT Managed Mezz XI-A GmbH	  	Germany	
HLT Managed Mezz XI-B GmbH	  	Germany	
HLT Managed Mezz XI-C GmbH	  	Germany	
HLT Managed Mezz XI-D GmbH	  	Germany	
HLT Managed Mezz XI-E GmbH	  	Germany	
HLT Managed Mezz XI-F GmbH	  	Germany	
HLT Managed Mezz XI-G GmbH	  	Germany	
HLT Managed Mezz XI-H GmbH	  	Germany	
HLT Managed Mezz XI-I GmbH	  	Germany	
HLT Managed Mezz XI-J GmbH	  	Germany	
HLT Managed Mezz XI-K GmbH	  	Germany	
HLT Managed V Holding Limited	  	England, UK	
HLT Managed V-A Borrower Limited	  	England, UK	
HLT Managed V-A Holding Limited	  	England, UK	
HLT Managed VI Holding LLC	  	Delaware	
HLT Managed VI-A Borrower LLC	  	Delaware	
HLT Managed VI-A Holding LLC	  	Delaware	
HLT Managed XI-A Borrower GmbH	  	Germany	
HLT Managed XII-A Holding LLC	  	Delaware	
HLT Memphis Data LLC	  	Delaware	
HLT Memphis LLC	  	Delaware	
HLT Mexico LLC	  	Delaware	
HLT Milton Keynes Limited	  	England, UK	
HLT NY Hilton LLC	  	Delaware	
HLT NY Waldorf LLC	  	Delaware	
HLT O’Hare LLC	  	Delaware	
HLT Operate DTWC LLC	  	Delaware	
HLT Operating III-A Borrower Limited	  	England, UK	
HLT Operating III-A Holding Limited	  	England, UK	
HLT Operating Mezz I-A LLC	  	Delaware	
HLT Operating Mezz I-B LLC	  	Delaware	
HLT Operating Mezz I-C LLC	  	Delaware	
HLT Operating Mezz I-D LLC	  	Delaware	
HLT Operating Mezz I-E LLC	  	Delaware	
HLT Operating Mezz I-F LLC	  	Delaware	
HLT Operating Mezz I-G LLC	  	Delaware	
HLT Operating Mezz I-H LLC	  	Delaware	
HLT Operating Mezz I-I LLC	  	Delaware	
HLT Operating Mezz III-A Limited	  	England, UK	
HLT Operating Mezz III-B Limited	  	England, UK	
HLT Operating Mezz III-C Limited	  	England, UK	
HLT Operating Mezz III-D Limited	  	England, UK	
HLT Operating Mezz III-E Limited	  	England, UK	
HLT Operating Mezz III-F Limited	  	England, UK	
HLT Operating Mezz III-G Limited	  	England, UK	
HLT Operating Mezz III-H Limited	  	England, UK	
HLT Operating Mezz III-I Limited	  	England, UK	
HLT Operating Mezz III-J Limited	  	England, UK	
HLT Operating Mezz III-K Limited	  	England, UK	
HLT Operating Mezz I-J LLC	  	Delaware	
HLT Operating Mezz I-K LLC	  	Delaware	
HLT Operating Mezz V-A Limited	  	England, UK	

HLT Operating Mezz V-B Limited	  	England, UK	
HLT Operating Mezz V-C Limited	  	England, UK	
HLT Operating Mezz V-D Limited	  	England, UK	
HLT Operating Mezz V-E Limited	  	England, UK	
HLT Operating Mezz V-I Limited	  	England, UK	
HLT Operating Mezz VII-A Limited	  	England, UK	
HLT Operating Mezz VII-B Limited	  	England, UK	
HLT Operating Mezz VII-C Limited	  	England, UK	
HLT Operating Mezz VII-D Limited	  	England, UK	
HLT Operating Mezz VII-E Limited	  	England, UK	
HLT Operating Mezz VII-F Limited	  	England, UK	
HLT Operating Mezz VII-G Limited	  	England, UK	
HLT Operating Mezz VII-H Limited	  	England, UK	
HLT Operating Mezz VII-I Limited	  	England, UK	
HLT Operating Mezz VII-J Limited	  	England, UK	
HLT Operating Mezz VII-K Limited	  	England, UK	
HLT Operating Mezz V-J Limited	  	England, UK	
HLT Operating Mezz V-K Limited	  	England, UK	
HLT Operating V-A Borrower Limited	  	England, UK	
HLT Operating V-A Holding Limited	  	England, UK	
HLT Operating VII-A Borrower GmbH	  	Germany	
HLT Owned II Holding LLC	  	Delaware	
HLT Owned II-A Borrower LLC	  	Delaware	
HLT Owned IX Holding Limited	  	England, UK	
HLT Owned IX-A Holding Limited	  	England, UK	
HLT Owned Mezz I-A LLC	  	Delaware	
HLT Owned Mezz I-B LLC	  	Delaware	
HLT Owned Mezz I-C LLC	  	Delaware	
HLT Owned Mezz I-D LLC	  	Delaware	
HLT Owned Mezz I-E LLC	  	Delaware	
HLT Owned Mezz I-F LLC	  	Delaware	
HLT Owned Mezz I-G LLC	  	Delaware	
HLT Owned Mezz I-H LLC	  	Delaware	
HLT Owned Mezz I-I LLC	  	Delaware	
HLT Owned Mezz II-A LLC	  	Delaware	
HLT Owned Mezz II-B LLC	  	Delaware	
HLT Owned Mezz II-C LLC	  	Delaware	
HLT Owned Mezz II-D LLC	  	Delaware	
HLT Owned Mezz II-E LLC	  	Delaware	
HLT Owned Mezz II-F LLC	  	Delaware	
HLT Owned Mezz II-G LLC	  	Delaware	
HLT Owned Mezz II-H LLC	  	Delaware	
HLT Owned Mezz II-I LLC	  	Delaware	
HLT Owned Mezz III-A LLC	  	Delaware	
HLT Owned Mezz III-B LLC	  	Delaware	
HLT Owned Mezz III-C LLC	  	Delaware	
HLT Owned Mezz III-D LLC	  	Delaware	
HLT Owned Mezz III-E LLC	  	Delaware	
HLT Owned Mezz III-F LLC	  	Delaware	
HLT Owned Mezz III-G LLC	  	Delaware	
HLT Owned Mezz III-H LLC	  	Delaware	
HLT Owned Mezz III-I LLC	  	Delaware	
HLT Owned Mezz III-J LLC	  	Delaware	
HLT Owned Mezz III-K LLC	  	Delaware	
HLT Owned Mezz II-J LLC	  	Delaware	
HLT Owned Mezz II-K LLC	  	Delaware	
HLT Owned Mezz I-J LLC	  	Delaware	
HLT Owned Mezz I-K LLC	  	Delaware	
HLT Owned Mezz IX-A Limited	  	England, UK	
HLT Owned Mezz IX-B Limited	  	England, UK	
HLT Owned Mezz IX-C Limited	  	England, UK	

HLT Owned Mezz IX-D Limited	  	England, UK	
HLT Owned Mezz IX-E Limited	  	England, UK	
HLT Owned Mezz IX-F Limited	  	England, UK	
HLT Owned Mezz IX-G Limited	  	England, UK	
HLT Owned Mezz IX-H Limited	  	England, UK	
HLT Owned Mezz IX-I Limited	  	England, UK	
HLT Owned Mezz IX-J Limited	  	England, UK	
HLT Owned Mezz IX-K Limited	  	England, UK	
HLT Owned Mezz V-A Limited	  	England, UK	
HLT Owned Mezz VI-A LLC	  	Delaware	
HLT Owned Mezz VI-B LLC	  	Delaware	
HLT Owned Mezz VI-C LLC	  	Delaware	
HLT Owned Mezz VI-D LLC	  	Delaware	
HLT Owned Mezz VI-E LLC	  	Delaware	
HLT Owned Mezz VI-F LLC	  	Delaware	
HLT Owned Mezz VI-G LLC	  	Delaware	
HLT Owned Mezz VI-H LLC	  	Delaware	
HLT Owned Mezz VI-I LLC	  	Delaware	
HLT Owned Mezz VI-J LLC	  	Delaware	
HLT Owned Mezz VI-K LLC	  	Delaware	
HLT Owned Mezz V-J Limited	  	England, UK	
HLT Owned Mezz V-K Limited	  	England, UK	
HLT Owned Mezz X-A Limited	  	England, UK	
HLT Owned Mezz X-B Limited	  	England, UK	
HLT Owned Mezz X-C Limited	  	England, UK	
HLT Owned Mezz X-D Limited	  	England, UK	
HLT Owned Mezz X-E Limited	  	England, UK	
HLT Owned Mezz X-F Limited	  	England, UK	
HLT Owned Mezz X-G Limited	  	England, UK	
HLT Owned Mezz X-H Limited	  	England, UK	
HLT Owned Mezz X-I Limited	  	England, UK	
HLT Owned Mezz XI-A Limited	  	England, UK	
HLT Owned Mezz XI-B Limited	  	England, UK	
HLT Owned Mezz XI-C Limited	  	England, UK	
HLT Owned Mezz XI-D Limited	  	England, UK	
HLT Owned Mezz XI-E Limited	  	England, UK	
HLT Owned Mezz XI-F Limited	  	England, UK	
HLT Owned Mezz XI-G Limited	  	England, UK	
HLT Owned Mezz XI-H Limited	  	England, UK	
HLT Owned Mezz XI-I Limited	  	England, UK	
HLT Owned Mezz XII-A LLC	  	Delaware	
HLT Owned Mezz XII-B LLC	  	Delaware	
HLT Owned Mezz XII-C LLC	  	Delaware	
HLT Owned Mezz XII-D LLC	  	Delaware	
HLT Owned Mezz XII-E LLC	  	Delaware	
HLT Owned Mezz XII-F LLC	  	Delaware	
HLT Owned Mezz XII-G LLC	  	Delaware	
HLT Owned Mezz XII-H LLC	  	Delaware	
HLT Owned Mezz XII-I LLC	  	Delaware	
HLT Owned Mezz XII-J LLC	  	Delaware	
HLT Owned Mezz XII-K LLC	  	Delaware	
HLT Owned Mezz XI-J Limited	  	England, UK	
HLT Owned Mezz XI-K Limited	  	England, UK	
HLT Owned Mezz X-J Limited	  	England, UK	
HLT Owned Mezz X-K Limited	  	England, UK	
HLT Owned V Holding Limited	  	England, UK	
HLT Owned V-A Holding Limited	  	England, UK	
HLT Owned VI-A Holding LLC	  	Delaware	
HLT Owned VII Holding LLC	  	Delaware	
HLT Owned VII-A Holding LLC	  	Delaware	
HLT Owned VIII Holding LLC	  	Delaware	

HLT Owned X Holding Limited	  	England, UK	
HLT Owned X-A Borrower Limited	  	England, UK	
HLT Owned X-A Holding Limited	  	England, UK	
HLT Owned XI Holding Limited	  	England, UK	
HLT Owned XI-A Borrower Limited	  	England, UK	
HLT Palmer LLC	  	Delaware	
HLT Property Acquisition LLC	  	Delaware	
HLT Resorts GP LLC	  	Delaware	
HLT San Jose LLC	  	Delaware	
HLT Secretary Limited	  	England, UK	
HLT Stakis IP Limited	  	England, UK	
HLT Stakis Operator Limited	  	England, UK	
HLT Stakis SPE Limited	  	England, UK	
HLT Stakis SPE Ltd - Sweden (Branch)	  	Sweden	
HLT Timeshare Borrower I LLC	  	Delaware	
HLT Timeshare Borrower II LLC	  	Delaware	
HLT Timeshare Mezz I-A LLC	  	Delaware	
HLT Timeshare Mezz I-B LLC	  	Delaware	
HLT Timeshare Mezz I-C LLC	  	Delaware	
HLT Timeshare Mezz I-D LLC	  	Delaware	
HLT Timeshare Mezz I-E LLC	  	Delaware	
HLT Timeshare Mezz I-F LLC	  	Delaware	
HLT Timeshare Mezz I-G LLC	  	Delaware	
HLT Timeshare Mezz I-H LLC	  	Delaware	
HLT Timeshare Mezz I-I LLC	  	Delaware	
HLT Timeshare Mezz II-A LLC	  	Delaware	
HLT Timeshare Mezz II-B LLC	  	Delaware	
HLT Timeshare Mezz II-C LLC	  	Delaware	
HLT Timeshare Mezz II-D LLC	  	Delaware	
HLT Timeshare Mezz II-E LLC	  	Delaware	
HLT Timeshare Mezz II-F LLC	  	Delaware	
HLT Timeshare Mezz II-G LLC	  	Delaware	
HLT Timeshare Mezz II-H LLC	  	Delaware	
HLT Timeshare Mezz II-I LLC	  	Delaware	
HLT Timeshare Mezz II-J LLC	  	Delaware	
HLT Timeshare Mezz II-K LLC	  	Delaware	
HLT Timeshare Mezz I-J LLC	  	Delaware	
HLT Timeshare Mezz I-K LLC	  	Delaware	
HLT Treasury Mezz I-A Limited	  	England, UK	
HLT Treasury Mezz I-B Limited	  	England, UK	
HLT Treasury Mezz I-C Limited	  	England, UK	
HLT Treasury Mezz I-D Limited	  	England, UK	
HLT Treasury Mezz I-E Limited	  	England, UK	
HLT Treasury Mezz I-F Limited	  	England, UK	
HLT Treasury Mezz I-G Limited	  	England, UK	
HLT Treasury Mezz I-H Limited	  	England, UK	
HLT Treasury Mezz I-I Limited	  	England, UK	
HLT Treasury Mezz I-J Limited	  	England, UK	
HLT Treasury Mezz I-K Limited	  	England, UK	
HLT Waldorf=Astoria International Manage LLC	  	Delaware	
Homewood Suites Franchise LLC	  	Delaware	
Homewood Suites Management LLC	  	Delaware	
Hotel Clubs of Corporate Woods, Inc.	  	Kansas	
Hotel Corporation of Europe LLC	  	Delaware	
Hotel Hilton Plaza AB	  	Sweden	
Hotel Maatschappij Rotterdam BV	  	Netherlands	
Hotel Maatschappij Schiphol BV	  	Netherlands	
Hotel Management (Middle East) LLC	  	Delaware	
Hotel Management of Minneapolis Inc.	  	Minnesota	
Hotelbetriebsgesellschaft Hochstrasse GmbH	  	Germany	
Hotels Statler Company, Inc.	  	Delaware	

HPP Hotels USA, Inc.	  	Delaware	
HPP International Corporation	  	Nevada	
HRC Islander LLC	  	Delaware	
HTGV, LLC	  	Delaware	
Hyden Holdings Limited	  	Gibraltar	
Inhil Co., Inc.	  	New York	
Innvision, LLC	  	Delaware	
International Brand Hospitality GmbH	  	Austria	
International Brand Hospitality GmbH	  	Germany	
International Hotels (Kenya) Limited	  	Kenya	
International Rivercenter Lessee, L.L.C.	  	Louisiana	
International Rivercenter, L.L.C.	  	Louisiana	
Intersection Hotels Limited	  	England, UK	
Istanbul Park Hilton Enternasyonal Otelcilik Limited Sirketi	  	Turkey	
Izmir Hilton Enternasyonal Otelcilik AS	  	Turkey	
Kayseri Hilton Enternasyonal Otelcilik AS	  	Turkey	
KC Plaza GP LLC	  	Delaware	
Kenner Hotel Limited Partnership	  	Delaware	
King Street Station Hotel Associates, L.P.	  	Virginia	
Kitty O’Shea’s Chicago, LLC	  	Delaware	
Konya Hilton Enternasyonal Otelcilik AS	  	Turkey	
Livingwell Australia Pty Limited	  	Australia	
LivingWell Limited	  	England, UK	
Lockwood Palmer House, LLC	  	Delaware	
Madagascar Hilton SARL	  	Madagascar	
Maple Hotels Management Company Limited	  	England, UK	
Margate Towers at Kingston Plantation, L.L.C.	  	Delaware	
Marin Hotel Owner LLC	  	Delaware	
Marquette Holdings LLC	  	Delaware	
Marquette MPT, Inc.	  	Delaware	
Mayaguez Hilton LLC	  	Delaware	
MC Treasury Limited	  	England, UK	
McLean Hilton LLC	  	Delaware	
Meritex, LLC	  	Delaware	
Mersin Hilton Enternasyonal Otelcilik AS	  	Turkey	
Miami Airport LLC	  	Delaware	
Middle East Hotels LLC	  	Delaware	
Milbuck Holdings, Inc	  	Delaware	
New Orleans Rivercenter	  	Louisiana	
Nippon Hilton Co Ltd	  	Japan	
NORC Riparian Property, Inc.	  	Louisiana	
Oakbrook Hilton Suites and Garden Inn LLC	  	Illinois	
Odawara Hilton Co., Ltd	  	Japan	
Operadora de Hoteles Loreto, S. de R.L. de C.V	  	Mexico	
Osaka Hilton Co Ltd	  	Japan	
Overland Park Hotel Owner LLC	  	Delaware	
P.T. Jakarta International Artha	  	Indonesia	
Parsippany Hotel Owner LLC	  	Delaware	
Peacock Alley Service Company, LLC	  	New York	
Pembroke Hotel Limited	  	England, UK	
Phoenix SP Hilton LLC	  	Delaware	
Potter’s Bar Palmer House, LLC	  	Delaware	
Promus Hotel Services, Inc.	  	Delaware	
Promus Hotels Florida LLC	  	Delaware	
Promus Hotels LLC	  	Delaware	
Promus Hotels Minneapolis, Inc.	  	Delaware	
Promus Hotels Parent LLC	  	Delaware	
Promus Operating LLC	  	Delaware	
Promus/FCH Condominium Company, L.L.C.	  	Delaware	
Promus/FCH Development Company, L.L.C.	  	Delaware	
Promus/Kingston Development Corporation	  	Delaware	

PT Hilton International Manage Indonesia	  	Indonesia	
PT. Conrad Management Indonesia	  	Indonesia	
Puckrup Hall Hotel Limited	  	England, UK	
S.F. Hilton LLC	  	Delaware	
SALC, Inc.	  	Texas	
Samantha Hotel LLC	  	Delaware	
San Antonio Airport GP LLC	  	Delaware	
Servicios y Recursos Administrativos Hoteleros S. de R.L. de C.V.	  	Mexico	
Short Hills Hilton LLC	  	Delaware	
SL Secundus GmbH	  	Germany	
SL Secundus GmbH & Co. Objekt Nürnberg KG	  	Germany	
Societe d’Exploitation Hoteliere d’Orly EURL	  	France	
Societe d’Exploitation Hoteliere du XVeme EURL	  	France	
Societe d’exploitation Hoteliere La defense SAS	  	France	
Societe Tunis Hilton SARL	  	Tunisia	
Splendid Property Company Limited	  	Scotland, UK	
St Helens Hotels Limited	  	England, UK	
Stakis Central Services Limited	  	Scotland, UK	
Stakis Finance Limited	  	Scotland, UK	
Suite Life LLC	  	Delaware	
Sunrise Resources (Australia) Pty Ltd	  	Australia	
Tandem Limited	  	Isle of Man	
Tel Aviv Hilton Limited	  	Israel	
Tex Holdings, Inc.	  	Delaware	
The Lodore Hotel Limited	  	England, UK	
UK Leasing Brighton Limited	  	England, UK	
UK Leasing Cobham Limited	  	England, UK	
UK Leasing Croydon Limited	  	England, UK	
UK Leasing East Midlands Limited	  	England, UK	
UK Leasing Leeds City Limited	  	England, UK	
UK Leasing Leicester Limited	  	England, UK	
UK Leasing London Kensington Limited	  	England, UK	
UK Leasing Northampton Limited	  	England, UK	
UK Leasing Nottingham Limited	  	England, UK	
UK Leasing Puckrup Limited	  	England, UK	
UK Leasing Watford Limited	  	England, UK	
UK Leasing York Limited	  	England, UK	
Village Motor Inn	  	Montana	
Vista International DE LLC	  	Delaware	
Vista Real Estate Management Company	  	Egypt	
WA Collection International, LLC	  	Delaware	
Waldorf Astoria Franchise LLC	  	Delaware	
Washington Hilton, L.L.C.	  	New York	
World Hotels, B.V.	  	Netherlands	

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption “Experts” and to the use of our report on the consolidated financial statements of Hilton Worldwide Holdings Inc. at December 31, 2013 and 2012, and for each of the three years in the period ended December 31, 2013 dated February 27, 2014 (except Note 29, as to which the date is September 10, 2014) in the Registration Statement (Form S-4) and the related Prospectus of Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. for the registration of $1,500,000,000 of 5.625% Senior Notes due 2021.
/s/ Ernst & Young LLP
McLean, Virginia
September 10, 2014

Exhibit 25.1
File No.                 

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
 
¨	CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)	

WILMINGTON TRUST, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

16-1486454
(I.R.S. employer identification no.)
1100 North Market Street
Wilmington, DE 19890
(Address of principal executive offices)
Robert C. Fiedler
Vice President and Counsel
1100 North Market Street
Wilmington, Delaware 19890
(302) 651-8541
(Name, address and telephone number of agent for service)

Hilton Worldwide Finance LLC
Hilton Worldwide Finance Corp. 1
(Exact name of obligor as specified in its charter)

 
			
Delaware	 	27-4384691	
Delaware	 	46-3492566	
(State of incorporation)	 	(I.R.S. employer
identification no.)	

7930 Jones Branch Drive, Suite 1100
McLean, Virginia	 	22102	
(Address of principal executive offices)	 	(Zip Code)	

5.625% Senior Notes due 2021
(Title of the indenture securities)

1.	SEE TABLE OF ADDITIONAL OBLIGORS	

 

TABLE OF ADDITIONAL OBLIGORS

Exact Name of Registrant Obligor
as Specified in its Charter (or Other
Organizational Document)	  	State or Other
Jurisdiction of
Incorporation or
Organization	  	I.R.S.
Employer
Identification
Number	  	Primary Standard
Industrial
Classification
Code Number	  	Address, Including Zip Code,
and Telephone Number,
Including Area Code, of
Registrant Obligor’s
Principal Executive Offices	
					
Destination Resorts LLC	  	Arizona	  	26-1284226	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree Hotel Systems LLC	  	Arizona	  	26-1284504	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree Hotels LLC	  	Arizona	  	26-1284359	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DT Management LLC	  	Arizona	  	26-1284112	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DT Real Estate, Inc.	  	Arizona	  	86-0594278	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Atlanta/Legacy, Inc.	  	Arizona	  	86-0803816	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Coconut Grove, Inc.	  	Arizona	  	86-0582711	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Largo, Inc.	  	Arizona	  	86-0522306	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Maryland, Inc.	  	Arizona	  	86-0636941	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Santa Clara LLC	  	Arizona	  	26-1287115	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Walnut Creek, Inc.	  	Arizona	  	86-0653973	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTR FCH Holdings, Inc.	  	Arizona	  	86-0506692	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTR PAH Holding, Inc.	  	Arizona	  	86-0843169	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTR San Antonio, Inc.	  	Arizona	  	86-0803669	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTR TM Holdings, Inc.	  	Arizona	  	86-0358342	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC Gaming California, Inc.	  	California	  	93-1167073	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC San Pablo Limited, Inc.	  	California	  	93-1167074	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC San Pablo, L.P.	  	California	  	93-1167075	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
Hilton San Diego Corporation	  	California	  	95-2395937	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
90210 Biltmore Management, LLC	  	Delaware	  	34-1984747	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
90210 Desert Resorts Management Co., LLC	  	Delaware	  	34-1984753	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
90210 Grand Wailea Management Co., LLC	  	Delaware	  	34-1984759	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
90210 LLC	  	Delaware	  	95-4747695	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
90210 Management Company, LLC	  	Delaware	  	20-4146308	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Andiamo’s O’Hare, LLC	  	Delaware	  	58-2669081	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Blue Bonnet Security, LLC	  	Delaware	  	20-5118750	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Compris Hotel LLC	  	Delaware	  	86-0471065	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad Franchise LLC	  	Delaware	  	26-1094269	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad International Manage (CIS) LLC	  	Delaware	  	26-1687344	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad Management LLC	  	Delaware	  	26-1101184	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree DTWC LLC	  	Delaware	  	95-4887049	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree Franchise LLC	  	Delaware	  	26-1094339	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree LLC	  	Delaware	  	86-0762415	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Doubletree Management LLC	  	Delaware	  	26-1101270	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTWC Spokane City Center SPE, LLC	  	Delaware	  	38-3657837	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
EJP LLC	  	Delaware	  	62-1489071	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Development LLC	  	Delaware	  	74-2479161	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Equity Development LLC	  	Delaware	  	74-2479160	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Suites (Isla Verde), Inc.	  	Delaware	  	62-1555786	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
Embassy Suites Franchise LLC	  	Delaware	  	26-1094388	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Syracuse Development LLC	  	Delaware	  	62-1469277	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
EPAM Corporation	  	Delaware	  	62-1401630	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Grand Vacations Realty, LLC	  	Delaware	  	45-3639356	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Grand Vacations Services LLC	  	Delaware	  	27-5173651	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Grand Vacations Title, LLC	  	Delaware	  	45-3641303	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Hampton Inns Franchise LLC	  	Delaware	  	26-1094464	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hampton Inns LLC	  	Delaware	  	62-1194362	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hampton Inns Management LLC	  	Delaware	  	26-1101242	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HHC BC Orlando, LLC	  	Delaware	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HHC One Park Boulevard, LLC	  	Delaware	  	56-2543378	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC First Corporation	  	Delaware	  	13-3210063	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC Holdings Corporation	  	Delaware	  	13-3111964	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC Hotels U.S.A. Corporation	  	Delaware	  	13-3435886	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC Racing Corporation	  	Delaware	  	38-2697494	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HIC Second Corporation	  	Delaware	  	13-3153590	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Beverage LLC	  	Delaware	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Chicago Beverage I LLC	  	Delaware	  	30-0800929	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Chicago Beverage II LLC	  	Delaware	  	32-0422233	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Chicago Beverage III LLC	  	Delaware	  	61-1724781	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Chicago Beverage IV LLC	  	Delaware	  	90-1028957	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
Hilton Corporate Director LLC	  	Delaware	  	26-3551072	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton El Con Management LLC	  	Delaware	  	26-3845802	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton El Con Operator LLC	  	Delaware	  	26-3845852	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Electronic Distribution Systems, LLC	  	Delaware	  	47-0849436	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Energy Investments, LLC	  	Delaware	  	20-1412970	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Franchise Holding LLC	  	Delaware	  	26-1094575	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Franchise LLC	  	Delaware	  	26-1094534	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Garden Inns Franchise LLC	  	Delaware	  	26-1094420	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Garden Inns Management LLC	  	Delaware	  	26-1126091	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Grand Vacations Club, LLC	  	Delaware	  	59-3482975	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Hilton Grand Vacations Company, LLC	  	Delaware	  	59-3482978	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Hilton Grand Vacations Financing, LLC	  	Delaware	  	03-0398105	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: (407) 722-3100	
					
Hilton Hawaii Corporation	  	Delaware	  	99-6011945	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton HHonors Worldwide, L.L.C.	  	Delaware	  	95-4635505	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Illinois Holdings LLC	  	Delaware	  	13-0980760	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Inns LLC	  	Delaware	  	36-6114932	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton International Holding Corporation	  	Delaware	  	47-1062743	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Kingsland 1, LLC	  	Delaware	  	20-2729807	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Management LLC	  	Delaware	  	26-1101130	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton New Jersey Service Corp.	  	Delaware	  	95-4761288	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton OPB, LLC	  	Delaware	  	83-0440703	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
Hilton Orlando Partners II, LLC	  	Delaware	  	20-0133281	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Orlando Partners III, LLC	  	Delaware	  	20-1274261	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Recreation LLC	  	Delaware	  	95-4439247	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Resorts Corporation	  	Delaware	  	95-4349751	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, Florida 32835
Telephone: 407-722-3100	
					
Hilton Resorts Marketing Corp.	  	Delaware	  	20-0061226	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Spring Corporation	  	Delaware	  	95-4818997	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Supply Management LLC	  	Delaware	  	95-2502058	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Systems Solutions, LLC	  	Delaware	  	71-0907647	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Systems, LLC	  	Delaware	  	20-3659071	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Worldwide Holdings Inc.	  	Delaware	  	27-4384691	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Worldwide, Inc.	  	Delaware	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Audubon LLC	  	Delaware	  	26-1292055	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT CA Hilton LLC	  	Delaware	  	26-1246396	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Conrad Domestic LLC	  	Delaware	  	26-1211490	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Conrad GP LLC	  	Delaware	  	26-1251719	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Domestic JV Holdings LLC	  	Delaware	  	26-1262961	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Domestic Owner LLC	  	Delaware	  	26-1125973	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT ESP Franchise LLC	  	Delaware	  	26-3750690	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT ESP International Franchise LLC	  	Delaware	  	26-3750733	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT ESP International Franchisor Corporation	  	Delaware	  	26-3750889	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT ESP International Manage LLC	  	Delaware	  	26-3750974	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
HLT ESP International Management Corporation	  	Delaware	  	26-3751149	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT ESP Manage LLC	  	Delaware	  	26-3750936	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Franchise II Borrower LLC	  	Delaware	  	26-1291125	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT HQ SPE LLC	  	Delaware	  	26-1211665	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT HSM Holding LLC	  	Delaware	  	26-1274784	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT HSS Holding LLC	  	Delaware	  	26-1274883	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT JV Acquisition LLC	  	Delaware	  	26-1276349	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT JV I Borrower LLC	  	Delaware	  	26-1263164	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle Franchise LLC	  	Delaware	  	26-3748252	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle International Franchise LLC	  	Delaware	  	26-3748344	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle International Franchisor Corporation	  	Delaware	  	26-3748409	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle International Manage LLC	  	Delaware	  	26-3748516	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle International Management Corporation	  	Delaware	  	26-3750638	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Lifestyle Manage LLC	  	Delaware	  	26-3748470	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Memphis Data LLC	  	Delaware	  	26-1339888	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT O’Hare LLC	  	Delaware	  	26-1125227	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Operate DTWC LLC	  	Delaware	  	26-1201440	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Owned II Holding LLC	  	Delaware	  	26-1254836	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Owned II-A Borrower LLC	  	Delaware	  	26-1336277	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Palmer LLC	  	Delaware	  	26-1211589	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HLT Timeshare Borrower I LLC	  	Delaware	  	26-1270279	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
HLT Timeshare Borrower II LLC	  	Delaware	  	26-1274283	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Homewood Suites Franchise LLC	  	Delaware	  	26-1094183	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Homewood Suites Management LLC	  	Delaware	  	26-1101306	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hotels Statler Company, Inc.	  	Delaware	  	36-2550119	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HPP Hotels USA, Inc.	  	Delaware	  	95-4214076	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
HRC Islander LLC	  	Delaware	  	61-1647041	  	7011	  	6355 Metrowest Blvd., Suite 180
Orlando, FL 32835
Telephone: (407) 722-3100	
					
HTGV, LLC	  	Delaware	  	75-2970804	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Innvision, LLC	  	Delaware	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Lockwood Palmer House, LLC	  	Delaware	  	58-2669075	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
MeriTex, LLC	  	Delaware	  	13-3977538	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Potter’s Bar Palmer House, LLC	  	Delaware	  	58-2669080	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Hotel Services, Inc.	  	Delaware	  	62-1602738	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Hotels Florida LLC	  	Delaware	  	62-1602737	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Hotels LLC	  	Delaware	  	62-1602678	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Hotels Minneapolis, Inc.	  	Delaware	  	62-1619978	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Hotels Parent LLC	  	Delaware	  	95-4766449	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus Operating LLC	  	Delaware	  	62-1596939	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Promus/Kingston Development Corporation	  	Delaware	  	62-1763505	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Samantha Hotel LLC	  	Delaware	  	04-3070970	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Suite Life LLC	  	Delaware	  	75-2123392	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Tex Holdings, Inc.	  	Delaware	  	94-3400909	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
WA Collection International, LLC	  	Delaware	  	95-4198421	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Waldorf Astoria Franchise LLC	  	Delaware	  	26-1093977	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Waldorf=Astoria Management LLC	  	Delaware	  	26-1101088	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Florida Conrad International Corp.	  	Florida	  	20-1145249	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton-OCCC Hotel, LLC	  	Florida	  	01-0697005	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton-OCCC Mezz Lender, LLC	  	Florida	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Suites Club No. 1, Inc.	  	Kansas	  	75-1947366	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hotel Clubs of Corporate Woods, Inc.	  	Kansas	  	48-0930357	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Suites Club No. Three, Inc.	  	Louisiana	  	62-1584888	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
International Rivercenter Lessee, L.L.C.	  	Louisiana	  	20-0384946	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
DTM Cambridge, Inc.	  	Massachusetts	  	86-0678310	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Chesterfield Village Hotel, LLC	  	Missouri	  	36-4207568	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Bally’s Grand Property Sub I, LLC	  	Nevada	  	88-0312339	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad International (Belgium) LLC	  	Nevada	  	91-1930238	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad International (Egypt) Resorts Corporation	  	Nevada	  	46-0468464	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad International (Indonesia) Corporation	  	Nevada	  	95-4347974	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Conrad International Investment (Jakarta) Corporation	  	Nevada	  	93-1221397	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Grand Vacations Management, LLC	  	Nevada	  	58-2361323	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Holdings, LLC	  	Nevada	  	88-0096156	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Hospitality, LLC	  	Nevada	  	93-1218323	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Hilton Illinois, LLC	  	Nevada	  	88-0345656	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

									
HPP International Corporation	  	Nevada	  	95-4198421	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Peacock Alley Service Company, LLC	  	New York	  	20-3470602	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Washington Hilton, L.L.C.	  	New York	  	36-2058176	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Memphis Corporation	  	Tennessee	  	62-1523545	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	
					
Embassy Suites Club No. Two, Inc.	  	Texas	  	75-1946866	  	7011	  	7930 Jones Branch Drive, Suite 1100
McLean, Virginia 22102
Telephone: (703) 883-1000	

Item 1.	GENERAL INFORMATION. Furnish the following information as to the trustee:	
 
 	(a)	Name and address of each examining or supervising authority to which it is subject.	
Comptroller of Currency, Washington, D.C.
Federal Deposit Insurance Corporation, Washington, D.C.
 
 	(b)	Whether it is authorized to exercise corporate trust powers.	
Yes.
 
Item 2.	AFFILIATIONS WITH THE OBLIGOR . If the obligor is an affiliate of the trustee, describe each affiliation:	
Based upon an examination of the books and records of the trustee and upon information furnished by the obligor, the obligor is not an affiliate of the trustee.
 
Item 16.	LIST OF EXHIBITS. Listed below are all exhibits filed as part of this Statement of Eligibility and Qualification.	
 
 	1.	A copy of the Charter for Wilmington Trust, National Association, incorporated by reference to Exhibit 1 of Form T-1.	
 
 	2.	The authority of Wilmington Trust, National Association to commence business was granted under the Charter for Wilmington Trust, National Association, incorporated herein by reference to Exhibit 1 of Form T-1.	
 
 	3.	The authorization to exercise corporate trust powers was granted under the Charter for Wilmington Trust, National Association, incorporated herein by reference to Exhibit 1 of Form T - 1.	
 
 	4.	A copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference to Exhibit 4 of form T-1.	
 
 	5.	Not applicable.	
 
 	6.	The consent of Trustee as required by Section 321(b) of the Trust Indenture Act of 1939, incorporated herein by reference to Exhibit 6 of Form T-1.	
 
 	7.	Current Report of the Condition of Trustee, published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.	
 
 	8.	Not applicable.	
 
 	9.	Not applicable.	

SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Wilmington and State of Delaware on the 11 th day of September, 2014.

WILMINGTON TRUST, NATIONAL
ASSOCIATION	
		
By: 	 	/s/ W. Thomas Morris, II	
	 	Name: W. Thomas Morris, II
Title: Vice President	

EXHIBIT 1
CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION

ARTICLES OF ASSOCIATION
OF
WILMINGTON TRUST, NATIONAL ASSOCIATION
For the purpose of organizing an association to perform any lawful activities of national banks, the undersigned do enter into the following articles of association:
FIRST. The title of this association shall be Wilmington Trust, National Association.
SECOND. The main office of the association shall be in the City of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office and its branches.
THIRD. The board of directors of this association shall consist of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination of common or preferred stock of the association or holding company may be used.
Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number of directors between meetings of shareholders to a number which:
 
 	1)	exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or	
 
 	2)	exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.	
Directors shall be elected for terms of one year and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director’s term, the director shall continue to serve until his or her successor is elected and qualifies or until there is a decrease in the number of directors and his or her position is eliminated.
Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.
FOURTH. There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in

the bylaws, or, if that day falls on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders’ meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole shareholder of the bank is permitted to waive notice of the shareholders’ meeting.
In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.
Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:
 
 	1)	The name and address of each proposed nominee.	
 
 	2)	The principal occupation of each proposed nominee.	
 
 	3)	The total number of shares of capital stock of the association that will be voted for each proposed nominee.	
 
 	4)	The name and residence address of the notifying shareholder.	
 
 	5)	The number of shares of capital stock of the association owned by the notifying shareholder.	
Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.
A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.
A director may be removed by shareholders at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against the director’s removal.
FIFTH. The authorized amount of capital stock of this association shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association, whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds of the bank’s outstanding voting shares. Unless otherwise specified in these articles of association or required by law, (1) all matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.
Unless otherwise specified in these articles of association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval. If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series so affected must vote together as a single voting group on the proposed amendment.
Shares of one class or series may be issued as a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the board of directors for the share dividend.
Unless otherwise provided in the bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.
If a shareholder is entitled to fractional shares pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares; (b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering enough script or warrants to equal a full share; (c) if there is an established and active market in the association’s stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and (2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid to scriptholders.
The association, at any time and from time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

SIXTH. The board of directors shall appoint one of its members president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors’ and shareholders’ meetings and be responsible for authenticating the records of the association, and such other officers and employees as may be required to transact the business of this association.
A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the bylaws.
The board of directors shall have the power to:
 
 	1)	Define the duties of the officers, employees, and agents of the association.	
 
 	2)	Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of the association.	
 
 	3)	Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions consistent with applicable law.	
 
 	4)	Dismiss officers and employees.	
 
 	5)	Require bonds from officers and employees and to fix the penalty thereof.	
 
 	6)	Ratify written policies authorized by the association’s management or committees of the board.	
 
 	7)	Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing herein shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law, and nothing shall raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.	
 
 	8)	Manage and administer the business and affairs of the association.	
 
 	9)	Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the affairs of the association.	
 
 	10)	Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.	
 
 	11)	Make contracts.	
 
 	12)	Generally perform all acts that are legal for a board of directors to perform.	
SEVENTH. The board of directors shall have the power to change the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.
EIGHTH. The corporate existence of this association shall continue until termination according to the laws of the United States.

NINTH. The board of directors of this association, or any one or more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice of the shareholders’ meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.
TENTH. For purposes of this Article Tenth, the term “institution-affiliated party” shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).
Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.
Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.
In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.
To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.
The rights of indemnification and to the advancement of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.
If this Article Tenth or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.
The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ELEVENTH. These articles of association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount. The association’s board of directors may propose one or more amendments to the articles of association for submission to the shareholders.

EXHIBIT 4
BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION

AMENDED AND RESTATED BYLAWS
OF
WILMINGTON TRUST, NATIONAL ASSOCIATION
ARTICLE I
Meetings of Shareholders
Section 1. Annual Meeting . The annual meeting of the shareholders to elect directors and transact whatever other business may properly come before the meeting shall be held at the main office of the association, Rodney Square North, 1100 Market Street, City of Wilmington, State of Delaware, at 1:00 o’clock p.m. on the first Tuesday in March of each year, or at such other place and time as the board of directors may designate, or if that date falls on a legal holiday in Delaware, on the next following banking day. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date thereof, addressed to each shareholder at his/her address appearing on the books of the association. If, for any cause, an election of directors is not made on that date, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent day within 60 days of the date fixed, to be designated by the board of directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares. In these circumstances, at least 10 days’ notice must be given by first class mail to shareholders.
Section 2. Special Meetings . Except as otherwise specifically provided by statute, special meetings of the shareholders may be called for any purpose at any time by the board of directors or by any one or more shareholders owning, in the aggregate, not less than fifty percent of the stock of the association. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60 days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating the purpose of the meeting.
The board of directors may fix a record date for determining shareholders entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting. The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for the meeting describing the purpose or purposes for which it is to be held.
A special meeting may be called by shareholders or the board of directors to amend the articles of association or bylaws, whether or not such bylaws may be amended by the board of directors in the absence of shareholder approval.
If an annual or special shareholders’ meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election takes place, at least ten days’ notice of the new election must be given to the shareholders by first-class mail.

Section 3. Nominations of Directors . Nominations for election to the board of directors may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management of the association, shall be made in writing and shall be delivered or mailed to the president of the association and the Comptroller of the Currency, Washington, D.C., not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; provided, however, that if less than 21 days’ notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the notifying shareholder:
 
 	(1)	The name and address of each proposed nominee;	
 
 	(2)	The principal occupation of each proposed nominee;	
 
 	(3)	The total number of shares of capital stock of the association that will be voted for each proposed nominee;	
 
 	(4)	The name and residence of the notifying shareholder; and	
 
 	(5)	The number of shares of capital stock of the association owned by the notifying shareholder.	
Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and upon his/her instructions, the vote tellers may disregard all votes cast for each such nominee.
Section 4. Proxies . Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be accepted.
Section 5. Quorum . A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, or by the shareholders or directors pursuant to Article IX, Section 2, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the articles of association, or by the shareholders or directors pursuant to Article IX, Section 2. If a meeting for the election of directors is not held on the fixed date, at least 10 days’ notice must be given by first-class mail to the shareholders.

ARTICLE II
Directors
Section 1. Board of Directors . The board of directors shall have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate powers of the association shall be vested in and may be exercised by the board of directors.
Section 2. Number . The board of directors shall consist of not less than five nor more than twenty-five members, unless the OCC has exempted the bank from the 25-member limit. The exact number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any meeting thereof.
Section 3. Organization Meeting . The secretary or treasurer, upon receiving the certificate of the judges of the result of any election, shall notify the directors-elect of their election and of the time at which they are required to meet at the main office of the association, or at such other place in the cities of Wilmington, Delaware or Buffalo, New York, to organize the new board of directors and elect and appoint officers of the association for the succeeding year. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within 30 days thereof. If, at the time fixed for such meeting, there shall not be a quorum, the directors present may adjourn the meeting, from time to time, until a quorum is obtained.
Section 4. Regular Meetings . The Board of Directors may, at any time and from time to time, by resolution designate the place, date and hour for the holding of a regular meeting, but in the absence of any such designation, regular meetings of the board of directors shall be held, without notice, on the first Tuesday of each March, June and September, and on the second Tuesday of each December at the main office or other such place as the board of directors may designate. When any regular meeting of the board of directors falls upon a holiday, the meeting shall be held on the next banking business day unless the board of directors shall designate another day.
Section 5. Special Meetings . Special meetings of the board of directors may be called by the Chairman of the Board of the association, or at the request of two or more directors. Each member of the board of directors shall be given notice by telegram, first class mail, or in person stating the time and place of each special meeting.
Section 6. Quorum . A majority of the entire board then in office shall constitute a quorum at any meeting, except when otherwise provided by law or these bylaws, but a lesser number may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors to fill vacancies in conformance with Article II, Section 7. If a quorum is present, the board of directors may take action through the vote of a majority of the directors who are in attendance.
Section 7. Meetings by Conference Telephone. Any one or more members of the board of directors or any committee thereof may participate in a meeting of such board or committees by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation in a meeting by such means shall constitute presence in person at such meeting.
Section 8. Procedures . The order of business and all other matters of procedure at every meeting of the board of directors may be determined by the person presiding at the meeting.

Section 9. Removal of Directors . Any director may be removed for cause, at any meeting of stockholders notice of which shall have referred to the proposed action, by vote of the stockholders. Any director may be removed without cause, at any meeting of stockholders notice of which shall have referred to the proposed action, by the vote of the holders of a majority of the shares of the Corporation entitled to vote. Any director may be removed for cause, at any meeting of the directors notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.
Section 10. Vacancies . When any vacancy occurs among the directors, a majority of the remaining members of the board of directors, according to the laws of the United States, may appoint a director to fill such vacancy at any regular meeting of the board of directors, or at a special meeting called for that purpose at which a quorum is present, or if the directors remaining in office constitute fewer than a quorum of the board of directors, by the affirmative vote of a majority of all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section 2 of Article I. At any such shareholder meeting, each shareholder entitled to vote shall have the right to multiply the number of votes he or she is entitled to cast by the number of vacancies being filled and cast the product for a single candidate or distribute the product among two or more candidates. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs but the new director may not take office until the vacancy occurs.
ARTICLE III
Committees of the Board
The board of directors has power over and is solely responsible for the management, supervision, and administration of the association. The board of directors may delegate its power, but none of its responsibilities, to such persons or committees as the board may determine.
The board of directors must formally ratify written policies authorized by committees of the board of directors before such policies become effective. Each committee must have one or more member(s), and who may be an officer of the association or an officer or director of any affiliate of the association, who serve at the pleasure of the board of directors. Provisions of the articles of association and these bylaws governing place of meetings, notice of meeting, quorum and voting requirements of the board of directors, apply to committees and their members as well. The creation of a committee and appointment of members to it must be approved by the board of directors.
Section 1. Loan Committee . There shall be a loan committee composed of not less than 2 directors, appointed by the board of directors annually or more often. The loan committee, on behalf of the bank, shall have power to discount and purchase bills, notes and other evidences of debt, to buy and sell bills of exchange, to examine and approve loans and discounts, to exercise authority regarding loans and discounts, and to exercise, when the board of directors is not in session, all other powers of the board of directors that may lawfully be delegated. The loan committee shall keep minutes of its meetings, and such minutes shall be submitted at the next regular meeting of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto shall be entered in the minutes of the board of directors.
Section 2. Investment Committee . There shall be an investment committee composed of not less than 2 directors, appointed by the board of directors annually or more often. The investment committee, on behalf of the bank, shall have the power to ensure adherence to the investment policy, to recommend amendments thereto, to purchase and sell securities, to exercise authority regarding investments and to exercise, when the board of directors is not in session, all other powers of the board of directors regarding investment securities that may be lawfully delegated. The investment committee shall

keep minutes of its meetings, and such minutes shall be submitted at the next regular meeting of the board of directors at which a quorum is present, and any action taken by the board of directors with respect thereto shall be entered in the minutes of the board of directors.
Section 3. Examining Committee . There shall be an examining committee composed of not less than 2 directors, exclusive of any active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations to be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board of directors at the next regular meeting thereafter. Such report shall state whether the association is in a sound condition, and whether adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes in the manner of conducting the affairs of the association as shall be deemed advisable.
Notwithstanding the provisions of the first paragraph of this section 3, the responsibility and authority of the Examining Committee may, if authorized by law, be given over to a duly constituted audit committee of the association’s parent corporation by a resolution duly adopted by the board of directors.
Section 4. Trust Audit Committee. There shall be a trust audit committee in conformance with Section 1 of Article V.
Section 5. Other Committees . The board of directors may appoint, from time to time, from its own members, compensation, special litigation and other committees of one or more persons, for such purposes and with such powers as the board of directors may determine.
However, a committee may not:
 
 	(1)	Authorize distributions of assets or dividends;	
 
 	(2)	Approve action required to be approved by shareholders;	
 
 	(3)	Fill vacancies on the board of directors or any of its committees;	
 
 	(4)	Amend articles of association;	
 
 	(5)	Adopt, amend or repeal bylaws; or	
 
 	(6)	Authorize or approve issuance or sale or contract for sale of shares, or determine the designation and relative rights, preferences and limitations of a class or series of shares.	
Section 6. Committee Members’ Fees . Committee members may receive a fee for their services as committee members and traveling and other out-of-pocket expenses incurred in attending any meeting of a committee of which they are a member. The fee may be a fixed sum to be paid for attending each meeting or a fixed sum to be paid quarterly, or semiannually, irrespective of the number of meetings attended or not attended. The amount of the fee and the basis on which it shall be paid shall be determined by the Board of Directors.

ARTICLE IV
Officers and Employees
Section 1. Chairperson of the Board . The board of directors shall appoint one of its members to be the chairperson of the board to serve at its pleasure. Such person shall preside at all meetings of the board of directors. The chairperson of the board shall supervise the carrying out of the policies adopted or approved by the board of directors; shall have general executive powers, as well as the specific powers conferred by these bylaws; and shall also have and may exercise such further powers and duties as from time to time may be conferred upon or assigned by the board of directors.
Section 2. President . The board of directors shall appoint one of its members to be the president of the association. In the absence of the chairperson, the president shall preside at any meeting of the board of directors. The president shall have general executive powers and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office of president, or imposed by these bylaws. The president shall also have and may exercise such further powers and duties as from time to time may be conferred or assigned by the board of directors.
Section 3. Vice President . The board of directors may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the board of directors. One vice president shall be designated by the board of directors, in the absence of the president, to perform all the duties of the president.
Section 4. Secretary . The board of directors shall appoint a secretary, treasurer, or other designated officer who shall be secretary of the board of directors and of the association and who shall keep accurate minutes of all meetings. The secretary shall attend to the giving of all notices required by these bylaws; shall be custodian of the corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice to the office of treasurer, or imposed by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the board of directors.
Section 5. Other Officers . The board of directors may appoint one or more assistant vice presidents, one or more trust officers, one or more assistant secretaries, one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as from time to time may appear to the board of directors to be required or desirable to transact the business of the association. Such officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by the board of directors, the chairperson of the board, or the president. The board of directors may authorize an officer to appoint one or more officers or assistant officers.
Section 6. Tenure of Office . The president and all other officers shall hold office for the current year for which the board of directors was elected, unless they shall resign, become disqualified, or be removed; and any vacancy occurring in the office of president shall be filled promptly by the board of directors.
Section 7. Resignation . An officer may resign at any time by delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective date.

ARTICLE V
Fiduciary Activities
Section 1. Trust Audit Committee. There shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the board of directors, which shall, at least once during each calendar year make suitable audits of the association’s fiduciary activities or cause suitable audits to be made by auditors responsible only to the board, and at such time shall ascertain whether fiduciary powers have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles. Such committee: (1) must not include any officers of the bank or an affiliate who participate significantly in the administration of the bank’s fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee to which the board of directors has delegated power to manage and control the fiduciary activities of the bank.
Notwithstanding the provisions of the first paragraph of this section 1, the responsibility and authority of the Trust Audit Committee may, if authorized by law, be given over to a duly constituted audit committee of the association’s parent corporation by a resolution duly adopted by the board of directors.
Section 2. Fiduciary Files. There shall be maintained by the association all fiduciary records necessary to assure that its fiduciary responsibilities have been properly undertaken and discharged.
Section 3. Trust Investments. Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and applicable law. Where such instrument does not specify the character and class of investments to be made, but does vest in the association investment discretion, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under applicable law.
ARTICLE VI
Stock and Stock Certificates
Section 1. Transfers . Shares of stock shall be transferable on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall in proportion to such shareholder’s shares, succeed to all rights of the prior holder of such shares. The board of directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.
Section 2. Stock Certificates . Certificates of stock shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually or by facsimile process by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the board of directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly endorsed.
The board of directors may adopt or use procedures for replacing lost, stolen, or destroyed stock certificates as permitted by law.

The association may establish a procedure through which the beneficial owner of shares that are registered in the name of a nominee may be recognized by the association as the shareholder. The procedure may set forth:
 
 	(1)	The types of nominees to which it applies;	
 
 	(2)	The rights or privileges that the association recognizes in a beneficial owner;	
 
 	(3)	How the nominee may request the association to recognize the beneficial owner as the shareholder;	
 
 	(4)	The information that must be provided when the procedure is selected;	
 
 	(5)	The period over which the association will continue to recognize the beneficial owner as the shareholder;	
 
 	(6)	Other aspects of the rights and duties created.	
ARTICLE VII
Corporate Seal
Section 1. Seal . The seal of the association shall be in such form as may be determined from time to time by the board of directors. The president, the treasurer, the secretary or any assistant treasurer or assistant secretary, or other officer thereunto designated by the board of directors shall have authority to affix the corporate seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be facsimile.
ARTICLE VIII
Miscellaneous Provisions
Section 1. Fiscal Year . The fiscal year of the association shall be the calendar year.
Section 2. Execution of Instruments . All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by the chairperson of the board, or the president, or any vice president, or the secretary, or the treasurer, or, if in connection with the exercise of fiduciary powers of the association, by any of those offices or by any trust officer. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such other manner and by such other officers as the board of directors may from time to time direct. The provisions of this section 2 are supplementary to any other provision of these bylaws.
Section 3. Records . The articles of association, the bylaws and the proceedings of all meetings of the shareholders, the board of directors, and standing committees of the board of directors shall be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer or other officer appointed to act as secretary of the meeting.

Section 4. Corporate Governance Procedures. To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect to matters of corporate governance procedures.
Section 5. Indemnification. For purposes of this Section 5 of Article VIII, the term “institution-affiliated party” shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).
Any institution-affiliated party (or his or her heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.
Expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as authorized by these bylaws and (b) approval by the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.

In the event that a majority of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors may rely on such opinion in authorizing the requested indemnification.
In the event that all of the members of the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.
To the extent permitted under applicable law, the rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect to events occurring prior to the adoption of these bylaws, (b) shall continue to exist after any restrictive amendment of these bylaws with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.
The rights of indemnification and to the advancement of expenses provided in these bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association’s articles of association, these bylaws, a resolution of stockholders, a resolution of the board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these bylaws shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.
If this Section 5 of Article VIII or any part hereof shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.
The association may, upon affirmative vote of a majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in these bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution-affiliated parties.

ARTICLE IX
Inspection and Amendments
Section 1. Inspection . A copy of the bylaws of the association, with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection to all shareholders during banking hours.
Section 2. Amendments . The bylaws of the association may be amended, altered or repealed, at any regular meeting of the board of directors, by a vote of a majority of the total number of the directors except as provided below, and provided that the following language accompany any such change.
I,                                       , certify that: (1) I am the duly constituted (secretary or treasurer) of and secretary of its board of directors, and as such officer am the official custodian of its records; (2) the foregoing bylaws are the bylaws of the association, and all of them are now lawfully in force and effect.
I have hereunto affixed my official signature on this                      day of                      .

	 	 	  		
	 	(Secretary or Treasurer)	  		
The association’s shareholders may amend or repeal the bylaws even though the bylaws also may be amended or repealed by the board of directors.

EXHIBIT 6
Section 321(b) Consent
Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.

	 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION	
				
Dated: September 11, 2014	 		 	By:	 	/s/ W. Thomas Morris, II	
	 		 		 	Name: W. Thomas Morris, II	
	 		 		 	Title: Vice President	

EXHIBIT 7
REPORT OF CONDITION
WILMINGTON TRUST, NATIONAL ASSOCIATION
As of the close of business on June 30, 2014

ASSETS	  	 	Thousands of Dollars	  	
Cash and balances due from depository institutions:	  	 	1,552,164	  	
Securities:	  	 	5,300	  	
Federal funds sold and securities purchased under agreement to resell:	  	 	0	  	
Loans and leases held for sale:	  	 	0	  	
Loans and leases net of unearned income, allowance:	  	 	475,998	  	
Premises and fixed assets:	  	 	9,027	  	
Other real estate owned:	  	 	372	  	
Investments in unconsolidated subsidiaries and associated companies:	  	 	0	  	
Direct and indirect investments in real estate ventures:	  	 	0	  	
Intangible assets:	  	 	3,044	  	
Other assets:	  	 	61,216	  	
Total Assets:	  	 	2,107,121	  	
		
LIABILITIES	  	 	Thousands of Dollars	  	
Deposits	  	 	1,505,657	  	
Federal funds purchased and securities sold under agreements to repurchase	  	 	109,000	  	
Other borrowed money:	  	 	0	  	
Other Liabilities:	  	 	62,045	  	
Total Liabilities	  	 	1,676,702	  	
		
EQUITY CAPITAL	  	 	Thousands of Dollars	  	
Common Stock	  	 	1,000	  	
Surplus	  	 	385,899	  	
Retained Earnings	  	 	43,987	  	
Accumulated other comprehensive income	  	 	(467	) 	
Total Equity Capital	  	 	430,419	  	
Total Liabilities and Equity Capital	  	 	2,107,121	  	

Exhibit 99.1
HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
LETTER OF TRANSMITTAL
OFFER TO EXCHANGE
$1,500,000,000 AGGREGATE PRINCIPAL AMOUNT OF THEIR 5.625% SENIOR NOTES DUE
2021, WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, FOR ANY AND ALL OF THEIR OUTSTANDING UNREGISTERED 5.625%
SENIOR NOTES DUE 2021.
 
THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME, ON            , 2014 (THE “EXPIRATION DATE”), UNLESS THE
EXCHANGE OFFER IS EXTENDED. TENDERS MAY BE WITHDRAWN
PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON                     , 2014.
The Exchange Agent for the Exchange Offer is:
Wilmington Trust, National Association

By Mail or Overnight Courier:	 	By Facsimile:	 	By Hand Delivery:	
Wilmington Trust, National Association	 	(302) 636-4145	 	Wilmington Trust, National Association	
c/o Wilmington Trust Company	 	Attn: Workflow
Management	 	c/o Wilmington Trust Company	
Corporate Capital Markets	 		 	Corporate Capital Markets	
Rodney Square North	 		 	Rodney Square North	
1100 North Market Street	 		 	1100 North Market Street	
Wilmington, Delaware 19890-1626	 		 	Wilmington, Delaware 19890-1626	
Attn: Workflow Management – 5th Floor	 		 	Attn: Workflow Management – 5th Floor	
	 	To Confirm by Email:	 		
	 	DTC2@wilmingtontrust.com	 		
	 	Attn: Workflow
Management	 		
DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE, OR TRANSMISSION OF THIS LETTER OF TRANSMITTAL VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY. THIS LETTER OF TRANSMITTAL, INCLUDING THE ACCOMPANYING INSTRUCTIONS, SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.
Holders of Outstanding Notes (as defined below) should complete this Letter of Transmittal either if Outstanding Notes are to be forwarded herewith or if tenders of Outstanding Notes are to be made by book-entry transfer to an account maintained by the Exchange Agent at the book-entry transfer facility specified by the holder pursuant to the procedures set forth in “The Exchange Offer—Book-Entry Delivery Procedures” and “The Exchange Offer—Procedures for Tendering Outstanding Notes” in the Prospectus (as defined below) and an Agent’s Message (as defined below) is not delivered. If tender is being made by book-entry transfer, the holder must have an Agent’s Message delivered in lieu of this Letter of Transmittal.
Holders of Outstanding Notes whose certificates for such Outstanding Notes are not immediately available or who cannot deliver their certificates and all other required documents to the Exchange Agent on or prior to the

Expiration Date or who cannot complete the procedures for book-entry transfer on a timely basis, must tender their Outstanding Notes according to the guaranteed delivery procedures set forth in “The Exchange Offer—Guaranteed Delivery Procedures” in the Prospectus.
Unless the context otherwise requires, the term “holder” for purposes of this Letter of Transmittal means any person in whose name Outstanding Notes are registered or any other person who has obtained a properly completed bond power from the registered holder or any person whose Outstanding Notes are held of record by The Depository Trust Company (“DTC”).
The undersigned acknowledges receipt of the Prospectus dated                 , 2014 (as it may be amended or supplemented from time to time, the “Prospectus”) of Hilton Worldwide Finance LLC, a Delaware limited liability company, and Hilton Worldwide Finance Corp., a Delaware corporation (the “Issuers”), the Issuers’ parent company, Hilton Worldwide Holdings Inc., a Delaware corporation (“Holdings”), and certain of the Issuers’ subsidiaries (together with Holdings, the “Guarantors”), and this Letter of Transmittal (the “Letter of Transmittal”), which together constitute the Issuers’ offer (the “Exchange Offer”) to exchange an aggregate principal amount of up to $1,500,000,000 of the Issuers’ 5.625% Senior Notes due 2021 which have been registered under the Securities Act of 1933, as amended (the “Securities Act”) (the “Exchange Notes”), for an equal aggregate principal amount of the Issuers’ outstanding unregistered 5.625% Senior Notes due 2021 that were issued on October 4, 2013 (the “Outstanding Notes”). The Outstanding Notes are fully and unconditionally guaranteed (the “Outstanding Guarantees”) on a joint and several senior unsecured basis by the Guarantors and the Exchange Notes will be fully and unconditionally guaranteed (the “New Guarantees”) on a joint and several senior unsecured basis by the Guarantors. Upon the terms and subject to the conditions set forth in the Prospectus and this Letter of Transmittal, the Guarantors offer to issue the New Guarantees with respect to the related Exchange Notes issued in the Exchange Offer in exchange for the Outstanding Guarantees of the Outstanding Notes for which such Exchange Notes are issued in the Exchange Offer. Throughout this Letter of Transmittal, unless the context otherwise requires and whether so expressed or not, references to the “Exchange Offer” include the Guarantors’ offer to exchange the New Guarantees for the Outstanding Guarantees, references to the “Exchange Notes” include the related New Guarantees and references to the “Outstanding Notes” include the related Outstanding Guarantees.
For each Outstanding Note accepted for exchange, the holder of such Outstanding Note will receive an Exchange Note having a principal amount equal to that of the surrendered Outstanding Note.
Capitalized terms used but not defined herein shall have the same meaning given them in the Prospectus.
YOUR BANK OR BROKER CAN ASSIST YOU IN COMPLETING THIS FORM. THE INSTRUCTIONS INCLUDED WITH THIS LETTER OF TRANSMITTAL MUST BE FOLLOWED. QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR ADDITIONAL COPIES OF THE PROSPECTUS AND THIS LETTER OF TRANSMITTAL MAY BE DIRECTED TO THE EXCHANGE AGENT, WHOSE ADDRESS AND TELEPHONE NUMBER APPEAR ON THE FRONT PAGE OF THIS LETTER OF TRANSMITTAL.
The undersigned has completed the appropriate boxes below and signed this Letter of Transmittal to indicate the action that the undersigned desires to take with respect to the Exchange Offer.
PLEASE READ THE ENTIRE LETTER OF TRANSMITTAL AND THE PROSPECTUS
CAREFULLY BEFORE CHECKING ANY BOX BELOW.
List below the Outstanding Notes to which this Letter of Transmittal relates. If the space provided below is inadequate, the certificate numbers and aggregate principal amounts of Outstanding Notes should be listed on a separate signed schedule affixed hereto.
 
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All Tendering Holders Complete Box 1:
 
Box 1
Description of Outstanding Notes Tendered Herewith*

Name(s) and Address(es) of Registered Holder(s)
(Please fill in, if blank,
exactly as name(s) appear(s) on Certificate(s))	  	Certificate or 
Registration
Number(s) of
Outstanding
Notes**	  	Aggregate
Principal
Amount
Represented 
by
Outstanding
Notes	  	Aggregate
Principal
Outstanding 
Notes
Being
Tendered***	

	  	 	  	 	  	 	
Total:    	  	 	  	 	  	 	
 
 	*	If the space provided is inadequate, list the certificate numbers and principal amount of Outstanding Notes on a separate signed schedule and attach the list to this Letter of Transmittal.	
 	**	Need not be completed by book-entry holders.	
 	***	The minimum permitted tender is $2,000 in principal amount. All tenders must be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof in principal amount. Unless otherwise indicated in this column, the holder will be deemed to have tendered the full aggregate principal amount represented by such Outstanding Notes. See Instruction 2.	
 
Box 2
Book-Entry Transfer
 
 	¨	CHECK HERE IF TENDERED OUTSTANDING NOTES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:	
Name of Tendering Institution:                                                                                                                                                              
Account Number:                                                                                                                                                                                       
Transaction Code Number:                                                                                                                                                                     
Holders of Outstanding Notes that are tendering by book-entry transfer to the Exchange Agent’s account at DTC can execute the tender through DTC’s Automated Tender Offer Program (“ATOP”) for which the transaction will be eligible. DTC participants that are accepting the Exchange Offer must transmit their acceptances to DTC, which will verify the acceptance and execute a book-entry delivery to the Exchange Agent’s account at DTC. DTC will then send a computer-generated message (an “Agent’s Message”) to the Exchange Agent for its acceptance in which the holder of the Outstanding Notes acknowledges and agrees to be bound by the terms of, and makes the representations and warranties contained in, this Letter of Transmittal, and the DTC participant confirms on behalf of itself and the beneficial owners of such Outstanding Notes all provisions of this Letter of Transmittal (including any representations and warranties) applicable to it and such beneficial owner as fully as if it had completed the information required herein and executed and transmitted this Letter of Transmittal to the Exchange Agent. Each DTC participant transmitting an acceptance of the Exchange Offer through the ATOP procedures will be deemed to have agreed to be bound by the terms of this Letter of Transmittal. Delivery of an Agent’s Message by DTC will satisfy the terms of the Exchange Offer as to execution and delivery of a Letter of Transmittal by the participant identified in the Agent’s Message. DTC participants may also accept the Exchange Offer by submitting a Notice of Guaranteed Delivery through ATOP.
 
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Box 3
Notice of Guaranteed Delivery
(See Instruction 1 below)
 
 	¨	CHECK HERE IF TENDERED OUTSTANDING NOTES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:	

Name(s) of Registered Holder(s):	 	 	
		
Description of Outstanding Notes being delivered pursuant to a Notice of Guaranteed Delivery:	 	 	
		
Window Ticket Number (if any):	 	 	
		
Name of Eligible Guarantor Institution that Guaranteed Delivery:	 	 	
		
Date of Execution of Notice of Guaranteed Delivery:	 	 	
	
IF GUARANTEED DELIVERY IS TO BE MADE BY BOOK-ENTRY TRANSFER:	
Name of Tendering Institution:	 	 	
		
Account Number:	 	 	
		
Transaction Code Number:	 	 	
 
Box 4
Return of Non-Exchanged Outstanding Notes
Tendered by Book-Entry Transfer
 
 	¨	CHECK HERE IF OUTSTANDING NOTES TENDERED BY BOOK-ENTRY TRANSFER AND NON-EXCHANGED OUTSTANDING NOTES ARE TO BE RETURNED BY CREDITING THE ACCOUNT NUMBER SET FORTH ABOVE.	
 
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Box 5
Participating Broker-Dealer
 
 	¨	CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE OUTSTANDING NOTES FOR YOUR OWN ACCOUNT AS A RESULT OF MARKET-MAKING OR OTHER TRADING ACTIVITIES AND WISH TO RECEIVE TEN (10) ADDITIONAL COPIES OF THE PROSPECTUS AND OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.	

Name:	  	 	
		
Address:	  	 	
If the undersigned is not a broker-dealer, the undersigned represents that it is acquiring the Exchange Notes in the ordinary course of its business, it is not engaged in and does not intend to engage in, and has no arrangement or understanding with any person to participate in a distribution of the Exchange Notes. If the undersigned is a broker-dealer that will receive Exchange Notes for its own account in exchange for Outstanding Notes, it represents that the Outstanding Notes to be exchanged for the Exchanged Notes were acquired by it as a result of market-making activities or other trading activities and it acknowledges that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale or transfer of such Exchange Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. A broker-dealer may not participate in the Exchange Offer with respect to Outstanding Notes acquired other than as a result of market-making activities or other trading activities. Any broker-dealer who purchased Outstanding Notes from the Issuers to resell pursuant to Rule 144A under the Securities Act or any other available exemption under the Securities Act must comply with the registration and prospectus delivery requirements under the Securities Act.
 
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PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY
Ladies and Gentlemen:
Upon the terms and subject to the conditions of the Exchange Offer, the undersigned hereby tenders to the Issuers the aggregate principal amount of the Outstanding Notes indicated above. Subject to, and effective upon, the acceptance for exchange of all or any portion of the Outstanding Notes tendered herewith in accordance with the terms and conditions of the Exchange Offer (including, if the Exchange Offer is extended or amended, the terms and conditions of any such extension or amendment), the undersigned hereby exchanges, assigns and transfers to, or upon the order of, the Issuers all right, title and interest in and to such Outstanding Notes as are being tendered herewith.
The undersigned hereby irrevocably constitutes and appoints the Exchange Agent as its true and lawful agent and attorney-in-fact of the undersigned (with full knowledge that the Exchange Agent also acts as the agent of the Issuers, in connection with the Exchange Offer) with respect to the tendered Outstanding Notes, with full power of substitution and resubstitution (such power of attorney being deemed an irrevocable power coupled with an interest) to (1) deliver certificates representing such Outstanding Notes, or transfer ownership of such Outstanding Notes on the account books maintained by the book-entry transfer facility specified by the holder(s) of the Outstanding Notes, together, in each such case, with all accompanying evidences of transfer and authenticity to, or upon the order of, the Issuers, (2) present and deliver such Outstanding Notes for transfer on the books of the Issuers, (3) receive all benefits or otherwise exercise all rights and incidents of beneficial ownership of such Outstanding Notes and (4) otherwise cause the Outstanding Notes to be assigned, transferred and exchanged, all in accordance with the terms of the Exchange Offer.
The undersigned hereby represents and warrants that (a) the undersigned has full power and authority to tender, exchange, assign and transfer the Outstanding Notes tendered hereby, (b) when such tendered Outstanding Notes are accepted for exchange, the Issuers will acquire good and unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances and (c) the Outstanding Notes tendered for exchange are not subject to any adverse claims or proxies when the same are accepted by the Issuers. The undersigned hereby further represents that any Exchange Notes acquired in exchange for Outstanding Notes tendered hereby will have been acquired in the ordinary course of business of the person receiving such Exchange Notes, whether or not such person is the undersigned, that neither the holder of such Outstanding Notes nor any such other person is engaged in, or intends to engage in, a distribution of such Exchange Notes within the meaning of the Securities Act, or has an arrangement or understanding with any person to participate in the distribution of such Exchange Notes, and that neither the holder of such Outstanding Notes nor any such other person is an “affiliate,” as such term is defined in Rule 405 under the Securities Act, of the Issuers or any Guarantor.
The undersigned also acknowledges that the Exchange Offer is being made based on the Issuers’ understanding of an interpretation by the staff of the Securities and Exchange Commission (the “SEC”) as set forth in no-action letters issued to third parties, including Morgan Stanley & Co., Inc. (available June 5, 1991), Exxon Capital Holdings Corp. (available May 13, 1988), as interpreted in the SEC’s letter to Shearman & Sterling (available July 2, 1993), or similar no-action letters, that the Exchange Notes issued in exchange for the Outstanding Notes pursuant to the Exchange Offer may be offered for resale, resold and otherwise transferred by each holder thereof (other than a broker-dealer who acquires such Exchange Notes directly from the Issuers for resale pursuant to Rule 144A under the Securities Act or any other available exemption under the Securities Act or any such holder that is an “affiliate” of the Company or the Guarantors within the meaning of Rule 405 under the Securities Act), without compliance with the registration and prospectus delivery provisions of the Securities Act, provided that such Exchange Notes are acquired in the ordinary course of such holder’s business and such holder is not engaged in, and does not intend to engage in, a distribution of such Exchange Notes and has no arrangement or understanding with any person to participate in the distribution of such Exchange Notes. If a holder of the Outstanding Notes is an affiliate of the Issuers or the Guarantors, is not acquiring the Exchange Notes in the ordinary course of its business, is engaged in or intends to engage in a distribution of the Exchange
 
6

Notes or has any arrangement or understanding with respect to the distribution of the Exchange Notes to be acquired pursuant to the Exchange Offer, such holder (x) may not rely on the applicable interpretations of the staff of the SEC and (y) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any secondary resale transaction. If the undersigned is a broker-dealer that will receive the Exchange Notes for its own account in exchange for the Outstanding Notes, it represents that the Outstanding Notes to be exchanged for the Exchange Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale or transfer of such Exchange Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.
The undersigned will, upon request, execute and deliver any additional documents deemed by the Issuers or the Exchange Agent to be necessary or desirable to complete the exchange, assignment and transfer of the tendered Outstanding Notes or transfer ownership of such Outstanding Notes on the account books maintained by the book-entry transfer facility. The undersigned further agrees that acceptance of any and all validly tendered Outstanding Notes by the Issuers and the issuance of Exchange Notes in exchange therefor shall constitute performance in full by the Issuers and the Guarantors of their obligations under the Registration Rights Agreement, dated as of October 4, 2013, among the Issuers, Holdings and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers, relating to the Outstanding Notes (together with the Joinder Agreement, dated October 25, 2013, among the Guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers, the “Registration Rights Agreement”), and that the Issuers and the Guarantors shall have no further obligations or liabilities under the Registration Rights Agreement except as provided in Section 7 thereof. The undersigned will comply with its obligations under the Registration Rights Agreement.
The Exchange Offer is subject to certain conditions as set forth in the Prospectus under the caption “The Exchange Offer—Conditions to the Exchange Offer.” The undersigned recognizes that as a result of these conditions (which may be waived, in whole or in part, by the Issuers), as more particularly set forth in the Prospectus, the Issuers may not be required to exchange any of the Outstanding Notes tendered hereby and, in such event, the Outstanding Notes not exchanged will be returned to the undersigned at the address shown above, promptly following the expiration or termination of the Exchange Offer. In addition, the Issuers may amend the Exchange Offer at any time prior to the Expiration Date if any of the conditions set forth under “The Exchange Offer—Conditions to the Exchange Offer” occur.
All authority herein conferred or agreed to be conferred in this Letter of Transmittal shall survive the death or incapacity of the undersigned and every obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of the undersigned. Tendered Outstanding Notes may be withdrawn at any time prior to the Expiration Date in accordance with the procedures set forth in the terms of this Letter of Transmittal. Unless otherwise indicated herein in the box entitled “Special Delivery Instructions” below, please deliver the Exchange Notes (and, if applicable, substitute certificates representing the Outstanding Notes for any Outstanding Notes not exchanged) in the name of the undersigned or, in the case of a book-entry delivery of the Outstanding Notes, please credit the account indicated above. Similarly, unless otherwise indicated under the box entitled “Special Delivery Instructions” below, please send the Exchange Notes (and, if applicable, substitute certificates representing the Outstanding Notes for any Outstanding Notes not exchanged) to the undersigned at the address shown above in the box entitled “Description of Outstanding Notes Tendered Herewith.”
 
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THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED “DESCRIPTION OF OUTSTANDING NOTES TENDERED HEREWITH” ABOVE AND SIGNING THIS LETTER, WILL BE DEEMED TO HAVE TENDERED THE OUTSTANDING NOTES AS SET FORTH IN SUCH BOX.
 
Box 6
SPECIAL REGISTRATION INSTRUCTIONS
(See Instructions 4 and 5)
To be completed ONLY if certificates for the Outstanding Notes not tendered and/or certificates for the Exchange Notes are to be issued in the name of someone other than the registered holder(s) of the Outstanding Notes whose name(s) appear(s) above.

Issue:	  	¨        Outstanding Notes not tendered to:	
		
	  	¨        Exchange Notes to:	
Name(s):	  	 	
	  	(Please Print or Type)	
Address:	  	 	
	  	 	
	  	(Include Zip Code)	

Daytime Area Code and Telephone
Number:	  	 	
Taxpayer Identification or Social
Security Number:	  	 	
 
Box 7
SPECIAL DELIVERY INSTRUCTIONS
(See Instructions 4 and 5)
To be completed ONLY if certificates for the Outstanding Notes not tendered and/or certificates for the Exchange Notes are to be sent to someone other than the registered holder(s) of the Outstanding Notes whose name(s) appear(s) above.

Issue:	  	¨        Outstanding Notes not tendered to:	
		
	  	¨        Exchange Notes to:	
Name(s):	  	 	
	  	(Please Print or Type)	
Address:	  	 	
	  	 	
	  	(Include Zip Code)	

Daytime Area Code and Telephone
Number:	  	 	
Taxpayer Identification or Social
Security Number:	  	 	
 
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Box 8
TENDERING HOLDER(S) SIGN HERE
(Complete accompanying Internal Revenue Service (“IRS”) Form W-9 or applicable IRS Form W-8)
Must be signed by the registered holder(s) (which term, for the purposes described herein, shall include the book-entry transfer facility whose name appears on a security listing as the owner of the Outstanding Notes) of the Outstanding Notes exactly as their name(s) appear(s) on the Outstanding Notes hereby tendered or by any person(s) authorized to become the registered holder(s) by properly completed bond powers or endorsements and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, please set forth the full title of such person. See Instruction 4.

(Signature(s) of Holder(s))	
Date:	  	 	
		
Name(s):	  	 	
	  	(Please Print or Type)	
		
Capacity (full title):	  	 	
		
Address:	  	 	
	  	(Including Zip Code)	

Daytime Area Code and Telephone Number:	  	 	
		
Taxpayer Identification or Social Security Number:	  	 	
GUARANTEE OF SIGNATURE(S)
(If Required—See Instruction 4)

		
Authorized Signature:	  	 	
		
Name:	  	 	
		
Title:	  	 	

Name of Firm:	  	 	
		
Address of Firm:	  	 	

		
	  	 	
	  	(Include Zip Code)	
		
Area Code and Telephone Number:	  	 	
		
Taxpayer Identification or Social Security
Number:	  	 	

9

INSTRUCTIONS
FORMING PART OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER
General
Please do not send certificates for Outstanding Notes or Letters of Transmittal directly to the Issuers. Your certificates for Outstanding Notes, together with your signed and completed Letter of Transmittal and any required supporting documents, should be mailed or otherwise delivered to the Exchange Agent at the address set forth on the first page hereof. The method of delivery of Outstanding Notes, this Letter of Transmittal and all other required documents is at your sole option and risk and the delivery will be deemed made only when actually received by the Exchange Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, or overnight or hand delivery service is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.
1. Delivery of this Letter of Transmittal and Certificates; Guaranteed Delivery Procedures. A holder of Outstanding Notes (which term, for the purposes described herein, shall include the book-entry transfer facility whose name appears on a security listing as the owner of the Outstanding Notes) may tender the same by (i) properly completing and signing this Letter of Transmittal or a facsimile hereof (all references in the Prospectus to the Letter of Transmittal shall be deemed to include a facsimile thereof) and delivering the same, together with the certificate or certificates, if applicable, representing the Outstanding Notes being tendered and any required signature guarantees and any other documents required by this Letter of Transmittal, to the Exchange Agent at its address set forth above on or prior to the Expiration Date, (ii) complying with the procedure for book-entry transfer described below or (iii) complying with the guaranteed delivery procedures described below.
Holders of Outstanding Notes that are tendering by book-entry transfer to the Exchange Agent’s account at DTC can execute the tender through DTC’s Automated Tender Offer Program (“ATOP”) for which the transaction will be eligible. DTC participants that are accepting the Exchange Offer must transmit their acceptance to DTC, which will verify the acceptance and execute a book-entry delivery to the Exchange Agent’s account at DTC. DTC will then send a computer-generated message (an “Agent’s Message”) to the Exchange Agent for its acceptance in which the holder of the Outstanding Notes acknowledges and agrees to be bound by the terms of, and makes the representations and warranties contained in, this Letter of Transmittal, and the DTC participant confirms on behalf of itself and the beneficial owners of such Outstanding Notes all provisions of this Letter of Transmittal (including any representations and warranties) applicable to it and such beneficial owner as fully as if it had completed the information required herein and executed and transmitted this Letter of Transmittal to the Exchange Agent. Each DTC participant transmitting an acceptance of the Exchange Offer through the ATOP procedures will be deemed to have agreed to be bound by the terms of this Letter of Transmittal.
Delivery of an Agent’s Message by DTC will satisfy the terms of the Exchange Offer as to execution and delivery of a Letter of Transmittal by the participant identified in the Agent’s Message. DTC participants may also accept the Exchange Offer by submitting a Notice of Guaranteed Delivery through ATOP.
Holders who wish to tender their Outstanding Notes and (i) whose Outstanding Notes are not immediately available or (ii) who cannot deliver their Outstanding Notes, this Letter of Transmittal and all other required documents to the Exchange Agent on or prior to the Expiration Date or (iii) who cannot comply with the book-entry transfer procedures on a timely basis, must tender their Outstanding Notes pursuant to the guaranteed delivery procedure set forth in “The Exchange Offer—Guaranteed Delivery Procedures” in the Prospectus and by completing Box 3 above. Holders may tender their Outstanding Notes if: (i) the tender is made by or through an Eligible Guarantor Institution (as defined below); (ii) the Exchange Agent receives (by facsimile transmission, mail or hand delivery), on or prior to the Expiration Date, a properly completed and duly executed Notice of
 
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Guaranteed Delivery in the form provided with this Letter of Transmittal that (a) sets forth the name and address of the holder of Outstanding Notes, if applicable, the certificate number(s) of the Outstanding Notes to be tendered and the principal amount of Outstanding Notes tendered; (b) states that the tender is being made thereby; and (c) guarantees that, within three New York Stock Exchange trading days after the Expiration Date, the Letter of Transmittal, or a facsimile thereof, together with the Outstanding Notes or a book-entry confirmation, and any other documents required by the Letter of Transmittal, will be deposited by the Eligible Guarantor Institution with the Exchange Agent; or (iii) the Exchange Agent receives a properly completed and executed Letter of Transmittal, or facsimile thereof and the certificate(s) representing all tendered Outstanding Notes in proper form or a confirmation of book-entry transfer of the Outstanding Notes into the Exchange Agent’s account at the appropriate book-entry transfer facility and all other documents required by this Letter of Transmittal within three New York Stock Exchange trading days after the Expiration Date.
Any Holder who wishes to tender Outstanding Notes pursuant to the guaranteed delivery procedures described above must ensure that the Exchange Agent receives the Notice of Guaranteed Delivery relating to such Outstanding Notes prior to the Expiration Date. Failure to complete the guaranteed delivery procedures outlined above will not, of itself, affect the validity or effect a revocation of any Letter of Transmittal form properly completed and executed by a holder who attempted to use the guaranteed delivery procedures.
No alternative, conditional, irregular or contingent tenders will be accepted. Each tendering holder, by execution of this Letter of Transmittal (or facsimile thereof), shall waive any right to receive notice of the acceptance of the Outstanding Notes for exchange.
2. Partial Tenders; Withdrawals. Tenders of Outstanding Notes will be accepted only in the minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof. If less than the entire principal amount of Outstanding Notes evidenced by a submitted certificate is tendered, the tendering holder(s) must fill in the aggregate principal amount of Outstanding Notes tendered in the column entitled “Description of Outstanding Notes Tendered Herewith” in Box 1 above. A newly issued certificate for the Outstanding Notes submitted but not tendered will be sent to such holder promptly after the Expiration Date, unless otherwise provided in the appropriate box on this Letter of Transmittal. All Outstanding Notes delivered to the Exchange Agent will be deemed to have been tendered in full unless otherwise clearly indicated. Outstanding Notes tendered pursuant to the Exchange Offer may be withdrawn at any time prior to the Expiration Date, after which tenders of Outstanding Notes are irrevocable.
To be effective with respect to the tender of Outstanding Notes, a written notice of withdrawal (which may be by facsimile or letter) must: (i) be received by the Exchange Agent at the address for the Exchange Agent set forth above before the Issuers notify the Exchange Agent that it has accepted the tender of Outstanding Notes pursuant to the Exchange Offer; (ii) specify the name of the person who tendered the Outstanding Notes to be withdrawn; (iii) identify the Outstanding Notes to be withdrawn (including the principal amount of such Outstanding Notes, or, if applicable, the certificate numbers shown on the particular certificates evidencing such Outstanding Notes and the principal amount of Outstanding Notes represented by such certificates); (iv) include a statement that such holder is withdrawing its election to have such Outstanding Notes exchanged; (v) specify the name in which any such Outstanding Notes are to be registered, if different from that of the withdrawing holder; and (vi) be signed by the holder in the same manner as the original signature on this Letter of Transmittal (including any required signature guarantee). The Exchange Agent will return the properly withdrawn Outstanding Notes promptly following receipt of notice of withdrawal. If Outstanding Notes have been tendered pursuant to the procedure for book-entry transfer, any notice of withdrawal must specify the name and number of the account at the book-entry transfer facility to be credited with the withdrawn Outstanding Notes or otherwise comply with the book-entry transfer facility’s procedures. All questions as to the validity, form and eligibility of notices of withdrawals, including time of receipt, will be determined by the Issuers, and such determination will be final and binding on all parties.
 
11

Any Outstanding Notes so withdrawn will be deemed not to have been validly tendered for exchange for purposes of the Exchange Offer. Any Outstanding Notes which have been tendered for exchange but which are not accepted for exchange for any reason will be returned to the holder thereof without cost to such holder (or, in the case of Outstanding Notes tendered by book-entry transfer into the Exchange Agent’s account at the book entry transfer facility pursuant to the book-entry transfer procedures described above, such Outstanding Notes will be credited to an account with such book-entry transfer facility specified by the holder) promptly after withdrawal, rejection of tender or termination of the Exchange Offer. Properly withdrawn Outstanding Notes may be retendered by following one of the procedures described under the caption “The Exchange Offer—Procedures for Tendering Outstanding Notes” in the Prospectus at any time prior to the Expiration Date.
Neither the Issuers, any affiliate or assigns of the Issuers, the Exchange Agent nor any other person will be under any duty to give any notification of any irregularities in any notice of withdrawal or incur any liability for failure to give such notification (even if such notice is given to other persons).
3. Beneficial Owner Instructions. Only a holder of Outstanding Notes (i.e., a person in whose name Outstanding Notes are registered on the books of the registrar of, or, in the case of Outstanding Notes held through book-entry, such book-entry transfer facility specified by the holder), or the legal representative or attorney-in-fact of a holder, may execute and deliver this Letter of Transmittal. Any beneficial owner of Outstanding Notes who wishes to accept the Exchange Offer must arrange promptly for the appropriate holder to execute and deliver this Letter of Transmittal on his or her behalf through the execution and delivery to the appropriate holder of the “Instructions to Registered Holder from Beneficial Owner” form accompanying this Letter of Transmittal.
4. Signature on this Letter of Transmittal; Written Instruments and Endorsements; Guarantee of Signatures. If this Letter of Transmittal is signed by the registered holder(s) (which term, for the purposes described herein, shall include the book-entry transfer facility whose name appears on a security listing as the owner of the Outstanding Notes) of the Outstanding Notes tendered hereby, the signature must correspond exactly with the name(s) as written on the face of the certificates (or on such security listing) without alteration, addition, enlargement or any change whatsoever.
If any of the Outstanding Notes tendered hereby are owned of record by two or more joint owners, all such owners must sign this Letter of Transmittal.
If a number of Outstanding Notes registered in different names are tendered, it will be necessary to complete, sign and submit as many separate copies of this Letter of Transmittal (or facsimiles thereof) as there are different registrations of Outstanding Notes.
When this Letter of Transmittal is signed by the registered holder(s) of Outstanding Notes (which term, for the purposes described herein, shall include the book-entry transfer facility whose name appears on a security listing as the owner of the Outstanding Notes) listed and tendered hereby, no endorsements of certificates or separate written instruments of transfer or exchange are required. If, however, this Letter of Transmittal is signed by a person other than the registered holder(s) of the Outstanding Notes listed or the Exchange Notes are to be issued, or any untendered Outstanding Notes are to be reissued, to a person other than the registered holder(s) of the Outstanding Notes, such Outstanding Notes must be endorsed or accompanied by separate written instruments of transfer or exchange in form satisfactory to the Issuers and duly executed by the registered holder, in each case signed exactly as the name or names of the registered holder(s) appear(s) on the Outstanding Notes and the signatures on such certificates must be guaranteed by an Eligible Guarantor Institution. If this Letter of Transmittal, any certificates or separate written instruments of transfer or exchange are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and, unless waived by the Issuers, submit proper evidence satisfactory to the Issuers, in the Issuers’ sole discretion, of such persons’ authority to so act.
 
12

Endorsements on certificates for the Outstanding Notes or signatures on bond powers required by this Instruction 4 must be guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc., a commercial bank or trust company having an office or correspondent in the United States or another “eligible guarantor institution” within the meaning of Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (an “Eligible Guarantor Institution”).
Signatures on this Letter of Transmittal must be guaranteed by an Eligible Guarantor Institution, unless Outstanding Notes are tendered: (i) by a registered holder (which term, for the purposes described herein, shall include the book-entry transfer facility whose name appears on a security listing as the owner of the Outstanding Notes) who has not completed the box entitled “Special Registration Instructions” or “Special Delivery Instructions” on this Letter of Transmittal; or (ii) for the account of an Eligible Guarantor Institution.
5. Special Registration and Delivery Instructions. Tendering holders should indicate, in the applicable Box 6 or Box 7, the name and address in/to which the Exchange Notes and/or certificates for Outstanding Notes not exchanged are to be issued or sent, if different from the name(s) and address(es) of the person signing this Letter of Transmittal. In the case of issuance in a different name, the tax identification number or social security number of the person named must also be indicated. A holder tendering the Outstanding Notes by book-entry transfer may request that the Outstanding Notes not exchanged be credited to such account maintained at the book-entry transfer facility as such holder may designate. See Box 4.
If no such instructions are given, the Exchange Notes (and any Outstanding Notes not tendered or not accepted) will be issued in the name of and sent to the holder signing this Letter of Transmittal or deposited into such holder’s account at the applicable book-entry transfer facility.
6. Transfer Taxes. The Issuers shall pay all transfer taxes, if any, applicable to the transfer and exchange of the Outstanding Notes to them or their order pursuant to the Exchange Offer. If, however, the Exchange Notes are delivered to or issued in the name of a person other than the registered holder, or if a transfer tax is imposed for any reason other than the transfer and exchange of Outstanding Notes to the Issuers or the Issuers’ order pursuant to the Exchange Offer, the amount of any such transfer taxes (whether imposed on the registered holder or any other person) will be payable by the tendering holder. If satisfactory evidence of payment of such taxes or exemption therefrom is not submitted herewith, the amount of such transfer taxes will be billed directly to such tendering holder.
Except as provided in this Instruction 6, it will not be necessary for transfer tax stamps to be affixed to the Outstanding Notes listed in this Letter of Transmittal.
7. Waiver of Conditions . The Issuers reserve the absolute right to waive, in whole or in part, any of the conditions to the Exchange Offer set forth in the Prospectus.
8. Mutilated, Lost, Stolen or Destroyed Securities. Any holder whose Outstanding Notes have been mutilated, lost, stolen or destroyed, should promptly contact the Exchange Agent at the address set forth on the first page hereof for further instructions. The holder will then be instructed as to the steps that must be taken in order to replace the certificate(s). This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost, destroyed or stolen certificate(s) have been completed.
9. No Conditional Tenders; No Notice of Irregularities. No alternative, conditional, irregular or contingent tenders will be accepted. All tendering holders, by execution of this Letter of Transmittal, shall waive any right to receive notice of the acceptance of their Outstanding Notes for exchange. The Issuers reserve the right, in the Issuers’ reasonable judgment, to waive any defects, irregularities or conditions of tender as to particular Outstanding Notes. The Issuers’ interpretation of the terms and conditions of the Exchange Offer (including the instructions in this Letter of Transmittal) will be final and binding on all parties. Unless waived,
 
13

any defects or irregularities in connection with tenders of Outstanding Notes must be cured within such time as the Issuers shall determine. Although the Issuers intend to notify holders of defects or irregularities with respect to tenders of Outstanding Notes, neither the Issuers, the Exchange Agent nor any other person is under any obligation to give such notice nor shall they incur any liability for failure to give such notification. Tenders of Outstanding Notes will not be deemed to have been made until such defects or irregularities have been cured or waived. Any Outstanding Notes received by the Exchange Agent that are not properly tendered and as to which the defects or irregularities have not been cured or waived will be returned by the Exchange Agent to the tendering holder promptly following the Expiration Date.
10. Requests for Assistance or Additional Copies. Questions relating to the procedure for tendering, as well as requests for additional copies of the Prospectus and this Letter of Transmittal, may be directed to the Exchange Agent at the address and telephone number set forth on the first page hereof.
IMPORTANT: THIS LETTER OF TRANSMITTAL OR A FACSIMILE OR COPY THEREOF (TOGETHER WITH CERTIFICATES OF OUTSTANDING NOTES OR CONFIRMATION OF BOOK-ENTRY TRANSFER AND ALL OTHER REQUIRED DOCUMENTS) OR A NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE EXCHANGE AGENT ON OR PRIOR TO THE EXPIRATION DATE.
 
14

IMPORTANT TAX INFORMATION
Under U.S. federal income tax law, a tendering holder whose Outstanding Notes are accepted for exchange may be subject to backup withholding unless the holder provides the Exchange Agent with either (i) such holder’s correct taxpayer identification number (“TIN”) on the IRS Form W-9 attached hereto, certifying (A) that the TIN provided on the IRS Form W-9 is correct (or such holder is awaiting a TIN), (B) that the holder of Outstanding Notes is not subject to backup withholding because (x) such holder of Outstanding Notes is exempt from backup withholding, (y) such holder of Outstanding Notes has not been notified by the IRS that he or she is subject to backup withholding as a result of a failure to report all interest or dividends or (z) the IRS has notified the holder of Outstanding Notes that he or she is no longer subject to backup withholding and (C) that the holder of Outstanding Notes is a U.S. person (including a U.S. resident alien); or (ii) an adequate basis for exemption from backup withholding. If such holder of Outstanding Notes is an individual, the TIN is such holder’s social security number. If the Exchange Agent is not provided with the correct TIN, the holder of Outstanding Notes may also be subject to certain penalties imposed by the IRS and any reportable payments that are made to such holder may be subject to backup withholding (see below).
Certain holders of Outstanding Notes (including, among others, generally all corporations and certain foreign holders) are not subject to these backup withholding and reporting requirements. However, to avoid erroneous backup withholding, exempt U.S. holders of Outstanding Notes should complete the IRS Form W-9. In order for a foreign holder to qualify as an exempt recipient, the holder must submit an IRS Form W-8BEN (or other applicable IRS Form W-8), signed under penalties of perjury, attesting to that holder’s exempt status. An IRS Form W-8BEN (or other applicable IRS Form W-8) can be obtained from the Exchange Agent or at the IRS website at www.irs.gov. Holders are encouraged to consult their own tax advisors to determine whether they are exempt from these backup withholding and reporting requirements. See the instructions to IRS Form W-9 for additional information.
If backup withholding applies, the Exchange Agent is required to withhold 28% of any reportable payments made to the holder of Outstanding Notes or other payee. Backup withholding is not an additional tax. Rather, the tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained from the IRS, provided the required information is furnished. The Exchange Agent cannot refund amounts withheld by reason of backup withholding.
 
15

					
			
Form      W-9
(Rev. August 2013)
Department of the Treasury
Internal Revenue Service	 	Request for Taxpayer
Identification Number and Certification	 	Give Form to the
requester. Do not
send to the IRS.	
																											
Print or type
See
Specific Instructions
on page 2.
 	 	Name (as shown on your income tax return)
 	 	   	 	   	 	   	 	   	 	   	 	   	 	   	
	 	Business name/disregarded entity name, if different from above
 	 	   	 	   	 	   	 	   	 	   	 	   	
	 	Check appropriate box for federal tax classification:	 	 	 	 	 	 	 	 	 	 	 	 	 	Exemptions (see instructions):	
	 	¨  Individual/sole  proprietor     ¨ C Corporation     ¨  S Corporation      ¨ Partnership     ¨ Trust/estate	 	 	 	 	

¨  Limited liability  company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership)  u                 
 
¨ Other (see instructions)  u
 	 	Exempt payee code (if any)         
Exemption from FATCA
reporting code (if any)                 	
	 	 
Address (number, street, and apt. or suite no.)
 	 	 	 	    Requester’s name and address (optional)	
	 	 
City, state, and ZIP code

List account number(s) here (optional)

			
Part I	  	Taxpayer Identification Number (TIN)	
																							
Enter your TIN in the appropriate box. The TIN provided must match the name given on the “Name” line to avoid backup withholding. For individuals, this is your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.
 
Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose number to enter.	 	Social security number	
	 		 		 		 		 		 		 		 		 		 		 		
	 	 	 	 	 	 	 	-	 	 	 	 	 	-	 	 	 	 	 	 	 	 	
	 		 		 		 		 		 		 		 		 		 		 		
	 	Employer identification number	 		
	 		 		 		 		 		 		 		 		 		 		 		
	 	 	 	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
			
Part II	  	Certification	
Under penalties of perjury, I certify that:
 
1.	 	The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and	
 
2.	 	I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and	
 
3.	 	I am a U.S. citizen or other U.S. person (defined below), and	
 
4.	 	The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.	
Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions on page 3.

Sign
Here	  	Signature of
U.S. person  u	    	Date  u	
 
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments . The IRS has created a page on IRS.gov for information about Form W-9, at www.irs.gov/w9 . Information about any future developments affecting Form W-9 (such as legislation enacted after we release it) will be posted on that page.
Purpose of Form
A person who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) to report, for example, income paid to you, payments made to you in settlement of payment card and third party network transactions, real estate transactions, mortgage interest you paid, acquisition or abandonment of secured property, cancellation of debt, or contributions you made to an IRA.
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN to the person requesting it (the requester) and, when applicable, to:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued),
2. Certify that you are not subject to backup withholding, or
3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners’ share of effectively connected income, and
4. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct.
Note. If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester’s form if it is substantially similar to this Form W-9.
Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
— An individual who is a U.S. citizen or U.S. resident alien,
— A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States,
— An estate (other than a foreign estate), or
— A domestic trust (as defined in Regulations section 301.7701-7).
Special rules for partnerships. Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax under section 1446 on any foreign partners’ share of effectively connected taxable income from such business. Further, in certain cases where a Form W-9 has not been received, the rules under section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income.

 

					
	 	Cat. No. 10231X	 	Form W-9 (Rev. 8-2013)	

Form W-9 (Rev. 8-2013)	Page  2	

In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on its allocable share of net income from the partnership conducting a trade or business in the United States:
— In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity,
— In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust, and
— In the case of a U.S. trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.
Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities).
Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a “saving clause.” Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.
If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items:
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS a percentage of such payments. This is called “backup withholding.” Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:
1. You do not furnish your TIN to the requester,
2. You do not certify your TIN when required (see the Part II instructions on page 3 for details),
3. The IRS tells the requester that you furnished an incorrect TIN,
4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or
5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only).
Certain payees and payments are exempt from backup withholding. See Exempt payee code on page 3 and the separate Instructions for the Requester of Form W-9 for more information.
Also see Special rules for partnerships on page 1.
What is FATCA reporting? The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code on page 3 and the Instructions for the Requester of Form W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account, for example, if the grantor of a grantor trust dies.
Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding. If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
Criminal penalty for falsifying information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.
Misuse of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.
Specific Instructions
Name
If you are an individual, you must generally enter the name shown on your income tax return. However, if you have changed your last name, for instance, due to marriage without informing the Social Security Administration of the name change, enter your first name, the last name shown on your social security card, and your new last name.
If the account is in joint names, list first, and then circle, the name of the person or entity whose number you entered in Part I of the form.
Sole proprietor. Enter your individual name as shown on your income tax return on the “Name” line. You may enter your business, trade, or “doing business as (DBA)” name on the “Business name/disregarded entity name” line.
Partnership, C Corporation, or S Corporation. Enter the entity’s name on the “Name” line and any business, trade, or “doing business as (DBA) name” on the “Business name/disregarded entity name” line.
Disregarded entity. For U.S. federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as a “disregarded entity.” See Regulation section 301.7701-2(c)(2)(iii). Enter the owner’s name on the “Name” line. The name of the entity entered on the “Name” line should never be a disregarded entity. The name on the “Name” line must be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner’s name is required to be provided on the “Name” line. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity’s name on the “Business name/disregarded entity name” line. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.
Note. Check the appropriate box for the U.S. federal tax classification of the person whose name is entered on the “Name” line (Individual/sole proprietor, Partnership, C Corporation, S Corporation, Trust/estate).
Limited Liability Company (LLC). If the person identified on the “Name” line is an LLC, check the “Limited liability company” box only and enter the appropriate code for the U.S. federal tax classification in the space provided. If you are an LLC that is treated as a partnership for U.S. federal tax purposes, enter “P” for partnership. If you are an LLC that has filed a Form 8832 or a Form 2553 to be taxed as a corporation, enter “C” for C corporation or “S” for S corporation, as appropriate. If you are an LLC that is disregarded as an entity separate from its owner under Regulation section 301.7701-3 (except for employment and excise tax), do not check the LLC box unless the owner of the LLC (required to be identified on the “Name” line) is another LLC that is not disregarded for U.S. federal tax purposes. If the LLC is disregarded as an entity separate from its owner, enter the appropriate tax classification of the owner identified on the “Name” line.
Other entities. Enter your business name as shown on required U.S. federal tax documents on the “Name” line. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or DBA name on the “Business name/disregarded entity name” line.
Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the Exemptions box, any code(s) that may apply to you. See Exempt payee code and Exemption from FATCA reporting code on page 3.

Form W-9 (Rev. 8-2013)	Page  3	

Exempt payee code. Generally, individuals (including sole proprietors) are not exempt from backup withholding. Corporations are exempt from backup withholding for certain payments, such as interest and dividends. Corporations are not exempt from backup withholding for payments made in settlement of payment card or third party network transactions.
Note. If you are exempt from backup withholding, you should still complete this form to avoid possible erroneous backup withholding.
The following codes identify payees that are exempt from backup withholding:
1—An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2)
2—The United States or any of its agencies or instrumentalities
3—A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities
4—A foreign government or any of its political subdivisions, agencies, or instrumentalities
5—A corporation
6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a possession of the United States
7—A futures commission merchant registered with the Commodity Futures Trading Commission
8—A real estate investment trust
9—An entity registered at all times during the tax year under the Investment Company Act of 1940
10—A common trust fund operated by a bank under section 584(a)
11—A financial institution
12—A middleman known in the investment community as a nominee or custodian
13—A trust exempt from tax under section 664 or described in section 4947
The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.

IF the payment is for . . .	 	THEN the payment is exempt for . . .	
Interest and dividend payments	 	All exempt payees except for 7	
Broker transactions	 	Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012.	
Barter exchange transactions and patronage dividends	 	Exempt payees 1 through 4	
Payments over $600 required to be reported and direct sales over $5,000 1	 	Generally, exempt payees 1 through 5 2	
Payments made in settlement of payment card or third party network transactions	 	Exempt payees 1 through 4	
 
1  	See Form 1099-MISC, Miscellaneous Income, and its instructions.	
 
2  	However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys’ fees, gross proceeds paid to an attorney, and payments for services paid by a federal executive agency.	
Exemption from FATCA reporting code. The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements.
A—An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37)
B—The United States or any of its agencies or instrumentalities
C—A state, the District of Columbia, a possession of the United States, or any of their political subdivisions or instrumentalities
D—A corporation the stock of which is regularly traded on one or more established securities markets, as described in Reg. section 1.1472-1(c)(1)(i)
E—A corporation that is a member of the same expanded affiliated group as a corporation described in Reg. section 1.1472-1(c)(1)(i)
F—A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state
G—A real estate investment trust
H—A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940
I—A common trust fund as defined in section 584(a)
J—A bank as defined in section 581
K—A broker
L—A trust exempt from tax under section 664 or described in section 4947(a)(1)
M—A tax exempt trust under a section 403(b) plan or section 457(g) plan
Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see How to get a TIN below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your SSN.
If you are a single-member LLC that is disregarded as an entity separate from its owner (see Limited Liability Company (LLC) on page 2), enter the owner’s SSN (or EIN, if the owner has one). Do not enter the disregarded entity’s EIN. If the LLC is classified as a corporation or partnership, enter the entity’s EIN.
Note. See the chart on page 4 for further clarification of name and TIN combinations.
How to get a TIN. If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local Social Security Administration office or get this form online at www.ssa.gov . You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses and clicking on Employer Identification Number (EIN) under Starting a Business. You can get Forms W-7 and SS-4 from the IRS by visiting IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and write “Applied For” in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.
Note. Entering “Applied For” means that you have already applied for a TIN or that you intend to apply for one soon.
Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if items 1, 4, or 5 below indicate otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on the “Name” line must sign. Exempt payees, see Exempt payee code earlier.
Signature requirements. Complete the certification as indicated in items 1 through 5 below.
1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983. You must give your correct TIN, but you do not have to sign the certification.
2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.
3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.
4. Other payments. You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. “Other payments” include payments made in the course of the requester’s trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions. You must give your correct TIN, but you do not have to sign the certification.

Form W-9 (Rev. 8-2013)	Page  4	

What Name and Number To Give the Requester

For this type of account:	 	Give name and SSN of:	
 	1.	  	 	Individual	 	The individual	
 	2.	  	 	Two or more individuals (joint account)	 	The actual owner of the account or, if combined funds, the first individual on the account 1	
 	3.	  	 	Custodian account of a minor (Uniform Gift to Minors Act)	 	The minor 2	
 	4.	  	 	a. The usual revocable savings trust (grantor is also trustee)	 	The grantor-trustee 1	
			 	b. So-called trust account that is not a legal or valid trust under state law	 	The actual owner 1	
 	5.	  	 	Sole proprietorship or disregarded entity owned by an individual	 	The owner 3	
 	6.	  	 	Grantor trust filing under Optional Form 1099 Filing Method 1 (see Regulation section 1.671-4(b)(2)(i)(A))	 	The grantor*	
For this type of account:	 	Give name and EIN of:	
 	7.	  	 	Disregarded entity not owned by an individual	 	The owner	
 	8.	  	 	A valid trust, estate, or pension trust	 	Legal entity 4	
 	9.	  	 	Corporation or LLC electing corporate status on Form 8832 or Form 2553	 	The corporation	
 	10.	  	 	Association, club, religious, charitable, educational, or other tax-exempt organization	 	The organization	
 	11.	  	 	Partnership or multi-member LLC	 	The partnership	
 	12.	  	 	A broker or registered nominee	 	The broker or nominee	
 	13.	  	 	Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments	 	The public entity	
 	14.	  	 	Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulation section 1.671-4(b)(2)(i)(B))	 	The trust	
 
1  	List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person’s number must be furnished.	
 
2  	Circle the minor’s name and furnish the minor’s SSN.	
 
3  	You must show your individual name and you may also enter your business or “DBA” name on the “Business name/disregarded entity” name line. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.	
 
4  	List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) Also see Special rules for partnerships on page 1.	
*Note. Grantor also must provide a Form W-9 to trustee of trust.
Note. If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.
Secure Your Tax Records from Identity Theft
Identity theft occurs when someone uses your personal information such as your name, social security number (SSN), or other identifying information, without your permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.
To reduce your risk:
— Protect your SSN,
— Ensure your employer is protecting your SSN, and
— Be careful when choosing a tax preparer.
If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.
If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039.
For more information, see Publication 4535, Identity Theft Prevention and Victim Assistance.
Victims of identity theft who are experiencing economic harm or a system problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.
Protect yourself from suspicious emails or phishing schemes. Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.
The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.
If you receive an unsolicited email claiming to be from the IRS, forward this message to phishing@irs.gov. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration at 1-800-366-4484. You can forward suspicious emails to the Federal Trade Commission at: spam@uce.gov or contact them at www.ftc.gov/idtheft or 1-877- IDTHEFT (1-877-438-4338).
Visit IRS.gov to learn more about identity theft and how to reduce your risk.

Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties may also apply for providing false or fraudulent information.

Exhibit 99.2
HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
OFFER TO EXCHANGE
$1,500,000,000 AGGREGATE PRINCIPAL AMOUNT OF THEIR 5.625% SENIOR NOTES DUE 2021,
WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, FOR
ANY AND ALL OF THEIR OUTSTANDING UNREGISTERED 5.625% SENIOR NOTES DUE 2021.
                    , 2014
To Brokers, Dealers, Commercial Banks,
Trust Companies and other Nominees:
As described in the enclosed Prospectus, dated                      , 2014 (as the same may be amended or supplemented from time to time, the “Prospectus”), and Letter of Transmittal (the “Letter of Transmittal”), Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (together, the “Issuers”), the Issuers’ parent company, Hilton Worldwide Holdings Inc. (“Holdings”), and certain of the Issuers’ subsidiaries (together with Holdings, the “Guarantors”), are offering to exchange (the “Exchange Offer”) an aggregate principal amount of up to $1,500,000,000 of the Issuers’ 5.625% Senior Notes due 2021 (the “Exchange Notes”), which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for an equal aggregate principal amount of the Issuers’ outstanding unregistered 5.625% Senior Notes due 2021 (the “Outstanding Notes”), in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof upon the terms and subject to the conditions of the enclosed Prospectus and the related Letter of Transmittal. The terms of the Exchange Notes are identical in all material respects (including principal amount, interest rate and maturity) to the terms of the Outstanding Notes for which they may be exchanged pursuant to the Exchange Offer, except that the Exchange Notes are freely transferable by holders thereof, upon the terms and subject to the conditions of the enclosed Prospectus and the related Letter of Transmittal, and are not subject to any covenant regarding registration under the Securities Act. The Outstanding Notes are fully and unconditionally guaranteed (the “Outstanding Guarantees”) by the Guarantors, and the Exchange Notes will be fully and unconditionally guaranteed (the “New Guarantees”) by the Guarantors. Upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal, the Guarantors offer to issue the New Guarantees with respect to all Exchange Notes issued in the Exchange Offer in exchange for the Outstanding Guarantees of the Outstanding Notes for which such Exchange Notes are issued in the Exchange Offer. Throughout this Letter of Transmittal, unless the context otherwise requires and whether so expressed or not, references to the “Exchange Offer” include the Guarantors’ offer to exchange the New Guarantees for the Outstanding Guarantees, references to the “Exchange Notes” include the related New Guarantees and references to the “Outstanding Notes” include the related Outstanding Guarantees. The Issuers will accept for exchange any and all Outstanding Notes properly tendered according to the terms of the Prospectus and the Letter of Transmittal. Consummation of the Exchange Offer is subject to certain conditions described in the Prospectus.
WE URGE YOU TO PROMPTLY CONTACT YOUR CLIENTS FOR WHOM YOU HOLD OUTSTANDING NOTES REGISTERED IN YOUR NAME OR IN THE NAME OF YOUR NOMINEE. PLEASE BRING THE EXCHANGE OFFER TO THEIR ATTENTION AS PROMPTLY AS POSSIBLE.
Enclosed are copies of the following documents:
 
 	1.	The Prospectus;	
 
 	2.	The Letter of Transmittal for your use in connection with the tender of Outstanding Notes and for the information of your clients, including a Form W-9;	
 
 	3.	A form of Notice of Guaranteed Delivery; and	

 	4.	A form of letter, including a letter of instructions to a registered holder from a beneficial owner, which you may use to correspond with your clients for whose accounts you hold Outstanding Notes that are held or record in your name or in the name of your nominee, with space provided for obtaining such clients’ instructions regarding the Exchange Offer.	
Your prompt action is requested. Please note that the Exchange Offer will expire at 5:00 p.m., New York City time, on             , 2014 (the “Expiration Date”), unless the Issuers otherwise extend the Exchange Offer.
To participate in the Exchange Offer, certificates for Outstanding Notes, together with a duly executed and properly completed Letter of Transmittal or facsimile thereof, or a timely confirmation of a book-entry transfer of such Outstanding Notes into the account of Wilmington Trust, National Association (the “Exchange Agent”), at the book-entry transfer facility, with any required signature guarantees, and any other required documents, must be received by the Exchange Agent by the Expiration Date as indicated in the Prospectus and the Letter of Transmittal.
The Issuers will not pay any fees or commissions to any broker or dealer or to any other persons (other than the Exchange Agent) in connection with the solicitation of tenders of the Outstanding Notes pursuant to the Exchange Offer. However, the Issuers will pay or cause to be paid any transfer taxes, if any, applicable to the tender of the Outstanding Notes to their order, except as otherwise provided in the Prospectus and Letter of Transmittal.
If holders of the Outstanding Notes wish to tender, but it is impracticable for them to forward their Outstanding Notes prior to the Expiration Date or to comply with the book-entry transfer procedures on a timely basis, a tender may be effected by following the guaranteed delivery procedures described in the Prospectus and in the Letter of Transmittal.
Any inquiries you may have with respect to the Exchange Offer should be addressed to the Exchange Agent at its address and telephone number set forth in the enclosed Prospectus and Letter of Transmittal. Additional copies of the enclosed materials may be obtained from the Exchange Agent.

Very truly yours,	
	
HILTON WORLDWIDE FINANCE LLC	
HILTON WORLDWIDE FINANCE CORP.	
NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON AS AN AGENT OF THE ISSUERS OR THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF EITHER OF THEM IN CONNECTION WITH THE EXCHANGE OFFER, OTHER THAN THE DOCUMENTS ENCLOSED HEREWITH AND THE STATEMENTS EXPRESSLY CONTAINED THEREIN.
 
2

Exhibit 99.3
HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
OFFER TO EXCHANGE
$1,500,000,000 AGGREGATE PRINCIPAL AMOUNT OF THEIR 5.625% SENIOR NOTES DUE 2021,
WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, FOR
ANY AND ALL OF THEIR OUTSTANDING UNREGISTERED 5.625% SENIOR NOTES DUE 2021.
             , 2014
To Our Clients:
Enclosed for your consideration are a Prospectus, dated                      , 2014 (as the same may be amended or supplemented from time to time, the “Prospectus”), and a Letter of Transmittal (the “Letter of Transmittal”), relating to the offer by Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (together, the “Issuers”), the Issuers’ parent company, Hilton Worldwide Holdings Inc. (“Holdings”), and certain of the Issuers’ subsidiaries (together with Holdings, the “Guarantors”), to exchange (the “Exchange Offer”) an aggregate principal amount of up to $1,500,000,000 of the Issuers’ 5.625% Senior Notes due 2021 (the “Exchange Notes”), which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for an equal aggregate principal amount of the Issuers’ outstanding unregistered 5.625% Senior Notes due 2021 (the “Outstanding Notes”), in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof upon the terms and subject to the conditions of the enclosed Prospectus and the enclosed Letter of Transmittal. The terms of the Exchange Notes are identical in all material respects (including principal amount, interest rate and maturity) to the terms of the Outstanding Notes for which they may be exchanged pursuant to the Exchange Offer, except that the Exchange Notes are freely transferable by holders thereof, upon the terms and subject to the conditions of the enclosed Prospectus and the related Letter of Transmittal, and are not subject to any covenant regarding registration under the Securities Act. The Outstanding Notes are fully and unconditionally guaranteed (the “Outstanding Guarantees”) by the Guarantors, and the Exchange Notes will be fully and unconditionally guaranteed (the “New Guarantees”) by the Guarantors. Upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal, the Guarantors offer to issue the New Guarantees with respect to all Exchange Notes issued in the Exchange Offer in exchange for the Outstanding Guarantees of the Outstanding Notes for which such Exchange Notes are issued in the Exchange Offer. Throughout this letter, unless the context otherwise requires and whether so expressed or not, references to the “Exchange Offer” include the Guarantors’ offer to exchange the New Guarantees for the Outstanding Guarantees, references to the “Exchange Notes” include the related New Guarantees and references to the “Outstanding Notes” include the related Outstanding Guarantees. The Issuers will accept for exchange any and all Outstanding Notes properly tendered according to the terms of the Prospectus and the Letter of Transmittal. Consummation of the Exchange Offer is subject to certain conditions described in the Prospectus.
PLEASE NOTE THAT THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON              , 2014 (THE “EXPIRATION DATE”), UNLESS THE ISSUERS EXTEND THE EXCHANGE OFFER.
The enclosed materials are being forwarded to you as the beneficial owner of the Outstanding Notes held by us for your account but not registered in your name. A tender of such Outstanding Notes may only be made by us as the registered holder and pursuant to your instructions. Therefore, the Issuers urge beneficial owners of Outstanding Notes registered in the name of a broker, dealer, commercial bank, trust company or other nominee to contact such registered holder promptly if such beneficial owners wish to tender their Outstanding Notes in the Exchange Offer.

Accordingly, we request instructions as to whether you wish to tender any or all such Outstanding Notes held by us for your account, pursuant to the terms and conditions set forth in the enclosed Prospectus and Letter of Transmittal. If you wish to have us tender any or all of your Outstanding Notes, please so instruct us by completing, signing and returning to us the “Instructions to Registered Holder from Beneficial Owner” form that appears below. We urge you to read the Prospectus and the Letter of Transmittal carefully before instructing us as to whether or not to tender your Outstanding Notes.
The accompanying Letter of Transmittal is furnished to you for your information only and may not be used by you to tender Outstanding Notes held by us and registered in our name for your account or benefit.
If we do not receive written instructions in accordance with the below and the procedures presented in the Prospectus and the Letter of Transmittal, we will not tender any of the Outstanding Notes on your account.
INSTRUCTIONS TO REGISTERED HOLDER FROM BENEFICIAL OWNER
The undersigned beneficial owner acknowledges receipt of your letter and the accompanying Prospectus and the Letter of Transmittal relating to the Exchange Offer by the Issuers and the Guarantors to exchange an aggregate principal amount of up to $1,500,000,000 of the Issuers’ 5.625% Senior Notes due 2021, which have been registered under the Securities Act (the “Exchange Notes”), for an equal aggregate principal amount of the Issuers’ outstanding unregistered 5.625% Senior Notes due 2021 (the “Outstanding Notes”), upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus. This will instruct you, the registered holder, to tender the principal amount of the Outstanding Notes indicated below held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Prospectus and the Letter of Transmittal.

Principal Amount of Outstanding Notes Held
for Account Holder(s)
 	 	Principal Amount of Outstanding Notes to be
Tendered*

 	 	 	

*	Unless otherwise indicated, the entire principal amount of Outstanding Notes held for the account of the undersigned will be tendered.	
If the undersigned instructs you to tender the Outstanding Notes held by you for the account of the undersigned, it is understood that you are authorized (a) to make, on behalf of the undersigned (and the undersigned, by its signature below, hereby makes to you), the representations and warranties contained in the Letter of Transmittal that are to be made with respect to the undersigned as a beneficial owner of the Outstanding Notes, including but not limited to the representations that the undersigned (i) is not an “affiliate,” as defined in Rule 405 under the Securities Act, of the Issuers or the Guarantors, (ii) is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of Exchange Notes, (iii) is acquiring the Exchange Notes in the ordinary course of its business and (iv) is not a broker-dealer tendering Outstanding Notes acquired for its own account directly from the Issuers. If a holder of the Outstanding Notes is an affiliate of the Issuers or the Guarantors, is not acquiring the Exchange Notes in the ordinary course of its business, is engaged in or intends to engage in a distribution of the Exchange Notes or has any arrangement or understanding with respect to the distribution of the Exchange Notes to be acquired pursuant to the Exchange Offer, such holder may not rely on the applicable interpretations of the staff of the Securities and Exchange Commission relating to exemptions from the registration and prospectus delivery requirements of the Securities Act and must comply with such requirements in connection with any secondary resale transaction.
 
2

 
					
	 	SIGN HERE	 		
			
Dated: 	 	 	 	 , 2014	

Signature(s): 	  	 	

Print Name(s): 	  	 	

Address: 	  	 	

	
	 	 	
	 	(Please include Zip Code)     	

Telephone Number: 	  	 	
(Please include Area Code)	

Tax Identification Number or Social Security Number: 	 	 	

My Account Number With You: 	  	 	

3

Exhibit 99.4
HILTON WORLDWIDE FINANCE LLC
HILTON WORLDWIDE FINANCE CORP.
NOTICE OF GUARANTEED DELIVERY
OFFER TO EXCHANGE
$1,500,000,000 AGGREGATE PRINCIPAL AMOUNT OF THEIR 5.625% SENIOR NOTES DUE
2021, WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, FOR ANY AND ALL OF THEIR OUTSTANDING UNREGISTERED 5.625%
SENIOR NOTES DUE 2021.
This form, or one substantially equivalent hereto, must be used to accept the Exchange Offer made by Hilton Worldwide Finance LLC and Hilton Worldwide Finance Corp. (together, the “Issuers”), the Issuers’ parent company, Hilton Worldwide Holdings Inc. (“Holdings”), and certain of the Issuers’ subsidiaries (together with Holdings, the “Guarantors”), pursuant to the Prospectus, dated , 2014 (as the same may be amended or supplemented from time to time, the “Prospectus”), and the enclosed Letter of Transmittal (the “Letter of Transmittal”), if the certificates for the Outstanding Notes are not immediately available or if the procedure for book-entry transfer cannot be completed on a timely basis or time will not permit all required documents to reach the Exchange Agent prior to 5:00 p.m., New York City time, on the Expiration Date of the Exchange Offer. Such form may be delivered or transmitted by facsimile transmission, registered or certified mail, overnight courier or hand delivery to Wilmington Trust, National Association (the “Exchange Agent”) as set forth below. In addition, in order to utilize the guaranteed delivery procedure to tender the Outstanding Notes pursuant to the Exchange Offer, a completed, signed and dated Letter of Transmittal (or facsimile thereof) must also be received by the Exchange Agent prior to 5:00 p.m., New York City time, on the Expiration Date of the Exchange Offer. Capitalized terms not defined herein have the meanings ascribed to them in the Letter of Transmittal.
The Exchange Agent is:
Wilmington Trust, National Association

By Mail or Overnight Courier:
Wilmington Trust, National Association
c/o Wilmington Trust Company
Corporate Capital Markets
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-1626	 	By Facsimile:
(302) 636-4145
Attn: Workflow Management	 	By Hand Delivery:
Wilmington Trust, National Association
c/o Wilmington Trust Company
Corporate Capital Markets
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-1626	

	 		 		

	 		 		
Attn: Workflow Management – 5th Floor	 		 	Attn: Workflow Management – 5th Floor	
	 	To Confirm by Email:	 		
	 	DTC2@wilmingtontrust.com	 		
	 	Attn: Workflow Management	 		
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.
This Notice of Guaranteed Delivery is not to be used to guarantee signatures. If a signature on a Letter of Transmittal is required to be guaranteed by an Eligible Guarantor Institution (as defined in the Letter of Transmittal), such signature guarantee must appear in the applicable space in Box 8 provided on the Letter of Transmittal for Guarantee of Signatures.

Ladies and Gentlemen:
Upon the terms and subject to the conditions set forth in the Prospectus and the accompanying Letter of Transmittal, receipt of which is hereby acknowledged, the undersigned hereby tenders to the Issuers the principal amount of Outstanding Notes indicated below, pursuant to the guaranteed delivery procedures described in “The Exchange Offer—Guaranteed Delivery Procedures” section of the Prospectus.

Certificate Number(s) (if known)
of Outstanding
Notes or Account Number at
Book-Entry Transfer Facility	 	Aggregate Principal
Amount Represented
by Outstanding
Notes	 	Aggregate Principal
Amount of Outstanding
Notes
Being Tendered	

 	 	 	 	 	

 	 	 	 	 	
 
PLEASE COMPLETE AND SIGN

	 	 	 		
	 	(Signature(s) of Record Holder(s))	 		

	 	(Please Type or Print Name(s) of Record Holder(s))	 		

Dated:  	 	                                                                                               , 2014	 		
			
Address:  	 	 	 		
	 	(Zip Code)	 		

	 	 	 		
	 	(Daytime Area Code and Telephone No.)	 		
 
 	¨	Check this Box if the Outstanding Notes will be delivered by book-entry transfer to The Depository Trust Company.	
Account
Number:                                                                       
THE ACCOMPANYING GUARANTEE MUST BE COMPLETED.

GUARANTEE OF DELIVERY
(Not to be used for signature guarantee)
The undersigned, a member of a recognized signature medallion program or an “eligible guarantor institution,” as such term is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), hereby (a) represents that the above person(s) “own(s)” the Outstanding Notes tendered hereby within the meaning of Rule 14e-4(b)(2) under the Exchange Act, (b) represents that the tender of those Outstanding Notes complies with Rule 14e-4 under the Exchange Act, and (c) guarantees to deliver to the Exchange Agent, at its address set forth in the Notice of Guaranteed Delivery, the certificates representing all tendered Outstanding Notes, in proper form for transfer, or a book-entry confirmation (a confirmation of a book-entry transfer of the Outstanding Notes into the Exchange Agent’s account at The Depository Trust Company), together with a properly completed and duly executed Letter of Transmittal (or facsimile thereof), with any required signature guarantees, and any other documents required by the Letter of Transmittal within three (3) New York Stock Exchange trading days after the Expiration Date.

Name of Firm: 	 	 	
	 	(Authorized Signature)	

		
Address: 	 	 	
 	 	                                             (Zip Code)	

		
Area Code and Tel.
No.:	 	 	

Name:	  	 	
	  	(Please Type or Print)	

Title:	  	 	

Dated:                                                       , 2014	
 
 	NOTE:	DO NOT SEND OUTSTANDING NOTES WITH THIS NOTICE OF GUARANTEED DELIVERY. OUTSTANDING NOTES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.	

INSTRUCTIONS FOR NOTICE OF GUARANTEED DELIVERY
 
1.	Delivery of this Notice of Guaranteed Delivery.	
A properly completed and duly executed copy of this Notice of Guaranteed Delivery and any other documents required by this Notice of Guaranteed Delivery must be received by the Exchange Agent at its address set forth on the cover page hereof prior to the Expiration Date of the Exchange Offer. The method of delivery of this Notice of Guaranteed Delivery and any other required documents to the Exchange Agent is at the election and risk of the holders and the delivery will be deemed made only when actually received by the Exchange Agent. Instead of delivery by mail, it is recommended that the holders use an overnight or hand delivery service, properly insured. If such delivery is by mail, it is recommended that the holders use properly insured, registered mail with return receipt requested. In all cases, sufficient time should be allowed to assure timely delivery. For a description of the guaranteed delivery procedures, see Instruction 1 of the Letter of Transmittal. No Notice of Guaranteed Delivery should be sent to the Issuers.
 
2.	Signatures on this Notice of Guaranteed Delivery.	
If this Notice of Guaranteed Delivery is signed by the registered holder(s) of the Outstanding Notes referred to herein, the signatures must correspond with the name(s) written on the face of the Outstanding Notes without alteration, addition, enlargement or any change whatsoever. If this Notice of Guaranteed Delivery is signed by a person other than the registered holder(s) of any Outstanding Notes listed, this Notice of Guaranteed Delivery must be accompanied by appropriate bond powers, signed as the name of the registered holder(s) appear(s) on the Outstanding Notes without alteration, addition, enlargement or any change whatsoever. If this Notice of Guaranteed Delivery is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, such person should so indicate when signing and, unless waived by the Issuers, evidence satisfactory to the Issuers of their authority so to act must be submitted with this Notice of Guaranteed Delivery.
 
3.	Questions and Requests for Assistance or Additional Copies.	
Questions and requests for assistance and requests for additional copies of the Prospectus may be directed to the Exchange Agent at the address set forth on the cover hereof. Holders may also contact their broker, dealer, commercial bank, trust company, or other nominee for assistance concerning the Exchange Offer.